China New Economy Equity Analyst, Blue Lotus Research Institute

Robert McKay

China New Economy Equity Analyst

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>China consumption shows rebounding demand following appreciation in asset values and home appliance subsidies. A record number of parcels were delivered last week, while home appliance sales grew rapidly;</li>
<li>We’ve raised 4Q estimates for online shopping growth given the recent demand trends which we expect to sustain through the quarter, so long as stimulus remains forthcoming;</li>
<li>JD and BABA remain our top ecommerce picks given their exposure to recent home appliance subsidies, as well as benefiting from a longer-term improvement in consumer sentiment.</li>
</ul>


China consumption shows rebounding demand following appreciation in asset values and home appliance subsidies. A record number of parcels were delivered last week, while home appliance sales grew rapidly;
We’ve raised 4Q estimates for online shopping growth given the recent demand trends which we expect to sustain through the quarter, so long as stimulus remains forthcoming;
JD and BABA remain our top ecommerce picks given their exposure to recent home appliance subsidies, as well as benefiting from a longer-term improvement in consumer sentiment.


Old E-Commerce Names Are The Biggest Winners of New Stimulus

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>We see 281 Chinese companies listed on U.S Stock Exchanges with a total market cap of US$869bn. 32 of these companies are listed on the <a href="https://www.smartkarma.com/entities/hong-kong-exchanges-clearing" target="_blank" data-smartkarma-citation="entities:490:1" rel="noopener">HKEX (388 HK)</a>. </li>
<li>If the rumours of Chinese stocks being delisted from U.S. Exchanges gathers steam, we could see a wave of secondary listings in Hong Kong.</li>
<li>
<a href="https://www.smartkarma.com/entities/pdd-holdings-inc" target="_blank" data-smartkarma-citation="entities:27250:1" rel="noopener">PDD Holdings</a>, <a href="https://www.smartkarma.com/entities/full-truck-alliance-co-ltd" target="_blank" data-smartkarma-citation="entities:33429:1" rel="noopener">Full Truck Alliance</a>, <a href="https://www.smartkarma.com/entities/vipshop-holdings-ltd-adr" target="_blank" data-smartkarma-citation="entities:1088:1" rel="noopener">Vipshop Holdings</a>, <a href="https://www.smartkarma.com/entities/tal-education-group" target="_blank" data-smartkarma-citation="entities:1124:1" rel="noopener">TAL Education</a> and <a href="https://www.smartkarma.com/entities/zeekr-intelligent-technology-holding" target="_blank" data-smartkarma-citation="entities:36785:1" rel="noopener">ZEEKR</a> are the largest China ADRs with no HK listing and could come under pressure.</li>
</ul>


We see 281 Chinese companies listed on U.S Stock Exchanges with a total market cap of US$869bn. 32 of these companies are listed on the HKEX (388 HK). 
If the rumours of Chinese stocks being delisted from U.S. Exchanges gathers steam, we could see a wave of secondary listings in Hong Kong.

PDD Holdings, Full Truck Alliance, Vipshop Holdings, TAL Education and ZEEKR are the largest China ADRs with no HK listing and could come under pressure.


What if China ADRs Are Delisted from US Exchanges?

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>In a strategic move with major implications for its investor base and geographic footprint, U.S.-listed Chinese e-commerce discount retailer Vipshop Holdings is reportedly exploring a secondary listing in Hong Kong.</li><li>The decision comes amid mounting regulatory headwinds facing U.S.-listed Chinese companies, particularly around audit compliance and potential delisting threats under the Holding Foreign Companies Accountable Act (HFCAA).</li><li>Vipshop’s management, which recently reaffirmed its long-term growth strategy anchored in high-margin apparel categories and loyalty-driven customer cohorts, is now considering Hong Kong not only as a hedge against geopolitical risk but also as a springboard to unlock capital from regional investors.</li></ul>

In a strategic move with major implications for its investor base and geographic footprint, U.S.-listed Chinese e-commerce discount retailer Vipshop Holdings is reportedly exploring a secondary listing in Hong Kong.The decision comes amid mounting regulatory headwinds facing U.S.-listed Chinese companies, particularly around audit compliance and potential delisting threats under the Holding Foreign Companies Accountable Act (HFCAA).Vipshop’s management, which recently reaffirmed its long-term growth strategy anchored in high-margin apparel categories and loyalty-driven customer cohorts, is now considering Hong Kong not only as a hedge against geopolitical risk but also as a springboard to unlock capital from regional investors.

