Some links

1. 虛擬貨幣介紹 (link)
2. Huya (link)
• EV = 2.2 B USD
• 3 year avg. FCF = 0.2 B USD
• FCF/EV = 8.9%
• estimated bottom line growth rate in the near term: 10~15% (guts feeling only)
• pro
• Tencent is the major share holder (51% share and 70% voting right)
• Plan to merge with 斗魚
• also cash-rich
• positive earnings and cash flow
• Tencent also invested in Huya's direct competitors such as BiliBili and Kuaishou
• risks
• Competitive online video streaming business would burn lots of cash
• Anti-trust
• 感覺近期政治/商業氛圍不是很好, 破局的可能性不小
• 1 Huya share to 0.73 斗魚 share. Current prices seem to suggest that the merge proposal will not come true.
• thoughts
• if merge is approved, it would be better to buy Douyu
• using current price 16.x and 8, one could short sell Huya and buy Douyu to lock profit.
• if merge failed, both stocks would plummet to a record low.
• Let's wait and see. It should come to an end soon.
• (合併破局 2021.7.11)
3. Proof of history. What an interesting idea! (link)
4. Long on Lululemon (link)
• China market
• Mirror
• other opportunities: self-care, shoes...etc
5. Anti-trust bills (link) (link)