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>1024HK:  Kuaishou has launched its AI video generation tool "Kling" and has begun invite-only testing.(+)</li>
<li>BABA US/BIDU US: Alibaba publishes GPT-4 level AI LLM model Qwen2 (+/-)</li>
<li>NTES US:NetEase announced that &lt;World of Warcraft Classic&gt; will begin a public server stress test on June 11th. The Blizzard platform“Battle.net“has already opened for login today.(+)</li>
</ul>


1024HK:  Kuaishou has launched its AI video generation tool "Kling" and has begun invite-only testing.(+)
BABA US/BIDU US: Alibaba publishes GPT-4 level AI LLM model Qwen2 (+/-)
NTES US:NetEase announced that &lt;World of Warcraft Classic&gt; will begin a public server stress test on June 11th. The Blizzard platform“Battle.net“has already opened for login today.(+)


[Blue Lotus Daily - TMT Update]:1024HK/BABA US/BIDU US/NTES US/700 HK

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

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 Capital Markets

Mao Geping Cosmetics / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mao-geping-cosmetics-co-ltd" target="_blank" data-smartkarma-citation="entities:41297:1" rel="noopener">Mao Geping Cosmetics</a> is looking to raise around US$300m in its upcoming Hong Kong IPO.</li>
<li>Mao Geping Cosmetics (MGC) operates in the premium beauty segment. Operating via its two brands, MAOGEPING and Love Keeps, MGC offers a wide range of color cosmetics and skincare products.</li>
<li>In this note, we look at the company’s past performance.</li>
</ul>



Mao Geping Cosmetics is looking to raise around US$300m in its upcoming Hong Kong IPO.
Mao Geping Cosmetics (MGC) operates in the premium beauty segment. Operating via its two brands, MAOGEPING and Love Keeps, MGC offers a wide range of color cosmetics and skincare products.
In this note, we look at the company’s past performance.


Mao Geping Cosmetics Pre-IPO - Riding on the Founder’s Reputation

Atour Lifestyle Holdings / Equity Capital Markets

<ul>
<li>Legend Capital (LC), one of the principal shareholders of <a href="https://www.smartkarma.com/entities/atour-lifestyle-holdings-ltd" target="_blank" data-smartkarma-citation="entities:33481:1" rel="noopener">Atour Lifestyle Holdings (ATAT US)</a>, is looking to raise around US$168m through a secondary selldown.</li>
<li>This will be the third selldown by Legend Capital in just over a year’s time. Hence, the deal is well flagged.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>


Legend Capital (LC), one of the principal shareholders of Atour Lifestyle Holdings (ATAT US), is looking to raise around US$168m through a secondary selldown.
This will be the third selldown by Legend Capital in just over a year’s time. Hence, the deal is well flagged.
In this note, we will talk about the placement and run the deal through our ECM framework.


Atour Lifestyle Holdings Placement - Well Flagged Deal, past Selldowns Have Done Well

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

Equity Bottom-Up

<ul>
<li>Tuniu’s revenue grew by 71% YoY in 1Q24, as the company benefited from the travel industry’s recovery.</li>
<li>Smart Share Global’s revenue plunged by 52% YoY in 1Q24 due to fewer customers in shopping malls.</li>
<li>PDD plans to price products on behalf of retailers, which reflects the severe competition in e-commerce.</li>
</ul>


Tuniu’s revenue grew by 71% YoY in 1Q24, as the company benefited from the travel industry’s recovery.
Smart Share Global’s revenue plunged by 52% YoY in 1Q24 due to fewer customers in shopping malls.
PDD plans to price products on behalf of retailers, which reflects the severe competition in e-commerce.


China Consumption Weekly (10 Jun 2024): Tencent, PDD, Meituan, NIO, Tuniu, Smart Share

Global Emerging Market Equities, Propitious Research

Wium Malan, CFA

Global Emerging Market Equities

Independent, Fundamental Quantitative Research

Propitious Research

Fully independent, fundamental and quantitative equity research, focused on companies in the Telecommunication, Media, Technology, Internet and Healthcare sectors in the Global Emerging Markets. Idea generation focused on Quality stocks, trading below their intrinsic Value, with sound Corporate Governance.

