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>Real Estate Industry Update: Zhengzhou fully cancel the home purchase and selling restrictions, an d lower the residential properties’ downpayment ratios（+）</li>
<li>NIO/ 300750CH: Nio Plans to Develop Cylindrical Battery with SVOLT (-)</li>
<li>2150HK: Nayuki co-brand woth Mint App’s new product, tea and coffee houses are becoming new marketing channels（+）</li>
</ul>


Real Estate Industry Update: Zhengzhou fully cancel the home purchase and selling restrictions, an d lower the residential properties’ downpayment ratios（+）
NIO/ 300750CH: Nio Plans to Develop Cylindrical Battery with SVOLT (-)
2150HK: Nayuki co-brand woth Mint App’s new product, tea and coffee houses are becoming new marketing channels（+）


China TMT Update-BEKE/NIO/300750CH/2150HK-Zhengzhou Cancel Restrictions;Nio Cylindrical Battery

<ul>
<li>PDD - Our thoughts of Grizzly's short report on PDD</li>
<li>BILI: Bilibili suspends download access for "Shining! Umamusume: Pretty Derby" across All Platforms (-) </li>
<li>Real Estate Industry Update: Four major banks in China will lower their mortgage interest rate for old loans.</li>
</ul>


PDD - Our thoughts of Grizzly's short report on PDD
BILI: Bilibili suspends download access for "Shining! Umamusume: Pretty Derby" across All Platforms (-) 
Real Estate Industry Update: Four major banks in China will lower their mortgage interest rate for old loans.


China TMT Update-PDD/BILI/BEKE-Grizzly's Short Report/Suspends Download For "Pretty Derby"

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

<ul><li>Both primary and secondary market reacted strongly to the new policy (认房不 认贷) during the weekend.</li><li>Project visitors and transactions for new home in BJ &amp; SH showed a rally, and 2 nd -hand house listing volume was boosted by cashout demand and sell-to-buy demand.</li><li>We think it is hard for newly-released demand to hold on and it might be able to support the new home recovery for 1-3 months in our view as part of the demand is relying on the transaction of existing market and is likely to be curbed by 2nd -hand housing price which will keep under pressure in our view due to the reason we illustrated below. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Both primary and secondary market reacted strongly to the new policy (认房不 认贷) during the weekend.Project visitors and transactions for new home in BJ &amp; SH showed a rally, and 2 nd -hand house listing volume was boosted by cashout demand and sell-to-buy demand.We think it is hard for newly-released demand to hold on and it might be able to support the new home recovery for 1-3 months in our view as part of the demand is relying on the transaction of existing market and is likely to be curbed by 2nd -hand housing price which will keep under pressure in our view due to the reason we illustrated below. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

China Property Sector – Will the newly-released demand hold on?

<ul>
<li>TSLA/XPEV/1211: Tesla starts presales of revamped Model 3 in China at higher starting price (/-/-)</li>
<li>IQ：iQiYi’s drama pipeline was affected by lead actress Zu‘er(Lareina) Song’s tax evasion inspection (-)</li>
<li>Real Estate Industry Update/Beke: Beijing and Shanghai followed on implementing the housing loan loosening policy, transaction willingness improved immediately</li>
</ul>


TSLA/XPEV/1211: Tesla starts presales of revamped Model 3 in China at higher starting price (/-/-)
IQ：iQiYi’s drama pipeline was affected by lead actress Zu‘er(Lareina) Song’s tax evasion inspection (-)
Real Estate Industry Update/Beke: Beijing and Shanghai followed on implementing the housing loan loosening policy, transaction willingness improved immediately


China TMT Update-TSLA/XPEV/1211/IQ/Beke:Beijing and Shanghai Housing Loan Loosening;revamped Model 3

<ul><li>NBS Jul data was as weak as expected with sluggish property investment (-12% YoY) driven by weakening new starts.</li><li>Better completion due to Jul is the results assessment month for delivery securing funds.</li><li>Property sales saw another dismal month in Jul （-19% YoY）despite a much lower base. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

NBS Jul data was as weak as expected with sluggish property investment (-12% YoY) driven by weakening new starts.Better completion due to Jul is the results assessment month for delivery securing funds.Property sales saw another dismal month in Jul （-19% YoY）despite a much lower base. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

China Property Sector – NBS 7M23 Data: Awaiting for More Policy Implementation

China

KE Holdings Inc. operates as an integrated online and offline platform for housing transactions and services. The Company offers existing and new home sales, home rentals, home renovation, real estate financial solutions, and other services. KE Holdings conducts businesses in China.

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KE Holdings (BEKE US)

China TMT Update-BEKE/NIO/300750CH/2150HK-Zhengzhou Cancel Restrictions;Nio Cylindrical Battery

Zhengzhou fully cancel the home purchase and selling restrictions; NIO/300750CH:Nio Plans to Develop Cylindrical Battery with SVOLT (-); 2150HK:...

Blue Lotus Research Institute

China TMT Update-PDD/BILI/BEKE-Grizzly's Short Report/Suspends Download For "Pretty Derby"

PDD - Our thoughts of Grizzly's short report on PDD/BILI: Bilibili suspends download access for "Pretty Derby" (-) /Four major banks in China will...

Blue Lotus Research Institute

China Property Sector – Will the newly-released demand hold on?

Project visitors and transactions for new home in BJ & SH showed a rally, and 2 nd -hand house listing volume was boosted by cashout demand and...

CMB International

China TMT Update-TSLA/XPEV/1211/IQ/Beke:Beijing and Shanghai Housing Loan Loosening;revamped Model 3

Tesla starts presales of revamped Model 3 in China ;iQiYi’s drama pipeline was affected by lead actress Zu‘er(Lareina) Song’s tax evasion...

Blue Lotus Research Institute

China Property Sector – NBS 7M23 Data: Awaiting for More Policy Implementation

Better completion due to Jul is the results assessment month for delivery securing funds. Property sales saw another dismal month in Jul （-19%...

CMB International

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)