Blue Lotus China New Economy Research, Blue Lotus Research Institute

Eric Wen

Blue Lotus China New Economy 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>Employment picture worsened in December. We believe Chinese government will erect hiring-related corporate subsidy in 2025;</li>
<li>Early attempts at street drink overseas have failed. But new attempts from Luckin might well work, over time;</li>
<li>Tesla's new Model Y received a raving reception from Chinese consumers. But we doubt it can last.</li>
</ul>


Employment picture worsened in December. We believe Chinese government will erect hiring-related corporate subsidy in 2025;
Early attempts at street drink overseas have failed. But new attempts from Luckin might well work, over time;
Tesla's new Model Y received a raving reception from Chinese consumers. But we doubt it can last.


[Blue Lotus China New Consumer Weekly, 4/52] Luckin Coffee's Overseas Expansion Is Worth Waiting For

<ul>
<li>China's 2025 trade-in subsidies now include smartphones and ICE vehicles, but with a price caveat that excludes Apple, positive for Xiaomi and JD.com;</li>
<li>China limits export of LFP battery technology, but lowers import tax again;</li>
<li>ICE-Turned EV makers continue to enjoy product superiority. The watchouts for 2025 are BYD and Geely. Tesla's sales may peter out from C2H25.</li>
</ul>


China's 2025 trade-in subsidies now include smartphones and ICE vehicles, but with a price caveat that excludes Apple, positive for Xiaomi and JD.com;
China limits export of LFP battery technology, but lowers import tax again;
ICE-Turned EV makers continue to enjoy product superiority. The watchouts for 2025 are BYD and Geely. Tesla's sales may peter out from C2H25.


Blue Lotus China Growth Equity Weekly (2/2025): Tesla Heading into a Different Chinese EV Market

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

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analyze the monthly Hong Kong Connect flows with our data engine.</li>
<li>We tabulate the top stocks by inflows, outflows, and holding by mainland investors.</li>
<li>We highlight inflows into CCB, Alibaba, China Mobile, ICBC, ABC.</li>
</ul>


We analyze the monthly Hong Kong Connect flows with our data engine.
We tabulate the top stocks by inflows, outflows, and holding by mainland investors.
We highlight inflows into CCB, Alibaba, China Mobile, ICBC, ABC.


Hong Kong Connect Flows (December): $10.7bn Inflows Led by Banks

Equity Analyst - Asia Consumer Sector, Investory

Devi Subhakesan

Equity Analyst - Asia Consumer Sector

ASIA CONSUMER: INSIGHTS AND INVESTMENT IDEAS

Investory

Investory is a Singapore-based boutique independent equity research firm founded in January 2017 with a primary focus on consumption themes across Asia-Pacific.

We aim to generate investible ideas based on consumption trends and outlook. We screen our ideas on several parameters - product potential, long-term growth and management commitment being the most critical.  We follow a fundamental analysis approach in our stock selection process and are not restricted by market cap.

We aspire to grow into a leading source of unbiased research, free of conflict of interest, for investors yearning for independent and disciplined analysis. 

We also undertake bespoke research mandates to support our Institutional clients’ investment needs.

Our team comprises of professionals with extensive experience in the Asian equity markets, in areas ranging from research, servicing institutional clients and investment management.

Equity Bottom-Up

DFI Retail Group Holdings / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dfi-retail-group-holdings-ltd" target="_blank" data-smartkarma-citation="entities:7427:1" rel="noopener">DFI Retail Group Holdings (DFI SP)</a>, a leading retail player in Asia, is navigating sector headwinds through strategic pivots and cost cuts to drive superior margins and returns.</li>
<li>After hitting a 10-year low in early August, DFI Retail’s stock rebounded, driven by strong 1H2024 earnings that reflected the impact of management's initiatives.</li>
<li>With an attractive dividend yield, strong cash flow, and a positive earnings growth outlook, DFI Retail offers a low-risk, high-return opportunity for investors in 2025.</li>
</ul>



DFI Retail Group Holdings (DFI SP), a leading retail player in Asia, is navigating sector headwinds through strategic pivots and cost cuts to drive superior margins and returns.
After hitting a 10-year low in early August, DFI Retail’s stock rebounded, driven by strong 1H2024 earnings that reflected the impact of management's initiatives.
With an attractive dividend yield, strong cash flow, and a positive earnings growth outlook, DFI Retail offers a low-risk, high-return opportunity for investors in 2025.


