News Snapshot:
Internet users increased 9.5% in China in 2020. Shanghai Police prosecuted 14 Renren (RENN) employees for piracy of TV series. Tiktok indicted Tencent (700 HK) for monopoly. Bilibili has invested in 33 cartoon producers in the past 12 months. By Victoria Li Heavy-duty truck demand from infrastructure might slow down in 2021E, but demand increase from logistics, which contributed 74% of annual HDT sales, would remain strong in next few years. Also, Sinotruk’s new logistic trucks and newly introduced Weichai engines are boosting its market share. We believe Sinotruk’s earnings will grow by another 10-15% yoy in 2021E after a...