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>Real Estate Industry Update: Beijing intends to give policy support to the purchase of green buildings（+）</li>
<li>Real Estate Industry Update: Ministry of Housing promised to lower housing down payment, and loosen home purchase restrictions（+）</li>
<li>981.HK/1810.HK/AAPL: Huawei to launch new 5G-enabled smartphones ( + / -)</li>
</ul>


Real Estate Industry Update: Beijing intends to give policy support to the purchase of green buildings（+）
Real Estate Industry Update: Ministry of Housing promised to lower housing down payment, and loosen home purchase restrictions（+）
981.HK/1810.HK/AAPL: Huawei to launch new 5G-enabled smartphones ( + / -)


China TMT Update-BEKE/981.HK/1810.HK/AAPL-Ministry of Housing Loosen Home Purchase Restrictions

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>TSMC unveiled an in-line 2Q23 results but guided slow 3Q recovery due to longer inventory correction and China weakness despite stronger AI demand.</li><li>Mgmt. guided down FY23E revenue to 10% YoY decline from prior low to mid-single digit decline on macro headwinds, slower China recovery and demand weakness.</li><li>As such, we believe market will turn more conservative on 3Q inventory correction and 4Q demand recovery. </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>

TSMC unveiled an in-line 2Q23 results but guided slow 3Q recovery due to longer inventory correction and China weakness despite stronger AI demand.Mgmt. guided down FY23E revenue to 10% YoY decline from prior low to mid-single digit decline on macro headwinds, slower China recovery and demand weakness.As such, we believe market will turn more conservative on 3Q inventory correction and 4Q demand recovery. 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.

China Technology – Implications of TSMC 2Q23: Slower 3Q and China Recovery

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Aug 7th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Wuxi Apptec, Zijin Gold Intl, Kingboard Laminates, Minimax, CCB, ICBC, Petrochina.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Aug 7th.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Wuxi Apptec, Zijin Gold Intl, Kingboard Laminates, Minimax, CCB, ICBC, Petrochina.


HK Short Interest Weekly: Wuxi Apptec, Zijin Gold Intl, Kingboard Laminates, Minimax, CCB, ICBC

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of August 14th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for Minimax, Alibaba, Tencent, Meituan, AIA, China Life, Beone Medicines, Xiaomi, Wuxi Bio.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of August 14th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Minimax, Alibaba, Tencent, Meituan, AIA, China Life, Beone Medicines, Xiaomi, Wuxi Bio.


HK Connect Flows Weekly (Aug 14th): Minimax, Alibaba, Tencent, Meituan, AIA, China Life, Xiaomi

Semiconductors, Memory and SSDs Specialist, Objective Analysis

Jim Handy

Semiconductors, Memory and SSDs Specialist

Objective Analysis

Objective Analysis offers third-party independent market research and data for the semiconductor industry and investors in the semiconductor industry.

Semiconductors, Memory and SSDs

<ul>
<li>Chip revenues have been up for two months in a row.  Could this be the start of a trend?</li>
<li>Commodity prices indicate that the "Collapse" phase of a price downturn has ended, and that prices will now follow costs</li>
<li>DRAM and NAND makers should remain unprofitable until mid 2024, although their revenues can begin to steadily rise.  Other chip makers will do better.</li>
</ul>


Chip revenues have been up for two months in a row.  Could this be the start of a trend?
Commodity prices indicate that the "Collapse" phase of a price downturn has ended, and that prices will now follow costs
DRAM and NAND makers should remain unprofitable until mid 2024, although their revenues can begin to steadily rise.  Other chip makers will do better.


China

Semiconductor Manufacturing International Corporation operates as a semiconductor foundry. The Company provides integrated circuit foundry and technology services including the testing, development, design, manufacturing, packaging, and sale of integrated circuits. Semiconductor Manufacturing International offers its products and services around the world.

SMIC (Semiconductor Manufacturing International Corp) (688981 CH)

SMIC (Semiconductor Manufacturing International Corp)

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SMIC (Semiconductor Manufacturing International Corp) (688981 CH)

China TMT Update-BEKE/981.HK/1810.HK/AAPL-Ministry of Housing Loosen Home Purchase Restrictions

Beijing intends to give policy support to the purchase of green buildings; Ministry of Housing promised loosen home purchase restrictions; Huawei...

Blue Lotus Research Institute

China Technology – Implications of TSMC 2Q23: Slower 3Q and China Recovery

TSMC unveiled an in-line 2Q23 results but guided slow 3Q recovery due to longer inventory correction and China weakness despite stronger AI demand.

CMB International

HK Short Interest Weekly: Wuxi Apptec, Zijin Gold Intl, Kingboard Laminates, Minimax, CCB, ICBC

We analyzed the latest HK SFC report for aggregate short position as of Aug 7th and highlight short interest changes in Wuxi Apptec, Zijin Gold...

Ke Yan, CFA, FRM

HK Connect Flows Weekly (Aug 14th): Minimax, Alibaba, Tencent, Meituan, AIA, China Life, Xiaomi

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Minimax, Alibaba, Tencent, Meituan, AIA, China Life,...

Ke Yan, CFA, FRM

Encouraging Signs in Recent Semi Stats

The chip market is giving signs of a recovery which will see rising revenues but should remain unprofitable for commodity players until mid-2024. ...

Jim Handy

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