Core view
Latest viewpoint 1 Keep, the largest online fitness platform in China and the world, plans to apply for the IPO of the Hong Kong stock exchange. On the evening of February 25, keep officially submitted a prospectus to the Hong Kong stock exchange. Goldman Sachs and China International Capital Corporation Limited(601995) are the co sponsors of the IPO. Founded at the end of 2014, keep is currently the largest online fitness platform in China and the world. According to the prospectus, the company’s operating revenue increased significantly from 820 million yuan in the first three quarters of 2020 to 1.159 billion yuan in the first three quarters of 2021, with an increase rate of about 41%. The increase of overall revenue comes from the growth of the company’s main businesses in varying degrees. Private brand products increased by 34% year-on-year from 478 million yuan last year to 639 million yuan this year. At the same time, member subscription, online payment and advertising increased by 52% and 51% respectively. 2. Tencent took the lead in establishing the first international standard for blockchain digital collections. On February 11, the international standard project of technical framework for blockchain Based Digital Collections Services jointly proposed by Tencent and ant group and other industry, University and research institutions was approved at the plenary meeting of the 16th research group of the international telecommunication Union, This is also the first international standard project for the application of blockchain technology in the field of digital collections. The successful establishment of this international standard will further promote the standardization, standardization and security of digital collections based on blockchain, improve the value storage, value discovery and value circulation ability of digital collections, and promote the standardized application of digital collections. In addition, it also marks an important step in the application of digital collections in China, and its technological exploration ability has been internationally recognized.
Investment suggestions: in the long run, the game industry still has good growth. It is suggested to focus on those with excellent R & D capabilities: Tencent Holdings (0700. HK), netease-s (9999. HK), Wuhu 37 Interactive Entertainment Network Technology Group Co.Ltd(002555) ( Wuhu 37 Interactive Entertainment Network Technology Group Co.Ltd(002555) . SZ), ZuLong Entertainment (9990. HK) and heart company (2400. HK); China’s outbound social platform is developing well overseas, with increasing influence and leading role. It is suggested to pay attention to chizicheng Technology (9911. HK) and happy gathering (YY. O); In addition, policy dividends are continuously released to promote the high-quality development of cross-border e-commerce. It is suggested to pay attention to Alibaba SW (9988. HK) and sheen (unlisted); At present, some Chinese manufacturers have reached the international leading level in the short video area, and China’s Kwai Fu -W (1024.HK) is recommended.
Risk tips: the risk of intensified market competition, the risk of policy and regulatory environment, the risk of work content review or review, public health risk, etc.
