Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Thematic (Sector/Industry)

<ul>
<li>Seeing as though it is Chinese New Year week, I thought it might be appropriate to conduct a brief analysis of US-listed China plays.</li>
<li>According to a recent US-China Economic and Security Review Commission report, 265 Chinese companies were listed on the NYSE, Nasdaq and NYSE American exchanges in January 2024 worth US$848bn. </li>
<li>That's down from 252 companies worth US$1.03tn a year ago, a 17.5% decline. 91% of the total market capitalization of Chinese firms listed on U.S. exchanges use VIEs.</li>
</ul>


Seeing as though it is Chinese New Year week, I thought it might be appropriate to conduct a brief analysis of US-listed China plays.
According to a recent US-China Economic and Security Review Commission report, 265 Chinese companies were listed on the NYSE, Nasdaq and NYSE American exchanges in January 2024 worth US$848bn. 
That's down from 252 companies worth US$1.03tn a year ago, a 17.5% decline. 91% of the total market capitalization of Chinese firms listed on U.S. exchanges use VIEs.


Focus on Smaller Cap Value Names, Altay Capital

Altay Capital

Focus on Smaller Cap Value Names

Long time value investor. Long/Short portfolio that’s always net long (between 30-80%). I have extensive experience in the video game industry as I founded a leading media company in the space, which I have since exited after an acquisition. Gaming companies only make up ~15% of my portfolio, but its a sector where I believe I have an edge. A newsletter about value investing! Mostly focus on smaller cap value names that aren't widely covered.

Equity Bottom-Up

<ul><li>This writeup was inspired by David Orr’s tweet about the U.S. listed Chinese company DouYu (Nasdaq: DOYU) paying out a $9.76 special dividend.</li><li>The stock closed at $12.59 the day before and was $6.59 earlier in the year.</li><li>Among Chinese ADRs with significant cash balances, SOHU is my favorite. </li></ul>

This writeup was inspired by David Orr’s tweet about the U.S. listed Chinese company DouYu (Nasdaq: DOYU) paying out a $9.76 special dividend.The stock closed at $12.59 the day before and was $6.59 earlier in the year.Among Chinese ADRs with significant cash balances, SOHU is my favorite. 

Sohu.com Inc (Nasdaq: SOHU): A Net-Net with $1.3B in Cash and Valuable Real Estate

Event-Driven

Douyu International Holdings / Event-Driven

<ul>
<li>In a particularly altruistic move, live-streaming game platform play <a href="https://www.smartkarma.com/entities/douyu-international-hold-adr" target="_blank" data-smartkarma-citation="entities:28045:1" rel="noopener">Douyu International Holdings (DOYU US)</a>  <a href="https://ir.douyu.com/2024-07-03-DouYu-International-Holdings-Limited-Announces-Special-Cash-Dividend" target="_blank" rel="noopener">announced</a> a special cash dividend of US$9.76/share, vs. a last price of US$12.59.</li>
<li>The cash outlay is roughly US$308mn, and Douyu had cash (as at 1Q24) of <a href="https://ir.douyu.com/2024-06-05-DouYu-International-Holdings-Limited-Reports-First-Quarter-2024-Unaudited-Financial-Results" target="_blank" rel="noopener">US$936.6mn</a>. And no debt.  Founder/chairman/CEO Shaojie Chen (17.2% shareholder) will pocket a tidy ~US$53mn.</li>
<li>An outlier; or should we expect more of the same for other cash-rich US-listed China plays?</li>
</ul>


In a particularly altruistic move, live-streaming game platform play Douyu International Holdings (DOYU US)  announced a special cash dividend of US$9.76/share, vs. a last price of US$12.59.
The cash outlay is roughly US$308mn, and Douyu had cash (as at 1Q24) of US$936.6mn. And no debt.  Founder/chairman/CEO Shaojie Chen (17.2% shareholder) will pocket a tidy ~US$53mn.
An outlier; or should we expect more of the same for other cash-rich US-listed China plays?


Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul><li>Bonds / : Five things to know about China’s unusual sovereign bond issue</li><li>Students /: U.S. draws fewer Chinese students, report says</li><li>Wanda /: Wanda unit seeks extension for $600 million dollar bonds</li></ul>

Bonds / : Five things to know about China’s unusual sovereign bond issueStudents /: U.S. draws fewer Chinese students, report saysWanda /: Wanda unit seeks extension for $600 million dollar bonds

CX Daily: Five Things to Know About China’s Unusual Sovereign Bond Issue 

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

<ul>
<li>BABA/JD/PDD: Post Bureau publishes Parcel Volume Data for Double 11 Festival (-/+)</li>
<li>3690 HK: Meituan published AI companion mobile app on November 7th(+)</li>
<li>BILI/700.HK/1024.HK/DOYU/HUYA: Douyu CEO Chen Shaojie missing for 3 Weeks (+/+/+/-/+)</li>
</ul>


BABA/JD/PDD: Post Bureau publishes Parcel Volume Data for Double 11 Festival (-/+)
3690 HK: Meituan published AI companion mobile app on November 7th(+)
BILI/700.HK/1024.HK/DOYU/HUYA: Douyu CEO Chen Shaojie missing for 3 Weeks (+/+/+/-/+)


[Blue Lotus Daily]: BABA/JD/PDD/BILI/Tencent 700.HK/Kuaishou 1024.HK/DOYU/HUYA

United States

DouYu International Holdings Limited operates as a holding company. The Company, through its subsidiaries, focuses on development of live game streaming. DouYu International Holdings serves customers in China.

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Douyu International Holdings (DOYU US)

Musings On US-Listed China Plays

Investors in Chinese companies may be willing to support activities that are contrary to US national interests, including technology used for...

David Blennerhassett

Sohu.com Inc (Nasdaq: SOHU): A Net-Net with $1.3B in Cash and Valuable Real Estate

This writeup was inspired by David Orr’s tweet about the U.S. listed Chinese company DouYu (Nasdaq: DOYU) paying out a $9.76 special dividend.

Altay Capital

Screening For The Next Douyu (DOYU US)

In an altruistic move, Douyu announced a special dividend of US$9.76/share, vs. a last price of US$12.59. An outlier; or should we expect more of...

David Blennerhassett

CX Daily: Five Things to Know About China’s Unusual Sovereign Bond Issue

Bonds / Five things to know about China’s unusual sovereign bond issue The Chinese government took a rare and unexpected decision in October to...

Caixin Global

[Blue Lotus Daily]: BABA/JD/PDD/BILI/Tencent 700.HK/Kuaishou 1024.HK/DOYU/HUYA

The article discusses the recent updates on parcel volume data for the Double 11 Festival, Meituan's new AI companion mobile app, and the missing...

Blue Lotus Research Institute

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Musings On US-Listed China Plays

Investors in Chinese companies may be willing to support activities that are contrary to US national interests, including technology used for...

David Blennerhassett

Sohu.com Inc (Nasdaq: SOHU): A Net-Net with $1.3B in Cash and Valuable Real Estate

This writeup was inspired by David Orr’s tweet about the U.S. listed Chinese company DouYu (Nasdaq: DOYU) paying out a $9.76 special dividend.

Altay Capital

Screening For The Next Douyu (DOYU US)

In an altruistic move, Douyu announced a special dividend of US$9.76/share, vs. a last price of US$12.59. An outlier; or should we expect more of...

David Blennerhassett

CX Daily: Five Things to Know About China’s Unusual Sovereign Bond Issue

Bonds / Five things to know about China’s unusual sovereign bond issue The Chinese government took a rare and unexpected decision in October to...

Caixin Global

[Blue Lotus Daily]: BABA/JD/PDD/BILI/Tencent 700.HK/Kuaishou 1024.HK/DOYU/HUYA

​The article discusses the recent updates on parcel volume data for the Double 11 Festival, Meituan's new AI companion mobile app, and the missing...

Blue Lotus Research Institute

The article discusses the recent updates on parcel volume data for the Double 11 Festival, Meituan's new AI companion mobile app, and the missing...