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>PDD/BABA/JD/ZTO/2618.HK/1519.HK: Express Delivery Parcel Volume grows +48% YoY last week (+)</li>
<li>BABA/ MELI/ AMZN/ CPNG: AliExpress to introduce live streaming service abroad(+/-/-/-)</li>
<li>700.HK: Tencent's "Fight of the Golden Spatula" reach high highs with latest season content update (+)</li>
</ul>


PDD/BABA/JD/ZTO/2618.HK/1519.HK: Express Delivery Parcel Volume grows +48% YoY last week (+)
BABA/ MELI/ AMZN/ CPNG: AliExpress to introduce live streaming service abroad(+/-/-/-)
700.HK: Tencent's "Fight of the Golden Spatula" reach high highs with latest season content update (+)


[Blue Lotus Daily - TMT Update]: PDD/BABA/JD/ZTO/2618.HK/1519.HK/MELI/AMZN/CPNG/700.HK

Derivatives and Quantitative Strategist

Gaudenz Schneider

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/alibaba-group-holding-limited" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba (9988 HK</a>, <a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd" target="_blank" data-smartkarma-citation="entities:787:1" rel="noopener">BABA US) </a>will report its June Quarter 2026 results on 20 August and hold its conference call at 7:30 p.m. Hong Kong time.</li>
<li>
Highlights: HK-listed options imply a move broadly in line with Alibaba’s historical earnings-day median, while U.S.-listed options price a materially larger move than historical averages.</li>
<li>
Why Read: Gain insight into Alibaba’s HK-listed earnings-day price history, divergent US/HK pricing, volatility term structure, and index implications ahead of the upcoming results announcement.</li>
</ul>



Alibaba (9988 HK, BABA US) will report its June Quarter 2026 results on 20 August and hold its conference call at 7:30 p.m. Hong Kong time.

Highlights: HK-listed options imply a move broadly in line with Alibaba’s historical earnings-day median, while U.S.-listed options price a materially larger move than historical averages.

Why Read: Gain insight into Alibaba’s HK-listed earnings-day price history, divergent US/HK pricing, volatility term structure, and index implications ahead of the upcoming results announcement.


Alibaba (9988 HK / BABA US) Earnings on 20 Aug: HK and US Options Diverge

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>Asia underweight funds LATAM overweight.  Asia’s ‘big 4’, account for 64.4% of the average fund.  MENA region suffers from a lack of ownership, with Saudi Arabia held underweight by -2.92%.</li>
<li>Tech moves to the top sector holding after capturing strong inflows, displacing Financials which saw heavy outflows and negative rotation.</li>
<li>TSMC, Samsung, Tencent and Alibaba are the consensus holding.  All 4 are owned by at least 70% of funds and form the backbone of most active GEM equity funds.</li>
</ul>


Asia underweight funds LATAM overweight.  Asia’s ‘big 4’, account for 64.4% of the average fund.  MENA region suffers from a lack of ownership, with Saudi Arabia held underweight by -2.92%.
Tech moves to the top sector holding after capturing strong inflows, displacing Financials which saw heavy outflows and negative rotation.
TSMC, Samsung, Tencent and Alibaba are the consensus holding.  All 4 are owned by at least 70% of funds and form the backbone of most active GEM equity funds.


Emerging Market Funds:  Top-Down Positioning and Fund Flows Update

Financials & FinTech research, Galliano’s Financials Research

Victor Galliano

Financials & FinTech research

Financials & FinTech, EM & Developed Markets

Galliano’s Financials Research

Galliano's Financials Research provides fundamental research in Emerging Markets financials, including FinTech, as well as financials in select Developed Markets.

The investment style applied is generally value oriented, although Growth At Reasonable Price (GARP) strategies can also be used where appropriate. 

Our investment research approach aim is often contrarian, looking to capitalise on overly sceptical or optimistic consensus views. In terms of valuation techniques, the focus is on PBV ratio to ROE, PE multiples and dividend yield, as well as the application of PEG ratios and, where appropriate, Sum of the Parts (SOTP) valuations.

<ul>
<li>In 1H23 and in the early part of 3Q23, our longs – Visa, Wise and PagSeguro – delivered positive returns; our shorts, DLocal and Kakao Pay, were also modestly successful</li>
<li>Ahead of results to June 2023, we retain card network megacap Visa as a core holding, as well as PagSeguro; we add PayPal and drop Wise from the buy list</li>
<li>We keep our negative view on DLocal and add Affirm, given high take-rates and  premium valuations; we stick with our negative on Kakao Pay due to its lofty multiples</li>
</ul>


In 1H23 and in the early part of 3Q23, our longs – Visa, Wise and PagSeguro – delivered positive returns; our shorts, DLocal and Kakao Pay, were also modestly successful
Ahead of results to June 2023, we retain card network megacap Visa as a core holding, as well as PagSeguro; we add PayPal and drop Wise from the buy list
We keep our negative view on DLocal and add Affirm, given high take-rates and  premium valuations; we stick with our negative on Kakao Pay due to its lofty multiples


