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>Shein/PDD: Our check and local media reports of Shein's newly-launched marketplace, and implication to PDD (-)</li>
<li>PDD/700.HK/BABA/JD: China major Ecommerce platform's low price strategy in 6/18 promotion (-/+/+/+)</li>
<li>ZLAB：ZLAB revenue met our expectation while loss greatly beat our expectation on reduced R&amp;D</li>
</ul>


Shein/PDD: Our check and local media reports of Shein's newly-launched marketplace, and implication to PDD (-)
PDD/700.HK/BABA/JD: China major Ecommerce platform's low price strategy in 6/18 promotion (-/+/+/+)
ZLAB：ZLAB revenue met our expectation while loss greatly beat our expectation on reduced R&amp;D


China TMT Update (May.12) - Shein/PDD/700.HK/BABA/JD/ZLAB:Shein's Newly-Launched Marketplace

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

<ul><li>We consider Chinese TMT a great credit story despite its equity story has been hammered by regulatory uncertainties, sanction risk and slowing growth.</li><li>Most of the TMT issuers are cash-rich with solid liquidity profiles.</li><li>Within the Chinese TMT space, we like XIAOMIs the most for their most favourable risk-return profile. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

We consider Chinese TMT a great credit story despite its equity story has been hammered by regulatory uncertainties, sanction risk and slowing growth.Most of the TMT issuers are cash-rich with solid liquidity profiles.Within the Chinese TMT space, we like XIAOMIs the most for their most favourable risk-return profile. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Chinese TMT: Buy XIAOMI 0’27, XIAOMI 30-31s, MEITUA 0’27 and PDD 0’25

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.

Equity Bottom-Up

<ul>
<li>We believe revenue will grow by 5.6% YoY in 4Q23 and by 9% in FY2023 versus 2.7% in FY2022.</li>
<li>We also believe operating margin will improve slightly to 8.9% in 4Q23 versus 8.2% in 4Q22.</li>
<li>We believe the stock has an upside of 63% for March 2024.</li>
</ul>


We believe revenue will grow by 5.6% YoY in 4Q23 and by 9% in FY2023 versus 2.7% in FY2022.
We also believe operating margin will improve slightly to 8.9% in 4Q23 versus 8.2% in 4Q22.
We believe the stock has an upside of 63% for March 2024.


Alibaba (9988 HK) Earnings Preview: Better Growth and Better Margin for 4Q23

<ul>
<li>PDD: Douyin launches “Super Cheap Little Shop” to provide low cost products (-)</li>
<li>ByteDance/BEKE: ByteDance give up offline housing brokerage business, while online business remains（+）</li>
<li>NIO: NIO to officially launch all-new ES6 on May 24 (+)</li>
</ul>


PDD: Douyin launches “Super Cheap Little Shop” to provide low cost products (-)
ByteDance/BEKE: ByteDance give up offline housing brokerage business, while online business remains（+）
NIO: NIO to officially launch all-new ES6 on May 24 (+)


China TMT Update (May.6) - Douyin/PDD/ByteDance/BEKE/NIO: Douyin Launches “Super Cheap Little Shop”

<ul>
<li>3690.HK/BABA: Meituan and Alipay release reports on May 1st holiday consumption (+)</li>
<li>PDD/Temu: Chinese Media Reports Pingduoduo’s Growth Challenges and Our Perspective</li>
<li>LEGN： Johnson &amp; Johnson licensed its next generation CAR-T from a delisted Chinese biotech(-)</li>
</ul>


3690.HK/BABA: Meituan and Alipay release reports on May 1st holiday consumption (+)
PDD/Temu: Chinese Media Reports Pingduoduo’s Growth Challenges and Our Perspective
LEGN： Johnson &amp; Johnson licensed its next generation CAR-T from a delisted Chinese biotech(-)


China TMT Update(May 5-Pt2): 3690.hk/Baba/PDD/LEGN - Meituan and Alipay Release May 1st Holiday Data

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)

China TMT Update (May.12) - Shein/PDD/700.HK/BABA/JD/ZLAB:Shein's Newly-Launched Marketplace

Shein's newly-launched marketplace、China major Ecommerce platform's low price strategy in 6/18 promotion，ZLAB revenue met our expectation while...

Blue Lotus Research Institute

Chinese TMT: Buy XIAOMI 0’27, XIAOMI 30-31s, MEITUA 0’27 and PDD 0’25

We consider Chinese TMT a great credit story despite its equity story has been hammered by regulatory uncertainties, sanction risk and slowing growth.

CMB International

Alibaba (9988 HK) Earnings Preview: Better Growth and Better Margin for 4Q23

We believe revenue will grow by 5.6% YoY in 4Q23 and by 9% in FY2023 versus 2.7% in FY2022. We also believe operating margin will improve slightly...

Ming Lu

China TMT Update (May.6) - Douyin/PDD/ByteDance/BEKE/NIO: Douyin Launches “Super Cheap Little Shop”

PDD: Douyin launches “Super Cheap Little Shop” (-)；ByteDance give up offline housing brokerage business, while online business remains（+）；NIO to...

Blue Lotus Research Institute

China TMT Update(May 5-Pt2): 3690.hk/Baba/PDD/LEGN - Meituan and Alipay Release May 1st Holiday Data

3690.HK/BABA: Meituan and Alipay release reports (+)；PDD/Temu: Chinese Media Reports Pingduoduo’s Growth Challenges and Our Perspective；LEGN：...

Blue Lotus Research Institute

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