J Capital Research

Independent Insight Provider

J Capital Research, a U.S. company, publishes highly diligenced research reports on publicly traded companies, relying on deep, on-the-ground primary research. J Capital has particular expertise in the Chinese market, but we look at over-valued companies throughout the world. As an activist short- and long-research shop, when we form a clear view, we publish free, public reports to inform the investing public and never disguise our identity. We believe the internet has afforded an opportunity to small, unaffiliated investors to leapfrog the big banks, with their conflicts of interest, and obtain unbiased information on traded companies. We pride ourselves on our independence and the quality of our work. We hope the work speaks for itself.

Thematic (Sector/Industry)

<ul><li>How will Chinese e-commerce companies survive the new tariff regime? We believe at least one of these companies will be hobbled.</li><li>Coming elimination on May 2 of the de minimis rule, which previously avoided tariffs on imported packages worth $800 or less, is perhaps the most immediately impactful change in trade policy that has already affected prices.</li><li>The cancellation of the de minimis rule (intended to permit individuals to import products tariff-free for personal use but which has been widely applied to all low-value products) took effect for a single day on April 2, 2025, was subsequently removed, and will be reinstated on May 2.</li></ul>

How will Chinese e-commerce companies survive the new tariff regime? We believe at least one of these companies will be hobbled.Coming elimination on May 2 of the de minimis rule, which previously avoided tariffs on imported packages worth $800 or less, is perhaps the most immediately impactful change in trade policy that has already affected prices.The cancellation of the de minimis rule (intended to permit individuals to import products tariff-free for personal use but which has been widely applied to all low-value products) took effect for a single day on April 2, 2025, was subsequently removed, and will be reinstated on May 2.

The Effects of New Tariff on Chinese E Commerce

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

<ul>
<li>AI Sector Update: AI Sector Update: DeepSeek R2 Technical Parameters Leaked with Significant Price Reduction(+)</li>
<li>700 HK: WeChat Gift Feature Integrated into Official Account Lottery Function (+)</li>
<li>TME US: Reports indicate Tencent Music Entertainment is in acquisition talks with Chinese audiobook app Ximalaya (+)</li>
</ul>


AI Sector Update: AI Sector Update: DeepSeek R2 Technical Parameters Leaked with Significant Price Reduction(+)
700 HK: WeChat Gift Feature Integrated into Official Account Lottery Function (+)
TME US: Reports indicate Tencent Music Entertainment is in acquisition talks with Chinese audiobook app Ximalaya (+)


[Blue Lotus Daily-TMT Update]:700 HK/TME US/PDD US/BIDU US/AI Sector Update

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>Pets / In Depth: China’s pet boom bites back</li><li>China-Brazil /Trade war is a trade opportunity for Brazil, São Paulo mayor says</li><li>Canton Fair /In Depth: Despite slowdown in U.S. orders, global buyers flock to China’s biggest trade fair</li></ul>

Pets / In Depth: China’s pet boom bites backChina-Brazil /Trade war is a trade opportunity for Brazil, São Paulo mayor saysCanton Fair /In Depth: Despite slowdown in U.S. orders, global buyers flock to China’s biggest trade fair

<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/

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)

The Effects of New Tariff on Chinese E Commerce

How will Chinese e-commerce companies survive the new tariff regime? We believe at least one of these companies will be hobbled.

J Capital Research

[Blue Lotus Daily-TMT Update]:700 HK/TME US/PDD US/BIDU US/AI Sector Update

AI company DeepSeek R2's technical details leaked, WeChat integrates gift feature, Tencent Music in talks to acquire Ximalaya audiobook app.

Blue Lotus Research Institute

CX Daily: China’s Pet Boom Bites Back

Pets / In Depth: China’s pet boom bites back China-Brazil /Trade war is a trade opportunity for Brazil, São Paulo mayor says Canton Fair /In...

Caixin Global

[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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

The Effects of New Tariff on Chinese E Commerce

How will Chinese e-commerce companies survive the new tariff regime? We believe at least one of these companies will be hobbled.

J Capital Research

[Blue Lotus Daily-TMT Update]:700 HK/TME US/PDD US/BIDU US/AI Sector Update

​AI company DeepSeek R2's technical details leaked, WeChat integrates gift feature, Tencent Music in talks to acquire Ximalaya audiobook app.

Blue Lotus Research Institute

CX Daily: China’s Pet Boom Bites Back

Pets / In Depth: China’s pet boom bites back China-Brazil /Trade war is a trade opportunity for Brazil, São Paulo mayor says Canton Fair /In...

Caixin Global

[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

AI company DeepSeek R2's technical details leaked, WeChat integrates gift feature, Tencent Music in talks to acquire Ximalaya audiobook app.

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.