In today’s briefing:
- #86 India Insight: Microfinance Grows 7.6%, Nippon AMC Fund Launch, FHRAI Challenges Swiggy, Zomato
- Blue Lotus China Growth Equity Weekly (2/2025): Tesla Heading into a Different Chinese EV Market
- Blue Lotus Non-US Internet Weekly Wrap (2/2025): Tencent’s Inclusion and Exclusion from US Sanctions

#86 India Insight: Microfinance Grows 7.6%, Nippon AMC Fund Launch, FHRAI Challenges Swiggy, Zomato
- The microfinance sector sees 7.6% YoY growth, but quarterly loan book shrinks by 4.3%. Rising delinquencies, particularly in Odisha, Uttar Pradesh, and Tamil Nadu, raise concerns.
- Nippon Life India Asset Management (NAM IN) launches the Nippon India Large Cap Fund GIFT in GIFT City, offering global investors access to India’s equity market.
- FHRAI and NRAI are challenging Swiggy (SWIGGY IN) and Zomato (ZOMATO IN) private labels, Snacc and Bistro, alleging market manipulation and anti-competitive practices.
Blue Lotus China Growth Equity Weekly (2/2025): Tesla Heading into a Different Chinese EV Market
- China’s 2025 trade-in subsidies now include smartphones and ICE vehicles, but with a price caveat that excludes Apple, positive for Xiaomi and JD.com;
- China limits export of LFP battery technology, but lowers import tax again;
- ICE-Turned EV makers continue to enjoy product superiority. The watchouts for 2025 are BYD and Geely. Tesla’s sales may peter out from C2H25.
Blue Lotus Non-US Internet Weekly Wrap (2/2025): Tencent’s Inclusion and Exclusion from US Sanctions
- We believe Tencent’s inclusion in the US DoD CMC List and removal from USTR’s NML are both non-events in the long run but not in the short run;
- Latest data in holiday travel, parcel volume and home sales painted robust start in 2025, but unstable equity market posts a looming threat;
- NetEase’s newly released games were well-received and above our expectations. New game pipeline also brightens outlook.