Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Equity Bottom-Up

<ul>
<li>China-Listed express firms reported softer volume growth in August (vs July and Q2)</li>
<li>SF Holding and Yunda Holding continued to lose share in August; STO Express gained</li>
<li>We believe softer volume growth in August could indicate weak online retail activity</li>
</ul>


China-Listed express firms reported softer volume growth in August (vs July and Q2)
SF Holding and Yunda Holding continued to lose share in August; STO Express gained
We believe softer volume growth in August could indicate weak online retail activity


Monthly Chinese Express Tracker | August Growth Slowed Vs July, Q2 | Suggests Softer Online Retail

<ul>
<li>In this insight we update readers on new developments affecting SHEIN, Temu, AliExpress</li>
<li>New laws and ongoing investigations are likely to raise the cost of operating in the EU</li>
<li>We expect to hear about important legal milestones in the coming weeks - stay tuned!</li>
</ul>


In this insight we update readers on new developments affecting SHEIN, Temu, AliExpress
New laws and ongoing investigations are likely to raise the cost of operating in the EU
We expect to hear about important legal milestones in the coming weeks - stay tuned!


SHEIN IPO in Hong Kong: Latest Developments Affecting SHEIN, Temu, and AliExpress

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Cross Asset Strategy

<ul>
<li>Hong Kong market showed defensiveness during early August selloff and the overall breadth of the market continues to improve.</li>
<li>
<a href="https://www.smartkarma.com/entities/j-t-global-express-ltd" target="_blank" data-smartkarma-citation="entities:36819:1" rel="noopener">J&amp;T Global Express (1519 HK)</a> received upgrades after reporting strong 2Q24 results.  Its SEA and China business showed growth in revenue and profitability.</li>
<li>
<a href="https://www.smartkarma.com/entities/galaxy-entertainment-group-limited" target="_blank" data-smartkarma-citation="entities:806:1" rel="noopener">Galaxy Entertainment Group (27 HK)</a> received an upgrade after revenue and EBITDA approached pre-COVID levels.  <a href="https://www.smartkarma.com/entities/fit-hon-teng-ltd" target="_blank" data-smartkarma-citation="entities:22868:1" rel="noopener">FIT Hon Teng (6088 HK)</a> is seeing improvement in AI server, AirPod, and EV segments.</li>
</ul>


Hong Kong market showed defensiveness during early August selloff and the overall breadth of the market continues to improve.

J&amp;T Global Express (1519 HK) received upgrades after reporting strong 2Q24 results.  Its SEA and China business showed growth in revenue and profitability.

Galaxy Entertainment Group (27 HK) received an upgrade after revenue and EBITDA approached pre-COVID levels.  FIT Hon Teng (6088 HK) is seeing improvement in AI server, AirPod, and EV segments.


BUY/SELL/HOLD: Hong Kong Stock Updates (August 21)

<ul>
<li>Japan equity ETF flows have not recovered from the carry trade sell off.  Hong Kong Southbound Connect flows continue to be positive this month.</li>
<li>
<a href="https://www.smartkarma.com/entities/qifu-technology-inc" target="_blank" data-smartkarma-citation="entities:36657:1" rel="noopener">Qifu Technology (3660 HK)</a> , <a href="https://www.smartkarma.com/entities/q-technology-group-co-ltd" target="_blank" data-smartkarma-citation="entities:79:1" rel="noopener">Q Technology Group (1478 HK)</a> and <a href="https://www.smartkarma.com/entities/jd-logistics-inc" target="_blank" data-smartkarma-citation="entities:31500:1" rel="noopener">JD Logistics (2618 HK)</a> all advanced on strong 2Q earnings announcements. 
</li>
<li>
<a href="https://www.smartkarma.com/entities/tencent-music-entertainment-group" target="_blank" data-smartkarma-citation="entities:36601:1" rel="noopener">Tencent Music Entertainment Group (1698 HK)</a> disappointed on earnings and monthly user numbers.  <a href="https://www.smartkarma.com/entities/country-garden-services-holdin" target="_blank" data-smartkarma-citation="entities:27343:1" rel="noopener">Country Garden Services (6098 HK)</a> declined in anticipation of a large drop in earnings in 2Q 2024.
</li>
</ul>


Japan equity ETF flows have not recovered from the carry trade sell off.  Hong Kong Southbound Connect flows continue to be positive this month.

Qifu Technology (3660 HK) , Q Technology Group (1478 HK) and JD Logistics (2618 HK) all advanced on strong 2Q earnings announcements. 


