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>KE Holding: China State Media call for loosening on purchase restrictions in 1st tier cities (+)</li>
<li>NIO: NIO to launch ET5 Touring on June 15（ +）</li>
<li>JD/ BABA/ PDD: Douyin launches self-operated (1P) ecommerce store (-)</li>
</ul>


KE Holding: China State Media call for loosening on purchase restrictions in 1st tier cities (+)
NIO: NIO to launch ET5 Touring on June 15（ +）
JD/ BABA/ PDD: Douyin launches self-operated (1P) ecommerce store (-)


China TMT Update: Ke/Nio/JD/BABA/PDD-Douyin Launches Self-Operated (1P) Store; Nio's ET5;

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

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.

Event-Driven

<ul>
<li>On 28th Mar 2023, <a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd" target="_blank" data-smartkarma-citation="entities:787:1" rel="noopener">Alibaba (ADR) (BABA US)</a> announced that it would adopt a new organizational and governance structure, splitting into six major business groups and other investments.</li>
<li>Alibaba also stated that each of the business groups would be set up as an independent entity with its own board and the groups will eventually seek to list.</li>
<li>In this note, we will talk about some of the company’s investments and how the overall Holdco would look post restructuring.</li>
</ul>


On 28th Mar 2023, Alibaba (ADR) (BABA US) announced that it would adopt a new organizational and governance structure, splitting into six major business groups and other investments.
Alibaba also stated that each of the business groups would be set up as an independent entity with its own board and the groups will eventually seek to list.
In this note, we will talk about some of the company’s investments and how the overall Holdco would look post restructuring.


Alibaba Potential IPOs - The Final Part - Quick Look at Investees and Eventual Holdco

<ul>
<li>We recently conducted interviews with some Lazada merchants to understand the upcoming large-scale launch of the fully managed model, also known as the Choice channel. </li>
<li>1) Lazada considers the fully managed model as a centralized channel for cost-effective products; 2) Lazada prioritizes market share and aims to ensure orderly operations of its fully managed model.</li>
<li>We project Lazada is seizing the opportunity to capture Shopee's market share while Shopee is more focused on profitability. We maintain SELL for SE and BUY for BABA and PDD.</li>
</ul>


We recently conducted interviews with some Lazada merchants to understand the upcoming large-scale launch of the fully managed model, also known as the Choice channel. 
1) Lazada considers the fully managed model as a centralized channel for cost-effective products; 2) Lazada prioritizes market share and aims to ensure orderly operations of its fully managed model.
We project Lazada is seizing the opportunity to capture Shopee's market share while Shopee is more focused on profitability. We maintain SELL for SE and BUY for BABA and PDD.


SE/BABA/PDD: Lazada's Fully Managed Model Will Impact Shopee, a Summary of Our Recent Channel Checks

Equity Capital Markets

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>In the IPO space, Indonesia appears to be the only market where sizeable deals are being done as Growatt and Olam Agri  laucnhes got pushed back.</li>
<li>On the placement front, there were only a few smaller deals that were lauched, apart from the selldown in <a href="https://www.smartkarma.com/entities/coal-india-ltd" target="_blank" data-smartkarma-citation="entities:9117:1" rel="noopener">Coal India Ltd (COAL IN)</a>. </li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
In the IPO space, Indonesia appears to be the only market where sizeable deals are being done as Growatt and Olam Agri  laucnhes got pushed back.
On the placement front, there were only a few smaller deals that were lauched, apart from the selldown in Coal India Ltd (COAL IN). 


ECM Weekly (4th June 2023) - JD Ind, Alibaba, Growatt, Olam Agri, Coal India, Adani, Patanjali

<ul>
<li>PDD: Pinduoduo starts its "618 Opening Red" campaign, investing 5 billion RMB and offering subsidies for 4 consecutive days</li>
<li>Tencent: Streamers and players indicate that there have been a large number of AI-controlled bots appearing in the matches of the game "Honor of Kings".</li>
<li>LKNCY: COTTI Coffee opened its No.3000 stores, and Luckin Coffee is going to open its No.10k store.(/)</li>
</ul>


PDD: Pinduoduo starts its "618 Opening Red" campaign, investing 5 billion RMB and offering subsidies for 4 consecutive days
Tencent: Streamers and players indicate that there have been a large number of AI-controlled bots appearing in the matches of the game "Honor of Kings".
LKNCY: COTTI Coffee opened its No.3000 stores, and Luckin Coffee is going to open its No.10k store.(/)


China TMT Update June 2 - PDD/700.HK/LKNCY: Pinduoduo Starts "618 " Campaign, Investing 5 Bn RMB

China

PDD Holdings Inc. is a multinational commerce group that owns and operates a portfolio of businesses. The Company focuses on digital economy so that local communities and small businesses can benefit from the increased productivity and new opportunities. PDD Holdings has built a network of sourcing, logistics, and fulfillment capabilities for its underlying businesses.

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

PDD Holdings (PDD US)

China TMT Update: Ke/Nio/JD/BABA/PDD-Douyin Launches Self-Operated (1P) Store; Nio's ET5;

KE Holding: China State Media call for loosening on purchase restrictions (+)；NIO: NIO to launch ET5 Touring on June 15（+）；JD/ BABA/ PDD: Douyin...

Blue Lotus Research Institute

Alibaba Potential IPOs - The Final Part - Quick Look at Investees and Eventual Holdco

Continuining with our series of notes on Alibaba's planned six way reorganisation, in this note, we talk about its investments and eventual holdco.

Sumeet Singh

SE/BABA/PDD: Lazada's Fully Managed Model Will Impact Shopee, a Summary of Our Recent Channel Checks

We recently conducted interviews with some Lazada merchants to understand the upcoming large-scale launch of the fully managed model, also known as...

Blue Lotus Research Institute

ECM Weekly (4th June 2023) - JD Ind, Alibaba, Growatt, Olam Agri, Coal India, Adani, Patanjali

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

China TMT Update June 2 - PDD/700.HK/LKNCY: Pinduoduo Starts "618 " Campaign, Investing 5 Bn RMB

PDD: Pinduoduo starts "618 Opening Red" campaign；Tencent: a large number of AI-controlled bots in "Honor of Kings"；LKNCY: COTTI Coffee opened...

Blue Lotus Research Institute

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)