DOCSLIB.ORG

China Internet

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text

Load more

China Information Technology 5 June 2020 China Internet ASEAN: propagating China growth ¾ ASEAN: Indonesia and Vietnam stand to be the main beneficiaries of China- led innovations; we identify four key ASEAN sectors to watch ¾ China Internet: two themes likely to drive growth: 1) from China to Southeast Asia, and 2) from “To C” to “To B” John Choi (852) 2773 8730 ¾ We reaffirm our Positive view on the sector; our top picks are Alibaba, [email protected] Tencent, and JD Robin Leung, CFA (852) 2848 4435 [email protected] See important disclosures, including any required research certifications, beginning on page 93 China Information Technology 5 June 2020 China Internet ASEAN: propagating China growth ¾ ASEAN: Indonesia and Vietnam stand to be the main beneficiaries of China- led innovations; we identify four key ASEAN sectors to watch ¾ China Internet: two themes likely to drive growth: 1) from China to Southeast John Choi Asia, and 2) from “To C” to “To B” (852) 2773 8730 ¾ We reaffirm our Positive view on the sector; our top picks are Alibaba, [email protected] Tencent, and JD Robin Leung, CFA (852) 2848 4435 [email protected] What's new: Although COVID-19 has caused short-term turbulence in Key stock calls some verticals globally, we believe ASEAN remains one of the most New Prev. attractive regions on a long-term investment horizon. Hence, we have Tencent Holdings (700 HK) Rating Buy Buy teamed up with Golden Gate Ventures, a venture capital firm with highly Target 515.00 515.00 specialised knowledge of ASEAN markets, to highlight the top trends in the Upside p 19% years leading up to 2020, and our expectations for trends through to 2022. Alibaba Group (BABA US) Rating Buy Buy What's the impact: The two key points we would highlight to investors are: Target 265.00 265.00 1) the improving funding environment in ASEAN, helped by the maturing Upside p 21.2% exit landscape and increasing funding from China Internet companies, JD.com (JD US) Rating Buy Buy which should lead to lower liquidity and exit risk, and 2) our view that the Target 65.00 65.00 next investment opportunities lie in adjacent verticals such as logistics, Upside p 14.6% social-ecommerce, Insurtech, and co-living. While we see a favourable Source: Daiwa forecasts macro backdrop, with Indonesia and Vietnam considered to have the greatest investing potential, we urge investors to be selective among the aforementioned verticals as we factor in the nuances of their demographic fundamentals within ASEAN — key considerations when assessing the sustainability of value creation in these sectors, in our view. Four ASEAN sectors to watch in 2020. Several innovations from China — e-commerce, ride hailing, Fintech, and entertainment/media — can be readily applied to ASEAN and have attracted significant funding. As such, we believe the next areas of capital inflow will be in these adjacent verticals: logistics, social e-commerce, Insurtech and co-living. China Internet – dual engines to drive the next growth phase: 1) from China to Southeast Asia, and 2) from “To C” to “To B”. We see the next stage of revenue growth for China Internet companies coming from: 1) expanding their core businesses to overseas markets, among which Southeast Asia is the most sought-after destination given the present geo- political backdrop, and 2) expanding their competitiveness to other verticals that leverage their cloud solutions and payment infrastructures, which we believe would augur well for their user/merchant penetration in ASEAN. What we recommend: We favour Alibaba and Tencent for their first-mover advantages in penetrating ASEAN through investments and industrial Internet initiatives (ie, cloud, payment), and argue that network effects will allow them to harness sustainable leadership in their core business. We also like JD’s exposure to Indonesia, Thailand, and Vietnam, where it is building long-term foundations to strengthen its e-commerce business. How we differ: We are among the first to provide an in-depth report on the Southeast Asia tech eco-system with a parallel analysis of China. See important disclosures, including any required research certifications, beginning on page 93 China Internet: 5 June 2020 Sector stocks: key indicators EPS (local curr.) Share Rating Target price (local curr.) FY1 FY2 Company Name Stock code Price New Prev. New Prev. % chg New Prev. % chg New Prev. % chg AliBaBa Group BABA US 218.60 Buy Buy 265.00 265.00 0.0% 57.441 57.441 0.0% 73.528 73.528 0.0% AliBaBa Group - H 9988 HK 209.60 Buy Buy 260.00 260.00 0.0% 7.180 7.180 0.0% 9.191 9.191 0.0% Baidu BIDU US 112.45 Outperform Outperform 120.00 120.00 0.0% 35.130 35.130 0.0% 55.056 55.056 0.0% Baozun BZUN US 34.15 Buy Buy 45.00 45.00 0.0% 10.032 10.032 0.0% 13.065 13.065 0.0% BiliBili BILI US 34.15 Outperform Outperform 36.00 36.00 0.0% (7.077) (7.077) n.a. (5.662) (5.662) n.a. HUYA