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

Blue Lotus China New Economy Research, Blue Lotus Research Institute

Eric Wen

Blue Lotus China New Economy Research

Equity Bottom-Up

<ul>
<li>Travel and box office data in the past three-day Dragonboat Holiday showed worrying weakness despite sharp price cuts by hotel and airlines. </li>
<li>Removing travellers from Hong Kong, inbound travel was also quite bad; </li>
<li>E-Commerce sales backed by trade-in stimulus outperformed regular merchandises, indicating consumer confidence is still low. We believe the weak travel data boded ill for consumption throughout the year.</li>
</ul>


Travel and box office data in the past three-day Dragonboat Holiday showed worrying weakness despite sharp price cuts by hotel and airlines. 
Removing travellers from Hong Kong, inbound travel was also quite bad; 
E-Commerce sales backed by trade-in stimulus outperformed regular merchandises, indicating consumer confidence is still low. We believe the weak travel data boded ill for consumption throughout the year.


[Blue Lotus Multi-Sector Sector Update]: Consumer Spending Weakened During Dragon Boat

JD.com Inc (ADR)

[Blue Lotus Multi-Sector Sector Update]: Consumer Spending Weakened During Dragon Boat