Our meetings with management helped address key investor debates on select stocks.    NetEase Founder and CEO Ding Lei discussed Minecraft as well as new gamelaunches and strategy. Minecraft has consistently been in the top five game appdownloads since launch, achieving management’s goal of user adoption. Mr Dingcommented that monetisation would be gradual, starting in mid-October through itemsales. In 4Q, the company expects to launch a number of “escape” and “survival”mobile games, leveraging a genre newly popular on PCs.    Baidu’s Group COO, Dr Qi Lu, expects search usage to continue to grow due toproduct innovations and richer content while the “strong signals” from intent-drivenquery data should continue to improve conversions (click-through rates). Further,news feed represents a material and meaningful new incremental growth opportunity(without cannibalising core search).    Ctrip: Cindy Wang, CFO, believes Ctrip has high barriers to entry in the hotelbusiness, with stakes in economy hotel chains as well as good relationships with midmarketto high-end hotels. Ctrip’s international expansion plan rests with Skyscanner,leading with international air ticketing. Management is gradually testing opt-in andpartial opt-in for its services, as well as membership programmes that includeexpress lanes and discounts on lounges.    Momo: Jonathan Zhang, CFO, pointed to the company’s continued evolution as avideo social platform. He said its live streaming business is on track, with short videosgaining momentum in terms of user engagement. Short video ads, which have muchhigher eCPM, should contribute materially to revenue growth from 4Q. If the actualchannel marketing expenses are lower than budget, there may be upside to margins.    58.com: Hao Zhou, CFO, maintained a cautious view on the housing market, assome housing agencies may downsize given the persistent policy restriction in China.    But he expects other business lines, especially jobs, to perform well. Losses from itsinvestees, such as 58 Home, will likely continue to shrink due to limited competition.

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