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>BIDU US: Baidu Apollo Partners with CAR Inc to Pioneer Autonomous Ride-Hailing in Tourism Hubs (+)</li>
<li>JD US: JD.com Launches Unlimited-Salary Tech Talent Program to Rival Google DeepMind (-)</li>
<li>PDD US : Slight Increase in Technology Service Fees (+)</li>
</ul>


BIDU US: Baidu Apollo Partners with CAR Inc to Pioneer Autonomous Ride-Hailing in Tourism Hubs (+)
JD US: JD.com Launches Unlimited-Salary Tech Talent Program to Rival Google DeepMind (-)
PDD US : Slight Increase in Technology Service Fees (+)


[Blue Lotus Daily-TMT Update]:BIDU US/JD US/PDD US/AAPL US/BILI US/700 HK

<ul>
<li>BABA US: Ele.me's Daily Food Delivery Orders via Taobao Deals Surpass 10 Million on May 5 (-)</li>
<li>TCOM US/3690 HK/ATAT US: Summary of May Day Holiday Consumption Trends.(+/+/+)</li>
<li>Entertainment Sector Update: Weak Box Office Performance During May Day Holiday Hits 8-Year Low(-)</li>
</ul>


BABA US: Ele.me's Daily Food Delivery Orders via Taobao Deals Surpass 10 Million on May 5 (-)
TCOM US/3690 HK/ATAT US: Summary of May Day Holiday Consumption Trends.(+/+/+)
Entertainment Sector Update: Weak Box Office Performance During May Day Holiday Hits 8-Year Low(-)


[Blue Lotus Daily-TMT Update]:BABA US/TCOM US/3690 HK/ATAT US/PDD US/JD US

J Capital Research

Independent Insight Provider

J Capital Research, a U.S. company, publishes highly diligenced research reports on publicly traded companies, relying on deep, on-the-ground primary research. J Capital has particular expertise in the Chinese market, but we look at over-valued companies throughout the world. As an activist short- and long-research shop, when we form a clear view, we publish free, public reports to inform the investing public and never disguise our identity. We believe the internet has afforded an opportunity to small, unaffiliated investors to leapfrog the big banks, with their conflicts of interest, and obtain unbiased information on traded companies. We pride ourselves on our independence and the quality of our work. We hope the work speaks for itself.

<ul><li>How will Chinese e-commerce companies survive the new tariff regime? We believe at least one of these companies will be hobbled.</li><li>Coming elimination on May 2 of the de minimis rule, which previously avoided tariffs on imported packages worth $800 or less, is perhaps the most immediately impactful change in trade policy that has already affected prices.</li><li>The cancellation of the de minimis rule (intended to permit individuals to import products tariff-free for personal use but which has been widely applied to all low-value products) took effect for a single day on April 2, 2025, was subsequently removed, and will be reinstated on May 2.</li></ul>

How will Chinese e-commerce companies survive the new tariff regime? We believe at least one of these companies will be hobbled.Coming elimination on May 2 of the de minimis rule, which previously avoided tariffs on imported packages worth $800 or less, is perhaps the most immediately impactful change in trade policy that has already affected prices.The cancellation of the de minimis rule (intended to permit individuals to import products tariff-free for personal use but which has been widely applied to all low-value products) took effect for a single day on April 2, 2025, was subsequently removed, and will be reinstated on May 2.

The Effects of New Tariff on Chinese E Commerce

<ul>
<li>JD US/BABA US/PDD US: Government Regulation Forces Cancellation of "Refund Without Return" Policy (+/+/-)</li>
<li>700 HK: Tencent Games SPARK Conference Reveals R&amp;D Progress for Multiple Titles Including &lt;Honor of Kings: World&gt; (+)</li>
<li>BIDU US:Baidu launches the AI agent app "Xin Xiang," which is similar to Manus(/)</li>
</ul>


JD US/BABA US/PDD US: Government Regulation Forces Cancellation of "Refund Without Return" Policy (+/+/-)
700 HK: Tencent Games SPARK Conference Reveals R&amp;D Progress for Multiple Titles Including &lt;Honor of Kings: World&gt; (+)
BIDU US:Baidu launches the AI agent app "Xin Xiang," which is similar to Manus(/)


[Blue Lotus Daily-TMT Update]:JD US/BABA US/PDD US/700 HK/BIDU US/3690 HK/NTES US/BILI US/E-Commerce