HUYA US 16.82 Outperform Outperform 21.00 21.00 0.0% 5.094 5.094 0.0% 6.483 6.483 0.0% JD.com JD US 56.73 Buy Buy 65.00 65.00 0.0% 12.861 12.861 0.0% 15.639 15.639 0.0% JOYY YY US 73.11 Buy Buy 85.00 85.00 0.0% 24.195 24.195 0.0% 38.148 38.148 0.0% Kingdee International Software Group 268 HK 14.66 Buy Buy 16.00 16.00 0.0% 0.083 0.083 0.0% 0.114 0.114 0.0% Meituan Dianping 3690 HK 155.30 Buy Buy 155.00 155.00 0.0% 0.890 0.890 0.0% 2.273 2.273 0.0% Momo MOMO US 20.60 Hold Hold 22.00 22.00 0.0% 15.394 15.394 0.0% 21.178 21.178 0.0% NetEase NTES US 414.58 Buy Buy 500.00 500.00 0.0% 124.183 124.183 0.0% 141.263 141.263 0.0% Tencent Holdings 700 HK 432.60 Buy Buy 515.00 515.00 0.0% 12.079 12.079 0.0% 14.604 14.604 0.0% Trip.com Group TCOM US 27.95 Hold Hold 24.50 24.50 0.0% (3.264) (3.264) n.a. 9.077 9.077 0.0% Vipshop VIPS US 17.48 Buy Buy 21.00 21.00 0.0% 8.765 8.765 0.0% 9.822 9.822 0.0% Xiaomi 1810 HK 12.76 Buy Buy 15.00 15.00 0.0% 0.483 0.483 0.0% 0.656 0.656 0.0% Source: Bloomberg, Daiwa forecasts When a report covers six or more subject companies please access important disclosures for Daiwa Capital Markets Hong Kong Limited at http://www.hk.daiwacm.com/research_disclaimer.html or contact your investment representative or Daiwa Capital Markets Hong Kong Limited at Level 26, One Pacific Place, 88 Queensway, Hong Kong. Number of ASEAN start-ups seeking funding No. of projected opportunities in ASEAN by stage (2019-22) 3,000 60% 600 2,500 50% 500 2,000 656 40% 400 350 1,500 305 30% 300 268 164 206 1,000 122 20% 200 1,742 160 1,306 124 500 967 1,078 10% 100 102 903 72 86 51 62 0 0% 0 36 43 Year 2015 Year 2016 Year 2017 Year 2018 Year 2019 2019 2020 2021 2022 Deal Originated Follow Up Fund Raising % Change Seed Series A Series B Source: Golden Gate Ventures Source: Golden Gate Ventures 2 China Internet: 5 June 2020 Table of contents An introduction to Golden Gate Ventures .............................................................. 5 Executive summary .................................................................................................. 8 The rise of ASEAN ...................................................................................................13 Four ASEAN sectors to watch ................................................................................27 China seizing a leading position in the Big Data era ............................................47 China Internet stock recommendations ................................................................54 Appendix ..................................................................................................................55 Company Section Alibaba Group .................................................................................................................. 58 Alibaba Group - H ............................................................................................................ 67 Tencent Holdings ............................................................................................................. 76 JD.com ............................................................................................................................ 83 3 China Internet: 5 June 2020 A note on the structure of this joint report Combining the expertise of Golden Gate Ventures and Daiwa Capital Markets, this report examines the rise of ASEAN markets and verticals, and looks at the role played by China’s Internet giants in these verticals, both historically and going forward. Sections in red reflect the views of Golden Gate Ventures. Sections in blue are contributed by Daiwa Capital Markets. Related investment advice on China’s Internet players is provided by Daiwa analysts alone. 4 China Internet: 5 June 2020 An introduction to Golden Gate Ventures Dear investors, The COVID-19 pandemic has caught global economies and businesses off guard, and the venture capital and start-up space has not gone unscathed. While some start-ups are struggling to navigate the untimely turbulence, others have found that the unprecedented shutdown and isolation have propelled their revenue growth and unlocked new opportunities for their businesses. Holding a long-term view, we at Golden Gate Ventures see a clear opportunity after the storm. The present economic uncertainty is a cycle we face nearly every decade. Having personally experienced two downturns since working at my first dotcom start-up in 1997, it is evident to me that having the rigor to navigate the current climate will be paramount to a start-up’s success. As one of the pioneering early-stage venture capital firms in ASEAN, Golden Gate Ventures has witnessed the explosive growth of innovation across the region throughout the past decade and continues to be optimistic – even more so at this time where countries are experiencing heightened reliance on digital platforms which will inevitably become an integral part of their new lifestyle.
Recommended publications
  • Financing Transactions 12

