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

Thematic (Sector/Industry)

<ul>
<li>NIO/LI: NIO to launch the all-new EC6 on Friday (+/-)</li>
<li>BYD/ TSLA /LI /XPEV/NIO: August China Automotive Delivery Data Update (+)</li>
<li>Gloated inventory in solar panel led to price collapse in Europe（/）</li>
</ul>


NIO/LI: NIO to launch the all-new EC6 on Friday (+/-)
BYD/ TSLA /LI /XPEV/NIO: August China Automotive Delivery Data Update (+)
Gloated inventory in solar panel led to price collapse in Europe（/）


China TMT Update-NIO/LI/XPEV/BYD/TSLA/Solar Power-All-New EC6/China Automotive Delivery Data

Equity Analyst, LightStream Research

Oshadhi Kumarasiri

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Event-Driven

<ul>
<li>Grizzly Research's track record, especially with accusations against well-known Chinese ADRs like <a href="https://www.smartkarma.com/entities/nio-inc" target="_blank" data-smartkarma-citation="entities:27399:1" rel="noopener">NIO (NIO US)</a>, <a href="https://www.smartkarma.com/entities/zto-express-cayman-inc-bc4e7cc1-66e0-4426-a8f1-edc72f314237" target="_blank" data-smartkarma-citation="entities:23628:1" rel="noopener">ZTO Express Cayman (ZTO US)</a>, and <a href="https://www.smartkarma.com/entities/gaotu-techedu-inc" target="_blank" data-smartkarma-citation="entities:28069:1" rel="noopener">Gaotu Techedu (GOTU US)</a>, hasn't been successful lately.</li>
<li>Despite past setbacks, the company has recently targeted another renowned Chinese ADR, <a href="https://www.smartkarma.com/entities/pdd-holdings-inc" target="_blank" data-smartkarma-citation="entities:27250:1" rel="noopener">PDD Holdings (PDD US)</a>.</li>
<li>Grizzly Research alleges that Pinduoduo's shopping app, "TEMU," is a harmful malware/spyware secretly extracting user data.</li>
</ul>


Grizzly Research's track record, especially with accusations against well-known Chinese ADRs like NIO (NIO US), ZTO Express Cayman (ZTO US), and Gaotu Techedu (GOTU US), hasn't been successful lately.
Despite past setbacks, the company has recently targeted another renowned Chinese ADR, PDD Holdings (PDD US).
Grizzly Research alleges that Pinduoduo's shopping app, "TEMU," is a harmful malware/spyware secretly extracting user data.


Pinduoduo: Short Seller, Grizzly Research Raises Spyware Concerns About TEMU

<ul>
<li>There has been renewed push for the German carmakers to enter the BEV market, at the expense of the PHEV market. </li>
<li>We believe it will benefit Chinese battery makers and PHEV makers; We, however, prefer to look at the issue through the lens of industry standardization.</li>
<li>Battery is the Intel and Advanced Driving Assistance System (ADAS) is the Windows of EV. Only China and US are in the ADAS ring.</li>
</ul>


There has been renewed push for the German carmakers to enter the BEV market, at the expense of the PHEV market. 
We believe it will benefit Chinese battery makers and PHEV makers; We, however, prefer to look at the issue through the lens of industry standardization.
Battery is the Intel and Advanced Driving Assistance System (ADAS) is the Windows of EV. Only China and US are in the ADAS ring.


[Blue Lotus Transportation Sector Update]: German Cars’ EV Push Belies Issue of Standardization

<ul>
<li>1810.HK/AAPL: Huawei Mate 60 supply chain order volume may have reached 15-17mn units (-/-)</li>
<li>BILI（-）： Shining! Umamusume: Pretty Derby"  is experiencing a sharp decline in popularity.</li>
<li>LI/XPEV/NIO/BYD/ TSLA/ Leap: MIIT Aims for 9mn NEV Sales in 2023 (+/+/+/+/+/+)</li>
</ul>


1810.HK/AAPL: Huawei Mate 60 supply chain order volume may have reached 15-17mn units (-/-)
BILI（-）： Shining! Umamusume: Pretty Derby"  is experiencing a sharp decline in popularity.
LI/XPEV/NIO/BYD/ TSLA/ Leap: MIIT Aims for 9mn NEV Sales in 2023 (+/+/+/+/+/+)


China TMT Update- 1810.HK/AAPL/BILI/LI/XPEV/NIO/BYD/TSLA/Leap-Huawei Mate 60/Pretty Derby/9mn NEV