Vipshop Wants Out Of Wall Street? Inside Its Hong Kong Listing Bet

Asia Real Estate News Tracker, Asia Real Estate Tracker

Asia Real Estate Tracker

Asia Real Estate News Tracker

Tracking developments across Asia's regional real estate markets

<ul><li>A REIT is considering selling Morgan Stanley's European headquarters in Canary Wharf, London.</li><li>LaSalle has sold stakes in two multi-family properties in Shanghai to the China Life Fund.</li><li>China has approved its first commercial REIT IPOs, contributing to an $8.7 billion pipeline.</li></ul>

A REIT is considering selling Morgan Stanley's European headquarters in Canary Wharf, London.LaSalle has sold stakes in two multi-family properties in Shanghai to the China Life Fund.China has approved its first commercial REIT IPOs, contributing to an $8.7 billion pipeline.

Asia Real Estate Tracker (30-Apr-2026): REIT considers selling Morgan Stanley HQ in London.

Andy Fu

<ul>
<li>2025's Chinese New Year (CNY)  closed with a bang. Home appliances, mobile phones and general merchandises were robust.  Catering saw steady growth and box office hit a record high;</li>
<li>Domestic travel was vibrant. So was inbound overseas travel. But outbound overseas travel was in the doldrums on several unfavorable incidents involving kidnapping in Thailand and flu in Japan; </li>
<li>We predict a 65% chance of a housing resurrection post CNY.  We observe an improvement in consumer sentiment as life gradually returning to normal. </li>
</ul>


2025's Chinese New Year (CNY)  closed with a bang. Home appliances, mobile phones and general merchandises were robust.  Catering saw steady growth and box office hit a record high;
Domestic travel was vibrant. So was inbound overseas travel. But outbound overseas travel was in the doldrums on several unfavorable incidents involving kidnapping in Thailand and flu in Japan; 
We predict a 65% chance of a housing resurrection post CNY.  We observe an improvement in consumer sentiment as life gradually returning to normal. 


2025's Chinese New Year Consumption Tiltering Towards the Positive

China

Vipshop Holdings Ltd. retails branded products at discount over the Internet. The Company retails through flash sales, in which limited quantities of an item are sold at deep discount for a specified period of time.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Vipshop Holdings (VIPS US)

Old E-Commerce Names Are The Biggest Winners of New Stimulus

China's consumption seeing increased demand for home appliances and online shopping, leading to record parcel deliveries. JD and BABA are top...

Blue Lotus Research Institute

What if China ADRs Are Delisted from US Exchanges?

The escalating tariff wars have increased calls in the U.S for Chinese companies to be delisted. While there have been few mentions of an...

Brian Freitas

Vipshop Wants Out Of Wall Street? Inside Its Hong Kong Listing Bet

In a strategic move with major implications for its investor base and geographic footprint, U.S.-listed Chinese e-commerce discount retailer...

Baptista Research

Asia Real Estate Tracker (30-Apr-2026): REIT considers selling Morgan Stanley HQ in London.

A REIT may sell Morgan Stanley's London HQ, LaSalle has sold stakes in Shanghai properties, China approves its first commercial REIT IPOs, and...

Asia Real Estate Tracker

2025's Chinese New Year Consumption Tiltering Towards the Positive

China's spring festival goods consumption sees solid growth and domestic tourism service thrives. Consumer sentiment increases slightly but income...

Blue Lotus Research Institute

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Old E-Commerce Names Are The Biggest Winners of New Stimulus

​China's consumption seeing increased demand for home appliances and online shopping, leading to record parcel deliveries. JD and BABA are top...

Blue Lotus Research Institute

What if China ADRs Are Delisted from US Exchanges?

The escalating tariff wars have increased calls in the U.S for Chinese companies to be delisted. While there have been few mentions of an...

Brian Freitas

Vipshop Wants Out Of Wall Street? Inside Its Hong Kong Listing Bet

In a strategic move with major implications for its investor base and geographic footprint, U.S.-listed Chinese e-commerce discount retailer...

Baptista Research

Asia Real Estate Tracker (30-Apr-2026): REIT considers selling Morgan Stanley HQ in London.

A REIT may sell Morgan Stanley's London HQ, LaSalle has sold stakes in Shanghai properties, China approves its first commercial REIT IPOs, and...

Asia Real Estate Tracker

2025's Chinese New Year Consumption Tiltering Towards the Positive

​China's spring festival goods consumption sees solid growth and domestic tourism service thrives. Consumer sentiment increases slightly but income...

Blue Lotus Research Institute

China's consumption seeing increased demand for home appliances and online shopping, leading to record parcel deliveries. JD and BABA are top...

China's spring festival goods consumption sees solid growth and domestic tourism service thrives. Consumer sentiment increases slightly but income...