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>JD US/BABA US/PDD US: Government Regulation Forces Cancellation of "Refund Without Return" Policy (+/+/-)</li>
<li>700 HK: Tencent Games SPARK Conference Reveals R&amp;D Progress for Multiple Titles Including &lt;Honor of Kings: World&gt; (+)</li>
<li>BIDU US:Baidu launches the AI agent app "Xin Xiang," which is similar to Manus(/)</li>
</ul>


JD US/BABA US/PDD US: Government Regulation Forces Cancellation of "Refund Without Return" Policy (+/+/-)
700 HK: Tencent Games SPARK Conference Reveals R&amp;D Progress for Multiple Titles Including &lt;Honor of Kings: World&gt; (+)
BIDU US:Baidu launches the AI agent app "Xin Xiang," which is similar to Manus(/)


[Blue Lotus Daily-TMT Update]:JD US/BABA US/PDD US/700 HK/BIDU US/3690 HK/NTES US/BILI US/E-Commerce

<ul>
<li>BABA US/PDD US: DHgate's GMV Doubles in a Single Week, While Buyer Count Surges 200% (///)</li>
<li>700 HK : Tencent Officially Unveils &lt;VALORANT Mobile&gt;, Launches Pre-Registration（+）</li>
<li>JD US/3690 HK: JD escalates PR battle, food delivery losses may exceed expectations(-//)</li>
</ul>


BABA US/PDD US: DHgate's GMV Doubles in a Single Week, While Buyer Count Surges 200% (///)
700 HK : Tencent Officially Unveils &lt;VALORANT Mobile&gt;, Launches Pre-Registration（+）
JD US/3690 HK: JD escalates PR battle, food delivery losses may exceed expectations(-//)


[Blue Lotus Daily-TMT Update]:BABA US/PDD US/700 HK/JD US/3690 HK/TCOM US/

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Cross Asset Strategy

<ul>
<li>Paul Atkins, the new head of U.S. SEC could accelerate the delisting of Chinese stocks from the U.S. stock exchanges. </li>
<li>There are about 280 companies from mainland China that are listed in the U.S. with a combined market cap of about $880 billion.</li>
<li>There could be two major reasons to accelerate this delisting (require Chinese companies to abide by US GAAP accounting and fully delist Chinese companies with ties to Chinese military).</li>
</ul>


Paul Atkins, the new head of U.S. SEC could accelerate the delisting of Chinese stocks from the U.S. stock exchanges. 
There are about 280 companies from mainland China that are listed in the U.S. with a combined market cap of about $880 billion.
There could be two major reasons to accelerate this delisting (require Chinese companies to abide by US GAAP accounting and fully delist Chinese companies with ties to Chinese military).


Atkins to Accelerate the Delisting of Chinese Stocks From the US Stock Exchanges in 2025/2026?

<ul>
<li>Our take is JD.com's expansion to O2O/Food Delivery is still measured and constrained. It mainly serves the premium members;</li>
<li>Meituan, PDD' and Beike posted results broadly both in-line/slightly exceed expectations. Meituan and Beike raised AI capex while PDD and JD.com didn't mention;</li>
<li>Game received first official recognition in government's 30 stimulative measures for consumption.  Our TOP PICK is NTES.</li>
</ul>


Our take is JD.com's expansion to O2O/Food Delivery is still measured and constrained. It mainly serves the premium members;
Meituan, PDD' and Beike posted results broadly both in-line/slightly exceed expectations. Meituan and Beike raised AI capex while PDD and JD.com didn't mention;
Game received first official recognition in government's 30 stimulative measures for consumption.  Our TOP PICK is NTES.