    Financing Transactions 12

    MOBILE SMART FUNDAMENTALS MMA MEMBERS EDITION AUGUST 2012 messaging . advertising . apps . mcommerce www.mmaglobal.com NEW YORK • LONDON • SINGAPORE • SÃO PAULO MOBILE MARKETING ASSOCIATION AUGUST 2012 REPORT MMA Launches MXS Study Concludes that Optimal Spend on Mobile Should be 7% of Budget COMMITTED TO ARMING YOU WITH Last week the Mobile Marketing Association unveiled its new initiative, “MXS” which challenges marketers and agencies to look deeper at how they are allocating billions of ad THE INSIGHTS AND OPPORTUNITIES dollars in their marketing mix in light of the radically changing mobile centric consumer media landscape. MXS—which stands for Mobile’s X% Solution—is believed to be the first YOU NEED TO BUILD YOUR BUSINESS. empirically based study that gives guidance to marketers on how they can rebalance their marketing mix to achieve a higher return on their marketing dollars. MXS bypasses the equation used by some that share of time (should) equal share of budget and instead looks at an ROI analysis of mobile based on actual market cost, and current mobile effectiveness impact, as well as U.S. smartphone penetration and phone usage data (reach and frequency). The most important takeaways are as follows: • The study concludes that the optimized level of spend on mobile advertising for U.S. marketers in 2012 should be seven percent, on average, vs. the current budget allocation of less than one percent. Adjustments should be considered based on marketing goal and industry category. • Further, the analysis indicates that over the next 4 years, mobile’s share of the media mix is calculated to increase to at least 10 percent on average based on increased adoption of smartphones alone.
  • Citi and Lazada Unveil 12X Rewards with Co-Brand Credit Card Launch

    Citi and Lazada Unveil 12X Rewards with Co-Brand Credit Card Launch

    PRESS RELEASE For immediate release Citi and Lazada unveil 12X Rewards with Co-brand Credit Card launch in Singapore Targeted at millennial online shoppers, new card members receive additional reward points during launch period, free LiveUp membership and free shipping on Lazada Singapore, 9 December 2019 - Citi, the world’s largest credit card issuer, and Lazada Group, Southeast Asia’s leading eCommerce platform, today announced the launch of the Citi Lazada credit card in Singapore. The new co-brand credit card makes its bow in time for millennial shoppers to enjoy the attractive launch promotions and card benefits as they shop online during the year-end festive season. Brendan Carney, CEO of Citibank Singapore Limited and Global Consumer Banking ASEAN Cluster Head, said, “We are excited to launch our co-brand card in Singapore as it is testament to the strong relationship we have established with Lazada over the years, and take this partnership to the next level. With over 30 per cent of our customers’ credit card spend now made via digital channels, it is important for us to continue expanding our presence and scale in digital ecosystems, and deepening our engagement with the growing eCommerce customer base in Singapore.” James Chang, CEO of Lazada Singapore, said, “The launch of the Citi Lazada credit card marks another milestone for our partnership with Citi. Over the first 11 months of the year, Lazada saw a 43 per cent year-on-year increase in the number of customers aged 18-35 shopping on our platform in Singapore. Millennials are now buying more groceries, household supplies and beauty products online than ever before.
  • Dsm Suite 2.0 Discover Our Digital Sales & Marketing Platform Aligned with Imda’S Digital Roadmap for Wholesale Trade

    Dsm Suite 2.0 Discover Our Digital Sales & Marketing Platform Aligned with Imda’S Digital Roadmap for Wholesale Trade

