Blue Lotus Non US Internet research, Blue Lotus Research Institute

Ying Pan

Blue Lotus Non US Internet research

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Equity Bottom-Up

<ul>
<li>US as the world’s largest service economy means artificial general intelligence (AGI) saves cost by replacing knowledge workers. </li>
<li>China’s AI monetization is today 1/3 of US but will improve to 1/2 by 2030. </li>
<li>We reiterate our TOP PICKS of Alibaba, HESAI, CATL and Kuaishou. BIDU stays as SELL.</li>
</ul>


US as the world’s largest service economy means artificial general intelligence (AGI) saves cost by replacing knowledge workers. 
China’s AI monetization is today 1/3 of US but will improve to 1/2 by 2030. 
We reiterate our TOP PICKS of Alibaba, HESAI, CATL and Kuaishou. BIDU stays as SELL.


[Blue Lotus Sector Update]: How Will China Monetize AI Differently?

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>Alibaba Group has announced an aggressive expansion of its artificial intelligence ambitions, earmarking over $50 billion in new AI and cloud investments over the next three years—an amount greater than its entire spending over the last decade.</li><li>This significant push is aimed at positioning the company at the forefront of Asia’s generative AI and cloud infrastructure race.</li><li>Central to this effort is the launch of its next-generation large language model, Qwen3-Max, following the success of Qwen2.5, which already has over 90,000 derivative models globally.</li></ul>

Alibaba Group has announced an aggressive expansion of its artificial intelligence ambitions, earmarking over $50 billion in new AI and cloud investments over the next three years—an amount greater than its entire spending over the last decade.This significant push is aimed at positioning the company at the forefront of Asia’s generative AI and cloud infrastructure race.Central to this effort is the launch of its next-generation large language model, Qwen3-Max, following the success of Qwen2.5, which already has over 90,000 derivative models globally.

Alibaba Goes All-In On AI: $50B+ Budget, Qwen3-Max, Global Cloud Surge, $4T Bet!

Equity Analyst - Asia Consumer Sector, Investory

Devi Subhakesan

Equity Analyst - Asia Consumer Sector

ASIA CONSUMER: INSIGHTS AND INVESTMENT IDEAS

Investory

Investory is a Singapore-based boutique independent equity research firm founded in January 2017 with a primary focus on consumption themes across Asia-Pacific.

We aim to generate investible ideas based on consumption trends and outlook. We screen our ideas on several parameters - product potential, long-term growth and management commitment being the most critical.  We follow a fundamental analysis approach in our stock selection process and are not restricted by market cap.

We aspire to grow into a leading source of unbiased research, free of conflict of interest, for investors yearning for independent and disciplined analysis. 

We also undertake bespoke research mandates to support our Institutional clients’ investment needs.

Our team comprises of professionals with extensive experience in the Asian equity markets, in areas ranging from research, servicing institutional clients and investment management.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd-d7b798e2-202d-4e01-9a1e-799e2ae8f0c7" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba (9988 HK)</a> launched Qwen3-Max, its largest LLM to date, along with a suite of Qwen3 models and technical upgrades at its annual flagship conference, reinforcing its full-stack AI ambitions.</li>
<li>The stock has surged nearly 50% month-to-date, fueled by investor optimism over AI-related upside, since the August 29 investor call.</li>
<li>Investors now await proof that execution and performance will deliver on Alibaba’s bold technical claims and high market expectations.</li>
</ul>



Alibaba (9988 HK) launched Qwen3-Max, its largest LLM to date, along with a suite of Qwen3 models and technical upgrades at its annual flagship conference, reinforcing its full-stack AI ambitions.
The stock has surged nearly 50% month-to-date, fueled by investor optimism over AI-related upside, since the August 29 investor call.
Investors now await proof that execution and performance will deliver on Alibaba’s bold technical claims and high market expectations.


Alibaba (9988 HK): It's Raining AI at the Apsara Conference, Firing up the Stock.

Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

<ul>
<li>Asian buybacks, dominated by HK, China and Korea, are skyrocketing.  In H125, buybacks more than doubled from their full year 2024 levels in HK/China and increased 40% in Korea. </li>
<li>We screen companies repurchasing consistently, with total buyback of minimum $1bn and buyback over 2024-25 of at least 2% of present market cap, yielding companies in HK(11), Korea(6), Philippines(2), Singapore(1).</li>
<li>Top five repurchasers are Alibaba, Tencent, China Communication Construction, AIA, Netease. These, barring the third, are up more than 20% this year. Share price support from buybacks do seem solid.</li>
</ul>


Asian buybacks, dominated by HK, China and Korea, are skyrocketing.  In H125, buybacks more than doubled from their full year 2024 levels in HK/China and increased 40% in Korea. 
We screen companies repurchasing consistently, with total buyback of minimum $1bn and buyback over 2024-25 of at least 2% of present market cap, yielding companies in HK(11), Korea(6), Philippines(2), Singapore(1).
Top five repurchasers are Alibaba, Tencent, China Communication Construction, AIA, Netease. These, barring the third, are up more than 20% this year. Share price support from buybacks do seem solid.