Shifara Samsudeen, FCMA, CGMA

Equity Capital Markets

<ul>
<li>Vietnamese automaker <a href="https://www.smartkarma.com/entities/vinfast-auto-ltd" target="_blank" data-smartkarma-citation="entities:36550:1" rel="noopener">Vinfast (VFS US)</a> made its public debut on 15th August via a SPAC deal which valued the company approx. US$23bn.</li>
<li>Shares opened US$22 per share and went up to $37.06 at the end of first-day. Share price hit a peak of $82.35, however, shares closed last at $34.71 per share.</li>
<li>Our forecasts and valuation for Vinfast suggest that the company’s shares are still overvalued even after falling more than 50% from its peak over the last few days.</li>
</ul>


Vietnamese automaker Vinfast (VFS US) made its public debut on 15th August via a SPAC deal which valued the company approx. US$23bn.
Shares opened US$22 per share and went up to $37.06 at the end of first-day. Share price hit a peak of $82.35, however, shares closed last at $34.71 per share.
Our forecasts and valuation for Vinfast suggest that the company’s shares are still overvalued even after falling more than 50% from its peak over the last few days.


Vinfast: Stock Is in Free Fall; Still Expensive

China

NIO Inc. manufactures and sells automobiles. The Company offers electric vehicles and parts, as well as provides battery charging services. NIO serves customers worldwide.

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

NIO (NIO US)

China TMT Update-NIO/LI/XPEV/BYD/TSLA/Solar Power-All-New EC6/China Automotive Delivery Data

Gloated inventory in solar panel led to price collapse in Europe（/）；NIO/LI: NIO to launch the all-new EC6 on Friday (+/-)；BYD/TSLA/LI/XPEV/NIO:...

Blue Lotus Research Institute

Pinduoduo: Short Seller, Grizzly Research Raises Spyware Concerns About TEMU

Grizzly Research published a short-seller report on PDD, primarily accusing the shopping app “TEMU” of being malware/spyware capable of...

Oshadhi Kumarasiri

[Blue Lotus Transportation Sector Update]: German Cars’ EV Push Belies Issue of Standardization

There has been renewed push for the German carmakers to enter the BEV market, at the expense of the PHEV market. We believe it will benefit Chinese...

Blue Lotus Research Institute

China TMT Update- 1810.HK/AAPL/BILI/LI/XPEV/NIO/BYD/TSLA/Leap-Huawei Mate 60/Pretty Derby/9mn NEV

Huawei Mate 60 supply chain order volume may have reached 15-17mn units; Shining! Umamusume: Pretty Derby" is experiencing a sharp decline; MIIT...

Blue Lotus Research Institute

Vinfast: Stock Is in Free Fall; Still Expensive

After making a stellar debut, Vinfast's share price has dropped more than 50% over the last few days from its peak. Our forecasts and valuation...

Shifara Samsudeen, FCMA, CGMA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

China TMT Update-NIO/LI/XPEV/BYD/TSLA/Solar Power-All-New EC6/China Automotive Delivery Data

Gloated inventory in solar panel led to price collapse in Europe（/）；NIO/LI: NIO to launch the all-new EC6 on Friday (+/-)；BYD/TSLA/LI/XPEV/NIO:...

Blue Lotus Research Institute

Pinduoduo: Short Seller, Grizzly Research Raises Spyware Concerns About TEMU

Grizzly Research published a short-seller report on PDD, primarily accusing the shopping app “TEMU” of being malware/spyware capable of...

Oshadhi Kumarasiri

[Blue Lotus Transportation Sector Update]: German Cars’ EV Push Belies Issue of Standardization

There has been renewed push for the German carmakers to enter the BEV market, at the expense of the PHEV market. We believe it will benefit Chinese...

Blue Lotus Research Institute

China TMT Update- 1810.HK/AAPL/BILI/LI/XPEV/NIO/BYD/TSLA/Leap-Huawei Mate 60/Pretty Derby/9mn NEV

Huawei Mate 60 supply chain order volume may have reached 15-17mn units; Shining! Umamusume: Pretty Derby" is experiencing a sharp decline; MIIT...

Blue Lotus Research Institute

Vinfast: Stock Is in Free Fall; Still Expensive

​After making a stellar debut, Vinfast's share price has dropped more than 50% over the last few days from its peak. Our forecasts and valuation...

Shifara Samsudeen, FCMA, CGMA

After making a stellar debut, Vinfast's share price has dropped more than 50% over the last few days from its peak. Our forecasts and valuation...