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>TCOM/1024 HK/3690 HK/780 HK: Ctrip cooperate with Kuaishou to promote traveling products(+/+/-/-)</li>
<li>PDD/ZTO/1519 HK: PDD partners with ZTO and J&amp;T for upcoming “Open during Spring Festival” event (+/+/+)</li>
<li>PDD/ SHEIN/ AMZN/ SE/ CPNG/ MELI: Temu planning to add 3P model (+/-)</li>
</ul>


TCOM/1024 HK/3690 HK/780 HK: Ctrip cooperate with Kuaishou to promote traveling products(+/+/-/-)
PDD/ZTO/1519 HK: PDD partners with ZTO and J&amp;T for upcoming “Open during Spring Festival” event (+/+/+)
PDD/ SHEIN/ AMZN/ SE/ CPNG/ MELI: Temu planning to add 3P model (+/-)


[Blue Lotus Daily - TMT Update]:TCOM/1024 HK/3690 HK/780 HK/PDD/ZTO/1519 HK/SHEIN/AMZN/SE/CPNG/MELI

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Bottom-Up

<ul>
<li>In this insight, we discuss how Temu and AliExpress have been taking away meaningful market share away from Coupang (CPNG US) in Korea in the past year. </li>
<li>Temu's MAU skyrocketed in the past year in Korea. Temu's MAU surged from zero in January 2023 to 3.28 million as of December 2023.</li>
<li>One could argue that Coupang's valuations are overvalued relative to its Chinese competitors such as PDD Holdings (PDD US).</li>
</ul>


In this insight, we discuss how Temu and AliExpress have been taking away meaningful market share away from Coupang (CPNG US) in Korea in the past year. 
Temu's MAU skyrocketed in the past year in Korea. Temu's MAU surged from zero in January 2023 to 3.28 million as of December 2023.
One could argue that Coupang's valuations are overvalued relative to its Chinese competitors such as PDD Holdings (PDD US).


Temu and AliExpress Taking Away Meaningful Market Share from Coupang in Korea

<ul>
<li>BABA/ SE/ PDD: Lazada mass-layoffs also in China offices (+/+/-)</li>
<li>NTES: Local media published an article addressing the issue of underage top-up in NetEase's mobile game &lt;Eggy Party&gt; (/)</li>
<li>700 HK: The New Year event operation of &lt;CrossFire Mobile&gt; is a success.(+)</li>
</ul>


BABA/ SE/ PDD: Lazada mass-layoffs also in China offices (+/+/-)
NTES: Local media published an article addressing the issue of underage top-up in NetEase's mobile game &lt;Eggy Party&gt; (/)
700 HK: The New Year event operation of &lt;CrossFire Mobile&gt; is a success.(+)


[Blue Lotus Daily - TMT Update]: BABA/SE/PDD/3690 HK/NTES/700 HK/AMZN/MELI/CPNG

<ul>
<li>CPNG will provide Farfetch with a bridge loan to save it from default. In exchange, CPNG acquires Farfetch business and its US$ 460mn+ net debt.</li>
<li>For Farfetch to achieve profitability, CPNG will need to conduct major layoffs and cancel brand deals, but both are difficult to achieve, in our view.</li>
<li>CPNG only found limited overseas success in Taiwan, and EU poses an even greater challenge. We cut TP to US$ 14.1 on increased debt and FCF burden.</li>
</ul>


CPNG will provide Farfetch with a bridge loan to save it from default. In exchange, CPNG acquires Farfetch business and its US$ 460mn+ net debt.
For Farfetch to achieve profitability, CPNG will need to conduct major layoffs and cancel brand deals, but both are difficult to achieve, in our view.
CPNG only found limited overseas success in Taiwan, and EU poses an even greater challenge. We cut TP to US$ 14.1 on increased debt and FCF burden.


