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 Non-US Internet Weekly, 3/52]: RedNote's Popularity Can Lift Other Boats Outside China

[Blue Lotus Non-US Internet Weekly, 4/52]: Deepseek's Asked the Right Question on GAI Capex

[Blue Lotus China New Consumer Weekly, 6/52] Express Delivery Showed Social Gift Took off During CNY

What Has Happened in the First Ten Days of 2025?

China Internet Weekly Wrap (52/​2024): Visa Free Entry, Social Gift Sending & E-Commerce Tax

China Internet Weekly Wrap (1/2025): JD, BABA, PDD, SE, CPNG, Meituan, NTES

Meituan (3690 HK): Online Drug Sales Is the First Sweet Spot of O2O Vs. E-Commerce

Blue Lotus Non US Internet research, Blue Lotus Research Institute

Ying Pan

Blue Lotus Non US Internet research

Thematic (Sector/Industry)

China It services / Thematic (Sector/Industry)

<ul>
<li>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;</li>
<li>Latest data in holiday travel, parcel volume and home sales painted robust start in 2025, but unstable equity market posts a looming threat;</li>
<li>NetEase's newly released games were well-received and above our expectations. New game pipeline also brightens outlook.</li>
</ul>


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.


Blue Lotus Non-US Internet Weekly Wrap (2/2025): Tencent's Inclusion and Exclusion from US Sanctions