Core Viewpoint - Klook, a cross-regional experience aggregation platform, has filed for an IPO to raise between $300 million and $500 million, aiming to capitalize on the growing demand for travel experiences in the Asia-Pacific region [3][4]. Company Overview - Klook was founded in 2014 and became a unicorn in 2018, headquartered in Hong Kong with teams in 18 countries [3][4]. - The company specializes in selling overseas attraction tickets, day tours, and various transportation passes, with a focus on unique local experiences [3][4]. Market Position and Performance - Klook's core market is in the Asia-Pacific region, offering approximately 310,000 experience products across around 4,200 destinations by September 30, 2025 [4][23]. - The total transaction volume for Klook is projected to reach $2.5 billion in 2024, making it the largest experience aggregation platform in the Asia-Pacific [4]. - In the first nine months of 2025, Klook reported nearly $2.3 billion in total transaction volume [4]. Founders and Team - The founding team consists of Lin Zhao-Wei, Wang Zhi-Hao, and Xiong Xiao-Kang, all with backgrounds in finance and technology [4][9]. - The founders' shared passion for travel and their experiences in investment banking led to the creation of Klook [9][12]. Funding and Valuation - Klook has completed nine rounds of financing, with notable investors including Sequoia Capital, SoftBank, and Goldman Sachs, achieving a valuation of approximately $3 billion [7][25]. - As of the IPO filing, Sequoia holds about 15.5% of the shares, while Lin Zhao-Wei owns approximately 20.5% [7][25]. Business Model and Revenue - Klook's revenue primarily comes from commissions on travel experience sales, with a small portion from advertising fees [25]. - The company has not yet achieved profitability, but losses are narrowing, with revenue projected to grow from $129 million in 2022 to $417 million by 2024 [25]. Challenges and Opportunities - Klook faces challenges in a highly fragmented service industry, with competition from traditional OTAs and emerging platforms [27][28]. - The Asia-Pacific market is expected to grow significantly, with a projected market size of $105 billion by 2024, representing nearly one-third of the global market [28].

Core Viewpoint - Trip.com Group's recent financial performance indicates strong growth driven by increasing global travel demand, with significant year-over-year improvements in both revenue and net profit [1] Financial Performance - For Q3 2025, Trip.com Group reported net operating revenue of 18.3 billion RMB, a year-over-year increase of 16% [1] - The net profit for the quarter reached 19.9 billion RMB, a substantial rise from 6.8 billion RMB in the same period of 2024 [1] - The financial results exceeded market expectations, with revenue and non-GAAP operating profit growing by 16% and 12% respectively [1] Market Insights - UBS estimates that Trip.com’s overseas revenue for the last quarter will increase by over 50% year-on-year, contributing to 18% of total revenue [1] - The outbound tourism business is expected to maintain a mid-teens growth rate, estimated between 13% to 17% [1] - The impact from the Japanese market is considered limited, as leisure travelers are likely to shift their destinations [1] Domestic Business Outlook - The fourth quarter is anticipated to show resilience in domestic business revenue, benefiting from an increase in hotel occupancy rates [1] - However, the average daily room rates for hotels may experience a slight decline in the low single digits [1]

Core Viewpoint - Trip.com Group's recent financial performance indicates strong growth driven by increasing global travel demand, with significant year-over-year improvements in both revenue and net profit [1] Financial Performance - For Q3 2025, Trip.com Group reported net operating revenue of 18.3 billion RMB, a 16% increase year-over-year [1] - The net profit for the quarter reached 19.9 billion RMB, a substantial rise from 6.8 billion RMB in the same period of 2024 [1] - The financial results exceeded market expectations, with revenue and non-GAAP operating profit growing by 16% and 12% respectively [1] Market Insights - UBS estimates that Trip.com’s overseas revenue for the last quarter will increase by over 50% year-on-year, contributing to 18% of total revenue [1] - The outbound tourism business is expected to maintain a mid-teens growth rate, estimated between 13% to 17% [1] - The impact of the Japanese market is considered limited, as leisure travelers are likely to shift their destinations [1] Domestic Business Outlook - The fourth quarter is anticipated to show resilience in domestic business revenue, benefiting from an increase in hotel occupancy rates [1] - However, the average daily room rates for hotels may experience a slight decline in the low single digits [1]

