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.

Equity Bottom-Up

<ul><li>Luckin Coffee is the largest and fastest-growing coffee brand in China. Founded in Jun 2017, Luckin Coffee mainly sells mid-priced (around RMB 10 to 20 per cup) coffee drinks.</li><li>The company also emphasizes digital engagement, convenience, and competitive pricing.</li><li>By 2023, it already has 16,248 stores (10,628 self-operated stores and 5,620 partnership stores) and generated an annual sales of RMB 24.9bn (plus a net profit of RMB 2.85bn), accounting for a remarkable market share of 21.7% in the chained cafe segment in China. </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.

Luckin Coffee is the largest and fastest-growing coffee brand in China. Founded in Jun 2017, Luckin Coffee mainly sells mid-priced (around RMB 10 to 20 per cup) coffee drinks.The company also emphasizes digital engagement, convenience, and competitive pricing.By 2023, it already has 16,248 stores (10,628 self-operated stores and 5,620 partnership stores) and generated an annual sales of RMB 24.9bn (plus a net profit of RMB 2.85bn), accounting for a remarkable market share of 21.7% in the chained cafe segment in China. 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.

Luckin Coffee (LKNCY US) - Unbeatable Costs, Branding and R&D Power

HK/China Equity Long-Short

Osbert Tang, CFA

Equity Capital Markets

Auntea Jenny (Shanghai) Industrial / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/auntea-jenny-shanghai-industrial-co-ltd" target="_blank" data-smartkarma-citation="entities:40891:1" rel="noopener">Auntea Jenny (Shanghai) Industrial (2589 HK)</a>'s IPO price is set at HK$113.12, which is aggressive based on its financial and operational metrics. </li>
<li>At 29.3x FY25F PER, Auntea Jenny's multiple is close to <a href="https://www.smartkarma.com/entities/mixue-group" target="_blank" data-smartkarma-citation="entities:40623:1" rel="noopener">Mixue Group (2097 HK)</a> and <a href="https://www.smartkarma.com/entities/guming-holdings-limited" target="_blank" data-smartkarma-citation="entities:40622:1" rel="noopener">Guming Holdings (1364 HK)</a>, but it is significantly smaller in scale and lower in profitability. </li>
<li>Our fair value of 25x PER and 5.3x P/B for FY25 means a share price of HK$94.70-96.68. Initial euphoria may inflate its debut, but we will exit on the rally.</li>
</ul>



Auntea Jenny (Shanghai) Industrial (2589 HK)'s IPO price is set at HK$113.12, which is aggressive based on its financial and operational metrics. 
At 29.3x FY25F PER, Auntea Jenny's multiple is close to Mixue Group (2097 HK) and Guming Holdings (1364 HK), but it is significantly smaller in scale and lower in profitability. 
Our fair value of 25x PER and 5.3x P/B for FY25 means a share price of HK$94.70-96.68. Initial euphoria may inflate its debut, but we will exit on the rally.


Auntea Jenny (2589 HK): What Is the Fair Value?

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

Macroeconomics

<ul>
<li>We continue to chat with venture capitalists (VC’s) and hedge fund managers in our tour of China.</li>
<li>Our takeaway is that Chinese government intend to nurture local governments into VC’s to (partially) replace land finance as a pillar of fiscal revenue;</li>
<li>The resulted policy measures and shifts will benefit STAR SSE as a politically oriented destination and EV/renewable sectors as national championships, at the expense of the consumer sector.</li>
</ul>


We continue to chat with venture capitalists (VC’s) and hedge fund managers in our tour of China.
Our takeaway is that Chinese government intend to nurture local governments into VC’s to (partially) replace land finance as a pillar of fiscal revenue;
The resulted policy measures and shifts will benefit STAR SSE as a politically oriented destination and EV/renewable sectors as national championships, at the expense of the consumer sector.


Blue Lotus Macro: No Short-Term Investors in the Short Term, Summary of Our Tour of China.

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

<ul>
<li>China has announced that it will significantly boost the share of domestic consumption in its next five years, while maintaining tech and manufacturing as top priorities.</li>
<li>The nation's banks will be instrumental in providing consumption financing to spur a virtual growth driver for the economy.  Easing monetary policies will be in addition to the trade-in programs.</li>
<li>Consumer in service sectors like e-commerce, travel &amp; tourism, healthcare, elderly care and AI will benefit from increasing consumption.  Local brands stand to gain market share against foreign competitors.</li>
</ul>


China has announced that it will significantly boost the share of domestic consumption in its next five years, while maintaining tech and manufacturing as top priorities.
The nation's banks will be instrumental in providing consumption financing to spur a virtual growth driver for the economy.  Easing monetary policies will be in addition to the trade-in programs.
Consumer in service sectors like e-commerce, travel &amp; tourism, healthcare, elderly care and AI will benefit from increasing consumption.  Local brands stand to gain market share against foreign competitors.


CHINA HOUSEHOLD CONSUMPTION: Unlocking Growth Potential in Five-Year Plan

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul><li>India-U.S. /Cover Story: Why Modi Won’t Play Cowboys and Indians With Trump, Opting Instead for Strategic Autonomy</li><li>Asia New Vision Forum /: EV Suppliers Must Innovate and Find a Niche to Survive, Insiders Say</li><li>Military /: China’s Top Legislature Ousts Four More Generals in Widening Anti-Corruption Campaign</li></ul>

India-U.S. /Cover Story: Why Modi Won’t Play Cowboys and Indians With Trump, Opting Instead for Strategic AutonomyAsia New Vision Forum /: EV Suppliers Must Innovate and Find a Niche to Survive, Insiders SayMilitary /: China’s Top Legislature Ousts Four More Generals in Widening Anti-Corruption Campaign

CX Daily: Why Modi Won’t Play Cowboys and Indians With Trump, Opting Instead for Strategic Autonomy 

China

Luckin Coffee Inc. provides non-alcoholic beverages. The Company offers various types of coffee. Luckin Coffee serves customers in China.

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Luckin Coffee (LKNCY US)