<ul>
<li>BABA US/PDD US: DHgate's GMV Doubles in a Single Week, While Buyer Count Surges 200% (///)</li>
<li>700 HK : Tencent Officially Unveils &lt;VALORANT Mobile&gt;, Launches Pre-Registration（+）</li>
<li>JD US/3690 HK: JD escalates PR battle, food delivery losses may exceed expectations(-//)</li>
</ul>


BABA US/PDD US: DHgate's GMV Doubles in a Single Week, While Buyer Count Surges 200% (///)
700 HK : Tencent Officially Unveils &lt;VALORANT Mobile&gt;, Launches Pre-Registration（+）
JD US/3690 HK: JD escalates PR battle, food delivery losses may exceed expectations(-//)


[Blue Lotus Daily-TMT Update]:BABA US/PDD US/700 HK/JD US/3690 HK/TCOM US/

China

JD.com is a Chinese e-commerce company and a supply chain-based technology and service provider. It offers a wide range of products through its online retail platform, including electronics, general merchandise, and fresh food, complemented by its logistics and digital health services. Headquartered in Beijing, China, the company was founded in 1998.

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JD.com (9618 HK)

[Blue Lotus Daily-TMT Update]:BIDU US/JD US/PDD US/AAPL US/BILI US/700 HK

Baidu partners with CAR Inc for autonomous ride-hailing, JD.com launches tech talent program, Pinduoduo sees slight increase in service fees.

Blue Lotus Research Institute

[Blue Lotus Daily-TMT Update]:BABA US/TCOM US/3690 HK/ATAT US/PDD US/JD US

Ele.me's food delivery orders via Taobao reached 10 million, May Day holiday consumption trends summarized, weak box office performance during...

Blue Lotus Research Institute

The Effects of New Tariff on Chinese E Commerce

How will Chinese e-commerce companies survive the new tariff regime? We believe at least one of these companies will be hobbled.

J Capital Research

[Blue Lotus Daily-TMT Update]:JD US/BABA US/PDD US/700 HK/BIDU US/3690 HK/NTES US/BILI US/E-Commerce

Government regulation forces cancellation of "refund without return" policy at JD,BABA,andPDD;Tencent reveals R&D progress at SPARK...

Blue Lotus Research Institute

[Blue Lotus Daily-TMT Update]:BABA US/PDD US/700 HK/JD US/3690 HK/TCOM US/

DHgate's GMV and buyer count skyrocket, Tencent announces pre-registration, JD faces potential food delivery losses exceeding expectations.

Blue Lotus Research Institute

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

[Blue Lotus Daily-TMT Update]:BIDU US/JD US/PDD US/AAPL US/BILI US/700 HK

​Baidu partners with CAR Inc for autonomous ride-hailing, JD.com launches tech talent program, Pinduoduo sees slight increase in service fees.

Blue Lotus Research Institute

[Blue Lotus Daily-TMT Update]:BABA US/TCOM US/3690 HK/ATAT US/PDD US/JD US

​Ele.me's food delivery orders via Taobao reached 10 million, May Day holiday consumption trends summarized, weak box office performance during...

Blue Lotus Research Institute

The Effects of New Tariff on Chinese E Commerce

How will Chinese e-commerce companies survive the new tariff regime? We believe at least one of these companies will be hobbled.

J Capital Research

[Blue Lotus Daily-TMT Update]:JD US/BABA US/PDD US/700 HK/BIDU US/3690 HK/NTES US/BILI US/E-Commerce

​Government regulation forces cancellation of "refund without return" policy at JD,BABA,andPDD;Tencent reveals R&D progress at SPARK...

Blue Lotus Research Institute

[Blue Lotus Daily-TMT Update]:BABA US/PDD US/700 HK/JD US/3690 HK/TCOM US/

​DHgate's GMV and buyer count skyrocket, Tencent announces pre-registration, JD faces potential food delivery losses exceeding expectations.

Blue Lotus Research Institute

Baidu partners with CAR Inc for autonomous ride-hailing, JD.com launches tech talent program, Pinduoduo sees slight increase in service fees.

Ele.me's food delivery orders via Taobao reached 10 million, May Day holiday consumption trends summarized, weak box office performance during...

Government regulation forces cancellation of "refund without return" policy at JD,BABA,andPDD;Tencent reveals R&D progress at SPARK...

DHgate's GMV and buyer count skyrocket, Tencent announces pre-registration, JD faces potential food delivery losses exceeding expectations.