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 Capital Markets

SHEIN Global Holdings / Equity Capital Markets

<ul>
<li>SHEIN's new IPO filing in Hong Kong shows the company recording a Net Loss in Q126</li>
<li>A sharp increase in Q126 fulfilment costs helps to explain the period's weaker profitability</li>
<li>SHEIN's ability to rein in unit fulfilment costs should be a key driver of long-term performance</li>
</ul>


SHEIN's new IPO filing in Hong Kong shows the company recording a Net Loss in Q126
A sharp increase in Q126 fulfilment costs helps to explain the period's weaker profitability
SHEIN's ability to rein in unit fulfilment costs should be a key driver of long-term performance


SHEIN IPO in Hong Kong: Quick P&L Review and Why Managing Unit Fulfilment Costs Matters So Much

Equity Bottom-Up

<ul>
<li>H126 revenue up 6%, but EBITDA margin softened by around 50 bps versus H125</li>
<li>We believe higher fuel costs and a change in revenue mix explain margin compression</li>
<li>SF Hldg: cheap, but absent a potential boost from lower fuel, near-term seems unexciting</li>
</ul>


H126 revenue up 6%, but EBITDA margin softened by around 50 bps versus H125
We believe higher fuel costs and a change in revenue mix explain margin compression
SF Hldg: cheap, but absent a potential boost from lower fuel, near-term seems unexciting


SF Holding H126: Revenue up 6% Y/Y, but EBITDA Margin Down on Rising Fuel Costs, Changing Mix

China/Asia TMT

Shawn Yang

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>3690.HK/BABA/JD/DADA/DDL/9699.HK: Douyin adds a more prominent entrance for its 1-hr delivery supermarket feature (-/-/-/-/+)</li>
<li>Kanzhun Limited: No signal for rebound in job market in China yet</li>
<li>700 HK： QQ Browser today announced the launch of the "PDF Reading Assistant" , which uses Tencent's own LLM Hunyuan to assist users.（/）</li>
</ul>


3690.HK/BABA/JD/DADA/DDL/9699.HK: Douyin adds a more prominent entrance for its 1-hr delivery supermarket feature (-/-/-/-/+)
Kanzhun Limited: No signal for rebound in job market in China yet
700 HK： QQ Browser today announced the launch of the "PDF Reading Assistant" , which uses Tencent's own LLM Hunyuan to assist users.（/）


China TMT Update-Oct.14-3690.HK/BABA/JD/DADA/DDL/9699.HK/Kanzhun/700.HK/CPNG:Douyin 1-Hr Delivery

<ul>
<li>" EastBuy 东方甄选 " is conducting live broadcasts on Taobao.</li>
<li>JD.com officially launches the upgraded " Spring Dawn Plan "</li>
<li>3690.HK/9699.HK/JD: Meituan announces cooperation with SF Intra-city and others (+/+/-)</li>
</ul>


" EastBuy 东方甄选 " is conducting live broadcasts on Taobao.
JD.com officially launches the upgraded " Spring Dawn Plan "
3690.HK/9699.HK/JD: Meituan announces cooperation with SF Intra-city and others (+/+/-)


China TMT Update-Douyin/Baba/JD/3690.HK/9699.HK-Meituan's Cooperation with SF Intra-City

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 June 18th.</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 Alibaba, Kingboard Laminates, Knowledge Atlas, Kingboard, CNOOC, China Mobile, Lenovo, Yangtze Optical Fibre And-H, Iluvatar Corex, Ke.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of June 18th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Alibaba, Kingboard Laminates, Knowledge Atlas, Kingboard, CNOOC, China Mobile, Lenovo, Yangtze Optical Fibre And-H, Iluvatar Corex, Ke.


HK Connect Flows Weekly (Jun 18th): Alibaba, Kingboard Laminates, Knowledge Atlas, Kingboard, CNOOC

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)

SHEIN IPO in Hong Kong: Quick P&L Review and Why Managing Unit Fulfilment Costs Matters So Much

In its first day of trading on September 1, SHEIN's shares closed down 0.1% in Hong Kong after initially falling close to 10%. We're now re...

Tracking Traffic

SF Holding H126: Revenue up 6% Y/Y, but EBITDA Margin Down on Rising Fuel Costs, Changing Mix

SF Holding's H126 results were uninspiring, with Revenue climbing 6% but margins falling vs H125. We believe high fuel costs and changing sales mix...

Tracking Traffic

China TMT Update-Oct.14-3690.HK/BABA/JD/DADA/DDL/9699.HK/Kanzhun/700.HK/CPNG:Douyin 1-Hr Delivery

Douyin adds a more prominent entrance for its 1-hr delivery supermarket feature; No signal for rebound in job market in China yet; QQ Browser...

Blue Lotus Research Institute

China TMT Update-Douyin/Baba/JD/3690.HK/9699.HK-Meituan's Cooperation with SF Intra-City

" EastBuy 东方甄选 " is conducting live broadcasts on Taobao.JD.com officially launches the upgraded " Spring Dawn Plan "K/9699.HK/JD: Meituan...

Blue Lotus Research Institute

HK Connect Flows Weekly (Jun 18th): Alibaba, Kingboard Laminates, Knowledge Atlas, Kingboard, CNOOC

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Alibaba (9988 HK), Kingboard Laminates (1888 HK),...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)