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>3690HK：WeChat is testing delivery platform in Guangzhou and Shenzhen (-)</li>
<li>Gaming Industry: China Game Industry Annual Conference (GIAC) is held（+）</li>
<li>BEKE：Home price decline narrowed in Jan 2023, where first tier turn positive MoM, and new home outpace existing home (+)</li>
</ul>


3690HK：WeChat is testing delivery platform in Guangzhou and Shenzhen (-)
Gaming Industry: China Game Industry Annual Conference (GIAC) is held（+）
BEKE：Home price decline narrowed in Jan 2023, where first tier turn positive MoM, and new home outpace existing home (+)


China TMT Update(Feb.15-16）：Tencent, Meituan, BEKE - WeChat Is Testing Delivery Platform

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Cross Asset Strategy

<ul>
<li>We screen for companies that are at record positioning among active Asia Ex-Japan managers, whilst capturing strong investment growth over the last 6-months.</li>
<li>9 companies stand out, led by <a href="https://www.smartkarma.com/entities/yum-china-holdings-inc" target="_blank" data-smartkarma-citation="entities:23677:1" rel="noopener">Yum China Holdings, Inc (YUMC US)</a>  and <a href="https://www.smartkarma.com/entities/glodon-company-limited-a" target="_blank" data-smartkarma-citation="entities:10536:1" rel="noopener">Glodon Company Limited A (002410 CH)</a> </li>
<li>These 9 stocks have accelerated to a record combined weight of 3.04%.  The rate of increase has been remarkable, with average weights doubling since the end of March 2022.  </li>
</ul>


We screen for companies that are at record positioning among active Asia Ex-Japan managers, whilst capturing strong investment growth over the last 6-months.
9 companies stand out, led by Yum China Holdings, Inc (YUMC US)  and Glodon Company Limited A (002410 CH) 
These 9 stocks have accelerated to a record combined weight of 3.04%.  The rate of increase has been remarkable, with average weights doubling since the end of March 2022.  


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

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs</li>
<li>On the IPO front,  things are started to cool down in to the year end with some smaller issuers still trying their luck to get listed before the year end.</li>
<li>On placements front, most of the action was in India with Australia seeing a large offering after a while.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs
On the IPO front,  things are started to cool down in to the year end with some smaller issuers still trying their luck to get listed before the year end.
On placements front, most of the action was in India with Australia seeing a large offering after a while.


ECM Weekly (18th Dec 2022) - China ADRs, Skymark, Daiei, Weilong, KFintech, Sula, Endeavour, Adani

Event-Driven

<ul>
<li>Today PCAOB announced that they had secured complete access to inspect and investigate Chinese Firms for the first time in history.</li>
<li>This was on back of the Aug 2022 agreement between PCAOB, CSRC and MOF, which was followed up with a Hong Kong visit by PCAOB officials over Sep-Nov 2022.</li>
<li>We wrote about this on 14th Dec 2022 and expected the results to be out on Friday (16th Dec), they have come out a day earlier than we expected.</li>
</ul>


Today PCAOB announced that they had secured complete access to inspect and investigate Chinese Firms for the first time in history.
This was on back of the Aug 2022 agreement between PCAOB, CSRC and MOF, which was followed up with a Hong Kong visit by PCAOB officials over Sep-Nov 2022.
We wrote about this on 14th Dec 2022 and expected the results to be out on Friday (16th Dec), they have come out a day earlier than we expected.


China ADRs Delisting - Christmas Came a Day Earlier than We Expected - No Delisting Risk for Now

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

Equity Bottom-Up

<ul>
<li>Richard Liu came back to manage JD.com after he resigned half a year ago.</li>
<li>Alibaba Health revenue increased 23% YoY in 1H23, which benefited from hospitals being closed.</li>
<li>Pinduoduo revenue increased by 65% YoY and operating profit increased 388% YoY in 3Q22.</li>
</ul>


Richard Liu came back to manage JD.com after he resigned half a year ago.
Alibaba Health revenue increased 23% YoY in 1H23, which benefited from hospitals being closed.
Pinduoduo revenue increased by 65% YoY and operating profit increased 388% YoY in 3Q22.


China Internet Weekly (5Dec2022): JD.com, Baidu, IQiyi, Alibaba Health, ZTO, Pinduoduo, KE

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(Feb.15-16）：Tencent, Meituan, BEKE - WeChat Is Testing Delivery Platform

3690HK：WeChat is testing delivery platform in Guangzhou and Shenzhen (-); Gaming Industry: China Game Industry Annual Conference (GIAC) is...

Blue Lotus Research Institute

Asia Ex-Japan's Rising Stars

We screen for companies in the Asia Ex-Japan region that are not widely held but are at record levels of ownership among actively managed funds.

Steven Holden

ECM Weekly (18th Dec 2022) - China ADRs, Skymark, Daiei, Weilong, KFintech, Sula, Endeavour, Adani

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

China ADRs Delisting - Christmas Came a Day Earlier than We Expected - No Delisting Risk for Now

Today PCAOB announced that they had secured complete access to inspect and investigate Chinese Firms for the first time in history. This removes...

Sumeet Singh

China Internet Weekly (5Dec2022): JD.com, Baidu, IQiyi, Alibaba Health, ZTO, Pinduoduo, KE

Richard Liu came back to manage JD.com after he resigned half a year ago. Alibaba Health revenue increased 23% YoY in 1H23, which benefited from...

Ming Lu

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