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>JD US/BABA US/3690 HK: Food Delivery Subsidy Rules Adjusted Again, Merchant Share Rises to 70% (+/+/+)</li>
<li>TCOM US: Stable Traffic Growth in Dragon Boat Festival Traffic(+)</li>
<li>TCOM US:Daily cross-border trips during Dragon Boat Festival holiday hit 2.15m (-)</li>
</ul>


JD US/BABA US/3690 HK: Food Delivery Subsidy Rules Adjusted Again, Merchant Share Rises to 70% (+/+/+)
TCOM US: Stable Traffic Growth in Dragon Boat Festival Traffic(+)
TCOM US:Daily cross-border trips during Dragon Boat Festival holiday hit 2.15m (-)


[Blue Lotus Daily-TMT Update]:JD US/BABA US/3690HK/TCOM US/1024HK/700HK/PONY US/BIDU US/WRD US/GOOGL

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Lens Technology   / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lens-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:24231:1" rel="noopener">Lens Technology (300433 CH)</a>, a precision manufacturing solution provider, aims to raise around US$1.5bn in its H-share listing.</li>
<li>Lens Technology (LT) is one of the leading players in precision structural parts and modules integrated solutions for both consumer electronics and smart vehicles interaction systems.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



Lens Technology (300433 CH), a precision manufacturing solution provider, aims to raise around US$1.5bn in its H-share listing.
Lens Technology (LT) is one of the leading players in precision structural parts and modules integrated solutions for both consumer electronics and smart vehicles interaction systems.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


Lens Technology A/H Listing - Diversifying but Is Tarrified for Now

<ul>
<li>3690 HK/PDD US/BABA US: SAMR issues compliance guidelines for online platform fee practices (-/-/-)</li>
<li>3690 HK: "Shen Qiang Shou" and "Pin Hao Fan" Both Surpass 10 Million Daily Orders (+)</li>
<li>TCOM US: Thailand's Foreign Tourist Arrivals Decline by 2% YoY, Chinese Tourists Drop 33% (-)</li>
</ul>


3690 HK/PDD US/BABA US: SAMR issues compliance guidelines for online platform fee practices (-/-/-)
3690 HK: "Shen Qiang Shou" and "Pin Hao Fan" Both Surpass 10 Million Daily Orders (+)
TCOM US: Thailand's Foreign Tourist Arrivals Decline by 2% YoY, Chinese Tourists Drop 33% (-)


[Blue Lotus Daily-TMT Update]:3690 HK/PDD US/BABA US/TCOM US/700 HK/NTES US/1024 HK/JD US/BILI US/AI

Foshan Haitian Flavouring & Food / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/foshan-haitian-flavouring-food-co-ltd" target="_blank" data-smartkarma-citation="entities:15577:1" rel="noopener">Foshan Haitian Flavouring &amp; Food (603288 CH)</a> (FHCC), China’s leading condiments company, now aims to raise around US$1bn in its H-share listing.</li>
<li>FHCC is China’s leading condiments company within its main product categories of soy sauce, oyster sauce, flavored sauce, specialty condiment products and other products.</li>
<li>We have looked at the past performance in our earlier note. In this note we talk about the PHIP updates and likely A/H premium.</li>
</ul>



Foshan Haitian Flavouring &amp; Food (603288 CH) (FHCC), China’s leading condiments company, now aims to raise around US$1bn in its H-share listing.
FHCC is China’s leading condiments company within its main product categories of soy sauce, oyster sauce, flavored sauce, specialty condiment products and other products.
We have looked at the past performance in our earlier note. In this note we talk about the PHIP updates and likely A/H premium.


