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<Research>CICC: CN Online Platform Stocks Become More Attractive; Core Recommendation TENCENT w/ Focus on KUAISHOU/ NTES/ Others
Recently, the overall market sentiment turned negative, leading to a correction in the sector, CICC published a research report saying. Currently, the sector's overall valuatio...
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<Research>CICC: CN Online Platform Stocks Become More Attractive; Core Recommendation TENCENT w/ Focus on KUAISHOU/ NTES/ Others
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Recently, the overall market sentiment turned negative, leading to a correction in the sector, CICC published a research report saying. Currently, the sector's overall valuation is between the mean and the 25th percentile.

From a fundamental perspective, the sector's overall performance was solid, with healthy growth in major areas such as advertising and game. Key companies like TENCENT (00700.HK)  -7.400 (-1.490%)    Short selling $1.08B; Ratio 47.391%   continued to show improved profit margins and operating leverage.

Related News CMSI Notes KUAISHOU (01024.HK) Short-term Investment Enhances Long-term Competitiveness, But Lowers TP to HKD76
Overall, fundamentals were sound, and AI potential remains, but valuations are decreasing, making the sector more attractive. In summary, CICC's core recommendation is TENCENT, with suggestions to pay attention to KUAISHOU-W (01024.HK)  -1.300 (-2.814%)    Short selling $218.76M; Ratio 44.692%   , NTES-S (09999.HK)  -1.300 (-0.738%)    Short selling $244.93M; Ratio 79.905%   , NEWBORNTOWN (09911.HK)  -0.550 (-6.257%)    Short selling $20.71M; Ratio 33.186%   and BILIBILI-W (09626.HK)  -4.100 (-2.245%)    Short selling $91.44M; Ratio 46.716%   .

Most Chinese online platform companies entered the 'reasonable' range of 2026 projected PE ratios of 15-20x, meaning that, if any company's results beat expectations in the future, it may enjoy both results and valuation growth, CICC added.

BILIBILI-W has long been at an extremely high valuation within the sector, while BOSS ZHIPIN-W (02076.HK)  -1.300 (-2.444%)    Short selling $348.91K; Ratio 97.053%   , TME-SW (01698.HK)  -0.980 (-2.686%)    Short selling $46.13M; Ratio 264.857%   and NETEASE MUSIC (09899.HK)  +1.600 (+1.216%)    Short selling $24.03M; Ratio 91.313%   have been at medium to high valuation levels.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-04-02 16:25.)

Related News UBS Lowers KUAISHOU (01024.HK) TP to HKD68, Cuts EPS Forecast for 2026-28 by 32-34%

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