Blue Lotus China New Economy Research, Blue Lotus Research Institute

Eric Wen

Blue Lotus China New Economy 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>300750 SZ/1211 HK: CATL launched 2nd generation Shenxing LFP battery, surprassing BYD in fast charging (///)</li>
<li>ATAT US : Hotel RevPAR Decline Narrows Marginally  (+ /+)</li>
<li>NIO US: ONVO L90 Appears in MIIT's New Vehicle List(+)</li>
</ul>


300750 SZ/1211 HK: CATL launched 2nd generation Shenxing LFP battery, surprassing BYD in fast charging (///)
ATAT US : Hotel RevPAR Decline Narrows Marginally  (+ /+)
NIO US: ONVO L90 Appears in MIIT's New Vehicle List(+)


[Blue Lotus Daily]:300750 SZ/1211 HK/ATAT US/NIO US

APAC IPOs & Placements, Aequitas Research

Nicholas Tan

APAC 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

BenQ BM Holding Cayman Corp. / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/benq-bm-holding-cayman-corp" target="_blank" data-smartkarma-citation="entities:41124:1" rel="noopener">BenQ BM Holding Cayman Corp. (BBHC HK)</a>  is looking to raise at least $US100m in its upcoming Hong Kong IPO.</li>
<li>BenQ is a leading private for-profit general hospital group in mainland China, operating two general hospitals - Nanjing BenQ Hospital and Suzhou BenQ Hospital.</li>
<li>In this note, we provide updates on the firm's past performance. </li>
</ul>



BenQ BM Holding Cayman Corp. (BBHC HK)  is looking to raise at least $US100m in its upcoming Hong Kong IPO.
BenQ is a leading private for-profit general hospital group in mainland China, operating two general hospitals - Nanjing BenQ Hospital and Suzhou BenQ Hospital.
In this note, we provide updates on the firm's past performance. 


BenQ BM Pre-IPO: PHIP Updates - Performance Continues to Deteriorate

Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>The HSCEI serves as a benchmark to reflect the overall performance of the top 50 "Mainland China" securities listed in Hong Kong.</li>
<li>In this insight, we take a look at the flow expectations for the June 2025 index rebal event.</li>
<li>We expect no index changes for June 2025 but we estimate there to be US$470mn in one-way flows which translates to a turnover of 4.3%.</li>
</ul>


The HSCEI serves as a benchmark to reflect the overall performance of the top 50 "Mainland China" securities listed in Hong Kong.
In this insight, we take a look at the flow expectations for the June 2025 index rebal event.
We expect no index changes for June 2025 but we estimate there to be US$470mn in one-way flows which translates to a turnover of 4.3%.


Quiddity Leaderboard HSCEI Jun25: US$470mn One-Way Flows Expected

<ul>
<li>The HSTECH Index tracks the performance of the top 30 technology companies listed in Hong Kong that have high business exposure to certain technology themes.</li>
<li>In this insight, we take a look at the flow expectations for the June 2025 index rebal event.</li>
<li>We expect no index changes for June 2025 but we estimate there to be US$1.53bn in one-way flows which translates to a turnover of 7.4%.</li>
</ul>


The HSTECH Index tracks the performance of the top 30 technology companies listed in Hong Kong that have high business exposure to certain technology themes.
In this insight, we take a look at the flow expectations for the June 2025 index rebal event.
We expect no index changes for June 2025 but we estimate there to be US$1.53bn in one-way flows which translates to a turnover of 7.4%.


Quiddity Leaderboard HSTECH Jun25: US$1.5bn One-Way; Large Inflow for Net Ease

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

Equity Bottom-Up

<ul>
<li>The growth rate of sales volume slowed down in March 2025.</li>
<li>Geely’s sales volume reached 46% of BYD’s in 1Q25, compared to 23% in 2024.</li>
<li>We set a downside of 18% and a price target of HK$300 for the next twelve months.</li>
</ul>


The growth rate of sales volume slowed down in March 2025.
Geely’s sales volume reached 46% of BYD’s in 1Q25, compared to 23% in 2024.
We set a downside of 18% and a price target of HK$300 for the next twelve months.


BYD (1211 HK): Some Threats Before 1Q25 Result

China

BYD Company Limited manufactures automotive products. The Company produces ordinary passenger cars, commercial vehicles, and other products. BYD also operates battery making, rail transportation construction, and other businesses.

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BYD (002594 CH)

[Blue Lotus Daily]:300750 SZ/1211 HK/ATAT US/NIO US

CATL surpasses BYD in fast charging with 2nd generation Shenxing LFP battery. Hotel RevPAR decline narrows slightly. ONVO L90 from NIO appears in...

Blue Lotus Research Institute

BenQ BM Pre-IPO: PHIP Updates - Performance Continues to Deteriorate

BenQ BM is looking to raise at least $US100m in its upcoming Hong Kong IPO. In this note, we provide updates on the firm's past performance.

Nicholas Tan

Quiddity Leaderboard HSCEI Jun25: US$470mn One-Way Flows Expected

Our index change expectations remain the same since mid-March 2025. We expect the ADDs/DELs and indicative weights to be publicly confirmed on 16th...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard HSTECH Jun25: US$1.5bn One-Way; Large Inflow for Net Ease

Collectively, we expect more than US$1bn index inflows for NetEase (9999 HK), Baidu (9888 HK), Trip.com Group (9961 HK), and NIO (9866 HK) from...

Janaghan Jeyakumar, CFA

BYD (1211 HK): Some Threats Before 1Q25 Result

The growth rate of sales volume slowed down in March 2025. Geely’s sales volume reached 46% of BYD’s in 1Q25, compared to 23% in 2024. We set an...

Ming Lu

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

[Blue Lotus Daily]:300750 SZ/1211 HK/ATAT US/NIO US

​CATL surpasses BYD in fast charging with 2nd generation Shenxing LFP battery. Hotel RevPAR decline narrows slightly. ONVO L90 from NIO appears in...

Blue Lotus Research Institute

BenQ BM Pre-IPO: PHIP Updates - Performance Continues to Deteriorate

BenQ BM is looking to raise at least $US100m in its upcoming Hong Kong IPO. In this note, we provide updates on the firm's past performance.

Nicholas Tan

Quiddity Leaderboard HSCEI Jun25: US$470mn One-Way Flows Expected

Our index change expectations remain the same since mid-March 2025. We expect the ADDs/DELs and indicative weights to be publicly confirmed on 16th...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard HSTECH Jun25: US$1.5bn One-Way; Large Inflow for Net Ease

Collectively, we expect more than US$1bn index inflows for NetEase (9999 HK), Baidu (9888 HK), Trip.com Group (9961 HK), and NIO (9866 HK) from...

Janaghan Jeyakumar, CFA

BYD (1211 HK): Some Threats Before 1Q25 Result

The growth rate of sales volume slowed down in March 2025. Geely’s sales volume reached 46% of BYD’s in 1Q25, compared to 23% in 2024. We set an...

Ming Lu

CATL surpasses BYD in fast charging with 2nd generation Shenxing LFP battery. Hotel RevPAR decline narrows slightly. ONVO L90 from NIO appears in...