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

Thematic (Sector/Industry)

<ul>
<li>1024HK:  Kuaishou has launched its AI video generation tool "Kling" and has begun invite-only testing.(+)</li>
<li>BABA US/BIDU US: Alibaba publishes GPT-4 level AI LLM model Qwen2 (+/-)</li>
<li>NTES US:NetEase announced that &lt;World of Warcraft Classic&gt; will begin a public server stress test on June 11th. The Blizzard platform“Battle.net“has already opened for login today.(+)</li>
</ul>


1024HK:  Kuaishou has launched its AI video generation tool "Kling" and has begun invite-only testing.(+)
BABA US/BIDU US: Alibaba publishes GPT-4 level AI LLM model Qwen2 (+/-)
NTES US:NetEase announced that &lt;World of Warcraft Classic&gt; will begin a public server stress test on June 11th. The Blizzard platform“Battle.net“has already opened for login today.(+)


[Blue Lotus Daily - TMT Update]:1024HK/BABA US/BIDU US/NTES US/700 HK

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Atour Lifestyle Holdings / Equity Capital Markets

<ul>
<li>Legend Capital (LC), one of the principal shareholders of <a href="https://www.smartkarma.com/entities/atour-lifestyle-holdings-ltd" target="_blank" data-smartkarma-citation="entities:33481:1" rel="noopener">Atour Lifestyle Holdings (ATAT US)</a>, is looking to raise around US$168m through a secondary selldown.</li>
<li>This will be the third selldown by Legend Capital in just over a year’s time. Hence, the deal is well flagged.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>


Legend Capital (LC), one of the principal shareholders of Atour Lifestyle Holdings (ATAT US), is looking to raise around US$168m through a secondary selldown.
This will be the third selldown by Legend Capital in just over a year’s time. Hence, the deal is well flagged.
In this note, we will talk about the placement and run the deal through our ECM framework.


Atour Lifestyle Holdings Placement - Well Flagged Deal, past Selldowns Have Done Well

<ul>
<li>700 HK: Tencent’s &lt;DNF Mobile&gt; achieved nearly RMB 1 bn gross billings in the first week of the operation(+)</li>
<li>700 HK: Tencent will release a mobile version of the classic basketball game &lt;NBA 2K All-Star&gt;. (+)</li>
<li>BIDU US: Baidu Apollo received complaints from users in the important city of Wuhan, saying that autonomous driving caused traffic congestion(/)</li>
</ul>


700 HK: Tencent’s &lt;DNF Mobile&gt; achieved nearly RMB 1 bn gross billings in the first week of the operation(+)
700 HK: Tencent will release a mobile version of the classic basketball game &lt;NBA 2K All-Star&gt;. (+)
BIDU US: Baidu Apollo received complaints from users in the important city of Wuhan, saying that autonomous driving caused traffic congestion(/)


[Blue Lotus Daily - TMT Update]:700 HK/BIDU US/SE US/BABA US/1519 HK

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.

Equity Bottom-Up

<ul><li>Baidu's revenue growth for the first quarter exceeded expectations, with a year-over-year increase of 4%, reaching RMB 23.8 billion.</li><li>Additionally, Baidu's continued efforts in Gen AI path have resulted in a 12% year-over-year acceleration in the revenue growth from Baidu AI Cloud, which also delivered an operating profit on a non-GAAP basis.</li><li>These positive results signify the company's successful transition from an internet-centric business to an AI-first business.</li></ul>

Baidu's revenue growth for the first quarter exceeded expectations, with a year-over-year increase of 4%, reaching RMB 23.8 billion.Additionally, Baidu's continued efforts in Gen AI path have resulted in a 12% year-over-year acceleration in the revenue growth from Baidu AI Cloud, which also delivered an operating profit on a non-GAAP basis.These positive results signify the company's successful transition from an internet-centric business to an AI-first business.

