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>700 HK: Tencent's &lt;VALORANT Mobile&gt; Launches iOS App Store Page, Showing Official Release on November 25 (-)</li>
<li>1024 HK: Kuaishou’s Kling AI Reaches Strategic Cooperation with Design AI Agent LOVART (+)</li>
<li>JD US/TCOM US: JD.com may launch OTA (Online Travel Agency) services in the near future (-//)</li>
</ul>


700 HK: Tencent's &lt;VALORANT Mobile&gt; Launches iOS App Store Page, Showing Official Release on November 25 (-)
1024 HK: Kuaishou’s Kling AI Reaches Strategic Cooperation with Design AI Agent LOVART (+)
JD US/TCOM US: JD.com may launch OTA (Online Travel Agency) services in the near future (-//)


[Blue Lotus Daily-TMT Update]:700 HK/1024 HK/JD US/TCOM US/3690 HK/NTES US/AI Sector Update

<ul>
<li>TCOM US: Dragon Boat Festival holiday travel volume miss expectations(-) </li>
<li>JD US: JD Food Delivery Daily Orders Surpass 25 Million(+)</li>
<li>700 HK: Tencent Yuanbao App announces integration with Tencent Maps, enabling precise location (+)</li>
</ul>


TCOM US: Dragon Boat Festival holiday travel volume miss expectations(-) 
JD US: JD Food Delivery Daily Orders Surpass 25 Million(+)
700 HK: Tencent Yuanbao App announces integration with Tencent Maps, enabling precise location (+)


[Blue Lotus Daily-TMT Update]:TCOM US/JD US/700 HK/NTES US/PDD US/BABA US/ 3690 HK/Entertainment

Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

Equity Bottom-Up

<ul>
<li>Onshore Chinese investors’ purchases of HK equity through the Southbound Connect accelerated rapidly after China's September stimulus. Despite net selling in early May, the onshore bullishness seems sustainable for now.</li>
<li>Onshore investors prefer internet platforms (Tencent, Alibaba), technology and consumer discretionaries (Xiaomi, SMIC, China Mobile), and lately EVs (Li Auto, XPeng). High dividend SOE banks were bought earlier, not recently.</li>
<li>Our "China Twelve" stocks and focus themes closely align with onshore investors' preferences. 6 out of 12 figure in the "top bought" Southbound list - reaffirming our bullishness on them.</li>
</ul>


Onshore Chinese investors’ purchases of HK equity through the Southbound Connect accelerated rapidly after China's September stimulus. Despite net selling in early May, the onshore bullishness seems sustainable for now.
Onshore investors prefer internet platforms (Tencent, Alibaba), technology and consumer discretionaries (Xiaomi, SMIC, China Mobile), and lately EVs (Li Auto, XPeng). High dividend SOE banks were bought earlier, not recently.
Our "China Twelve" stocks and focus themes closely align with onshore investors' preferences. 6 out of 12 figure in the "top bought" Southbound list - reaffirming our bullishness on them.


Asian Equities: Southbound Trades Re-Affirm Our China Preferences

<ul>
<li>JD US/BABA US/3690 HK: Food Delivery Subsidy Rules Adjusted Again, Merchant Share Rises to 70% (+/+/+)</li>
<li>TCOM US: Stable Traffic Growth in Dragon Boat Festival Traffic(+)</li>
<li>TCOM US:Daily cross-border trips during Dragon Boat Festival holiday hit 2.15m (-)</li>
</ul>


JD US/BABA US/3690 HK: Food Delivery Subsidy Rules Adjusted Again, Merchant Share Rises to 70% (+/+/+)
TCOM US: Stable Traffic Growth in Dragon Boat Festival Traffic(+)
TCOM US:Daily cross-border trips during Dragon Boat Festival holiday hit 2.15m (-)


[Blue Lotus Daily-TMT Update]:JD US/BABA US/3690HK/TCOM US/1024HK/700HK/PONY US/BIDU US/WRD US/GOOGL

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

<ul>
<li>The growth of Chinese outbound activity slowed somewhat in April, to around +18-19% Y/Y</li>
<li>But domestic air activity rebounded to +8% Y/Y, the fastest monthly growth in six months</li>
<li>With strong pricing power, we still prefer China's airlines over travel platform Trip.com </li>
</ul>