    DSM SUITE 2.0 DISCOVER OUR DIGITAL SALES & MARKETING PLATFORM ALIGNED WITH IMDA’S DIGITAL ROADMAP FOR WHOLESALE TRADE Zooloo Information Systems Pte Ltd 1 CONTENTS Introduction | 3 Features & Benefits | 12 The Digital Transformation Journey | 4 Skills Upgrading | 27 What is DSM SUITE 2.0 | 5 Implementation Process | 28 Benefits of DSM SUITE 2.0 | 6 Industry Specific Implementation | 29 Benchmarking IMDA’s Go-Digital Roadmap | 7 DSM SUITE 2.0 – Use Case | 33 DSM SUITE 2.0 aligns with IMDA’s Technology Roadmap | 35 Go-Digital Roadmap for Wholesale Trade | 8 Contact Info | 39 DSM SUITE 2.0 Overview | 9 Zooloo Information Systems Pte Ltd 2 INTRODUCTION INVEST IN A DIGITAL SOLUTION WITH TRANSFORMATIVE POWER Digital transformation is a hot topic in business right now, That’s why Zooloo has been called in to put together a single especially after COVID-19. But businesses have been managing enterprise platform which has become such a key part of our information digitally for decades. What then is different? customer’s journey toward digital transformation. Businesses now realize that simply storing and transmitting Zooloo’s digital transformation solutions help our customers make information digitally will not enable the degree of agility, efficiency decisions, drive processes and serve their customers. For them, and effectiveness needed to thrive in an environment of constant digital transformation is a journey, not a destination. From cloud change and disruption. technology to mobile access to analytics; every decision our clients make helps propel them further toward their goal of Businesses also realise that their multiple, disconnected silos of becoming a more digital business.
  • 16-18 October 2019 Shanghai New International Expo Center Message from CTJPA President

    16-18 October 2019 Shanghai New International Expo Center Message from CTJPA President

    Visitor Guide E6 16-18 October 2019 Shanghai New International Expo Center Message from CTJPA President Dear participants, On behalf of China Toy & Juvenile Products Association (CTJPA), the organizer of China Toy Expo (CTE), China Kids Expo (CKE), China Preschool Expo (CPE) and China Licensing Expo (CLE), I would like to extend our warmest welcome to all of you and express our sincere thanks for all your support. Launched in 2002, the grand event has been the preferred platform for leading brands from around the world to present their newest products and innovations, connect with customers and acquire new sales leads. In 2019, the show will feature 2,508 global exhibitors, 4,859 worldwide brands, 100,000 professional visitors from 134 countries and regions, showcasing the latest products and most creative designs in 230,000 m² exhibition space. It is not only a platform to boost trade between thousands of Chinese suppliers and international buyers, but also an efficient gateway for international brands to tap into the Chinese market and benefit from the huge market potential. CTJPA has designed the fair as a stage to show how upgraded made-in-China will influence the global market and present worldwide innovative designs and advanced technologies in products. Moreover, above 1800 most influential domestic and international IPs will converge at this grand event to empower the licensing industry. IP owners are offered opportunities to meet with consumer goods manufacturers, agents and licensees from multi-industries to promote brands and expand licensing business in China and even Asia. Whether you are looking to spot trends, build partnerships, or secure brand rights for your products, we have the answer.
  • Venture Capital Ecosystems: Digital Health in the United States

    Venture Capital Ecosystems: Digital Health in the United States

    Venture Capital Ecosystems A Report on Digital Health in the United States CONTENTS SECTION ONE Introduction 03 SECTION TWO Industry Trends: US Digital Health Venture Ecosystem 05 SECTION THREE The Investment and Market Landscape 07 SECTION FOUR Methodology 24 MOSS ADAMS Venture Capital Ecosystems 02 SECTION ONE Introduction A watershed moment for the digital health industry, 2021 and 2021 revealed new paths forward for many companies and set the scene for a more favorable regulatory environment. As the COVID-19 pandemic’s ripple effects spread throughout the world, digital health technology became a necessary tool for meeting people’s health care needs. This proved to be a massive accelerant to both funding and innovation across the sector. In response, many digital health companies expanded, and deal values soared for early- and growth-stage investments. These developments introduced opportunities for digital health, but they also revealed new challenges, including increased competition, new operational demands, and a need for more judicious spend on capital. Below is a look at what the early- and growth-stage venture ecosystem looks like and steps your company can take to stay competitive in the changing environment. We hope you find this report useful. RICH CROGHAN National Practice Leader Life Sciences Practice MOSS ADAMS Venture Capital Ecosystems / Introduction 03 EARLY-STAGE VENTURE ECOSYSTEM AT A GLANCE Throughout the 2010s, venture In 2020, deal value spiked as A flood of capital into the digital investment rose steadily with invested venture capital (VC) hit health start-up environment scarcely a slowdown, in both $14.7 billion—a staggering surge enabled companies to stay count and aggregate value.
  • Online IPR Protection in China and South-East Asia

