Zoey Zong

Hong Kong, Internet

+852 3743 8163

Zoey Zong joined Jefferies in July 2020 with more than 3 years of equity research experience following China Energy & Petrochemicals at Bank of China International and China Utilities, Industrials and Small & Mid-Caps at Huatai International.

What I am Known For

  • Equity research experience across China Internet, China Energy & Petrochemicals, China Utilities and Industrials.
  • Timely updates on industry and company changes.
  • Building and updating models and databases across different sectors.
  • Key member of the team ranked top 3 in Institutional Investor 2023 All-Asia Research Survey (Internet category).

How I am Different

  • Alibaba (BABA US / 9988 HK, BUY)
    We believe BABA has laid out a clear roadmap with solid execution. For TTG, we expect the gap in YoY growth in GMV and CMR to narrow down in Sep quarter. Potential in incremental young users and those in lower tier cities from synergies with Weixin Payment are to be unlocked. Efficiency improvement in AIDC is expected, along with cloud benefits from solid AI demand. We expect investment in 88VIP for TTG and fundamentals to improve for AIDC and All others.
  • Tencent (700 HK, BUY)
    We believe high quality growth story is intact while factoring in the latest trends across segments. For VAS, we expect YoY re-acceleration in gaming revenue while factoring in the latest trends on social networking. For online advertising, growth continues to benefit from ad tech and video accounts while factoring in base effect on ecommerce ad, trends in mobile networks and brand ad. For FBS, slower growth is expected due to macro environment.

Research Highlights

Upcoming Corporate & Strategic Access

  • Expert Events: Jef U China Expert Day: Internet (4 Nov 2024)
  • Expert Events: Jef U China Internet Expert Calls (12 – 13 Nov 2024)
  • Conferences: Jefferies Asia Internet Week (29 Aug – 4 Sep 2024)