Lates News

Daikyo's report on the Chinese internet industry stated that the China concept internet index ETF and the Hang Seng tech index dropped by 10% and 10.5% respectively in the past month, affected by geopolitical uncertainty. The bank believes that US-China relations have reached a "peak of confrontation" and may return to a more constructive development in the future. Daikyo's top recommendations are Alibaba, Ctrip, Tencent, Pinduoduo, and Sea, with positive outlook for Manbang as well. The bank believes that Alibaba, as a leader in the cloud market, is most likely to benefit from the growth in public cloud spending; Ctrip is expected to benefit from the growth in demand for inbound tourism to China; and Tencent has room for valuation growth compared to its average P/E ratios over the past three and five years.