    Online IPR Protection in China and South-East Asia

    Online IPR Protection in China and South-East Asia Soazig THEMOIN French and European Trademark & Design Attorney Conseil en propriété industrielle Mandataire agréé auprès de l’Office de l’Union Européenne de la PI (EUIPO) BRUSSELS, 26 JULY 2017 Welcome to the Webinar! Helika Jurgenson Project Officer South-East Asia IPR SME Helpdesk China IPR SME Helpdesk 26 July 2017 Copyright © 2017 South-East Asia & China IPR SME Helpdesk. All rights reserved. ? ! Webinar Interaction Tools ? !? Turn on full screen here Raise your hand here Send the IP expert a question here Webinar 24 hour technical support number: http://support.gotomeeting.com ‘Contact Us’ section 26 July 2017 Copyright © 2017 South-East Asia & China IPR SME Helpdesk. All rights reserved. Snapshot: Helpdesk Free Services Enquiry Helpline Website & Blog Training Workshops & Live Webinars IP Guides & E-learning & Newsletters Business Tools 26 July 2017 Copyright © 2017 South-East Asia & China IPR SME Helpdesk. All rights reserved. Today’s Speaker Name: Soazig THEMOIN Firm: Vidon IP Group Location: France • Soazig started her career in 1994 as a lawyer, Trademark and IP legal expert. Her expertise in Intellectual Property Law and her active participation in the firm’s development led her to work extensively on IP issues in Asia. • As a Partner, and Managing Director of the VIDON IP Law Offices in France and in Asia, Soazig assures the development of the legal Department of VIDON IP Law Group, the Management of a team of European Trademark and Design Attorneys and Lawyers, working on a daily basis with Chinese and Thai Attorneys, while managing directly files, essentially in strategy of appropriation and valuation of the signs and the other creations, and associated disputes.
  • Valuing Young Startups Is Unavoidably Difficult: Using (And Misusing) Deferred-Equity Instruments for Seed Investing

    Valuing Young Startups Is Unavoidably Difficult: Using (And Misusing) Deferred-Equity Instruments for Seed Investing

    University of New Hampshire University of New Hampshire Scholars' Repository University of New Hampshire – Franklin Pierce Law Faculty Scholarship School of Law 6-25-2020 Valuing Young Startups is Unavoidably Difficult: Using (and Misusing) Deferred-Equity Instruments for Seed Investing John L. Orcutt University of New Hampshire Franklin Pierce School of Law, Concord, New Hampshire, [email protected] Follow this and additional works at: https://scholars.unh.edu/law_facpub Part of the Banking and Finance Law Commons, and the Commercial Law Commons Recommended Citation John L. Orcutt, Valuing Young Startups is Unavoidably Difficult: Using (and Misusing) Deferred-Equity Instruments for Seed Investing, 55 Tulsa L.Rev. 469 (2020). This Article is brought to you for free and open access by the University of New Hampshire – Franklin Pierce School of Law at University of New Hampshire Scholars' Repository. It has been accepted for inclusion in Law Faculty Scholarship by an authorized administrator of University of New Hampshire Scholars' Repository. For more information, please contact [email protected]. 42208-tul_55-3 Sheet No. 58 Side A 05/15/2020 10:30:18 ORCUTT J - FINAL FOR PUBLISHER (DO NOT DELETE) 5/14/2020 9:49 AM VALUING YOUNG STARTUPS IS UNAVOIDABLY DIFFICULT: USING (AND MISUSING) DEFERRED- EQUITY INSTRUMENTS FOR SEED INVESTING John L. Orcutt* I. ASTARTUP’S LIFE AND FUNDING CYCLES ............................................................... 474 II. VALUING YOUNG STARTUPS .................................................................................
  • Agenda Item 5B