Asian Buybacks Accelerating; Consistent Share Repurchasers Offer Safety

Smartkarma AI, Smartkarma

αSK

Smartkarma AI

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<ul>
 <li>
Dominant Ecosystem with a Wide Moat: <a href="https://smartkarma.com/entities/alibaba-group-holding-ltd-d7b798e2-202d-4e01-9a1e-799e2ae8f0c7">Alibaba</a> maintains a commanding position in China's e-commerce and cloud computing sectors, underpinned by a powerful network effect. Its integrated ecosystem, spanning commerce, logistics (Cainiao), and cloud services (<a href="https://smartkarma.com/entities/alibaba-group-holding-ltd-d7b798e2-202d-4e01-9a1e-799e2ae8f0c7">Alibaba</a> Cloud), creates significant competitive advantages and high switching costs for users.</li>
 <li>
Strategic Pivot to AI and Core Businesses: Under new leadership, the company is refocusing on its core e-commerce and cloud operations with a "user first, AI-driven"strategy. This involves significant investments in AI to enhance user experience and drive growth, with analysts projecting AI could boost Alicloud's revenue growth to 25-30% by FY26.</li>
 <li>
Navigating Significant Headwinds: The company faces substantial risks from intense competition from rivals like PDD Holdings and JD.com, a stringent and unpredictable regulatory environment in China, and macroeconomic uncertainties impacting consumer spending. These factors contribute to a high uncertainty rating for its future performance.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  
Dominant Ecosystem with a Wide Moat: Alibaba maintains a commanding position in China's e-commerce and cloud computing sectors, underpinned by a powerful network effect. Its integrated ecosystem, spanning commerce, logistics (Cainiao), and cloud services (Alibaba Cloud), creates significant competitive advantages and high switching costs for users.
  
Strategic Pivot to AI and Core Businesses: Under new leadership, the company is refocusing on its core e-commerce and cloud operations with a "user first, AI-driven"strategy. This involves significant investments in AI to enhance user experience and drive growth, with analysts projecting AI could boost Alicloud's revenue growth to 25-30% by FY26.
  
Navigating Significant Headwinds: The company faces substantial risks from intense competition from rivals like PDD Holdings and JD.com, a stringent and unpredictable regulatory environment in China, and macroeconomic uncertainties impacting consumer spending. These factors contribute to a high uncertainty rating for its future performance.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

China

Alibaba Group Holding Limited provides online sales services. The Company provides internet infrastructure, electronic commerce, online financial, and internet content services through its subsidiaries. Alibaba Group Holding offers its products and services worldwide.

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Alibaba (BABA US)

[Blue Lotus Sector Update]: How Will China Monetize AI Differently?

AGI will replace knowledge workers in the US service economy, while China's AI monetization is on track to catch up to the US by 2030.

Blue Lotus Research Institute

Alibaba Goes All-In On AI: $50B+ Budget, Qwen3-Max, Global Cloud Surge, $4T Bet!

Alibaba Group has announced an aggressive expansion of its artificial intelligence ambitions, earmarking over $50 billion in new AI and cloud...

Baptista Research

Alibaba (9988 HK): It's Raining AI at the Apsara Conference, Firing up the Stock.

AI announcements at Alibaba’s Annual Technology Conference that have lifted the stock today. The stock has climbed nearly 50% month-to-date on...

Devi Subhakesan

Primer: Alibaba (9988 HK) - Sep 2025

Dominant Ecosystem with a Wide Moat: Alibaba maintains a commanding position in China's e-commerce and cloud computing sectors, underpinned by...

αSK

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

[Blue Lotus Sector Update]: How Will China Monetize AI Differently?

​AGI will replace knowledge workers in the US service economy, while China's AI monetization is on track to catch up to the US by 2030.

Blue Lotus Research Institute

Alibaba Goes All-In On AI: $50B+ Budget, Qwen3-Max, Global Cloud Surge, $4T Bet!

Alibaba Group has announced an aggressive expansion of its artificial intelligence ambitions, earmarking over $50 billion in new AI and cloud...

Baptista Research

Alibaba (9988 HK): It's Raining AI at the Apsara Conference, Firing up the Stock.

AI announcements at Alibaba’s Annual Technology Conference that have lifted the stock today. The stock has climbed nearly 50% month-to-date on...

Devi Subhakesan

Asian Buybacks Accelerating; Consistent Share Repurchasers Offer Safety

​Asian buybacks, led by HK, CN, KR, are surging. Buybacks more than doubled in H125 relative to full year 24 levels. Top consistent repurchasers:...

Manishi Raychaudhuri

Primer: Alibaba (9988 HK) - Sep 2025

Dominant Ecosystem with a Wide Moat: Alibaba maintains a commanding position in China's e-commerce and cloud computing sectors, underpinned by...

αSK

AGI will replace knowledge workers in the US service economy, while China's AI monetization is on track to catch up to the US by 2030.

Asian buybacks, led by HK, CN, KR, are surging. Buybacks more than doubled in H125 relative to full year 24 levels. Top consistent repurchasers:...