Payment Companies – 1H 2023 in Review, Our High Conviction Calls for 2H 2023

High Quality Stock Setups, Weekly Stock Bull Finder

Weekly Stock Bull Finder

High Quality Stock Setups

Finding high potential stock setups on quality companies

<ul><li>One of the lasting legacies of the COVID-19 pandemic was the acceleration of secular trends which were already in place prior to the start pandemic such as e-commerce, flexible working arrangements, streaming/entertainment at home, digital transformation, MRNA biotechnology, among others.</li><li>Many of these trends in place prior to the pandemic were turbocharged by a quick pivot and responses to adjust to the “new normal” disruption of the dealing with COVID-19 waves, lockdowns, and companies muddling through how to adapt their business model.</li><li>The aftermath of the combination of a bazooka fiscal and monetary stimulus has resulted in the Federal Reserve embarking on the most aggressive interest rate hiking campaign in decades in attempts to arrest and reverse inflation.</li></ul>

One of the lasting legacies of the COVID-19 pandemic was the acceleration of secular trends which were already in place prior to the start pandemic such as e-commerce, flexible working arrangements, streaming/entertainment at home, digital transformation, MRNA biotechnology, among others.Many of these trends in place prior to the pandemic were turbocharged by a quick pivot and responses to adjust to the “new normal” disruption of the dealing with COVID-19 waves, lockdowns, and companies muddling through how to adapt their business model.The aftermath of the combination of a bazooka fiscal and monetary stimulus has resulted in the Federal Reserve embarking on the most aggressive interest rate hiking campaign in decades in attempts to arrest and reverse inflation.

Brazil

MercadoLibre, Inc. operates an online trading site for the Latin American markets. The Company's website allows businesses and individuals to list items, conduct sales, and purchases online in either a fixed-price and auction format. MercadoLibre offers classified advertisements for motor vehicles, vessels, aircraft, and real estate, as well as online payment services.

Price Gauge
52-week Range	0.00 - 0.00
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MercadoLibre (MELI US)

[Blue Lotus Daily - TMT Update]: PDD/BABA/JD/ZTO/2618.HK/1519.HK/MELI/AMZN/CPNG/700.HK

Express delivery parcel volume grew by 48% YoY, AliExpress plans to introduce live streaming service abroad, and Tencent's "Fight of the Golden...

Blue Lotus Research Institute

Alibaba (9988 HK / BABA US) Earnings on 20 Aug: HK and US Options Diverge

Update: Alibaba’s front-end volatility has repriced sharply. The 21 Aug HK expiry now trades near 90% IV, implying a 5.8% move, while US-listed...

Gaudenz Schneider

Emerging Market Funds: Top-Down Positioning and Fund Flows Update

Asia underweight funds LATAM overweight. Asia’s ‘big 4’, account for 64% of the average fund. MENA region suffers from a lack of ownership, Tech...

Steven Holden

Payment Companies – 1H 2023 in Review, Our High Conviction Calls for 2H 2023

Our 2H 2023 payments company longs are card network megacap Visa, value play PagSeguro and PayPal with our short calls being DLocal, Kakao Pay and...

Victor Galliano

Weekly Stock Bullfinder - Week of 5/15

One of the lasting legacies of the COVID-19 pandemic was the acceleration of secular trends which were already in place prior to the start pandemic...

Weekly Stock Bull Finder

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

[Blue Lotus Daily - TMT Update]: PDD/BABA/JD/ZTO/2618.HK/1519.HK/MELI/AMZN/CPNG/700.HK

​Express delivery parcel volume grew by 48% YoY, AliExpress plans to introduce live streaming service abroad, and Tencent's "Fight of the Golden...

Blue Lotus Research Institute

Alibaba (9988 HK / BABA US) Earnings on 20 Aug: HK and US Options Diverge

Update: Alibaba’s front-end volatility has repriced sharply. The 21 Aug HK expiry now trades near 90% IV, implying a 5.8% move, while US-listed...

Gaudenz Schneider

Emerging Market Funds: Top-Down Positioning and Fund Flows Update

Asia underweight funds LATAM overweight. Asia’s ‘big 4’, account for 64% of the average fund. MENA region suffers from a lack of ownership, Tech...

Steven Holden

Payment Companies – 1H 2023 in Review, Our High Conviction Calls for 2H 2023

Our 2H 2023 payments company longs are card network megacap Visa, value play PagSeguro and PayPal with our short calls being DLocal, Kakao Pay and...

Victor Galliano

Weekly Stock Bullfinder - Week of 5/15

One of the lasting legacies of the COVID-19 pandemic was the acceleration of secular trends which were already in place prior to the start pandemic...

Weekly Stock Bull Finder

Express delivery parcel volume grew by 48% YoY, AliExpress plans to introduce live streaming service abroad, and Tencent's "Fight of the Golden...