[Coupang Inc. (CPNG US, SELL, TP US$14.1) TP Change]: Farfetch May Glitter, but It Isn’t Gold

<ul>
<li>BABA/MELI/PDD/Shein/1519 HK: Cainiao launches charter flight route to Mexico (+/+/-/-/-/)</li>
<li>700 HK: Tencent gaming studio &lt;Level Infinite&gt; announced 4 new games at The Game Award 2023(+)</li>
<li>BABA/Temu/Shein/CPNG/SE/AMZN/MELI: Alibaba plans to launch LLM AI-powered &lt;1688&gt; in South Korea(+/+/+/+/+/-/-)</li>
</ul>


BABA/MELI/PDD/Shein/1519 HK: Cainiao launches charter flight route to Mexico (+/+/-/-/-/)
700 HK: Tencent gaming studio &lt;Level Infinite&gt; announced 4 new games at The Game Award 2023(+)
BABA/Temu/Shein/CPNG/SE/AMZN/MELI: Alibaba plans to launch LLM AI-powered &lt;1688&gt; in South Korea(+/+/+/+/+/-/-)


[Blue Lotus Daily - TMT Update]:700 HK/BABA/Temu/Shein/PDD/CPNG/SE/AMZN/MELI/JD/1024 HK/2618 HK

South Korea

Coupang, Inc. operates as an e-commerce company. The Company offers dynamic end-to-end e-commerce and logistic solutions. Coupang serves customers worldwide.

Price Gauge
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Coupang (CPNG US)

[Blue Lotus Daily - TMT Update]:TCOM/1024 HK/3690 HK/780 HK/PDD/ZTO/1519 HK/SHEIN/AMZN/SE/CPNG/MELI

Ctrip teams up with Kuaishou to boost travel offerings; PDD collaborates with ZTO and J&T for Spring Festival event; and Temu considers adding 3P...

Blue Lotus Research Institute

[Blue Lotus Daily - TMT Update]: BABA/SE/PDD/3690 HK/NTES/700 HK/AMZN/MELI/CPNG

Lazada mass-layoffs also in China offices. NetEase faces criticism over underage top-ups in mobile game . The New Year event operation of is a...

Blue Lotus Research Institute

[Coupang Inc. (CPNG US, SELL, TP US$14.1) TP Change]: Farfetch May Glitter, but It Isn’t Gold

CPNG saves Farfetch from default with a bridge loan, acquiring the business and its debt. Achieving profitability will require layoffs and...

Blue Lotus Research Institute

[Blue Lotus Daily - TMT Update]:700 HK/BABA/Temu/Shein/PDD/CPNG/SE/AMZN/MELI/JD/1024 HK/2618 HK

Cainiao launches charter flight route to Mexico; Tencent gaming studio announces 4 new games; Alibaba plans to launch LLM AI-powered 1688 in South...

Blue Lotus Research Institute

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

[Blue Lotus Daily - TMT Update]:TCOM/1024 HK/3690 HK/780 HK/PDD/ZTO/1519 HK/SHEIN/AMZN/SE/CPNG/MELI

​Ctrip teams up with Kuaishou to boost travel offerings; PDD collaborates with ZTO and J&T for Spring Festival event; and Temu considers adding 3P...

Blue Lotus Research Institute

Temu and AliExpress Taking Away Meaningful Market Share from Coupang in Korea

In this insight, we discuss how Temu and AliExpress have been taking away meaningful market share away from Coupang (CPNG US) in Korea in the past...

Douglas Kim

[Blue Lotus Daily - TMT Update]: BABA/SE/PDD/3690 HK/NTES/700 HK/AMZN/MELI/CPNG

Lazada mass-layoffs also in China offices. NetEase faces criticism over underage top-ups in mobile game . The New Year event operation of is a...

Blue Lotus Research Institute

[Coupang Inc. (CPNG US, SELL, TP US$14.1) TP Change]: Farfetch May Glitter, but It Isn’t Gold

​CPNG saves Farfetch from default with a bridge loan, acquiring the business and its debt. Achieving profitability will require layoffs and...

Blue Lotus Research Institute

[Blue Lotus Daily - TMT Update]:700 HK/BABA/Temu/Shein/PDD/CPNG/SE/AMZN/MELI/JD/1024 HK/2618 HK

​Cainiao launches charter flight route to Mexico; Tencent gaming studio announces 4 new games; Alibaba plans to launch LLM AI-powered 1688 in South...

Blue Lotus Research Institute

Ctrip teams up with Kuaishou to boost travel offerings; PDD collaborates with ZTO and J&T for Spring Festival event; and Temu considers adding 3P...

CPNG saves Farfetch from default with a bridge loan, acquiring the business and its debt. Achieving profitability will require layoffs and...

Cainiao launches charter flight route to Mexico; Tencent gaming studio announces 4 new games; Alibaba plans to launch LLM AI-powered 1688 in South...