NetEase Hints that Youdao Might Come Home Too
While we were working on our IPO note on NetEase Inc (NTES US) secondary listing on the Hong Kong Stock Exchange, one thing which caught our eye...
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NetEase – Micro-Quantamentals Point to Margin Compression
As NetEase prepares to list in Hong Kong we examine the company’s financials to dig into the prospects for revenue growth and margin expansion....
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NetEase Secondary Listing: Coming Home
NetEase Inc (NTES US) is the second-largest mobile game company in the world as measured by combined iOS and Google Play user spend in 2019,...
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GSX: Minimal Market Share; ~80% Fake Enrollment and Operational Irregularities
Last week, we conducted a market survey among K12 parents who registered their child(ren) for at least one class with Gaotu and/or GSX Techedu (GSX...
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Youdao 1Q20: K-12 Paid Enrollments Soar 360% as Gross Margin Expands; Maintain OW (28% Upside)
We maintain our overweight rating on Youdao as decade-long structural trends are brought forward by years and consumers increasingly shift spend to...
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