Tencent Music Entertainment Group (1698 HK) disappointed on earnings and monthly user numbers.  Country Garden Services (6098 HK) declined in anticipation of a large drop in earnings in 2Q 2024.



The Heat Is On: News Flow and Sentiment in CHINA / HONG KONG (August 16)

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>1810 HK/1211 HK/LI US/NIO US/XPEV US: EV sales were strong in the 25th week of 2024, with several brands reaching new highs (/////////)</li>
<li>ATAT US:The first Atour Hotel 4.0 opens in Xi'an. (+)</li>
<li>Ministry of Commerce: Mainland China will increase the tax-free allowance for luggage carried by resident travelers entering from Hong Kong and Macao</li>
</ul>


1810 HK/1211 HK/LI US/NIO US/XPEV US: EV sales were strong in the 25th week of 2024, with several brands reaching new highs (/////////)
ATAT US:The first Atour Hotel 4.0 opens in Xi'an. (+)
Ministry of Commerce: Mainland China will increase the tax-free allowance for luggage carried by resident travelers entering from Hong Kong and Macao


[Blue Lotus Daily]:1810HK/1211HK/LI/NIO /XPEV/ATAT/2352CH/BEKE/2618HK/2352SZ/ZTO/1519HK/981HK/9699HK

China

Hangzhou SF Intra-city Industrial Co., Ltd. provides intra-city on-demand delivery services across China, covering food, fresh produce, electronics, and other goods for merchants, consumers, and logistics companies. The company also offers software development and IT services. Founded in 2016, it began independent operations in 2019 and is headquartered in Shenzhen, China.

Hangzhou SF Intra-city Industrial (9699 HK)

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Hangzhou SF Intra-city Industrial (9699 HK)

Monthly Chinese Express Tracker | August Growth Slowed Vs July, Q2 | Suggests Softer Online Retail

Chinese domestic express parcel volume growth slowed in August (vs July and Q2), suggesting softer online retail activity. For stronger growth in...

Tracking Traffic

SHEIN IPO in Hong Kong: Latest Developments Affecting SHEIN, Temu, and AliExpress

In this insight we bring to readers' attention important developments affecting the Chinese direct-to-consumer retail platforms SHEIN, Temu, and...

Tracking Traffic

BUY/SELL/HOLD: Hong Kong Stock Updates (August 21)

The Hong Kong market breadth continues to improve as the market has shown defensive qualities during recent selloff. J&T Global, Galaxy and FIT...

David Mudd

The Heat Is On: News Flow and Sentiment in CHINA / HONG KONG (August 16)

Japan ETF flows have been light after the massive outflow from carry trade unwind. Qifu Tech, Q Tech and JDL all had positive earnings announcement...

David Mudd

[Blue Lotus Daily]:1810HK/1211HK/LI/NIO /XPEV/ATAT/2352CH/BEKE/2618HK/2352SZ/ZTO/1519HK/981HK/9699HK

EV sales surge in 25th week of 2024, Atour Hotel 4.0 opens in Xi'an, China raises tax-free allowance for resident travelers from Hong Kong and Macao.

Blue Lotus Research Institute

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Monthly Chinese Express Tracker | August Growth Slowed Vs July, Q2 | Suggests Softer Online Retail

Chinese domestic express parcel volume growth slowed in August (vs July and Q2), suggesting softer online retail activity. For stronger growth in...

Tracking Traffic

SHEIN IPO in Hong Kong: Latest Developments Affecting SHEIN, Temu, and AliExpress

In this insight we bring to readers' attention important developments affecting the Chinese direct-to-consumer retail platforms SHEIN, Temu, and...

Tracking Traffic

BUY/SELL/HOLD: Hong Kong Stock Updates (August 21)

The Hong Kong market breadth continues to improve as the market has shown defensive qualities during recent selloff. J&T Global, Galaxy and FIT...

David Mudd

The Heat Is On: News Flow and Sentiment in CHINA / HONG KONG (August 16)

Japan ETF flows have been light after the massive outflow from carry trade unwind. Qifu Tech, Q Tech and JDL all had positive earnings announcement...

David Mudd

[Blue Lotus Daily]:1810HK/1211HK/LI/NIO /XPEV/ATAT/2352CH/BEKE/2618HK/2352SZ/ZTO/1519HK/981HK/9699HK

​EV sales surge in 25th week of 2024, Atour Hotel 4.0 opens in Xi'an, China raises tax-free allowance for resident travelers from Hong Kong and Macao.

Blue Lotus Research Institute

EV sales surge in 25th week of 2024, Atour Hotel 4.0 opens in Xi'an, China raises tax-free allowance for resident travelers from Hong Kong and Macao.