20 May 2025 | 7:33AM HKT Navigating China Internet: eCommerce & Top 400 app tracker Apr industry online GMV up 6% on strong trade-in category sales; steady overall app time-spent growth In our latest eCommerce & top 400 app tracker, we highlight 1) healthy April industry online retail growth, with sustained momentum at 6% growth in Apr, in line with 1Q25, despite softer overall retail sales. We expect potentially strong May online retail growth yoy on further front-loading of this year's 618 shopping festiv ...

14 May 2025 | 7:33PM HKT Tencent Holdings (0700.HK): 1Q25 First Take: Clean beat on ads, games and gross margin expansion; eyes on AI applications; Buy Tencent reported solid 1Q25 beat across top-line (+13% yoy, vs. GSe/Visible Alpha Consensus Data of 10%) and EPS (+25% yoy vs. GSe/consensus of 20%), with further revenue growth acceleration from 11% in 4Q24, driven by robust games (+24% yoy) and marketing services (+20% yoy) revenue growth. Gross margin (55.8%, vs. GSe of 54.4%) also reached its highest lev ...