• Impact of COVID-19 Outbreak On New Economy Sectors - An Investment Research Perspective

    The outbreak of COVID-19 is causing temporary shock to economy as whole. Industries closely relatedwith offline activities are more vulnerable and market consolidation is expected to speed up, whileindustries featuring digitalization are more resilient and even see some upside, which all lead to potentialinvestment opportunities.

    Online education, SaaS-based enterprise collaboration, fresh food eCommerce and onlinehealthcare sectors share similar characteristics in that they are all at early stage with large potential ofmarket penetration. The epidemic facilitates user acquisition and may lead to systematic user penetrationimprovement for these industries thanks to user education. Online education is to benefit the most.

    Travel, tourism and hospitality industry is hit hard, and we expect business travel to recover at a fasterpace than long-distance leisure travel, indicating investors can watch out for business travel-orientedplatforms/operators. Catering and other offline formats such as department stores also face bigchallenges, but food delivery and livestreaming bring relief to some extent. Investors can pay closerattention to eCommerce livestreaming since we expect the segment to achieve big breakthrough this year.

    Most to-B logistics sub-sectors experienced severe business interruption due to capacity shortage andweak demand, and accelerated market consolidation is expected. Express service is subject to lessnegative impact and self-operating players are gaining market share & brand recognition. On-demanddelivery benefits from user demand surge but investability is limited since the market is quite concentrated.

    Mar 25 2020
  • 2020 Consumption Trends in China Under The Influence of COVID-19

    On the onehand, it is not clear when the epidemic will end. The users' consumption growth lacks momentum. It will notreach the consumption level in 2019 three months after theoutbreak. (After the end of SARS in 2003, the recovery cycle ofthe industries were generally within 3 months. Some industries even reboundedquickly in only one month.) Industries benefited During the outbreak, such as theshort video, long video, online games, online education, online medical careindustries, will decline after this epidemic. On the other hand, although therecovery cycle of consumer consumption is relatively long, most industries willgradually develop after when the epidemic is over. The expectation of thedevelopment of the industries 3 months after theoutbreak is much better than the expectation of development 1-3months after the outbreak. The userconsumption level of the long video, short video, online education, onlinemedical care, and online shopping industries will be close to that in 2019three months after the outbreak.

    Mar 20 2020
  • 2019 China’s Short Video Investment Report

    Kuaishou will finish its last round of financing before its IPO soon. This round of financing is led by Tencent, and Boyu Capital, YF Capital, Temasek and Sequoia also invested. The amount of this F round financing is around 3 billion USD. Tencent invested 2 billion USD. Currently, Kuaishou and Tencent are negotiating the details of the clause. The negotiation is expected to end in December 2019. Kuaishou's post-investment valuation will reach 28.6 billion USD and Tencent will own nearly 20% of the shares in Kuaishou.

    Mar 06 2020
  • 2019 China's Integrated Payment Industry Report

    In 2018, the transaction size of integrated payment was 5.5 trillion yuan, accounting for 25.9% of offline QR code payment. Scenarios: in 2018, the transaction size of Integrated payment in catering scenarios was the largest, accounting for 47.6%, followed by retailing scenarios,  which accounted for 39.1%. Merchant penetration rate: The number of merchants covered by integrated payment in 2019 was 23.07 million, and the penetration rate reached 46.1%. More details can be seen in the full report with 34 pages.

    Feb 05 2020
  • 2019 5G Application Scenario Report

    The development of the mobile Internet and the Internet of Things lead to 5G communication technologies. 5G is very different from the previous generations of mobile communication technologies in the aspects of standard, performance, network architecture, user groups, and the development speed of the industry chain.The full report has 35 pages.

    Jan 29 2020

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