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    Harry Zhuang

    Vice President and Equity Research Analyst at Citigroup

    Harry Zhuang is a Vice President and Equity Research Analyst at Citigroup, specializing in the coverage of China Internet and E-commerce companies. He closely follows firms such as Alibaba, JD.com, Pinduoduo, Meituan, and Trip.com, gaining a reputation for in-depth sector insights and actionable investment recommendations. Since joining Citi in 2018, Zhuang has demonstrated strong stock-picking skills with a success rate above 60% and strong average returns as tracked by key metrics on platforms such as TipRanks. Previously, he worked as an investment analyst with China Merchants Securities, and he holds active FINRA registrations including the Series 7 and Series 63 licenses.

    Harry Zhuang's questions to Agora (API) leadership

    Harry Zhuang's questions to Agora (API) leadership • Q4 2024

    Question

    Harry Zhuang, on behalf of Daley Li, inquired about demand trends in China versus overseas markets, key growth sectors for 2025, the recent impact of AI on demand and its specific use cases, and the company's profitability targets for 2025.

    Answer

    Executive Bin Zhao explained that China's demand is led by IoT and digital transformation, while global growth is driven by live commerce and the creator economy. He highlighted significant customer interest in the new conversational AI engine for use cases like virtual companions, language tutoring, and customer service. Executive Jingbo Wang added that the company expects to maintain a gross margin around 67% and anticipates stronger bottom-line growth than top-line growth in 2025, driven by revenue gains and flat operating expenses.

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