Core Viewpoint - Ctrip Group's recent financial performance shows significant growth in revenue and net profit, driven by increasing global travel demand, although the stock price has declined by over 3% following the earnings report [1] Financial Performance - Ctrip Group reported a net operating revenue of 18.3 billion RMB for Q3 2025, representing a year-on-year increase of 16% [1] - The net profit for the quarter reached 19.9 billion RMB, a substantial increase compared to 6.8 billion RMB in the same period of 2024 [1] - The financial results exceeded market expectations, with revenue and non-GAAP operating profit growing by 16% and 12% year-on-year, respectively [1] Market Insights - According to Zhongyin International, Ctrip's progress in acquiring traffic in both domestic and overseas markets (Trip.com platform) has been notable [1] - UBS estimates that Trip.com's overseas revenue for the last quarter will increase by over 50% year-on-year, accounting for 18% of total revenue [1] - The outbound tourism business is expected to maintain a mid-double-digit growth rate (approximately 13% to 17%), with limited impact from the Japanese market as leisure travelers shift destinations [1] Future Outlook - The fourth quarter is anticipated to show resilience in domestic business revenue, benefiting from an increase in hotel occupancy rates, although the average daily room rate may experience a slight decline [1]

Core Viewpoint - Ctrip Group-S (09961) reported third-quarter results that exceeded market expectations, with revenue and non-GAAP operating profit increasing by 16% and 12% year-on-year, respectively, indicating significant progress in traffic acquisition in both domestic and overseas markets [1] Financial Performance - Revenue growth of 16% year-on-year in Q3 [1] - Non-GAAP operating profit increased by 12% year-on-year [1] Market Position and Strategy - Ctrip is expected to maintain good growth in its core market until Q4 2025 [1] - The stable competitive landscape in China is anticipated to allow Ctrip to focus more on expanding its overseas market [1] Analyst Rating - The firm reiterated a "Buy" rating for Ctrip and raised the target price from 630 HKD to 638 HKD [1]

Core Viewpoint - Ctrip Group-S (09961) reported third-quarter results that exceeded market expectations, with revenue and non-GAAP operating profit increasing by 16% and 12% year-on-year, respectively, indicating significant progress in traffic acquisition in both domestic and overseas markets [1] Group 1: Financial Performance - Revenue increased by 16% year-on-year [1] - Non-GAAP operating profit grew by 12% year-on-year [1] Group 2: Market Position and Strategy - The company is expected to maintain good growth in its core market until the fourth quarter of 2025 [1] - A stable competitive landscape in China will allow Ctrip to focus more on expanding its overseas market [1] Group 3: Analyst Rating and Price Target - The rating for Ctrip has been reaffirmed as "Buy" [1] - The target price has been raised from 630 HKD to 638 HKD [1]

