Chelsey Tam

2 weeks ago | morningstar.com | Chelsey Tam

The six largest privately owned express delivery companies accounted for around 82% of China’s parcel deliveries by volume in the third quarter of 2024, based on data from the companies and China’s State Post Bureau. With share already high, we think further volume share gain from smaller players is limited for these large companies.

2 weeks ago | morningstar.com | Chelsey Tam

The six largest privately owned express delivery companies accounted for around 82% of China’s parcel deliveries by volume in the third quarter of 2024, based on data from the companies and China’s State Post Bureau. With their share already high, we think further gains from smaller players are limited for these large companies.

1 month ago | morningstar.com | Chelsey Tam

PDD Holding is the second-largest e-commerce platform in China by gross merchandise volume in 2024, on our estimate. PDD is a social e-commerce platform that encourages users to enjoy lower prices by teaming up to make purchases. Easier sharing of PDD deals with social contacts through Tencent’s social network leads to lower traffic acquisition costs versus peers.

1 month ago | morningstar.com | Chelsey Tam

Kerry Logistics Network’s, or KLN’s, international freight forwarding, or IFF, segment accounted for 52% of consolidated segment profit in the first half of 2024. We think it is seeing stabilizing business conditions, with freight rates having started to rise in the fourth quarter of 2023. Demand for international cargo capacity has increased, as shipping vessels took longer routes to avoid Houthi attacks in the Red Sea since then.

1 month ago | morningstar.com | Chelsey Tam

We expect slow growth in Meituan’s customer acquisition, as the platform already boasts over 770 million users—68% of the Chinese internet users as of June 2024. While Meituan continues to deepen user penetration in less developed areas in China, it is also focusing on increasing customer purchase frequency and expanding overseas. In recent quarters, Meituan has replaced its former agency model with direct operations nationwide, aiming to enhance services for merchants in lower-tier markets.