T.H. Capital

​T.H. Capital is an independent research and investment advisory firm specializing in China. We offers real-time, on-the-ground, bottom-up research across a wide spectrum from macro and industry analysis to company specific projects; from China ADRs to international names that have meaningful exposure to China market. We deliver relevant, comprehensive and data driven research adding immense value to clients.

Tian Hou
  • Tian Hou
KRKR 36KR Holdings A... (Technology)

KRKR: KRKR Will Benefit From The Establishment Of The Beijing Stock Ex...

On September 2, China’s central government announced that the Beijing Stock Exchange will be established to continue to support the innovative development of small and medium-sized enterprises, deepen the reform of the New OTC Market, and create a main platform for service-innovated small and medium-sized enterprises. As a prominent brand and a pioneering platform dedicated to serving New Economy participants in China, 36Kr will benefit from new financing environment for small and medium-sized e...

Tian Hou
  • Tian Hou

3690.HK: Uncertainties From Policy Front Mostly Priced In; Expect Soli...

Meituan will report 2Q21 results on August 30th before the US market opens with a 7am ET conference call. Meituan has been dealing with regulatory policies related to ongoing anti-trust regulations as well as workers’ rights protection issues, which the company has discussed with the market since March and communicated the potential impact to unit economics. The Data Security Law, which is going to be effective on Sept. 1, 2021, is relatively new, and it was passed on June 10, 2021. All internet...

Tian Hou
  • Tian Hou
DADA Dada Nexus ADS ... (Technology)

DADA: Rising Adoption From Business Front To Provide On-Demand Service...

DADA will report 2Q21 results in late August. We are positive on DADA’s 2Q21. We believe DADA is benefitting from the increasing usage of real time delivery services. The lingering COVID has accelerated the adoption for such services. DADA’s  unique position has enabled the company to gain new KA accounts and expand into new categories. We believe on-demand delivery is still at its high growth phase, and DADA has years to grow.

Tian Hou
  • Tian Hou

JD / 9618.HK: Strong “6.18” Is Likely To Lift 2Q21 Performance While J...

JD will report 2Q21 results on August 23rd before the US market opens with an 8am ET conference call. With e-commerce reaching almost full penetration in China, all e-commerce vendors are looking into new investments while enforcing its core business. For JD’s existing business, the 6.18 sales accomplished exceptionally good results with 27.7% Y/Y growth. For new investments, JD is focusing on omni-channel retails, logistics, lower tier city expansion as well as getting into community group-buy....

Tian Hou
  • Tian Hou
MOMO Momo ADS (N Sha... (Technology)

MOMO: Operating Metrics Show MOMO Legacy Business On Track To Recovery

MOMO will report 2Q21 results on August 26th before the markets open with an 8am ET conference call. We are positive on MOMO’s 2Q21. MOMO’s core live broadcasting has stabilized and is on the way to recovery since the structural adjustment in August 2020. Some of its value-added services functions including “Groups Nearby” and “Online Pairing” are the current focus and growing faster in recent quarters. For Tantan, there was a recent change in its management team, which we believe have more expe...

MOMO MOMO ADS (N SHARES) (Technology)
Tian Hou
  • Tian Hou
KRKR 36KR Holdings A... (Technology)

KRKR: KRKR Will Benefit From The Establishment Of The Beijing Stock Ex...

On September 2, China’s central government announced that the Beijing Stock Exchange will be established to continue to support the innovative development of small and medium-sized enterprises, deepen the reform of the New OTC Market, and create a main platform for service-innovated small and medium-sized enterprises. As a prominent brand and a pioneering platform dedicated to serving New Economy participants in China, 36Kr will benefit from new financing environment for small and medium-sized e...

Tian Hou
  • Tian Hou

3690.HK: Uncertainties From Policy Front Mostly Priced In; Expect Soli...

Meituan will report 2Q21 results on August 30th before the US market opens with a 7am ET conference call. Meituan has been dealing with regulatory policies related to ongoing anti-trust regulations as well as workers’ rights protection issues, which the company has discussed with the market since March and communicated the potential impact to unit economics. The Data Security Law, which is going to be effective on Sept. 1, 2021, is relatively new, and it was passed on June 10, 2021. All internet...

Tian Hou
  • Tian Hou
DADA Dada Nexus ADS ... (Technology)

DADA: Rising Adoption From Business Front To Provide On-Demand Service...

DADA will report 2Q21 results in late August. We are positive on DADA’s 2Q21. We believe DADA is benefitting from the increasing usage of real time delivery services. The lingering COVID has accelerated the adoption for such services. DADA’s  unique position has enabled the company to gain new KA accounts and expand into new categories. We believe on-demand delivery is still at its high growth phase, and DADA has years to grow.

Tian Hou
  • Tian Hou

JD / 9618.HK: Strong “6.18” Is Likely To Lift 2Q21 Performance While J...

JD will report 2Q21 results on August 23rd before the US market opens with an 8am ET conference call. With e-commerce reaching almost full penetration in China, all e-commerce vendors are looking into new investments while enforcing its core business. For JD’s existing business, the 6.18 sales accomplished exceptionally good results with 27.7% Y/Y growth. For new investments, JD is focusing on omni-channel retails, logistics, lower tier city expansion as well as getting into community group-buy....

Tian Hou
  • Tian Hou
MOMO Momo ADS (N Sha... (Technology)

MOMO: Operating Metrics Show MOMO Legacy Business On Track To Recovery

MOMO will report 2Q21 results on August 26th before the markets open with an 8am ET conference call. We are positive on MOMO’s 2Q21. MOMO’s core live broadcasting has stabilized and is on the way to recovery since the structural adjustment in August 2020. Some of its value-added services functions including “Groups Nearby” and “Online Pairing” are the current focus and growing faster in recent quarters. For Tantan, there was a recent change in its management team, which we believe have more expe...

MOMO MOMO ADS (N SHARES) (Technology)

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