Tencent HK SDR 10to1(HTCD.SG)

China ADRs: Rationale behind Tax Hike Scare?

China internet ADRs sold off again on fresh tax-rumor jitters. With headlines of varying credibility, Dolphin Research takes a top-down look.We start with the Gov.'s four ledgers. They are: 1) the general public budget, i.e., core fiscal revenue; 2) the government fund budget, an earmarked book funded mainly by land-sale proceeds; 3) the state capital operations budget, effectively the shareholder ledger funded by SOE profit and dividend remittances. In essence, this reflects the Gov.'s resource-allocation power...

Gold and silver slump, cooling the market; BABA's Qwen adds RMB 3 bn for Lunar New Year | Daily News Recap

0202 | Dolphin Research Focus: 🐬 Macro/Industry 1) International precious metals have sold off sharply since the weekend, with gold and silver down materially on a hawkish Fed chair nominee, a stronger USD and higher UST yields, concentrated profit-taking, and deleveraging by levered funds. The violent swings highlight fragile risk sentiment; near term, the market likely chops in a consolidation range with elevated vol risk.2) EV startups posted their first Jan delivery prints with wide divergence in YoY growth, and Leapmotor led the pack with 32,059 units. ...

On its HK debut today, $BUSYMING(01768.HK) surged over 88%. The deal was ~1,900x oversubscribed, with Tencent and Temasek among the cornerstone backers, igniting the market for the first bulk-snack retailer. It, too, is a middleman capturing the spread between suppliers and franchisees, so why does it lead the pack and command such investor interest? Dolphin Research previously argued the edge comes from taking 'low price' and 'efficiency' to the extreme while precisely targeting a whitespace.First, it cut out the long chain of intermediaries. Traditional snacks pass through multiple layers of distributors and sub-distributors, each adding markups that bloat end prices. By sourcing directly from major upstream brands via large-scale centralized procurement, it secures very low purchase costs and sells to franchisees at prices 20%–30% below traditional channels, effectively passing middleman margins to consumers and franchisees to outcompete other brokers.Second, its operating efficiency is hard for peers to match. While other retail formats turn inventory over in several dozen days, this model runs at just 11 days, speeding cash and goods flow, reducing near-expiry risk, and adapting quickly to trending snacks. Powered by digital systems and AI-driven replenishment that calculates what to restock and when, it saves time and cost from sourcing through delivery, far outperforming traditional middlemen.Lastly, it nailed the whitespace in lower-tier markets. Consumers in tier-3/4 cities and towns are most price-sensitive, yet efficient snack retail channels were lacking. By opening near residential communities and putting affordable snacks within 300 meters, it filled the demand gap. Franchise-led expansion has been rapid, with store count rising from under 2,000 to 20,000 in two years. Greater scale strengthens bargaining power with suppliers, driving lower purchase prices and reinforcing a flywheel of 'low price → more stores → lower purchase price → even lower price'. Over time, this has left peers behind and cemented its No.1 position.

NVDA deploys new CPUs, boosting CoreWeave; Tencent unveils new AI social features | Daily News Recap

0127 | Dolphin Research Focus: 🐬 Single Stock 1, $NVIDIA(NVDA.US). NVIDIA CEO Jensen Huang announced the 'Vera' server CPU, the company's first CPU sold as a standalone product.Built on Arm, it features 88 custom cores and delivers 2x the performance vs. the prior gen. It can integrate seamlessly with GPUs or run independently.CoreWeave will be the first to deploy. The move breaks x86's long-held dominance in the server CPU market...

Another base-stealing moment: Tencent AI play the trump card in group chats. Is Doubao in danger?

Over the weekend, the Yuanbao team rolled out a major update, and in doing so also unveiled the AI roadmap for $TENCENT(00700.HK). Dolphin Research jumped in with friends to try it right away.We had some expectations, but the group, hands-on experience felt different from 1-on-1 human-AI chat. Yuanbao's witty one-liners are fun to share with friends, and shared assistant tasks work well with parents.We look forward to more social features opening up. Tencent has long been criticized for moving too slowly in AI, and its stock's soft performance already shows where investors stand...