Sign in

    Fuk Lung Cheung

    Managing Director and Senior Analyst at China Renaissance

    Fuk Lung Cheung is a Managing Director and Senior Analyst at China Renaissance, specializing in Hong Kong and China equities with a focus on the financial and real estate sectors. He actively covers prominent companies including China Merchants Bank, Industrial and Commercial Bank of China, Ping An Insurance, and major property developers, with a track record of providing actionable investment recommendations that have consistently ranked him among the top analysts in the region by investor polls. Cheung began his career as an equity analyst in the early 2000s, holding positions at leading firms such as UBS and BNP Paribas before joining China Renaissance in 2018. He holds professional certifications including the Chartered Financial Analyst (CFA) designation and is licensed with the Hong Kong Securities and Futures Commission.

    Fuk Lung Cheung's questions to HUYA (HUYA) leadership

    Fuk Lung Cheung's questions to HUYA (HUYA) leadership • Q1 2025

    Question

    Fuk Lung Cheung of CITIC Securities inquired about the business outlook and future prospects for HUYA's game-related services segment, following its strong performance in the first quarter.

    Answer

    Junhong Huang, Acting Co-CEO and SVP, explained that game-related services, advertising, and other revenues grew 52.1% year-over-year, driven by game services. He noted that since revenue is recognized on a net basis, the total transaction value is significantly higher. Mr. Huang highlighted that domestic game distribution gross receipts more than doubled year-over-year, in-game item sales hit a record GMV, and overseas game-related services are showing promising multi-fold sequential growth, positioning them as a key future growth engine.

    Ask Fintool Equity Research AI

    Fuk Lung Cheung's questions to HUYA (HUYA) leadership • Q4 2024

    Question

    Fuk Lung (Nelson) Cheung of Citigroup inquired about the outlook and growth drivers for the 'other revenue' segment, especially game-related services, following its strong performance in 2024.

    Answer

    Junhong Huang, Acting Co-CEO and SVP, stated that while Q4 saw a seasonal dip, the segment's revenue nearly doubled year-over-year. Growth is driven by enhanced game distribution, where Huya is a primary channel for some titles, and increased in-game item sales. Sponsorship revenue for self-organized tournaments also grew significantly. For 2025, Huya will continue this commercial transformation, refine existing operations, and explore exclusive distribution models with game developers, though performance remains tied to industry seasonality.

    Ask Fintool Equity Research AI

    Fuk Lung Cheung's questions to HUYA (HUYA) leadership • Q3 2024

    Question

    Fuk Lung Cheung inquired about the Q3 and Q4 performance of HUYA's game-related services, the development plan for this business in 2025, and its competitive advantages.

    Answer

    Executive Junhong Huang explained that game-related services revenue grew 209.3% year-over-year to RMB 410 million, representing a record 26.7% of total revenue. He highlighted that game distribution is the largest component, with gross receipts up over 20x YoY, and a single in-game item sales event generated over RMB 50 million. Key advantages cited include a high-quality user base, active broadcaster participation, strong developer partnerships, and an expanding content ecosystem reaching over 140 million users. He also noted the business is subject to the gaming industry's seasonality.

    Ask Fintool Equity Research AI

    Fuk Lung Cheung's questions to So-Young International (SY) leadership

    Fuk Lung Cheung's questions to So-Young International (SY) leadership • Q4 2024

    Question

    Fuk Lung Cheung of China Renaissance inquired about So-Young's latest strategies for supporting and empowering merchants on its platform amidst ongoing industry consolidation.

    Answer

    CEO Xing Jin explained that So-Young is empowering institutions by optimizing its platform to highlight their unique specializations, thereby increasing their pricing power. Key initiatives include strengthening partnerships with top-tier institutions, using data to refine management and subsidy plans, enhancing the user journey on the app, and expanding private domain operations to boost user engagement and lifetime value. Mr. Jin noted these efforts have led to strong progress in annual framework agreements.

    Ask Fintool Equity Research AI

    Fuk Lung Cheung's questions to DouYu International Holdings (DOYU) leadership

    Fuk Lung Cheung's questions to DouYu International Holdings (DOYU) leadership • Q4 2024

    Question

    Fuk Lung Cheung from CITIC Securities inquired about the growth drivers for DouYu's new businesses, specifically the audio and game props segments, heading into 2025, and also asked about the company's plans for its future use of cash.

    Answer

    Co-CEO Simin Ren detailed the 2025 strategy for innovative businesses, focusing on refining traffic distribution, integrating AI, and innovating product features for the voice-based social networking service, and expanding partnerships for game prop sales. She projected these businesses would contribute approximately 35% of total revenue in 2025. VP of Finance Hao Cao addressed the cash usage question, stating that after the recent dividend, the company holds sufficient cash reserves (RMB 2.24 billion) to manage operations and support its goal of substantially reducing net losses.

    Ask Fintool Equity Research AI