2025 High Conviction: DFI Retail - Churning Free Cash by Turning the Right Levers

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of December 13th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for Alibaba, CCB, China Mobile, ICBC, Byd Electronic (International), Meituan, Wuxi Biologics, Tencent.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of December 13th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Alibaba, CCB, China Mobile, ICBC, Byd Electronic (International), Meituan, Wuxi Biologics, Tencent.


Hong Kong Connect Flows (Dec 13th): Alibaba, CCB, China Mobile, ICBC, Byd Electronic (International)

China

MINISO Group Holding Limited operates as a holding company. The Company, through its subsidiaries, retails home decor, small electronics, textile, accessories, beauty tools, toys, cosmetics, personal care, snacks, fragrance and perfumes, and stationery and gifts. MINISO Group Holding serves customers worldwide.

Price Gauge
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MINISO Group Holding (9896 HK)

[Blue Lotus China New Consumer Weekly, 4/52] Luckin Coffee's Overseas Expansion Is Worth Waiting For

Employment deteriorated in December. We believe government will need to introduce hiring-related corporate subsidies in the March Two Session. ...

Blue Lotus Research Institute

Blue Lotus China Growth Equity Weekly (2/2025): Tesla Heading into a Different Chinese EV Market

2025 trade-in subsidies favor Xiaomi and JD.com. China's new measure at limiting LFP battery exports added on export bans. Geely is new player at...

Blue Lotus Research Institute

Hong Kong Connect Flows (December): $10.7bn Inflows Led by Banks

We analyzed the Hong Kong Connect Scheme for December and highlighted flows for CCB, Alibaba, China Mobile, ICBC, ABC, Meituan, Kuaishou, Wuxi...

Ke Yan, CFA, FRM

2025 High Conviction: DFI Retail - Churning Free Cash by Turning the Right Levers

DFI Retail is overcoming challenges with strategic shifts and cost reductions. With an attractive dividend yield, strong cash flow, and earnings...

Devi Subhakesan

Hong Kong Connect Flows (Dec 13th): Alibaba, CCB, China Mobile, ICBC, Byd Electronic (International)

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Alibaba, CCB, China Mobile, ICBC, Byd Electronic...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

[Blue Lotus China New Consumer Weekly, 4/52] Luckin Coffee's Overseas Expansion Is Worth Waiting For

​Employment deteriorated in December. We believe government will need to introduce hiring-related corporate subsidies in the March Two Session. ...

Blue Lotus Research Institute

Blue Lotus China Growth Equity Weekly (2/2025): Tesla Heading into a Different Chinese EV Market

2025 trade-in subsidies favor Xiaomi and JD.com. China's new measure at limiting LFP battery exports added on export bans. Geely is new player at...

Blue Lotus Research Institute

Hong Kong Connect Flows (December): $10.7bn Inflows Led by Banks

We analyzed the Hong Kong Connect Scheme for December and highlighted flows for CCB, Alibaba, China Mobile, ICBC, ABC, Meituan, Kuaishou, Wuxi...

Ke Yan, CFA, FRM

2025 High Conviction: DFI Retail - Churning Free Cash by Turning the Right Levers

​DFI Retail is overcoming challenges with strategic shifts and cost reductions. With an attractive dividend yield, strong cash flow, and earnings...

Devi Subhakesan

Hong Kong Connect Flows (Dec 13th): Alibaba, CCB, China Mobile, ICBC, Byd Electronic (International)

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Alibaba, CCB, China Mobile, ICBC, Byd Electronic...

Ke Yan, CFA, FRM

Employment deteriorated in December. We believe government will need to introduce hiring-related corporate subsidies in the March Two Session. ...

DFI Retail is overcoming challenges with strategic shifts and cost reductions. With an attractive dividend yield, strong cash flow, and earnings...