China Online Marketplaces: Expecting Slow yet Steady Growth

666 Views03 Apr 2023 10:31
  • China online marketplaces are entering maturity phase of slow but steady growth. While markets have lingering concern about competition intensifying, we see the landscape stabilizing rather than deteriorating.
  • Early yet clear signals are flashing that incumbents like Alibaba are regaining footing whereas challengers such as PDD and Douyin are losing momentum.
  • Alibaba is our top pick for its improving fundamentals and discounted valuation. We are positive on Meituan for the near term but underweight PDD and see JD fairly priced.
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Eric Chen
Greater China Equity Long/Short Analyst
ChinaInformation Technology & Consumer DiscretionaryEquity Bottom-UpThematic (Sector/Industry)