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>TCOM/1024 HK/3690 HK/780 HK: Ctrip cooperate with Kuaishou to promote traveling products(+/+/-/-)</li>
<li>PDD/ZTO/1519 HK: PDD partners with ZTO and J&amp;T for upcoming “Open during Spring Festival” event (+/+/+)</li>
<li>PDD/ SHEIN/ AMZN/ SE/ CPNG/ MELI: Temu planning to add 3P model (+/-)</li>
</ul>


TCOM/1024 HK/3690 HK/780 HK: Ctrip cooperate with Kuaishou to promote traveling products(+/+/-/-)
PDD/ZTO/1519 HK: PDD partners with ZTO and J&amp;T for upcoming “Open during Spring Festival” event (+/+/+)
PDD/ SHEIN/ AMZN/ SE/ CPNG/ MELI: Temu planning to add 3P model (+/-)


[Blue Lotus Daily - TMT Update]:TCOM/1024 HK/3690 HK/780 HK/PDD/ZTO/1519 HK/SHEIN/AMZN/SE/CPNG/MELI

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

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 Bottom-Up

<ul>
<li>We believe Hang Seng Index’s tumble was due to a comment in a governmental newspaper.</li>
<li>BYD announced that it will sell three models of new energy vehicles in Indonesia.</li>
<li>Trip.com began to sell tickets of scenic locations via the Kuaishou app.</li>
</ul>


We believe Hang Seng Index’s tumble was due to a comment in a governmental newspaper.
BYD announced that it will sell three models of new energy vehicles in Indonesia.
Trip.com began to sell tickets of scenic locations via the Kuaishou app.


China Consumption Weekly: HSI, BYD, Trip.com, Kuaishou, Baidu

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>We expect Kuaishou (KS) to deliver solid 4Q23E results, with revenue +15% YoY (in line with our estimate) and adj. NPM at 10.7% (vs. prior estimate of 8.7%).</li><li>By segment, we expect GMV/other rev to rise 30% (in line)/35% YoY, attributable to strong 11.11 promotions and ramp-up of the pan shelf-based mall.</li><li>Ads revenue is likely to see +20% YoY growth (in line), driven by robust internal ads and recovery of external ads (double-digit growth YoY). </li></ul><p><em>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.</em></p>

We expect Kuaishou (KS) to deliver solid 4Q23E results, with revenue +15% YoY (in line with our estimate) and adj. NPM at 10.7% (vs. prior estimate of 8.7%).By segment, we expect GMV/other rev to rise 30% (in line)/35% YoY, attributable to strong 11.11 promotions and ramp-up of the pan shelf-based mall.Ads revenue is likely to see +20% YoY growth (in line), driven by robust internal ads and recovery of external ads (double-digit growth YoY). 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.

Kuaishou (1024 HK) – Resilient 4Q23E with Better Margin Outlook

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Hisense Home Appliances Group Co., Ltd. H / Event-Driven

Hisense Home Appliances Group Co., Ltd. H

<ul>
<li>An ugly week for HK stocks but SOUTHBOUND flows showed decent net buying at HK$14.7bn on the week. High-Div SOEs continue to be in favour.</li>
<li>What appears to have been strong net selling on the mainland combined with CBBC unwinds in Hong Kong related to mainland-linked stocks caused HK to have a baaaaad week.</li>
<li>The separately published AH Monitor highlights a Really Tough Week. Hs got KILLED vs their A-share counterparts as CBBCs sold the HK names and National Team bought A-shares.</li>
</ul>


An ugly week for HK stocks but SOUTHBOUND flows showed decent net buying at HK$14.7bn on the week. High-Div SOEs continue to be in favour.
What appears to have been strong net selling on the mainland combined with CBBC unwinds in Hong Kong related to mainland-linked stocks caused HK to have a baaaaad week.
The separately published AH Monitor highlights a Really Tough Week. Hs got KILLED vs their A-share counterparts as CBBCs sold the HK names and National Team bought A-shares.


HK Connect SOUTHBOUND Flows (To 19 Jan 2024); High Div SOEs Again BIG Buys as CBBC Hedging Hurts

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Quantitative Analysis

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Jan 12th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight Hong Kong short weekly changes in Citic Sec.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Jan 12th.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight Hong Kong short weekly changes in Citic Sec.


China

Kuaishou Technology operates as a content community and social platform. The Company helps users create, upload and watch short videos on mobile devices. Kuaishou Technology offers services worldwide.

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Kuaishou Technology (1024 HK)

[Blue Lotus Daily - TMT Update]:TCOM/1024 HK/3690 HK/780 HK/PDD/ZTO/1519 HK/SHEIN/AMZN/SE/CPNG/MELI

Ctrip teams up with Kuaishou to boost travel offerings; PDD collaborates with ZTO and J&T for Spring Festival event; and Temu considers adding 3P...

Blue Lotus Research Institute

China Consumption Weekly: HSI, BYD, Trip.com, Kuaishou, Baidu

We believe Hang Seng Index’s tumble was due to a comment on a governmental newspaper. BYD will sell vehicles in Indonesia. Trip.com began to sell...

Ming Lu

Kuaishou (1024 HK) – Resilient 4Q23E with Better Margin Outlook

We expect Kuaishou (KS) to deliver solid 4Q23E results, with revenue +15% YoY (in line with our estimate) and adj. NPM at 10.7% (vs. prior estimate...

CMB International

HK Connect SOUTHBOUND Flows (To 19 Jan 2024); High Div SOEs Again BIG Buys as CBBC Hedging Hurts

HK Southbound Connect saw large net buying by mainland investors. ETFs did not play a major role in net flows. Tencent did. High-div SOEs were...

Travis Lundy

HK Short Interest Weekly: Citic Sec

We analyzed the latest HK SFC report for aggregate short position as of Jan 12th and highlight short interest changes in Citic Sec.

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

[Blue Lotus Daily - TMT Update]:TCOM/1024 HK/3690 HK/780 HK/PDD/ZTO/1519 HK/SHEIN/AMZN/SE/CPNG/MELI

​Ctrip teams up with Kuaishou to boost travel offerings; PDD collaborates with ZTO and J&T for Spring Festival event; and Temu considers adding 3P...

Blue Lotus Research Institute

China Consumption Weekly: HSI, BYD, Trip.com, Kuaishou, Baidu

We believe Hang Seng Index’s tumble was due to a comment on a governmental newspaper. BYD will sell vehicles in Indonesia. Trip.com began to sell...

Ming Lu

Kuaishou (1024 HK) – Resilient 4Q23E with Better Margin Outlook

We expect Kuaishou (KS) to deliver solid 4Q23E results, with revenue +15% YoY (in line with our estimate) and adj. NPM at 10.7% (vs. prior estimate...

CMB International

HK Connect SOUTHBOUND Flows (To 19 Jan 2024); High Div SOEs Again BIG Buys as CBBC Hedging Hurts

HK Southbound Connect saw large net buying by mainland investors. ETFs did not play a major role in net flows. Tencent did. High-div SOEs were...

Travis Lundy

HK Short Interest Weekly: Citic Sec

We analyzed the latest HK SFC report for aggregate short position as of Jan 12th and highlight short interest changes in Citic Sec.

Ke Yan, CFA, FRM

Ctrip teams up with Kuaishou to boost travel offerings; PDD collaborates with ZTO and J&T for Spring Festival event; and Temu considers adding 3P...