    Agenda Item 5B

    Item 5b - Attachment 3, Page 1 of 45 SEMI - ANNUAL PERFORMANCE R EPORT California Public Employees’ Retirement System Private Equity Program Semi-Annual Report – June 30, 2017 MEKETA INVESTMENT GROUP B OSTON C HICAGO M IAMI P ORTLAND S AN D IEGO L ONDON M ASSACHUSETTS I LLINOIS F LORIDA O REGON C ALIFORNIA U N I T E D K INGDOM www.meketagroup.com Item 5b - Attachment 3, Page 2 of 45 California Public Employees’ Retirement System Private Equity Program Table of Contents 1. Introduction and Executive Summary 2. Private Equity Industry Review 3. Portfolio Overview 4. Program Performance 5. Program Activity 6. Appendix Vintage Year Statistics Glossary Prepared by Meketa Investment Group Page 2 of 45 Item 5b - Attachment 3, Page 3 of 45 California Public Employees’ Retirement System Private Equity Program Introduction Overview This report provides a review of CalPERS Private Equity Program as of June 30, 2017, and includes a review and outlook for the Private Equity industry. CalPERS began investing in the private equity asset class in 1990. CalPERS currently has an 8% interim target allocation to the private equity asset class. As of June 30, 2017, CalPERS had 298 investments in the Active Portfolio, and 319 investments in the Exited Portfolio1. The total value of the portfolio was $25.9 billion2, with total exposure (net asset value plus unfunded commitments) of $40.2 billion3. Executive Summary Portfolio The portfolio is diversified by strategy, with Buyouts representing the largest exposure at 66% of total Private Equity. Mega and Large buyout funds represent approximately 57% of CalPERS’ Buyouts exposure.
  • Competitive Advantages of Lazada Indonesia

    Competitive Advantages of Lazada Indonesia

    EJBMR, European Journal of Business and Management Research Vol. 5, No. 1, February 2020 Competitive Advantages of Lazada Indonesia Dita Amanah and Dedy Ansari Harahap around 54% of the total population in Indonesia. This Abstract—Lazada Indonesia's competitive advantage as a indicates that the potential for the development of electronic marketplace in Indonesia is determined in this article. Internal commerce is very large in Indonesia. An increasing number and external factors were identified to analyze the SWOT and of middle class people will certainly lead to higher levels of the strategies implemented by Lazada. In-depth interviews, consumption. observations and documentation studies are used to collect Online business has become a trend in recent years. data. All students of the Doctoral Program of Management Many online companies are growing, both new and old Science in Universitas Pendidikan Indonesia were respondents of this study. They all 112 respondents. The SWOT analysis companies are turning to online business [3]. The more results show that in the first quadrant, Lazada implements an competitors in the online business, the more competition aggressive growth strategy in achieving competitive will be to win the hearts of consumers [4]. advantage. Existing strengths and opportunities put Lazada in Today's consumers tend to make purchases online a advantageous position and maximally utilizing external and become a trend in shopping online. Online shopping is forces to seize opportunities. Lazada is a pioneer of free an activity of consumer electronic transactions at online shipping of goods and services for returning goods from stores through a device that is connected to the internet with consumers.
  • Competitiveness in Music Streaming

    Competitiveness in Music Streaming

    Competitiveness in Music Streaming Investigating how the entry of big technology companies influence competitive advantages in music streaming Master’s Thesis in the Masters’ Programme Management and Economics of Innovation Linus Adolfsson Eric Bonfré DEPARTMENT OF TECHNOLOGY MANAGEMENT AND ECONOMICS Division of Entrepreneurship and Strategy CHALMERS UNIVERSITY OF TECHNOLOGY Gothenburg, Sweden 2020 www.chalmers.se Report No. E2020:021 REPORT NO. E2020:021 Competitiveness in Music Streaming: Investigating how the entry of big technology companies influence the sources of competitive advantages in the music streaming industry LINUS ADOLFSSON ERIC BONFRÉ Supervisor, Chalmers: Adrian Bumann Department of Technology Management and Economics Division of Entrepreneurship and Strategy CHALMERS UNIVERSITY OF TECHNOLOGY Gothenburg, Sweden 2020 Investigation of how the entry of big technology companies influence the sources of competitive advantage in the music streaming industry LINUS ADOLFSSON ERIC BONFRÉ © LINUS ADOLFSSON © ERIC BONFRÉ Master’s Thesis E2020:021 Department of Technology Management and Economics Division of Entrepreneurship and Strategy Chalmers University of Technology SE-412 96 Gothenburg, Sweden Telephone + 46 (0)31-772 1000 Gothenburg, Sweden 2020 Acknowledgement The authors of this report would like to send their gratitude towards our supervisor at Chalmers University of Technology, Adrian Bumann, who has supported and guided us through the procedure of conducting the study as well as providing continuous feedback. 1 Abstract Big technology companies are present in a range of different industries, and they keep expanding into even more - music streaming being one of them. They create large ecosystems where digital products and services are added to provide both economies of scale and economies of scope.
  • LAZADA IHQ LTD. a Thriving E-Commerce Success Background Lazada Group Was Founded in 2012 by Rocket Internet to Bring a High

