All Fintech China Property Financial Sector Other Coverage Weekly (1810.HK) Xiaomi Jan 15, 2021 Fundamental unchanged, LT growth story intact, buying opportunity emerging, reiterate Buy with PT of HK$35.0 Global Tech Biweekly Vol.37 Dec 11, 2020 marginSalesforce – secular growth driven by strategic acquisitions (BLCT.US) BlueCity Dec 8, 2020 3Q20 results review: Streamlining business process and realigning overseas expansion amid headwinds (HUIZ.US) Huize Dec 8, 2020 Initiation Report: Leading the evolution of online insurance platform to the next generation (0382.HK) Edvantage Group Holdings Limited Nov 27, 2020 Grooming Greater Bay Area’s Next Generation of Talent, Initiate with Buy Global Tech Biweekly Vol.36 Nov 27, 2020 Cloud computing (IaaS) – growth and scale (1810.HK) Xiaomi Nov 27, 2020 Impressive smartphone sales, HW margin expanding, and upbeat outlook on overseas market, PT to HK$35.0 Global Tech Biweekly Vol.35 Nov 13, 2020 Global smartphone shipment – bottomed out stronger than expected Global Tech Biweekly Vol.34 Nov 11, 2020 China smartphone shipment – ahead of a new upgrade cycle Global Tech Biweekly Vol.33 Oct 19, 2020 NVIDIA – computing for the age of AI Global Tech Biweekly Vol.32 Sep 25, 2020 IaaS – product competitiveness of major vendors Global Tech Biweekly Vol.31 Sep 11, 2020 SaaS – outperformed in the downturn (BLCT.US) BlueCity Sep 10, 2020 Initiation report: Leading online LGBTQ community growing with the true demands of loyal customers (302.HK) CMGE Aug 31, 2020 More top hits scheduled to launch in 2H with a big room for valuation expansion, PT to HK$5.0 (1810.HK) Xiaomi Aug 31, 2020 Valuation expansion boosted by strong LT growth potential and index inclusion catalyst, raise PT to HK$30.5 Global Tech Biweekly Vol.30 Aug 28, 2020 Cloud computing (IaaS) – growth and scale (1810.HK) Xiaomi Aug 27, 2020 2Q20: weathered through the pandemic, raising FY21E on back of share gain opportunity; PT to HK$24.4 (268.HK) Kingdee Aug 21, 2020 1H20 Report (2013.HK) Weimob Aug 18, 2020 Solid execution amidst headwinds, expect further upside from econ recovery, raising PT to HK$13.7 Global Tech Biweekly Vol.29 Aug 14, 2020 Global smartphone – recovery could be delayed to late 3Q Global Tech Biweekly Vol.28 Jul 31, 2020 6G networks - Expected to achieve commercialization by 2030 Global Tech Biweekly Vol.25 Jun 22, 2020 China’s smartphone shipment – 5G is becoming the major driver Global Tech Biweekly Vol.24 Jun 5, 2020 Cloud computing (IaaS) – growth, scale, and capex Global Tech Biweekly Vol.23 May 22, 2020 Global smartphone shipment dropped in Q1, but not worse than expected (1810.HK) Xiaomi May 21, 2020 1Q20: 5G and premium strategy started to pay off for smartphone amid the COVID-19 uncertainty (302.HK) CMGE May 6, 2020 High-growth mobile game operator moving upstream to fully tap its IP potential Global Tech Biweekly Vol.22 May 6, 2020 Smartphone – lens sets growth driven by multi-camera adoption (1810.HK) Xiaomi Corporation Apr 2, 2020 Diversification played in macro headwinds, expect smartphone sales bounce back in 2H Global Tech Biweekly Vol.21 Apr 2, 2020 China telecom capex cycle – 5G-related investment is picking up Global Tech Biweekly Vol.20 Mar 25, 2020 Smartphone – weaker demand becomes a new concern after supply chain disruption (2013.HK) Weimob Mar 24, 2020 Solid FY19 results back on healthy operating metrics, softer outlook on FY20, Maintain buy (1810.HK) Xiaomi FY19 earnings preview Mar 10, 2020 Expect solid FY19 results based on smartphone GM recovery and healthy IoT growth Initiate Weimob (2013.HK) with a BUY rating (PT HK$6.2) Mar 