Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Equity Bottom-Up

Cainiao Smart Logistics Network / Equity Bottom-Up

Cainiao Smart Logistics Network (1437124D HK)

<ul>
<li>For certain companies now seeking IPOs, X-border volumes may serve as demand proxy</li>
<li>In 2023, Chinese X-border volume growth has accelerated, up +55% Y/Y through September</li>
<li>In developing X-border express market, lower ASPs are actually a good thing, in our view</li>
</ul>


For certain companies now seeking IPOs, X-border volumes may serve as demand proxy
In 2023, Chinese X-border volume growth has accelerated, up +55% Y/Y through September
In developing X-border express market, lower ASPs are actually a good thing, in our view


Introducing Monthly Tracking of Chinese X-Border Express Parcel Data | YTD Volume up +55%, ASPs -25%

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>PDD Holdings, Inc. reported total revenues of RMB 106.2 billion for the first quarter of 2026, marking an 11% year-over-year increase primarily driven by growth in transaction services, which rose 20% to RMB 56.3 billion.</li><li>Revenue from online marketing services grew modestly to RMB 49.9 billion.</li><li>The company emphasized a strategic pivot focused on long-term value creation through sustained investments in supply chain enhancements rather than short-term results.</li></ul>

PDD Holdings, Inc. reported total revenues of RMB 106.2 billion for the first quarter of 2026, marking an 11% year-over-year increase primarily driven by growth in transaction services, which rose 20% to RMB 56.3 billion.Revenue from online marketing services grew modestly to RMB 49.9 billion.The company emphasized a strategic pivot focused on long-term value creation through sustained investments in supply chain enhancements rather than short-term results.

PDD’s RMB 100 Billion Pivot: Can Supply Chain Bets Offset Profit Pressure?

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.

<ul>
<li>PDD’s employees engaged in a fierce confrontation with SAMR (State Administration for Market Regulation) .</li>
<li>More importantly, the top Chinese governmental news media, reported the incident.</li>
<li>Currently, PDD’s top issue is how to restore the relation with SAMR.</li>
</ul>


PDD’s employees engaged in a fierce confrontation with SAMR (State Administration for Market Regulation) .
More importantly, the top Chinese governmental news media, reported the incident.
Currently, PDD’s top issue is how to restore the relation with SAMR.


Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul><li>In Depth: Shein Heads for Hong Kong IPO as Growth Slows, Regulatory Pressure Mounts In the sprawling industrial districts of Guangzhou, thousands of garment factories operate around the clock, churning out polyester dresses, denim jeans and other viral fashion items destined for consumers around the globe.</li><li>Shein Seeks Up to $1.8 Billion in Hong Kong IPO at $27 Billion Valuation Chinese fast-fashion retailer Shein launched its Hong Kong initial public offering on Monday, seeking to raise as much as HK$13.9 billion ($1.8 billion) at a valuation of about $27 billion.</li><li>China Signals No ‘Bazooka’ Stimulus in Key State Media Commentaries China’s flagship state newspaper has used a prominent pseudonymous commentary series to defend the country’s slowing economic growth and signal that Beijing will resist large-scale stimulus.</li></ul>

In Depth: Shein Heads for Hong Kong IPO as Growth Slows, Regulatory Pressure Mounts In the sprawling industrial districts of Guangzhou, thousands of garment factories operate around the clock, churning out polyester dresses, denim jeans and other viral fashion items destined for consumers around the globe.Shein Seeks Up to $1.8 Billion in Hong Kong IPO at $27 Billion Valuation Chinese fast-fashion retailer Shein launched its Hong Kong initial public offering on Monday, seeking to raise as much as HK$13.9 billion ($1.8 billion) at a valuation of about $27 billion.China Signals No ‘Bazooka’ Stimulus in Key State Media Commentaries China’s flagship state newspaper has used a prominent pseudonymous commentary series to defend the country’s slowing economic growth and signal that Beijing will resist large-scale stimulus.

CX Daily: Shein Heads for Hong Kong IPO as Growth Slows, Regulatory Pressure Mounts 

<ul>
<li>A new civil lawsuit filed in Arizona mainly focuses on data collection, privacy issues</li>
<li>We believe US operating environment remains extremely challenging for Temu, SHEIN</li>
<li>Recent media reports suggest a dramatic decline in inbound parcel volume after August</li>
</ul>


A new civil lawsuit filed in Arizona mainly focuses on data collection, privacy issues
We believe US operating environment remains extremely challenging for Temu, SHEIN
Recent media reports suggest a dramatic decline in inbound parcel volume after August


Temu Faces New US Lawsuit in Arizona | Import Parcels Decline Sharply Since End of 'de Minimis'

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.

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PDD Holdings (PDD US)

Introducing Monthly Tracking of Chinese X-Border Express Parcel Data | YTD Volume up +55%, ASPs -25%

Chinese X-border express parcel volume growth has accelerated dramatically in 2023, and unit pricing has fallen sharply. In this note we dissect...

Tracking Traffic

PDD’s RMB 100 Billion Pivot: Can Supply Chain Bets Offset Profit Pressure?

PDD Holdings, Inc. reported total revenues of RMB 106.2 billion for the first quarter of 2026, marking an 11% year-over-year increase primarily...

Baptista Research

PDD (PDD): Fractured Gov Official Finger

PDD’s employees engaged in a fierce confrontation with SAMR. More importantly, Xinhua News reported the incident. Currently, PDD’s top issue is how...

Ming Lu

CX Daily: Shein Heads for Hong Kong IPO as Growth Slows, Regulatory Pressure Mounts

In Depth: Shein Heads for Hong Kong IPO as Growth Slows, Regulatory Pressure Mounts In the sprawling industrial districts of...

Caixin Global

Temu Faces New US Lawsuit in Arizona | Import Parcels Decline Sharply Since End of 'de Minimis'

In this insight we examine a new civil lawsuit filed against Temu in the US state of Arizona. We also review a range of numbers suggesting a sharp...

Tracking Traffic

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