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<Research>BOCI: CN Internet Leaders Have Limited US Rev. Exposure; TENCENT Top Pick
Recommend 45 Positive 68 Negative 29 |
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On April 2, the U.S. government had announced the imposition of “reciprocal tariffs” on Chinese goods, claiming a “minimum baseline tariff” of 10% on all trading partners, with a reciprocal tariff rate of 34% applied to China. Additionally, the executive order eliminated the “de minimis exemption”. In response, China’s State Council Tariff Commission issued a statement on April 4, announcing that all imports from the U.S. will face an additional 34% tariff on top of prevailing applicable rates, starting this Thursday (April 10). BOCI published a research report noting that the leading Chinese internet companies under its coverage, such as JD-SW (09618.HK), MEITUAN-W (03690.HK), BABA-W (09988.HK) and TENCENT (00700.HK), have limited revenue exposure to the U.S. These companies derive the majority of their income from domestic e-commerce, advertising, gaming, and food delivery in China. In view of potential consumption stimulus policies and productivity gains from increased AI technology adoption, BOCI recommended the internet services sector, with TENCENT as its top pick, followed by MEITUAN-W, BABA-W, JD-SW, and Pinduoduo (PDD.US) in pecking order. AAStocks Financial News |
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