<ul>
<li>Whilst the Chinese online games market has struggled since 2023, <a href="https://www.smartkarma.com/entities/netease-inc" target="_blank" data-smartkarma-citation="entities:29030:1" rel="noopener">NetEase (9999 HK)</a> has continued to gain revenue market share driven by the success of its mobile titles.</li>
<li>Future revenue growth will depend on the continued success of NetEase’s legacy titles and its robust pipeline of upcoming releases, including several highly anticipated launches.</li>
<li>NetEase trades nearly 2 standard deviations below its 5-year historic average PE trading range, a level that has proved to be a very good entry point.</li>
</ul>


Whilst the Chinese online games market has struggled since 2023, NetEase (9999 HK) has continued to gain revenue market share driven by the success of its mobile titles.
Future revenue growth will depend on the continued success of NetEase’s legacy titles and its robust pipeline of upcoming releases, including several highly anticipated launches.
NetEase trades nearly 2 standard deviations below its 5-year historic average PE trading range, a level that has proved to be a very good entry point.


NetEase (9999-HK): Market Share Winner, Supported by Buybacks and Dividends

China

Tencent Holdings Limited operates as an investment holding company. The Company, through its subsidiaries, provides Internet and mobile value-added services (VAS), online advertising, and e-commerce transactions. Tencent Holdings offers services to users worldwide.

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Tencent Holdings (ADR) (TCEHY US)

[Blue Lotus Daily - TMT Update]:1024HK/BABA US/BIDU US/NTES US/700 HK

Kuaishou launches AI video tool "Kling", Alibaba releases GPT-4 level AI model Qwen2, NetEase to conduct public server stress test for .

Blue Lotus Research Institute

Mao Geping Cosmetics Pre-IPO - Riding on the Founder’s Reputation

Mao Geping Cosmetics is looking to raise around US$300m in its upcoming Hong Kong IPO. In this note, we talk about the company's past performance.

Sumeet Singh

Atour Lifestyle Holdings Placement - Well Flagged Deal, past Selldowns Have Done Well

Legend Capital (LC), one of the principal shareholders of Atour Lifestyle Holdings (ATAT US), is looking to raise around US$168m through a...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

[Blue Lotus Daily - TMT Update]:1024HK/BABA US/BIDU US/NTES US/700 HK

​Kuaishou launches AI video tool "Kling", Alibaba releases GPT-4 level AI model Qwen2, NetEase to conduct public server stress test for .

Blue Lotus Research Institute

Mao Geping Cosmetics Pre-IPO - Riding on the Founder’s Reputation

Mao Geping Cosmetics is looking to raise around US$300m in its upcoming Hong Kong IPO. In this note, we talk about the company's past performance.

Sumeet Singh

Atour Lifestyle Holdings Placement - Well Flagged Deal, past Selldowns Have Done Well

Legend Capital (LC), one of the principal shareholders of Atour Lifestyle Holdings (ATAT US), is looking to raise around US$168m through a...

Sumeet Singh

China Consumption Weekly (10 Jun 2024): Tencent, PDD, Meituan, NIO, Tuniu, Smart Share

Tuniu’s revenue grew by 71% YoY in 1Q24. Smart Share Global’s revenue plunge by 52% YoY in 1Q24. PDD plans to price products on behalf of retailers.

Ming Lu

NetEase (9999-HK): Market Share Winner, Supported by Buybacks and Dividends

In this insight we analyse the Chinese online games market, NetEase’s revenue growth outlook, current valuation level, and shareholder returns.

Wium Malan, CFA

Kuaishou launches AI video tool "Kling", Alibaba releases GPT-4 level AI model Qwen2, NetEase to conduct public server stress test for .