HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

<ul>
<li>Whether COL's strategy of "burning money to expand scale" can smoothly transition to a stable profit-making stage is highly uncertain. At present, the profit turning point remains unclear.</li>
<li>Investors have reason to worry when the trend of "AI + micro dramas" weakens, COL may make strategic shifts, resulting in current investment not being able to generate long-term assets.</li>
<li>Although COL's IP library is massive, the scarcity/commercial value of top IPs aren't on the same level as <a href="https://www.smartkarma.com/entities/china-literature-ltd" target="_blank" data-smartkarma-citation="entities:24388:1" rel="noopener">China Literature</a>. So, the "ceiling" for COL’s IP derivative development is lower.</li>
</ul>


Whether COL's strategy of "burning money to expand scale" can smoothly transition to a stable profit-making stage is highly uncertain. At present, the profit turning point remains unclear.
Investors have reason to worry when the trend of "AI + micro dramas" weakens, COL may make strategic shifts, resulting in current investment not being able to generate long-term assets.
Although COL's IP library is massive, the scarcity/commercial value of top IPs aren't on the same level as China Literature. So, the "ceiling" for COL’s IP derivative development is lower.


Pre-IPO COL Global/Chineseall Digital Publishing (A/H Listing)- The Profit Model Is Facing Challenge

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of February 13th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for Tencent, Alibaba, Meituan, China Life, CNOOC.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of February 13th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Tencent, Alibaba, Meituan, China Life, CNOOC.


HK Connect Flows Weekly (Feb 13th): Tencent, Alibaba, Meituan, China Life, CNOOC

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Oct 31st.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Csop Hsi (2X Inv), TraHK HSI ETF, Akeso.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Oct 31st.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Csop Hsi (2X Inv), TraHK HSI ETF, Akeso.


HK Short Interest Weekly: Csop Hsi (2X Inv), TraHK HSI ETF, Akeso

<ul>
<li>We analysed the earning revision of component stocks of HS TECH in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on BYD, Ntes, Kuaishou, Lenovo, Li Auto, Horizonrobot, China Lit, Asmpt.</li>
</ul>


We analysed the earning revision of component stocks of HS TECH in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on BYD, Ntes, Kuaishou, Lenovo, Li Auto, Horizonrobot, China Lit, Asmpt.


HS TECH Index Earning Revision (Jun): BYD, Ntes, Kuaishou, Lenovo, Li Auto, Horizonrobot, China Lit

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

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 Bottom-Up

<ul>
<li>TME proposed to acquire 100% shares of Ximalaya, a long audio app.</li>
<li>TME has been exploring the long audio market since 2020.</li>
<li>We believe Ximalaya has advantages in monthly active users and car radio.</li>
</ul>


TME proposed to acquire 100% shares of Ximalaya, a long audio app.
TME has been exploring the long audio market since 2020.
We believe Ximalaya has advantages in monthly active users and car radio.


Tencent Music (TME): Quick Note – Acquisition of Ximalaya

China

China Literature Limited is an investment holding company primarily engaged in operating online literature platforms, providing literary content, and producing television series and films. It offers online reading services, copyright commercialization, writer cultivation and brokerage, and operates text work reading. The company is headquartered in Shanghai, People's Republic of China, and was founded in 2002.

Price Gauge
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China Literature (772 HK)

Pre-IPO COL Global/Chineseall Digital Publishing (A/H Listing)- The Profit Model Is Facing Challenge

Investors are concerned about whether COL's expansion strategy can lead to long-term profit, as the trend of "AI + micro dramas" weakens and top...

Xinyao (Criss) Wang

HK Connect Flows Weekly (Feb 13th): Tencent, Alibaba, Meituan, China Life, CNOOC

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Tencent, Alibaba, Meituan, China Life, CNOOC.

Ke Yan, CFA, FRM

HK Short Interest Weekly: Csop Hsi (2X Inv), TraHK HSI ETF, Akeso

We analyzed the latest HK SFC report for aggregate short position as of Oct 31st and highlight short interest changes in Csop Hsi (2X Inv), TraHK...

Ke Yan, CFA, FRM

HS TECH Index Earning Revision (Jun): BYD, Ntes, Kuaishou, Lenovo, Li Auto, Horizonrobot, China Lit

We analyzed HS TECH's consensus for Jun 2025 and highlighted changes of EPS in BYD, Ntes, Kuaishou, Lenovo, Li Auto, Horizonrobot, China Lit, Asmpt.

Ke Yan, CFA, FRM

Tencent Music (TME): Quick Note – Acquisition of Ximalaya

TME proposed to acquire 100% shares of Ximalaya, a long audio app. TME has been exploring the long audio market since 2020. We believe Ximalaya has...

Ming Lu

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Pre-IPO COL Global/Chineseall Digital Publishing (A/H Listing)- The Profit Model Is Facing Challenge

​Investors are concerned about whether COL's expansion strategy can lead to long-term profit, as the trend of "AI + micro dramas" weakens and top...

Xinyao (Criss) Wang

HK Connect Flows Weekly (Feb 13th): Tencent, Alibaba, Meituan, China Life, CNOOC

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Tencent, Alibaba, Meituan, China Life, CNOOC.

Ke Yan, CFA, FRM

HK Short Interest Weekly: Csop Hsi (2X Inv), TraHK HSI ETF, Akeso

We analyzed the latest HK SFC report for aggregate short position as of Oct 31st and highlight short interest changes in Csop Hsi (2X Inv), TraHK...

Ke Yan, CFA, FRM

HS TECH Index Earning Revision (Jun): BYD, Ntes, Kuaishou, Lenovo, Li Auto, Horizonrobot, China Lit

We analyzed HS TECH's consensus for Jun 2025 and highlighted changes of EPS in BYD, Ntes, Kuaishou, Lenovo, Li Auto, Horizonrobot, China Lit, Asmpt.

Ke Yan, CFA, FRM

Tencent Music (TME): Quick Note – Acquisition of Ximalaya

TME proposed to acquire 100% shares of Ximalaya, a long audio app. TME has been exploring the long audio market since 2020. We believe Ximalaya has...

Ming Lu

Investors are concerned about whether COL's expansion strategy can lead to long-term profit, as the trend of "AI + micro dramas" weakens and top...