The growth of Chinese outbound activity slowed somewhat in April, to around +18-19% Y/Y
But domestic air activity rebounded to +8% Y/Y, the fastest monthly growth in six months
With strong pricing power, we still prefer China's airlines over travel platform Trip.com 


Monthly Chinese Tourism Tracker | Domestic Activity Firmed in April | Airlines > TCOM (May 2025)

China

Trip.com Group Ltd. provides online travel agency services. The Company offers mobile applications, hotel reservations, flight ticketing, package tours, corporate travel management, and train ticketing services.

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Trip.com (TCOM US)

[Blue Lotus Daily-TMT Update]:700 HK/1024 HK/JD US/TCOM US/3690 HK/NTES US/AI Sector Update

Tencent's set to release on November 25, Kuaishou partners with LOVART for AI, JD.com considers launching OTA services.

Blue Lotus Research Institute

[Blue Lotus Daily-TMT Update]:TCOM US/JD US/700 HK/NTES US/PDD US/BABA US/ 3690 HK/Entertainment

TCOM US disappointed with Dragon Boat Festival travel volume, JD US sees surge in food delivery orders, Tencent Yuanbao App integrates with...

Blue Lotus Research Institute

Asian Equities: Southbound Trades Re-Affirm Our China Preferences

In May, net buying of HK-listed stocks cratered to $5.8bn from the previous 3 month’s $20-21bn range. Avg daily turnover dropped to $12bn from the...

Manishi Raychaudhuri

[Blue Lotus Daily-TMT Update]:JD US/BABA US/3690HK/TCOM US/1024HK/700HK/PONY US/BIDU US/WRD US/GOOGL

Food delivery subsidy rules adjusted, merchant share rises to 70%. Stable traffic growth for TCOM during Dragon Boat Festival, but daily cross...

Blue Lotus Research Institute

Monthly Chinese Tourism Tracker | Domestic Activity Firmed in April | Airlines > TCOM (May 2025)

The growth of Chinese domestic air travel activity in April accelerated to almost 8% after slumping to < 1% in Q125. High domestic passenger load...

Tracking Traffic

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

[Blue Lotus Daily-TMT Update]:700 HK/1024 HK/JD US/TCOM US/3690 HK/NTES US/AI Sector Update

​Tencent's set to release on November 25, Kuaishou partners with LOVART for AI, JD.com considers launching OTA services.

Blue Lotus Research Institute

[Blue Lotus Daily-TMT Update]:TCOM US/JD US/700 HK/NTES US/PDD US/BABA US/ 3690 HK/Entertainment

​TCOM US disappointed with Dragon Boat Festival travel volume, JD US sees surge in food delivery orders, Tencent Yuanbao App integrates with...

Blue Lotus Research Institute

Asian Equities: Southbound Trades Re-Affirm Our China Preferences

In May, net buying of HK-listed stocks cratered to $5.8bn from the previous 3 month’s $20-21bn range. Avg daily turnover dropped to $12bn from the...

Manishi Raychaudhuri

[Blue Lotus Daily-TMT Update]:JD US/BABA US/3690HK/TCOM US/1024HK/700HK/PONY US/BIDU US/WRD US/GOOGL

​Food delivery subsidy rules adjusted, merchant share rises to 70%. Stable traffic growth for TCOM during Dragon Boat Festival, but daily cross...

Blue Lotus Research Institute

Monthly Chinese Tourism Tracker | Domestic Activity Firmed in April | Airlines > TCOM (May 2025)

The growth of Chinese domestic air travel activity in April accelerated to almost 8% after slumping to < 1% in Q125. High domestic passenger load...

Tracking Traffic

Tencent's set to release on November 25, Kuaishou partners with LOVART for AI, JD.com considers launching OTA services.

TCOM US disappointed with Dragon Boat Festival travel volume, JD US sees surge in food delivery orders, Tencent Yuanbao App integrates with...

Food delivery subsidy rules adjusted, merchant share rises to 70%. Stable traffic growth for TCOM during Dragon Boat Festival, but daily cross...