    LAZADA IHQ LTD. a Thriving E-Commerce Success Background Lazada Group Was Founded in 2012 by Rocket Internet to Bring a High

    LAZADA IHQ LTD. A Thriving E-Commerce Success Background Lazada Group was founded in 2012 by Rocket Internet to bring a high quality online shopping experience to Southeast Asia. Lazada's e-commerce websites originally launched in 2012 in five Asean countries, including Thailand. By 2016, Lazada had recorded an annualized total of US$1.3 billion in Gross Merchandise Value across its markets in Southeast Asia. In early 2016, the Chinese company Alibaba took a 51% controlling stake in Lazada with a US$1 billion investment, and more recently increased their holdings by a further US$1 billion giving them an 83% stake in the company. In 2015, Lazada set up a local subsidiary in Thailand, Lazada IHQ. Ltd, with BOI support. Why Thailand The digital age has well and truly arrived in Thailand, with 46 million internet users representing 67% of the adult population. Thailand is also one of the world's leaders in the number of social media users, with 47 million Facebook users and 33 million Line subscribers. Along with a huge market, Thailand also has the logistical support of numerous delivery services such as the Thailand Postal Service, Lalamove, Kerry Express, UPS, FedEx and others. Vision for the Future In March 2016, Lazada announced it was establishing a product development and marketing hub in Thailand, the Lazada Tech Hub, focused on advancing the design of the company's mobile shopping website and apps. With over 30 million app downloads and 60 percent of its gross merchandise volume already coming from mobile sales, Lazada aims to expand its reach to even more effectively compete with brick and mortar stores, while also allowing smaller companies to set up shop on its e-commerce platform.
  • Hardware & Esports at the Core Of

    Hardware & Esports at the Core Of

    Hardware & Esports at the Core of 1. The mobile gaming 4 opportunity 2. Immersion and competition are key 9 trends 3. Hardware facilitates 20 and drives mobile trends Fast-rising hardware capabilities facilitate new game formats COMPETITIVE FREE-TO-PLAY Competitive mobile games and mobile esports MULTIPLAYER GAMES AS A SERVICE continue to rise in popularity, taking an increasing share of gamers’ time and money. With new cross- IMPROVED platform innovations, mobile gamers now have the HARDWARE possibility to play and compete directly with PC and IMMERSIVE console gamers. At the same time, mobile games SINGLE PLAYER SPECIFICATIONS have become more immersive, offering realistic and engrossing game environments and experiences. The convergence of these two trends, made possible by fast-rising hardware capabilities, has paved the way MAXIMUM for new game genres such as battle royale to emerge GAMING and thrive. EXPERIENCE In this report, we explore the mobile gaming opportunity and how the desire for increasingly core, competitive, and sophisticated experiences on mobile has led hardware brands such as Razer and Asus to release dedicated mobile gaming devices. PAY-TO-PLAY © 2018 NEWZOO GAMES AS A PRODUCT MAXIMUM VIEWING JELLE KOOISTRA EXPERIENCE Head of Market Analysts © Newzoo 2018 3 1. THE MOBILE GAMING OPPORTUNITY Global games market revenue forecast | Per device and segment MOBILE PC $70.3Bn $32.9Bn +25.5% YoY +1.6% YoY 3% 24% TABLET GAMES 10% BROWSER PC GAMES $13.9Bn 21% $4.3Bn Mobile games will account for +13.1% YoY -13.9% YoY 2018 TOTAL BOXED/ (SMART)PHONE 51% $137.9Bn DOWNLOADED GAMES PC GAMES +13.3% of the global $56.4Bn 41% YoY $28.6Bn games market this year.