[Blue Lotus Non-US Internet Weekly, 12/52]: The Tug of War Between JD and Meituan Intensifies

<ul>
<li>Chinese startup <em>Manus</em> launched a virtual AI assistant which we believe pointed to an important direction of monetization but the product itself has room for improvement;</li>
<li>Douyin followed BABA to launch AI-based omni-channel-promotion ads tools. The recent trend in China Internet advertising has been AI-driven take rate increases;</li>
<li>NetEase's &lt;<em>Where the Winds Meet</em>&gt; seems to be a winner above our expectations. </li>
</ul>


Chinese startup Manus launched a virtual AI assistant which we believe pointed to an important direction of monetization but the product itself has room for improvement;
Douyin followed BABA to launch AI-based omni-channel-promotion ads tools. The recent trend in China Internet advertising has been AI-driven take rate increases;
NetEase's &lt;Where the Winds Meet&gt; seems to be a winner above our expectations. 


[Blue Lotus Non-US Internet Weekly, 10/52]: Manus Signals the Excitement of Innovation Has Sunk In

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)

[Blue Lotus Daily-TMT Update]:JD US/BABA US/PDD US/700 HK/BIDU US/3690 HK/NTES US/BILI US/E-Commerce

Government regulation forces cancellation of "refund without return" policy at JD,BABA,andPDD;Tencent reveals R&D progress at SPARK...

Blue Lotus Research Institute

[Blue Lotus Daily-TMT Update]:BABA US/PDD US/700 HK/JD US/3690 HK/TCOM US/

DHgate's GMV and buyer count skyrocket, Tencent announces pre-registration, JD faces potential food delivery losses exceeding expectations.

Blue Lotus Research Institute

Atkins to Accelerate the Delisting of Chinese Stocks From the US Stock Exchanges in 2025/2026?

Paul Atkins, the new head of US SEC could accelerate delisting of Chinese stocks from the US stock exchanges. Chinese companies listed in the US...

Douglas Kim

[Blue Lotus Non-US Internet Weekly, 12/52]: The Tug of War Between JD and Meituan Intensifies

JD.com's measured expansion into O2O/Food Delivery targets premium members. Government recognition of gaming in consumption stimulus measures...

Blue Lotus Research Institute

[Blue Lotus Non-US Internet Weekly, 10/52]: Manus Signals the Excitement of Innovation Has Sunk In

Chinese startups like Manus are exploring AI assistants for monetization, Douyin follows suit with AI-based ads, and NetEase's Where the Winds...

Blue Lotus Research Institute

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

[Blue Lotus Daily-TMT Update]:JD US/BABA US/PDD US/700 HK/BIDU US/3690 HK/NTES US/BILI US/E-Commerce

​Government regulation forces cancellation of "refund without return" policy at JD,BABA,andPDD;Tencent reveals R&D progress at SPARK...

Blue Lotus Research Institute

[Blue Lotus Daily-TMT Update]:BABA US/PDD US/700 HK/JD US/3690 HK/TCOM US/

​DHgate's GMV and buyer count skyrocket, Tencent announces pre-registration, JD faces potential food delivery losses exceeding expectations.

Blue Lotus Research Institute

Atkins to Accelerate the Delisting of Chinese Stocks From the US Stock Exchanges in 2025/2026?

Paul Atkins, the new head of US SEC could accelerate delisting of Chinese stocks from the US stock exchanges. Chinese companies listed in the US...

Douglas Kim

[Blue Lotus Non-US Internet Weekly, 12/52]: The Tug of War Between JD and Meituan Intensifies

​JD.com's measured expansion into O2O/Food Delivery targets premium members. Government recognition of gaming in consumption stimulus measures...

Blue Lotus Research Institute

[Blue Lotus Non-US Internet Weekly, 10/52]: Manus Signals the Excitement of Innovation Has Sunk In

​Chinese startups like Manus are exploring AI assistants for monetization, Douyin follows suit with AI-based ads, and NetEase's Where the Winds...

Blue Lotus Research Institute

Government regulation forces cancellation of "refund without return" policy at JD,BABA,andPDD;Tencent reveals R&D progress at SPARK...

DHgate's GMV and buyer count skyrocket, Tencent announces pre-registration, JD faces potential food delivery losses exceeding expectations.

JD.com's measured expansion into O2O/Food Delivery targets premium members. Government recognition of gaming in consumption stimulus measures...

Chinese startups like Manus are exploring AI assistants for monetization, Douyin follows suit with AI-based ads, and NetEase's Where the Winds...