Market Overview - The Hong Kong stock market has shown signs of weakness, with the Hang Seng Index dropping below 26,000 points after previously hovering around 27,000 points [1][2] - Investor sentiment has become more conservative, with approximately 35% of funds shorting the market and 65% looking to buy [1][2] Investment Strategies - Investors are considering buying call warrants to capitalize on potential market rebounds, with a preference for those with lower strike prices, such as 25,500 points or lower [1][2] - The market is expected to see earnings reports from several companies, which could significantly impact future market performance [2] Specific Stock Analysis - Xiaomi (1810) is under scrutiny as it prepares to announce earnings, with significant inflows into its call warrants, indicating investor interest in potential rebounds around the 40 HKD mark [5][6] - For Xiaomi, a call warrant with a strike price of 57.88 HKD and a leverage of approximately 6 times is available, while a put warrant with a strike price of 39.88 HKD is also offered [6] Semiconductor Sector - Hua Hong Semiconductor (1347) has been a focus in the market, showing signs of recovery with recent inflows into its bullish positions [7] - A call warrant for Hua Hong with a strike price of 134.7 HKD and a leverage of about 4 times is available, reflecting investor interest [7] Travel Sector - Trip.com (9961) has performed well, with its stock rising despite overall market declines, attributed to better-than-expected earnings [10][11] - A call warrant for Trip.com with a strike price of 88.88 HKD and a leverage of approximately 9 times is available for investors looking to capitalize on its performance [11] Product Availability - The company has issued over 100 stock-related products, providing a variety of options for investors across different sectors [11] - Investors can utilize the company's website to search for specific stock warrants and compare terms and conditions across different products [9][10]

Group 1: Xiaomi - Xiaomi's Q3 revenue reached 113.1 billion, a year-on-year increase of 22.3% but a quarter-on-quarter decrease of 2.4% [1] - Adjusted profit for the quarter was 11.3 billion, up 80.9% year-on-year [1] - Automotive revenue was 28.3 billion, showing a significant year-on-year growth of 207%, with a quarterly profit of 0.7 billion [1] - The performance in major appliances was disappointing, with a year-on-year decline of 15.7% and a quarter-on-quarter drop of 64.8% [1] - Current valuation estimates suggest Xiaomi's smartphone business could be valued at around 600 billion, while automotive and other IoT segments could add significant value [1] Group 2: Pinduoduo - Pinduoduo's Q3 revenue was 108.2 billion, marking a year-on-year increase of 9%, the first time it fell below 10% growth [2] - Net profit for the quarter was 29.3 billion, up 17% year-on-year, with over 400 billion in cash reserves [2] - Current market valuation stands at 180 billion, with a price-to-earnings ratio of 10 when excluding cash, indicating a potentially undervalued stock [2] - Concerns remain regarding the company's future dividend and buyback plans, leading to a significant drop in stock price [2] Group 3: Boss Zhipin - Boss Zhipin reported Q3 revenue of 2.16 billion, a year-on-year increase of 13.2%, with net profit reaching 0.687 billion, up 108% [3] - The substantial profit growth was attributed to reduced marketing expenses and the introduction of new paid services [3] - The company is viewed positively due to its ability to grow amidst challenging market conditions, suggesting strong potential for future performance [3] Group 4: Trip.com - Trip.com achieved Q3 revenue of 18.3 billion, reflecting a year-on-year increase of 16% [4] - International OTA bookings surged by 60% year-on-year, while inbound travel doubled, indicating robust recovery in travel demand [4] - The company's consistent performance and market position contribute to its stable stock price, making it a strong player in the travel industry [4] Group 5: Baidu - Baidu's Q3 revenue was 31.17 billion, a year-on-year decline of 7%, although AI business revenue grew by over 50% [5] - The mixed results raise questions about the company's overall performance and future outlook [5] Group 6: Google - Google's Gemini 3 Pro model achieved the highest score in model rankings, reinforcing its strong position in the AI sector [6] - Berkshire Hathaway's recent investment in Google indicates confidence in the company's long-term business viability [6] - Overall, the recent financial results of Chinese internet companies are not perceived as particularly poor, despite heightened market expectations [6]