10, 2020 A long-term growth story – frontrunner of SMB SaaS vendors chasing new digitalization growth Global Tech Biweekly Vol.19 Mar 6, 2020 5G smartphone growth – powered by chipmaker Global Tech Biweekly Vol.18 Feb 21, 2020 Cloud computing (IaaS) – growth vs scale Global Tech Biweekly Vol.17 Feb 7, 2020 YoYGlobal smartphone shipment – uncertainties at the early stage of a new cycle Global Tech Biweekly Vol.16 Jan 21, 2020 CES – Global stage for innovation Global Tech Biweekly Vol.15 Jan 8, 2020 Adobe – Strong Q4 results 1931.HK IVD Medical | Initiation of Coverage Dec 17, 2019 A leading IVD product distributor in China Global Tech Biweekly Vol.14 Dec 13, 2019 AWS – re:Invent 2019 key takeaways (1810.HK) Xiaomi Corporation | Company Update Dec 12, 2019 Redmi K30 5G – the game changer of 5G smartphone competition (1810.HK) Xiaomi Corporation | 3Q19 Earnings Review Dec 3, 2019 Proactive defense strategy with margin expansion; 5G a big driver in 2020 Global Tech Biweekly Vol.13 Nov 29, 2019 We believe the rapid growth of IoT market is expected to be driven by 5G deployment, which will further improve the performance of IoT device and expand its applications. Global Tech Biweekly Vol.12 Nov 18, 2019 According to IDC, worldwide smartphone shipment was 358.3mn units in 3Q19, up 0.8% YoY after 7 consecutive quarters of decline. Despite the meager growth in this quarter, we still saw a clear recovery trend and believe global smartphone has been back on growth track again as a new round of smartphone replacement is coming soon. Global Tech Biweekly Vol.11 Nov 1, 2019 In this issue, we will look into Kingdee’s cloud transition, which performs differently in different market segments, as a result benefits of cloud transition have yet fully come. Global Tech Biweekly Vol.10 Oct 18, 2019 In this issue, we will look into Yonyou’s cloud business development. China Online Advertising Chartbook 2Q19 Oct 10, 2019 Meituan, Pinduoduo , and Qutoutiao continued to outperform Global Tech Biweekly Vol.9 Oct 4, 2019 In this issue, we will discuss the changes that cloud transition brought to traditional software company from a financial and valuation perspective. Global Tech Biweekly Vol.8 Sep 19, 2019 In this issue, we will discuss the main characteristics of cloud native SaaS companies. Global Tech Biweekly Vol.7 Sep 5, 2019 In this issue, we will discuss the relationship between revenue growth and the corresponding Capex of major cloud (IaaS) vendors and how they build their product competitiveness. Global Tech Biweekly Vol.6 Aug 22, 2019 Smartphone (shipment forecast, product strategy, 5G implication, and CCM) Global Tech Biweekly Vol.5 Aug 8, 2019 Cloud computing Global Tech Biweekly Vol.4 Jul 25, 2019 According to Gartner (April 2019), the worldwide public cloud services market size was US$182.4bn in 2018 and projected to grow by 17.5% YoY to US$214.3bn in 2019. In terms of service type, SaaS market accounted for the largest proportion while smaller IaaS market was quite concentrated. In 2018, three big giants, Amazon (AWS), Microsoft (Azure), and Alibaba accounted for 47.8%, 15.5%, and 7.7% of the global IaaS market share, respectively. Global Tech Biweekly Vol.3 Jul 10, 2019 After being launched by Niantic in 2016, Pokémon Go became very popular and has caught wide market’s attention on AR. Spun out of Alphabet in 2015, Niantic raised a new US$245mn C funding round at a US$4bn valuation in Jan 2019. Game has become a successful way of monetization for new AR technology. Global Tech Biweekly Jun 24, 2019 On 11 Jun, Sunny Optical announced shipment data for May. Handset lens shipment were 107mn, -5.8% MoM/+38.7% YoY. CCM shipment were 39.7mn, +2.1% MoM/+16.6 YoY. The shipment data began to weaken mainly because the Huawei’s order cut impact started to show. Global Tech Biweekly Vol.1 Jun 10, 2019 Telecom investment cycle of China 1Q19: smartphone bottoming out and accelerated monetization in internet services May 24, 2019 Xiaomi reported 1Q19 revenue of Rmb43.8bn, +27.2% YoY/-1.5% QoQ and beating the consensus by 4.9%. 