Baidu Inc.: What Are Their Expansion Plans Of AI Offerings Beyond Ernie? - Major Drivers

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Jiangxi Rimag Group / Equity Capital Markets

<ul>
<li>Jiangxi Rimag Group, China's largest medical group with focus on medical imaging services, updated its PHIP and may enter the public market in June.</li>
<li>Terms of an IPO have not yet been set. The expected price range and the size of the offering were not disclosed in the company’s filings. </li>
<li>I’m positive on Jiangxi Rimag Group given the fast-growing TAM: third-party medical imaging center market accounts only for ~1% of the PRC medical imaging service market today.</li>
</ul>


Jiangxi Rimag Group, China's largest medical group with focus on medical imaging services, updated its PHIP and may enter the public market in June.
Terms of an IPO have not yet been set. The expected price range and the size of the offering were not disclosed in the company’s filings. 
I’m positive on Jiangxi Rimag Group given the fast-growing TAM: third-party medical imaging center market accounts only for ~1% of the PRC medical imaging service market today.


Jiangxi Rimag IPO: FCF Generation and Margin Expansion. Expect ~30 New Imaging Centers By 2026

China

Baidu, Inc. operates an Internet search engine. The Company offers algorithmic search, enterprise search, news, MP3, and image searches, voice assistance, online storage, and navigation services. Baidu serves clients globally.

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Baidu (BIDU US)

[Blue Lotus Daily - TMT Update]:1024HK/BABA US/BIDU US/NTES US/700 HK

Kuaishou launches AI video tool "Kling", Alibaba releases GPT-4 level AI model Qwen2, NetEase to conduct public server stress test for .

Blue Lotus Research Institute

Atour Lifestyle Holdings Placement - Well Flagged Deal, past Selldowns Have Done Well

Legend Capital (LC), one of the principal shareholders of Atour Lifestyle Holdings (ATAT US), is looking to raise around US$168m through a...

Sumeet Singh

[Blue Lotus Daily - TMT Update]:700 HK/BIDU US/SE US/BABA US/1519 HK

Tencent's mobile games see success with high gross billings, plans to release NBA 2K All-Star mobile game. Baidu Apollo faces complaints in Wuhan...

Blue Lotus Research Institute

Baidu Inc.: What Are Their Expansion Plans Of AI Offerings Beyond Ernie? - Major Drivers

Baidu's revenue growth for the first quarter exceeded expectations, with a year-over-year increase of 4%, reaching RMB 23.8 billion. Additionally,...

Baptista Research

Jiangxi Rimag IPO: FCF Generation and Margin Expansion. Expect ~30 New Imaging Centers By 2026

Jiangxi Rimag Group restarted Hong Kong IPO and plans to raise capital for expanding medical imaging center network in Mainland China and overseas...

Andrei Zakharov

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

[Blue Lotus Daily - TMT Update]:1024HK/BABA US/BIDU US/NTES US/700 HK

​Kuaishou launches AI video tool "Kling", Alibaba releases GPT-4 level AI model Qwen2, NetEase to conduct public server stress test for .

Blue Lotus Research Institute

Atour Lifestyle Holdings Placement - Well Flagged Deal, past Selldowns Have Done Well

Legend Capital (LC), one of the principal shareholders of Atour Lifestyle Holdings (ATAT US), is looking to raise around US$168m through a...

Sumeet Singh

[Blue Lotus Daily - TMT Update]:700 HK/BIDU US/SE US/BABA US/1519 HK

​Tencent's mobile games see success with high gross billings, plans to release NBA 2K All-Star mobile game. Baidu Apollo faces complaints in Wuhan...

Blue Lotus Research Institute

Baidu Inc.: What Are Their Expansion Plans Of AI Offerings Beyond Ernie? - Major Drivers

Baidu's revenue growth for the first quarter exceeded expectations, with a year-over-year increase of 4%, reaching RMB 23.8 billion. Additionally,...

Baptista Research

Jiangxi Rimag IPO: FCF Generation and Margin Expansion. Expect ~30 New Imaging Centers By 2026

Jiangxi Rimag Group restarted Hong Kong IPO and plans to raise capital for expanding medical imaging center network in Mainland China and overseas...

Andrei Zakharov

Kuaishou launches AI video tool "Kling", Alibaba releases GPT-4 level AI model Qwen2, NetEase to conduct public server stress test for .

Tencent's mobile games see success with high gross billings, plans to release NBA 2K All-Star mobile game. Baidu Apollo faces complaints in Wuhan...