Foshan Haitian Flavouring A/H Listing - PHIP Updates and Thoughts on A/H Premium

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>Chinese parcel volume growth in April was solid, and unit price trend appears benign</li>
<li>No signs (yet) of aggressive moves by ZTO Express to recovery volume share in Q225</li>
<li>Besides SF, express companies have struggled to differentiate themselves in recent years</li>
</ul>


Chinese parcel volume growth in April was solid, and unit price trend appears benign
No signs (yet) of aggressive moves by ZTO Express to recovery volume share in Q225
Besides SF, express companies have struggled to differentiate themselves in recent years


Monthly Chinese Express Tracker | Volume Firm, Price Benign | ZTO Under Pressure? (May 2025)

China

JD.com, Inc. is an online direct sales company in China. The Company offers a wide selection of products through its website and mobile applications. JD.com sells appliances, computers, digital products, communication products, garments, books, and household items to consumers and vendors.

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JD.com (9618 HK)

[Blue Lotus Daily-TMT Update]:JD US/BABA US/3690HK/TCOM US/1024HK/700HK/PONY US/BIDU US/WRD US/GOOGL

Food delivery subsidy rules adjusted, merchant share rises to 70%. Stable traffic growth for TCOM during Dragon Boat Festival, but daily cross...

Blue Lotus Research Institute

Lens Technology A/H Listing - Diversifying but Is Tarrified for Now

Lens Technology (300433 CH), a precision manufacturing solution provider, aims to raise around US$1.5bn in its H-share listing.

Sumeet Singh

[Blue Lotus Daily-TMT Update]:3690 HK/PDD US/BABA US/TCOM US/700 HK/NTES US/1024 HK/JD US/BILI US/AI

SAMR issues compliance guidelines for online platform fees; "Shen Qiang Shou" and "Pin Hao Fan" exceed 10M daily orders;Thailand sees decline in...

Blue Lotus Research Institute

Foshan Haitian Flavouring A/H Listing - PHIP Updates and Thoughts on A/H Premium

Foshan Haitian Flavouring & Food (603288 CH), China’s leading condiments company, now aims to raise around US$1bn in its H-share listing. In this...

Sumeet Singh

Monthly Chinese Express Tracker | Volume Firm, Price Benign | ZTO Under Pressure? (May 2025)

April volume and price trends were mostly benign, but the fact remains that most of China's express companies have struggled to differentiate their...

Tracking Traffic

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

[Blue Lotus Daily-TMT Update]:JD US/BABA US/3690HK/TCOM US/1024HK/700HK/PONY US/BIDU US/WRD US/GOOGL

​Food delivery subsidy rules adjusted, merchant share rises to 70%. Stable traffic growth for TCOM during Dragon Boat Festival, but daily cross...

Blue Lotus Research Institute

Lens Technology A/H Listing - Diversifying but Is Tarrified for Now

Lens Technology (300433 CH), a precision manufacturing solution provider, aims to raise around US$1.5bn in its H-share listing.

Sumeet Singh

[Blue Lotus Daily-TMT Update]:3690 HK/PDD US/BABA US/TCOM US/700 HK/NTES US/1024 HK/JD US/BILI US/AI

​SAMR issues compliance guidelines for online platform fees; "Shen Qiang Shou" and "Pin Hao Fan" exceed 10M daily orders;Thailand sees decline in...

Blue Lotus Research Institute

Foshan Haitian Flavouring A/H Listing - PHIP Updates and Thoughts on A/H Premium

Foshan Haitian Flavouring & Food (603288 CH), China’s leading condiments company, now aims to raise around US$1bn in its H-share listing. In this...

Sumeet Singh

Monthly Chinese Express Tracker | Volume Firm, Price Benign | ZTO Under Pressure? (May 2025)

April volume and price trends were mostly benign, but the fact remains that most of China's express companies have struggled to differentiate their...

Tracking Traffic

Food delivery subsidy rules adjusted, merchant share rises to 70%. Stable traffic growth for TCOM during Dragon Boat Festival, but daily cross...

SAMR issues compliance guidelines for online platform fees; "Shen Qiang Shou" and "Pin Hao Fan" exceed 10M daily orders;Thailand sees decline in...