Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

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.

Equity Bottom-Up

<ul>
<li>The authorities granted licenses to 105 new domestic games and promised to review the game law draft.</li>
<li>Alibaba is restructuring its main business unit, Taobao-Tmall, to reach flexibility.</li>
<li>Both Alibaba and JD.com changed their refund policies to follow PDD.</li>
</ul>


The authorities granted licenses to 105 new domestic games and promised to review the game law draft.
Alibaba is restructuring its main business unit, Taobao-Tmall, to reach flexibility.
Both Alibaba and JD.com changed their refund policies to follow PDD.


China Consumption Weekly (1 Jan 2024): Tencent, NetEase, Alibaba, JD.com, PDD

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>NetEase, Inc. delivered a positive result and managed an all-around beat last quarter.</li><li>NetEase's classic legacy titles and newly launched games played a pivotal role in expanding its global footprint.</li><li>Looking ahead, NetEase anticipates the launch of Where Winds Meet, a highly anticipated AAA martial arts-themed action-adventure game.</li></ul>

NetEase, Inc. delivered a positive result and managed an all-around beat last quarter.NetEase's classic legacy titles and newly launched games played a pivotal role in expanding its global footprint.Looking ahead, NetEase anticipates the launch of Where Winds Meet, a highly anticipated AAA martial arts-themed action-adventure game.

NetEase Inc.: Inside the Strategies Fueling Their Gaming Industry Takeover! - Major Drivers

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>700HK/ NTES: NPPA publishes domestic game code for December, NetEase and Tencent received game approval (+)</li>
<li>PDD/ VIPS/ BABA/ JD/ ZTO/ 2618.HK/ 1519.HK: Express Parcel Volume collected grows +68% YoY last week (+)</li>
<li>BABA/ PDD/ JD/ VIPS/ ZTO/ 1519.HK: Taobao launches refund without returning the product (+/-/-/-/-)</li>
</ul>


700HK/ NTES: NPPA publishes domestic game code for December, NetEase and Tencent received game approval (+)
PDD/ VIPS/ BABA/ JD/ ZTO/ 2618.HK/ 1519.HK: Express Parcel Volume collected grows +68% YoY last week (+)
BABA/ PDD/ JD/ VIPS/ ZTO/ 1519.HK: Taobao launches refund without returning the product (+/-/-/-/-)


[Blue Lotus Daily - TMT Update]: 700 HK/NTES/PDD/VIPS/BABA/JD/ZTO/2618 HK/1519 HK

<ul>
<li>700HK/ NTES/ BILI:  The NPPA has released a draft for public opinion on the &lt;Internet Game Governing Measures&gt;(-/-/-)</li>
<li>700HK/ NTES/ 002624CH/ 300299CH/ BILI:NPPA Announced December Imported Game Code Approvals(////+/+/+)</li>
<li>AMAZ/ SHEIN/ TEMU: Local merchants reportedly unhappy with some new AI features on Amazon (-/+/+)</li>
</ul>


700HK/ NTES/ BILI:  The NPPA has released a draft for public opinion on the &lt;Internet Game Governing Measures&gt;(-/-/-)
700HK/ NTES/ 002624CH/ 300299CH/ BILI:NPPA Announced December Imported Game Code Approvals(////+/+/+)
AMAZ/ SHEIN/ TEMU: Local merchants reportedly unhappy with some new AI features on Amazon (-/+/+)


[Blue Lotus Daily - TMT Update]: 700 HK/NTES/BILI/002624 CH/300299 CH/3690 HK/AMZN/PDD/Shein

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

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

<ul>
<li>China announced game approval for the December batch. The number of games approved has increased compared to recent months.</li>
<li>The pace of China game approval appears to be accelerating, to the same level as pre-tightening.</li>
<li>Netease scored two approvals while Tencent scored one. Netease finished the year with the most games approved.</li>
</ul>


China announced game approval for the December batch. The number of games approved has increased compared to recent months.
The pace of China game approval appears to be accelerating, to the same level as pre-tightening.
Netease scored two approvals while Tencent scored one. Netease finished the year with the most games approved.


Tencent/Netease: Netease Tops '23 League Table with Most Games Approved

China

NetEase, Inc. operates as an leading internet technology company providing online services including content, community, communication, and commerce. The Company develops and operates online games, electronic commerce, internet media, innovative business, and other businesses. NetEase expands its businesses to Japan, North American, and other other international markets.

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NetEase (9999 HK)

China Consumption Weekly (1 Jan 2024): Tencent, NetEase, Alibaba, JD.com, PDD

The authorities granted licenses to 105 new domestic games and promised to review the strict game law. Alibaba is restructuring its main business...

Ming Lu

NetEase Inc.: Inside the Strategies Fueling Their Gaming Industry Takeover! - Major Drivers

NetEase, Inc. delivered a positive result and managed an all-around beat last quarter. NetEase's classic legacy titles and newly launched games...

Baptista Research

[Blue Lotus Daily - TMT Update]: 700 HK/NTES/PDD/VIPS/BABA/JD/ZTO/2618 HK/1519 HK

NPPA approves domestic games for NetEase and Tencent, express parcel volume grows 68% YoY, Taobao introduces refund without returning product.

Blue Lotus Research Institute

[Blue Lotus Daily - TMT Update]: 700 HK/NTES/BILI/002624 CH/300299 CH/3690 HK/AMZN/PDD/Shein

The NPPA seeks public opinion on internet game regulations, while imported game code approvals are announced. Local merchants express discontent...

Blue Lotus Research Institute

Tencent/Netease: Netease Tops '23 League Table with Most Games Approved

China's game approval process is picking up speed, with more games approved in December. Netease emerged as the leader in game approvals for the...

Ke Yan, CFA, FRM

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China Consumption Weekly (1 Jan 2024): Tencent, NetEase, Alibaba, JD.com, PDD

The authorities granted licenses to 105 new domestic games and promised to review the strict game law. Alibaba is restructuring its main business...

Ming Lu

NetEase Inc.: Inside the Strategies Fueling Their Gaming Industry Takeover! - Major Drivers

NetEase, Inc. delivered a positive result and managed an all-around beat last quarter. NetEase's classic legacy titles and newly launched games...

Baptista Research

[Blue Lotus Daily - TMT Update]: 700 HK/NTES/PDD/VIPS/BABA/JD/ZTO/2618 HK/1519 HK

​NPPA approves domestic games for NetEase and Tencent, express parcel volume grows 68% YoY, Taobao introduces refund without returning product.

Blue Lotus Research Institute

[Blue Lotus Daily - TMT Update]: 700 HK/NTES/BILI/002624 CH/300299 CH/3690 HK/AMZN/PDD/Shein

​The NPPA seeks public opinion on internet game regulations, while imported game code approvals are announced. Local merchants express discontent...

Blue Lotus Research Institute

Tencent/Netease: Netease Tops '23 League Table with Most Games Approved

​China's game approval process is picking up speed, with more games approved in December. Netease emerged as the leader in game approvals for the...

Ke Yan, CFA, FRM

NPPA approves domestic games for NetEase and Tencent, express parcel volume grows 68% YoY, Taobao introduces refund without returning product.

The NPPA seeks public opinion on internet game regulations, while imported game code approvals are announced. Local merchants express discontent...

China's game approval process is picking up speed, with more games approved in December. Netease emerged as the leader in game approvals for the...