Blue Lotus Research Institute

About Us

Blue Lotus Research Institute

Blue Lotus Capital Group focuses on Chinese New Economy and Non-US Internet companies through its secondary and primary business lines. Since the founding of the company in April 2015, Blue Lotus has formed Blue Lotus Research Institute (BLRI), Creekwood Investment and QC Capital to tackle equity research, financial advisory and direct investment fields, respectively and maintained offices in Hong Kong, Shenzhen, Shanghai and New York. Blue Lotus Research Institute (BLRI) covers more than 60 high tech companies in Hong Kong, US ADR and Chinese domestic bourses. It has received Type 4 research license from Hong Kong Security and Futures Commission (SFC) since founding. Since inception, Creekwood Investment has helped more than 35 companies in raising more than US$650mn of capital.

Industry News

Blue Lotus Flagship Research

Short term sell-off overb...

COVID lockdown has impacted BZ’s business in Shanghai materially. However, the impact has been overblown given the share price correction taking place

Upgrade Pinduoduo to HOLD

PDD reported its 4Q21 revenue/non-GAAP NI (9%)/184% vs. consensus. While annual active customer remained flattish and led to slowed revenue growth of 19% YoY, cautious S&M spending helped PDD to reach net margin of 32%.

UG Meituan to BUY for eas...

We estimate that Tencent 1Q22’s rev./non-IFRS net profit will have 0.9%/(15.2%) YoY change, and are (4.4%)/3.8% vs cons.

Cut Tencent TP to HK$399

We estimate that Tencent 1Q22’s rev./non-IFRS net profit will have 0.9%/(15.2%) YoY change, and are (4.4%)/3.8% vs cons. Our 2Q22’s rev./non-IFRS net profit missed cons by 8.2%/4.6%. We cut our estimation of online ads and fintech because of current lockdown measures. We forecast 2022’s EPS will have 5% YoY decline vs 2021, and cut TP to HK$399, which implies 27.6X PE in 2022.

Initiate Mercari w/ HOLD

We initiate the stock with a HOLD and TP of JPY 3,486. Mercari needs to break the mould. While its grip on Japan’s online reuse market is solid, it has missed out key markets and important innovations, putting the company on the defensive;

Initiate Grab Holdings @S...

Latest report from Momentum Works showed GRAB lost 1ppt market share in food delivery to 49% in 2021. From another angle, however, GRAB lost share in four of the six markets. SEA was the biggest winner and Delivery Hero (DH) also gained. Gojek and Deliveroo are among the losers. We maintain our SELL rating and TP.

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Our Team

Eric (Tianli) Wen

Founder & CEO

Mr. Eric (Tianli) Wen is responsible for IOT and Intelligent Hardware research at Blue Lotus. Eric is one of the most renowned TMT analysts in China. Since he started covering China Internet under Mary Meeker in Morgan Stanley in 2002, Mr. Wen has studied the industry for more than 18 years.

Wayne T. Chang

Head of US Equity

Mr. Wayne T. Chang is a specialist of the Chinese concept share (CCS having worked at BOCI (Bank of China Oppenheimer and Mirae Asset Securities in sales positions covering North Asia across 13 sectors with a focus on US listed ADRs, H-shares, and A-share names.

Shawn (Zixiao) Yang

Deputy Head of Research

Mr. Shawn (Zixiao) Yang is responsible for Internet & Media and Advertising coverages at Blue Lotus. Mr. Yang has extensive experience in the financial and internet industry.

Dan Zhuang

Sector Head

Ms. Zhuang is responsible for traditional automobile and new energy vehicle coverages at Blue Lotus. Prior to joining our company, Ms. Zhuang worked as the chief auto analyst in RHB for three and a half years, covering auto, engineering machinery and construction industry.

Victor (Weiqing) Yang

Vice President

Mr. Yang Weiqing （Victor) is the sector head of healthcare research in Blue Lotus. Mr. Yang has been focusing on medical device and technology , biopharmaceutical innovation , medical services and health care industries for a long time.

