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>700 HK/NTES: Tencent's &lt;Dream Star&gt; achieved excellent results upon its launch.(+/-)</li>
<li>Temu/Shein/AMZN: Government newspaper reports that Temu merchants are developing their own brands (+/-/-)</li>
<li>3690 HK: It is rumored that Douyin will acquire Eleme with an offer price of US$7bn(-)</li>
</ul>


700 HK/NTES: Tencent's &lt;Dream Star&gt; achieved excellent results upon its launch.(+/-)
Temu/Shein/AMZN: Government newspaper reports that Temu merchants are developing their own brands (+/-/-)
3690 HK: It is rumored that Douyin will acquire Eleme with an offer price of US$7bn(-)


[Blue Lotus Daily - TMT Update]:NTES/700 HK/Temu/PDD/Shein/AMZN/3690 HK/BABA/JD

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>China online games market revenue grew by 13.9% YoY to RMB303.0bn in 2023, representing a 2-year CAGR of 1.1%, according to GPC.</li><li>Online games market revenue recorded robust growth of 34.4% YoY in 2H23, underpinned by the launch of several blockbuster titles and the recovery of user paying willingness.</li><li>Despite the flattish user growth, ARPU was up 13% YoY to RMB453 in 2023. </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>

China online games market revenue grew by 13.9% YoY to RMB303.0bn in 2023, representing a 2-year CAGR of 1.1%, according to GPC.Online games market revenue recorded robust growth of 34.4% YoY in 2H23, underpinned by the launch of several blockbuster titles and the recovery of user paying willingness.Despite the flattish user growth, ARPU was up 13% YoY to RMB453 in 2023. 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.

China Internet – 2023 Online Games Recap: Start of a New Growth Phase

<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

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Aug 14th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Jd.Com, Ntes, Montage Tech, Kingboard Laminates, Minimax, Smic.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Aug 14th.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Jd.Com, Ntes, Montage Tech, Kingboard Laminates, Minimax, Smic.


HK Short Interest Weekly: Jd.Com, Ntes, Montage Tech, Kingboard Laminates, Minimax, Smic

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 Emerging Markets / Technical Analysis

<ul>
<li>In our prior EM Strategy (October 2) we discussed that as long as EEM-US is above our important line-in-the-sand at $37, we were buyers on the pullback.</li>
<li>This support level held and EEM-US now displays a bullish 3-month downtrend reversal as the DXY appears to be breaking below $105.70, all bullish signals signaling additional upside-- buy.</li>
<li>We are bullish as long as $36.50-$37 support holds on EEM-US. Our first target is $42, which is 1.5+ year resistance. Remain overweight India, and we're upgrading Poland/Greece to overweight</li>
</ul>


In our prior EM Strategy (October 2) we discussed that as long as EEM-US is above our important line-in-the-sand at $37, we were buyers on the pullback.
This support level held and EEM-US now displays a bullish 3-month downtrend reversal as the DXY appears to be breaking below $105.70, all bullish signals signaling additional upside-- buy.
We are bullish as long as $36.50-$37 support holds on EEM-US. Our first target is $42, which is 1.5+ year resistance. Remain overweight India, and we're upgrading Poland/Greece to overweight


MSCI EM Index Reversing 3-Month Downtrend -- Buy. Remain Overweight India, Upgrading Poland & Greece

China

NetEase, Inc. is an Internet technology company that develops applications, services and other Internet technologies in China. The Company's core businesses consist of email service, web portal and online entertainment, including online gaming services. NetEase also offers online advertising, search, mobile applications and e-commerce.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

NetEase Inc (NTES US)

[Blue Lotus Daily - TMT Update]:NTES/700 HK/Temu/PDD/Shein/AMZN/3690 HK/BABA/JD

Tencent's <dream star> achieved excellent results upon its launch; Temu merchants developing own brands; Douyin rumored to acquire Eleme for $7bn.<...

Blue Lotus Research Institute

China Internet – 2023 Online Games Recap: Start of a New Growth Phase

China online games market revenue grew by 13.9% YoY to RMB303.0bn in 2023, representing a 2-year CAGR of 1.1%, according to GPC.

CMB International

[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

HK Short Interest Weekly: Jd.Com, Ntes, Montage Tech, Kingboard Laminates, Minimax, Smic

We analyzed the latest HK SFC report for aggregate short position as of Aug 14th and highlight short interest changes in Jd.Com, Ntes, Montage...

Ke Yan, CFA, FRM

MSCI EM Index Reversing 3-Month Downtrend -- Buy. Remain Overweight India, Upgrading Poland & Greece

In our prior EM Strategy (10/2/23) we discussed that, if $EEM is above $37, we were buyers on the pullback. Support held and now EEM displays a...

Vermilion Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

[Blue Lotus Daily - TMT Update]:NTES/700 HK/Temu/PDD/Shein/AMZN/3690 HK/BABA/JD

Tencent's <dream star> achieved excellent results upon its launch; Temu merchants developing own brands; Douyin rumored to acquire Eleme for $7bn.<...

Blue Lotus Research Institute

China Internet – 2023 Online Games Recap: Start of a New Growth Phase

China online games market revenue grew by 13.9% YoY to RMB303.0bn in 2023, representing a 2-year CAGR of 1.1%, according to GPC.

CMB International

[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

HK Short Interest Weekly: Jd.Com, Ntes, Montage Tech, Kingboard Laminates, Minimax, Smic

We analyzed the latest HK SFC report for aggregate short position as of Aug 14th and highlight short interest changes in Jd.Com, Ntes, Montage...

Ke Yan, CFA, FRM

MSCI EM Index Reversing 3-Month Downtrend -- Buy. Remain Overweight India, Upgrading Poland & Greece

In our prior EM Strategy (10/2/23) we discussed that, if $EEM is above $37, we were buyers on the pullback. Support held and now EEM displays a...

Vermilion Research

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