Daiwa Capital Markets: "Buy" list adds Alibaba-W, INNOVENT BIO, SHUANGHUAN COMPANY, and TRIP.COM-S

Daiwa Capital Markets released a research report stating that the Hang Seng Index and MSCI China Index fell by 4.3% and 5.2% respectively in April, driven by the announcement of tariffs by Trump in early April and concerns over a potential global recession. Due to ongoing external uncertainties, the firm will maintain its allocation to domestic policy beneficiaries and defensive sectors. Daiwa's "Buy" list has added Alibaba-W, INNOVENT BIO, SHUANGHUAN COMPANY, and TRIP.COM-S, while taking profits on China Resources Land and Jianbei Miao Miao. Daiwa stated that Alibaba was added to the "Buy" list for reasons including: a) its business group successfully went public, b) continuous improvement in cloud business profitability, c) strong user growth; INNOVENT BIO was added to the "Buy" list for reasons including: a) strong performance expectations; b) smooth research and development performance and ongoing business development efforts; c) new product launches that will create revenue sources; TRIP.COM was added to the "Buy" list, driven by the continued penetration of online travel agency (OTA) platforms into the domestic offline and lower-tier city travel markets, as well as the expansion of outbound flight capacity