HK/China Equity Long-Short

Osbert Tang, CFA

Osbert Tang is an equity analyst with over 20 years of experience with focuses on China transport, infrastructure, industrials and utilities sectors. He has been based in Shanghai since 2003, accumulated nearly 20 years of on-ground knowledge on the Chinese economy and financial markets, and has a wealth of contacts with China corporates and government entities. 

Osbert has received votes from top-tier institutional investors and has been a highly-ranked transport and infrastructure analyst in the Asiamoney, Institutional Investors and Greenwich surveys. In addition to his extensive experience with international investment banks including RBS, ABN AMRO (both served as Shanghai Chief Representative), Paribas Asia Equity, Maybank Kim Eng and DBS Securities, he has been a senior analyst with Moody’s Investors Service with focus on ratings of China infrastructure and related LGFV issuers. He has also worked in the area of strategic development at Sun Hung Kai Properties Limited. 

Osbert holds a BBA from the Chinese University of Hong Kong, an MBA from the University of Texas at Austin and a MSSc in Applied Psychology from the City University of Hong Kong. He was accredited with the CFA charter in 1997, and is a member of both British Psychological Society and Hong Kong Psychological Society.

2026 High Conviction Update: Meituan (3690 HK) - Seeing Positive Signs

2026 High Conviction Update: Meituan (3690 HK) - Clearer Skies

2026 High Conviction: Meituan (3690 HK) - Contrarian Perspectives

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/meituan" target="_blank" data-smartkarma-citation="entities:26970:1" rel="noopener">Meituan (3690 HK)</a>'s FY25 result is at the low end of the loss range it indicated. However, gross and operating margins have signs of stabilisation in 4Q25. </li>
<li>We have already passed the trough of the Core Local Commerce as the government has stepped up anti-involution efforts, and losses and margins have improved QoQ.</li>
<li>Loss of New Initiatives has expanded QoQ, but Keeta in Saudi Arabia is breaking even sooner than expected, which is positive.</li>
</ul>



Meituan (3690 HK)'s FY25 result is at the low end of the loss range it indicated. However, gross and operating margins have signs of stabilisation in 4Q25. 
We have already passed the trough of the Core Local Commerce as the government has stepped up anti-involution efforts, and losses and margins have improved QoQ.
Loss of New Initiatives has expanded QoQ, but Keeta in Saudi Arabia is breaking even sooner than expected, which is positive.


2026 High Conviction Update: Meituan (3690 HK) - Still Convinced