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

Blue Lotus China New Economy Research, Blue Lotus Research Institute

Eric Wen

Blue Lotus China New Economy Research

Equity Bottom-Up

<ul>
<li>Ex-China e-commerce conducted by Chinese e-commerce platform will rise from 2022 GMV of US$ 61bn to US$ 297bn in 2025, with Pinduoduo, Alibaba, SHEIN and TikTok leading the charge. </li>
<li>These companies, however, are incubating their own last mile partners. The political uncertainty of Chinese e-commerce overseas is hindering development of the industry;</li>
<li>We see J&amp;T as the main beneficiary of Chinese e-commerce overseas, which must eventually undergo an infrastructure upgrade...</li>
</ul>


Ex-China e-commerce conducted by Chinese e-commerce platform will rise from 2022 GMV of US$ 61bn to US$ 297bn in 2025, with Pinduoduo, Alibaba, SHEIN and TikTok leading the charge. 
These companies, however, are incubating their own last mile partners. The political uncertainty of Chinese e-commerce overseas is hindering development of the industry;
We see J&amp;T as the main beneficiary of Chinese e-commerce overseas, which must eventually undergo an infrastructure upgrade...


[Blue Lotus Logistics Sector Update]: Overseas E-Commerce Brews New Logistics Players

<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

<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

<ul>
<li>We view both Weixin Video Account (WVA) and Douyin China as secondary assets to their respective parents, which in our view, may lead to them forming...(TBC) </li>
<li>However, rising competition in the short-play (短剧) market may put the two businesses in more direct confrontation, which may delay or diminish the chance for two to work together;</li>
<li>We view Tencent as the likely winner in the continuing evolution of short video as it considers various options to maximize the value of WVA traffic.</li>
</ul>


We view both Weixin Video Account (WVA) and Douyin China as secondary assets to their respective parents, which in our view, may lead to them forming...(TBC) 
However, rising competition in the short-play (短剧) market may put the two businesses in more direct confrontation, which may delay or diminish the chance for two to work together;
We view Tencent as the likely winner in the continuing evolution of short video as it considers various options to maximize the value of WVA traffic.


[Blue Lotus Sector Update]: Latest Developments in Short Video Point to Possibilities

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
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PDD Holdings (PDD US)

[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 Logistics Sector Update]: Overseas E-Commerce Brews New Logistics Players

Chinese e-commerce giants like Alibaba and Pinduoduo are expected to see a significant rise in overseas e-commerce, but political uncertainty is...

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

[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

[Blue Lotus Sector Update]: Latest Developments in Short Video Point to Possibilities

The competition in the short-play market may hinder the collaboration between Weixin Video Account and Douyin China, but Tencent is expected to...

Blue Lotus Research Institute

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

[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 Logistics Sector Update]: Overseas E-Commerce Brews New Logistics Players

​Chinese e-commerce giants like Alibaba and Pinduoduo are expected to see a significant rise in overseas e-commerce, but political uncertainty is...

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

[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

[Blue Lotus Sector Update]: Latest Developments in Short Video Point to Possibilities

​The competition in the short-play market may hinder the collaboration between Weixin Video Account and Douyin China, but Tencent is expected to...

Blue Lotus Research Institute

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

Chinese e-commerce giants like Alibaba and Pinduoduo are expected to see a significant rise in overseas e-commerce, but political uncertainty is...

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

The competition in the short-play market may hinder the collaboration between Weixin Video Account and Douyin China, but Tencent is expected to...