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>BABA/002352.SZ/1519.HK: Taobao/Tmall adjusts algorithm to favor merchants with better service capabilities (+/+/-)</li>
<li>3690 HK: Meituan QuanQuan shift from direct operating into third party operating, and cut nearly 200 BD job positions(+)</li>
<li>700 HK/259960 KRX:The development team of &lt;PUBG&gt; has unveiled its major game update plan for 2024.(+)  </li>
</ul>


BABA/002352.SZ/1519.HK: Taobao/Tmall adjusts algorithm to favor merchants with better service capabilities (+/+/-)
3690 HK: Meituan QuanQuan shift from direct operating into third party operating, and cut nearly 200 BD job positions(+)
700 HK/259960 KRX:The development team of &lt;PUBG&gt; has unveiled its major game update plan for 2024.(+)  


[Blue Lotus Daily - TMT Update]:BABA/002352 SZ/1519 HK/3690 HK/META/700 HK/259960 KRX

Quantitative Equity Analyst, DMA

Charlotte van Tiddens, CFA

Quantitative Equity Analyst

Technology-First Company

DMA is a technology-first company that provides an end-to-end SaaS solution to institutional investors. DMA enables regulated entities like asset managers, wealth managers, investment managers and financial advisors to connect their front and back office, break silos and reduce headcount.

Event-Driven

<ul>
<li>Naspers and Prosus continue to come under pressure relative to their underlying holdings.</li>
<li>Since our last update on the 1st of March, Naspers’ look through discount has widened by 1.6 percentage points to 42%. </li>
<li>Naspers' discount to Prosus’ market value has widened notably by 2.1 percentage points to 11.3%. Prosus’ discount is only 30bps wider and is trading at 35.4%.</li>
</ul>


Naspers and Prosus continue to come under pressure relative to their underlying holdings.
Since our last update on the 1st of March, Naspers’ look through discount has widened by 1.6 percentage points to 42%. 
Naspers' discount to Prosus’ market value has widened notably by 2.1 percentage points to 11.3%. Prosus’ discount is only 30bps wider and is trading at 35.4%.


NPN X PRX: Discounts Continue to Come Under Pressure

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Mar 15th based on HKEx daily reports.</li>
<li>In the past 7 days, the top 3 companies that repurchased the most shares from the market were AIA (1299 HK), Swire Pacific (19 HK), Kuaishou Technology (1024 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were Dongyue (189 HK), AIA (1299 HK), Kuaishou Technology (1024 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Mar 15th based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were AIA (1299 HK), Swire Pacific (19 HK), Kuaishou Technology (1024 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were Dongyue (189 HK), AIA (1299 HK), Kuaishou Technology (1024 HK).


Hong Kong Buybacks Weekly (Mar 15th): Aia, Swire Pacific, Kuaishou Technology

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

Equity Bottom-Up

<ul><li>Alibaba Group’s office messaging and meeting app DingTalk is allowing users of Tencent Holdings’ rival social media app WeChat to directly join any meeting initiated on DingTalk without first registering.</li><li>DingTalk users can now share a meeting link with WeChat users, who can enter the meeting within WeChat.</li><li>Previously, DingTalk required participants to download its meeting app and register.</li></ul>

Alibaba Group’s office messaging and meeting app DingTalk is allowing users of Tencent Holdings’ rival social media app WeChat to directly join any meeting initiated on DingTalk without first registering.DingTalk users can now share a meeting link with WeChat users, who can enter the meeting within WeChat.Previously, DingTalk required participants to download its meeting app and register.

Alibaba, Tencent Continue to Tear Down Walls Between Their Meeting Platforms 

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Equity Capital Markets

<ul>
<li>In Feb 2024,  <a href="https://www.smartkarma.com/entities/british-american-tobacco-plc" target="_blank" data-smartkarma-citation="entities:21828:1" rel="noopener">BAT's</a> management stated that they were reviewing their stake in <a href="https://www.smartkarma.com/entities/itc-ltd" target="_blank" data-smartkarma-citation="entities:327:1" rel="noopener">ITC Ltd (ITC IN)</a>.  The news of a possible selldown by BAT was leaked again earlier today.</li>
<li>BAT has owned its stake in ITC for over a century and remains its largest shareholder.</li>
<li>In this note, we talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>


In Feb 2024,  BAT's management stated that they were reviewing their stake in ITC Ltd (ITC IN).  The news of a possible selldown by BAT was leaked again earlier today.
BAT has owned its stake in ITC for over a century and remains its largest shareholder.
In this note, we talk about the deal dynamics and run the deal through our ECM framework.


ITC $2bn Placement - Very Well Flagged but Still Won’t Be an Easy One to Digest, Won’t Do an Indigo

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.

Price Gauge
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Tencent (700 HK)

[Blue Lotus Daily - TMT Update]:BABA/002352 SZ/1519 HK/3690 HK/META/700 HK/259960 KRX

Major e-commerce platforms adjust algorithms for better merchant service, Meituan shifts to third-party operations, PUBG announces major game...

Blue Lotus Research Institute

NPN X PRX: Discounts Continue to Come Under Pressure

The discounts continue to come under pressure after a salient narrowing from mid-February through to mid-March. Naspers has underperformed Prosus...

DMA

Hong Kong Buybacks Weekly (Mar 15th): Aia, Swire Pacific, Kuaishou Technology

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were AIA (1299 HK),...

Ke Yan, CFA, FRM

Alibaba, Tencent Continue to Tear Down Walls Between Their Meeting Platforms

Alibaba Group’s office messaging and meeting app DingTalk is allowing users of Tencent Holdings’ rival social media app WeChat to directly join...

Caixin Global

ITC $2bn Placement - Very Well Flagged but Still Won’t Be an Easy One to Digest, Won’t Do an Indigo

BAT aims to raise around US$2bn via selling 3.5% of ITC. The deal is a very well flagged one but its also relatively a very large deal.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

[Blue Lotus Daily - TMT Update]:BABA/002352 SZ/1519 HK/3690 HK/META/700 HK/259960 KRX

​Major e-commerce platforms adjust algorithms for better merchant service, Meituan shifts to third-party operations, PUBG announces major game...

Blue Lotus Research Institute

NPN X PRX: Discounts Continue to Come Under Pressure

The discounts continue to come under pressure after a salient narrowing from mid-February through to mid-March. Naspers has underperformed Prosus...

DMA

Hong Kong Buybacks Weekly (Mar 15th): Aia, Swire Pacific, Kuaishou Technology

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were AIA (1299 HK),...

Ke Yan, CFA, FRM

Alibaba, Tencent Continue to Tear Down Walls Between Their Meeting Platforms

Alibaba Group’s office messaging and meeting app DingTalk is allowing users of Tencent Holdings’ rival social media app WeChat to directly join...

Caixin Global

ITC $2bn Placement - Very Well Flagged but Still Won’t Be an Easy One to Digest, Won’t Do an Indigo

BAT aims to raise around US$2bn via selling 3.5% of ITC. The deal is a very well flagged one but its also relatively a very large deal.

Sumeet Singh

Major e-commerce platforms adjust algorithms for better merchant service, Meituan shifts to third-party operations, PUBG announces major game...