Kim (Dingkun) Chen

Analyst

Mr. Kim(Dingkun) Chen is responsible for assisting in eCommerce coverages at Blue Lotus Shenzhen office. Prior to joining in Blue lotus, Kim worked in Preferred Imaging's finance department.

Sharon (Yumeng) Li

Analyst

Ms. Sharon (Yumeng) Li is responsible for assisting in Logistics and Travel coverages at Blue Lotus. Prior to joining Blut Lotus, Sharon worked at a investment research firm in the US, covering various sectors.

Joe (Ju) Mei

Research Associate

Mr. Joe (Ju) Mei is responsible for Internet and Interactive Entertainment coverages at Blue Lotus. Prior to joining in Blue Lotus, Joe worked at New Street Research as research associate covering the TMT sector.

Robert McKay

Research Associate

Mr. Robert McKay is responsible for assisting in coverage of the Semiconductor and Consumer Electronics industry at Blue Lotus. Robert obtained his Bachelor of Commerce from the University of Alberta, where he majored in Finance.

Simon (Mengyang) Liu

Analyst

Mr. Simon (Mengyang) Liu Is Responsible For Assisting In EV Coverage and Generalist Assistant at Blue Lotus Shanghai office. Simon Obtained His Bachelor of Arts (German Language) From Shanghai International Studies University.

Dorothy (Ruoyi) Zhang

Research Associate

Ms. Dorothy (Ruoyi) Zhang is responsible for assisting in Pharmaceutical industry coverage and generalist assistant at Blue Lotus Shenzhen office.

Norris (Guofeng) Xu

Research Associate

Mr. Norris (Guofeng) Xu is responsible for assisting in healthcare industry coverage and generalist assistant at Blue Lotus Shenzhen office.

Alice (Xueying) Lin

Director of Corporate Access

Ms. Alice (Xueying) Lin is responsible for assisting corporate access activities at Blue Lotus. Alice obtained her Bachelor of Business（Accounting & Finance）from Saint’s Mary University.

Lily (Ya) Li

Data Analyst

Ms. Lily(Ya) Li is responsible for tracking data of covered fields. Prior to joining Blue Lotus, Lily worked as a quant researcher in ChengHao Assets and Lixun Fintech.

Company News

Shawn Yang interviewed by...

Shawn Yang, managing director at Blue Lotus Capital Advisors, discusses Alibaba’s recent quarterly earnings as well as its application for primary dual listing in Hong Kong with CNBC and Bloomberg on Aug. 5th and Jul. 27th，respectively.

Creekwood Investment help...

On June 21st, Shanghai Simple Touch Co., LTD. (hereinafter referred to as "Simple Touch"), a surgical robot company, announced the completion of A+ round financing of USD 10 million+ led by Walden International.

Robert McKay interviewed ...

Despite easing lockdowns in Shanghai, we remain pessimistic about Xiaomi given (1) increasing overseas competition, (2) a lack of on-going demand due to low levels of handset innovation, and (3) increasing operational and input costs.

Shawn Yang interviewed by...

Shawn Yang, Managing Director of Blue Lotus Research Institute, was interviewed by CNBC and Bloomberg on recent earnings results of Alibaba, JD and Meituan. Despite impacts of COVID resurgence, we remain positive to JD and Meituan, and neutral to Alibaba.

Blue Lotus’s Dan Zhuang i...

Dan Zhuang, Executive Director of Blue Lotus Research Institute, was interviewed by Bloomberg and expressed her views on the recent dynamics of Tesla, Xpeng, NIO and Li Auto. Although the NEV industry is facing challenges including rising raw material prices and COVID-19, we maintain optimistic about Li Auto, Xpeng, and NIO.

Creekwood Investment help...

Portable mobile energy storage brand Acenew has recently received tens of millions of RMB during its angel round of fundraising. This round was jointly invested by both Kaiying Capital and Wanweiwei Venture Capital, while Creekwood Investment offered long-term financial consultancy.

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