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>NIO: NIO to offer single-motor model in sub-brand codenamed Alps (+)</li>
<li>BEKE: Political Bureau of the Central Committee shifted tone on real estate regulation（+）</li>
<li>LEGN: Janssen reported CARVYKTI sales US$117mn, lower than our expectation (-)</li>
</ul>


NIO: NIO to offer single-motor model in sub-brand codenamed Alps (+)
BEKE: Political Bureau of the Central Committee shifted tone on real estate regulation（+）
LEGN: Janssen reported CARVYKTI sales US$117mn, lower than our expectation (-)


China TMT Update-NIO/BEKE/LEGN-NIO to Offer Single-Motor Model;Political Bureau Shifted Tone

<ul>
<li>2252HK:   NHC issued the "14th Five-Year Plan for Large-Scale Medical Equipment Allocation" ,  the planned quota of laparoscopic robots is slightly lower than our estimated (-)</li>
<li>1801HK/LEGN:Innovent/ISAO co-developed CAR-T received approval in China ahead   of Legend’s CARVIKTI, might try to squeeze in NDRL list this year (+)</li>
<li>LKNCY: Luckin Coffee reported 50mn monthly transacting customers in June(/)</li>
</ul>


2252HK:   NHC issued the "14th Five-Year Plan for Large-Scale Medical Equipment Allocation" ,  the planned quota of laparoscopic robots is slightly lower than our estimated (-)
1801HK/LEGN:Innovent/ISAO co-developed CAR-T received approval in China ahead   of Legend’s CARVIKTI, might try to squeeze in NDRL list this year (+)
LKNCY: Luckin Coffee reported 50mn monthly transacting customers in June(/)


China TMT Update Jul.4-2252HK/1801HK/LEGN/LKNCY:14th Five-Year Plan for Medical Equipment Allocation

<ul>
<li>3690.HK/Douyin: Douyin's latest strategy in China food delivery market, per Chinese local media reports (-)</li>
<li>1024: Kuaishou launches annual eCommerce conference for merchants ( + )</li>
<li>LEGN：Legend raised another US$350mn, which can support at least one year of operation (+)</li>
</ul>


3690.HK/Douyin: Douyin's latest strategy in China food delivery market, per Chinese local media reports (-)
1024: Kuaishou launches annual eCommerce conference for merchants ( + )
LEGN：Legend raised another US$350mn, which can support at least one year of operation (+)


China TMT Update(May 10) - 3690.HK/Douyin/1024.HK/LEGN: Douyin's Latest Strategy in Food Delivery

<ul>
<li>3690.HK/BABA: Meituan and Alipay release reports on May 1st holiday consumption (+)</li>
<li>PDD/Temu: Chinese Media Reports Pingduoduo’s Growth Challenges and Our Perspective</li>
<li>LEGN： Johnson &amp; Johnson licensed its next generation CAR-T from a delisted Chinese biotech(-)</li>
</ul>


3690.HK/BABA: Meituan and Alipay release reports on May 1st holiday consumption (+)
PDD/Temu: Chinese Media Reports Pingduoduo’s Growth Challenges and Our Perspective
LEGN： Johnson &amp; Johnson licensed its next generation CAR-T from a delisted Chinese biotech(-)


China TMT Update(May 5-Pt2): 3690.hk/Baba/PDD/LEGN - Meituan and Alipay Release May 1st Holiday Data

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

iShares MSCI ACWI ETF / Technical Analysis

<ul>
<li>Our 2023 outlook, initially discussed in our January 6th 2023 Int'l Compass, was for $93 to cap upside on the MSCI ACWI (ACWI-US); this has again proven prescient.</li>
<li>Since late-January/early-February we have recommended shifting to defensives, and MSCI ACWI defensive Sectors including Health Care (IXJ-US), Utilities (JXI-US), and Consumer Staples (KXI-US) are now hitting 3-4-month RS highs.</li>
<li>With the ACWI-US just now starting to turn down after testing $93, we continue to recommend a tactical overweight to the aforementioned defensive Sectors, and also to gold miners (GDX-US).</li>
</ul>


Our 2023 outlook, initially discussed in our January 6th 2023 Int'l Compass, was for $93 to cap upside on the MSCI ACWI (ACWI-US); this has again proven prescient.
Since late-January/early-February we have recommended shifting to defensives, and MSCI ACWI defensive Sectors including Health Care (IXJ-US), Utilities (JXI-US), and Consumer Staples (KXI-US) are now hitting 3-4-month RS highs.
With the ACWI-US just now starting to turn down after testing $93, we continue to recommend a tactical overweight to the aforementioned defensive Sectors, and also to gold miners (GDX-US).


Stay Tactically Overweight Defensives; Remain Overweight Europe, Japan, & EAFE. Buys in Defensives

China

Legend Biotech Corporation operates as a biopharmaceutical company. The Company engages in discovery and development of novel cell therapies for oncology and other indications. Legend Biotech serves customers in the State of New Jersey.

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Legend Biotech Corp (LEGN US)

China TMT Update-NIO/BEKE/LEGN-NIO to Offer Single-Motor Model;Political Bureau Shifted Tone

NIO: NIO to offer single-motor model ;BEKE: Political Bureau of the Central Committee shifted tone on real estate regulation;LEGN: Janssen reported...

Blue Lotus Research Institute

China TMT Update Jul.4-2252HK/1801HK/LEGN/LKNCY:14th Five-Year Plan for Medical Equipment Allocation

2252HK: "14th Five-Year Plan for Medical Equipment Allocation" , (-) 1801HK/LEGN: CAR-T received approval (+) LKNCY: Luckin Coffee reported 50mn...

Blue Lotus Research Institute

China TMT Update(May 10) - 3690.HK/Douyin/1024.HK/LEGN: Douyin's Latest Strategy in Food Delivery

Douyin/3690: Douyin's strategy in food delivery(-); 1024: Kuaishou launches annual eCommerce conference for merchants (+) ;LEGN：Legend raised...

Blue Lotus Research Institute

China TMT Update(May 5-Pt2): 3690.hk/Baba/PDD/LEGN - Meituan and Alipay Release May 1st Holiday Data

3690.HK/BABA: Meituan and Alipay release reports (+)；PDD/Temu: Chinese Media Reports Pingduoduo’s Growth Challenges and Our Perspective；LEGN：...

Blue Lotus Research Institute

Stay Tactically Overweight Defensives; Remain Overweight Europe, Japan, & EAFE. Buys in Defensives

$93 on $ACWI continues to be a key resistance that we have discussed since early-Jan as capping upside for 2023. Stick with defensives $IXJ $XLV...

Vermilion Research

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