Core Viewpoint - Klook, a leading travel experience platform in Asia, has filed for an IPO on the New York Stock Exchange, aiming to raise capital despite a history of significant losses totaling over $364 million in the past three years [1][3]. Financial Performance - Klook's revenue for 2022, 2023, and 2024 is projected to be $128.62 million, $335.17 million, and $417.11 million respectively, indicating a strong compound annual growth rate [4]. - In the first nine months of 2025, Klook reported a revenue increase of 43.5% year-on-year [1]. - Despite the revenue growth, Klook has never achieved profitability since its inception in 2014, with cumulative losses exceeding $364 million from 2022 to 2024 [1][2]. - The operating loss for the first nine months of 2025 was $9.84 million, a significant improvement from $32.73 million in the same period of 2024 [4][2]. - Adjusted EBITDA turned positive for the first time in the first nine months of 2025, reaching $6.28 million, compared to a loss of $20.12 million in 2024 [2]. Market Position and Strategy - Klook differentiates itself from traditional OTA platforms like Ctrip by focusing on non-standard travel experiences, offering services such as attraction tickets and local activities [6][8]. - The company has integrated over 4200 destinations and 310,000 non-standard experience projects, catering to the growing demand for personalized travel experiences [6]. - Klook has become the largest regional experience platform in the Asia-Pacific region by gross transaction value (GTV), which is projected to grow from $660 million in 2022 to $2.5 billion in 2024 [7][9]. Industry Trends - The global online travel industry, particularly the destination experience segment, is experiencing structural growth, with international tourist arrivals expected to reach 1.4 billion in 2024, recovering to pre-pandemic levels [9]. - The shift in consumer preferences towards personalized and experiential travel is driving demand for non-standard services, positioning Klook favorably in the market [9][10]. - The onlineization rate of experience products remains low, presenting an opportunity for Klook to bridge the gap between supply and demand in the travel experience market [10].

Core Insights - The company reported better-than-expected performance in Q3 2025, with revenue increasing by 16% to 18.4 billion yuan, surpassing market expectations by 1% due to strong accommodation and transportation revenues [1] - Non-GAAP operating profit reached 6.1 billion yuan, exceeding market expectations by 6%, primarily driven by higher-than-expected gross profit [1] - The net profit under non-GAAP was 19.2 billion yuan, significantly outperforming market expectations, mainly due to investment gains from the sale of MakeMyTrip shares [1] Domestic Growth Trends - Domestic hotel performance showed robust growth, with Q3 domestic hotel room nights increasing by 15%, better than anticipated, although Average Daily Rate (ADR) experienced a low single-digit decline [1] - For Q4, the company expects a low single-digit decline in domestic hotel prices and a 10-15% increase in room nights [1] - Domestic transportation revenue remained flat year-on-year in Q3, with volume growth in line with the industry, but ticket revenue declined due to pricing and yield management impacts; Q4 is expected to maintain this trend [1] International Travel Resilience - The company experienced strong resilience in outbound travel, with Q3 bookings for outbound flights and hotels increasing by nearly 20%, recovering to 140% of 2019 levels, significantly outperforming industry recovery [2] - Q4 is expected to maintain the same recovery level as Q3, with outbound hotel revenue likely to continue growing over 20% year-on-year [2] - Despite recent concerns regarding short-haul destinations due to public sentiment in Japan, the company anticipates limited impact in Q4, as potential user diversion may mitigate the effects on single destinations [2] Trip.com Growth and Market Strategy - Trip.com continued to grow rapidly, with international OTA bookings increasing by approximately 60% in Q3, driven by a threefold increase in inbound travel [2] - International hotel revenue for Trip.com grew by 70% year-on-year, with its share exceeding 40% [2] - The company plans to invest actively in overseas marketing during the Q4 peak season, which may raise the group’s marketing expense ratio to 27%, with expectations for Trip.com to maintain over 50% year-on-year growth [2] Earnings Forecast and Valuation - Due to better-than-expected growth in international business, the company has raised its revenue forecasts for 2025 and 2026 by 1% and 2% to 61.9 billion yuan and 69.8 billion yuan, respectively [2] - The non-GAAP net profit forecasts for 2025 and 2026 have been increased by 77% and 4% to 31.5 billion yuan and 19.7 billion yuan, respectively, considering one-time investment gains and operational leverage [2] - The company maintains an outperform rating, raising target prices for US and Hong Kong stocks by 5% and 4% to $92.5 and HK$711.7, respectively, indicating a potential upside of 30% and 28% compared to current stock prices [2]