15 May 2025 | 7:53PM HKT We expect key focus on the results call to be on: 1) AI capex/cloud strategies in light of recent AI model breakthroughs, the trajectory for Alibaba Cloud's revenue growth and margin outlook (with the proliferation of AI inference demand yet step-up in AI-related depreciation), while also considering evolving foreign chip availability, time for domestic chip supply ramp-up and more edge-deployed AI models. 2) Outlook for Taobao-Tmall's growth, take rate outlook and profits, with con ...

6 May 2025 | 9:32AM HKT PDD Holdings (PDD) Temu US full-entrusted model suspension more drastic-than-expected; TP unchanged as we continue to value Temu non-US only; Buy Following the implementation of triple-digit % US de-minimis tariffs for low-value packages shipped from China/HK from May 2nd, Temu has halted its entire full-entrusted direct air shipment product offerings on its US site (while maintaining such for other markets). Temu subsequently confirmed that all sales in the US will only be handled b ...