1Q19 gross profit came at Rmb5.2bn, +21.3% YoY/-7.9% QoQ, with gross margin softened at 11.9%. With the strong new product launch including high-end phone Mi9 in 1Q19, we expect a recovery in margin in 2Q19. Xiaomi Corporation March 21, 2019 Xiaomi reported FY18 full-year revenue of Rmb175bn, +53% YoY, with 4Q revenue at Rmb44.4bn, +26.5% YoY/-12.6% QoQ. The sector-wide sluggish smartphone sales and few new models launched (only two mid/high-end models launched in 4Q) weighed on 4Q result Greater Bay Area Guideline Comment March 1, 2019 We upgrade Aoyuan to Buy. The company has maintained a faster-than-peer sales momentum on sufficient landbank, strong execution and a strong balance sheet Xiaomi Corporation - The launch of Mi9 and 5G Mix 3 marks the start of a new era February 27, 2019 Xiaomi recently launched two flagship smartphones: the Mi9 and 5G Mix 3. We believe these two new smartphone models and the independent operation of Red Mi brand reflect Xiaomi’s strategy to strengthen its market share in high-performance premium smartphone segment Xiaomi Corporation - Upbeat results supported by strong growth momentum November 21, 2018 Xiaomi has upbeat revenue growth and profitability despite challenging market condition. In 3Q18, Xiaomi reported a stronger-than-expected set of results；reiterate “BUY”rating and price target of HK$ 22.0 Xiaomi Corporation - Innovation and unique consumer IoT network key to growth Sept 4, 2018 Xiaomi offers a portfolio of award-winning, high-performance smartphones, smart hardware and lifestyle products with “honest price”. The smart devices serve as the gateway to offer internet services to its loyal users. Its price strategy is achieved through highly efficient distribution channels that seamless integrate direct online sales, self-operated Mi Home and offline retail partners The market may underestimate a potential trade war March 7, 2018 On March 1, 2018, President Trump proposed that the US would impose 25% import tariffs on steel and 10% on aluminum.Although a trade war may end up in a lose-lose situation for China and the US, we are concerned that the stock market may have underestimated such possibility Comment on US market plunge February 6, 2018 De-risking mode on; HK stocks may see good entry point on volatility; The global stock selloff may trigger US and Europe investors to take profit on the liquid HK stock market, given the rally in 2017. On the other hand, southbound inflows through Stock Connect program may come to offset this Canvest Environmental Protection Group – Star on the rise February 21, 2017 Canvest Environmental Protection Group is the largest non-state-owned waste-to-energy (WTE) incineration treatment provider in Guangdong Province, by municipal solid waste (MSW) treatment capacity. It is a star on the rise, with ROE expansion and we Initiate with Buy rating. Wonderful Sky Financial Group - No.1 market leader stepping up the game December 22, 2016 We initiate coverage on?Wonderful Sky (WSFG, 1260.HK)?with Buy rating. We identify it as a growth stock with good defensive value. We see deep valuation discount to its peers with dividend yield at 7.0%, and FY17 PE at 8.6x.