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    Jiong Shao • Barclays

    Jiong Shao's questions to Sea Ltd (SE) leadership

    Jiong Shao's questions to Sea Ltd (SE) leadership • Q2 2025

    Question

    Jiong Shao asked for the current advertising take rate and whether the long-term target of 4-5% remains. He also inquired about Sea's strategy for potential external-facing AI businesses, beyond improving internal efficiencies.

    Answer

    Group CFO Tony Hou stated the current ad take rate is around 2%, leaving sizable room for growth. Regarding AI, he detailed its extensive use in improving core business functions like ads, recommendations, and customer service. He confirmed that while the company is exploring opportunities, there are no concrete external-facing AI businesses to announce at this time.

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    Jiong Shao's questions to Sea Ltd (SE) leadership • Q1 2025

    Question

    Jiong Shao inquired about the potential timing to achieve the long-term 2-3% EBITDA margin as a percentage of GMV for Shopee and whether there was upside to that target. He also asked about the sequential dip in the VAS take rate, questioning if it was due to a strategic or seasonal shift in spending on shipping subsidies.

    Answer

    Executive Hou Tianyu responded that the 2-3% EBITDA margin target is a meaningful range but not a constraint, suggesting potential for upside as seen in global peers. However, the current priority remains on capturing growth potential. He explained that the apparent dip in the VAS take rate was a GAAP accounting effect caused by higher shipping subsidies in Q1, which are netted against revenue. He affirmed that shipping subsidies are viewed as an effective and dynamic tool for user growth, with spending adjusted based on continuous testing and market response.

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    Jiong Shao's questions to Sea Ltd (SE) leadership • Q3 2024

    Question

    Jiong Shao asked to unpack the key long-term growth drivers for the Digital Financial Services (DFS) business and questioned whether the e-commerce business model would see gradual profit improvement or a more significant jump in leverage at scale.

    Answer

    Forrest Li, Chairman and CEO, detailed that DFS growth will come from a combination of user growth and product expansion. For e-commerce profitability, he stated that while a large jump is possible as the market matures, the base case assumption is for gradual improvement driven by ecosystem growth, cost reductions, and operating efficiencies.

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    Jiong Shao's questions to Coupang Inc (CPNG) leadership

    Jiong Shao's questions to Coupang Inc (CPNG) leadership • Q2 2025

    Question

    Jiong Shao from Barclays Capital asked for elaboration on the specific investment areas in Taiwan, including last-mile delivery, and the key drivers behind the significant gross margin expansion in Product Commerce.

    Answer

    CEO Bom Kim noted that various initiatives in Taiwan are in early testing stages and it's too early to discuss specifics, emphasizing a disciplined approach to capital allocation. CFO Gaurav Anand attributed the 230 basis point gross margin expansion in Product Commerce to increased operational efficiency, supply chain optimization, and growth in margin-accretive offerings, reiterating the path to over 10% adjusted EBITDA margins for the segment.

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    Jiong Shao's questions to Coupang Inc (CPNG) leadership • Q2 2025

    Question

    Jiong Shao from Barclays PLC followed up on Developing Offerings, asking for specifics on investment areas in Taiwan, including last-mile delivery, and requested an elaboration on the drivers of the significant gross margin expansion in Product Commerce.

    Answer

    CEO Bom Kim explained that multiple initiatives in Taiwan are in very early testing stages and it's too early to discuss specifics, emphasizing a disciplined approach to capital allocation. CFO Gaurav Anand attributed the Product Commerce gross margin expansion to increased operational efficiency, supply chain optimization, and growth in margin-accretive offerings, reiterating the path to over 10% adjusted EBITDA margins for the segment.

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    Jiong Shao's questions to Coupang Inc (CPNG) leadership • Q1 2025

    Question

    Jiong Shao requested more detail on FLC growth, including customer/merchant penetration and its impact on 3P vs. 1P GMV. He also asked for an update on the current technology investment cycle and whether Chinese competitors are becoming more aggressive in Korea due to U.S. tariffs.

    Answer

    CEO Bom Suk Kim confirmed that FLC is growing at high multiples of the overall business, causing the 3P marketplace to grow much faster than 1P, though penetration remains low. He emphasized that Coupang's focus is on the customer and the massive retail market, not specific competitors. CFO Gaurav Anand added that the current tech spend is influenced by timing and expects OG&A as a percentage of revenue to decline in the near to medium term.

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    Jiong Shao's questions to Coupang Inc (CPNG) leadership • Q4 2024

    Question

    Jiong Shao from Barclays asked for elaboration on the Developing Offerings guidance of a $650M to $750M loss, questioning the implied loss for the core segment excluding Farfetch's contribution. He also inquired about the investment direction for Taiwan and Eats, the rationale for re-entering the Japan food delivery market, and whether the investment intensity for 2025 would be similar to 2024.

    Answer

    CEO Bom Kim characterized Developing Offerings as a collection of investments, noting Farfetch's Q4 results had some one-off benefits. He emphasized that all investments, including a potential one in Japan, are subject to disciplined execution based on clear customer demand and a path to operational excellence. Increased investment reflects growing confidence in delivering value and returns. CFO Gaurav Anand reiterated that OG&A expenses are expected to decline as a percentage of revenue over the near to medium term.

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    Jiong Shao's questions to Coupang Inc (CPNG) leadership • Q3 2024

    Question

    Jiong Shao asked for a follow-up on the quarter's technology investments, inquiring if they were one-time or a new base level. He also asked about the advertising take rate and the significance of a new cross-border FLC campaign.

    Answer

    Founder and CEO Bom Kim confirmed the technology spend was part of continued, non-capitalized investment, not a one-time event, and that the company expects to generate leverage on it over time. On advertising, he noted it is performing well but remains a small part of transaction volume compared to peers. He characterized the cross-border FLC effort as one of many ongoing initiatives to improve selection and service.

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    Jiong Shao's questions to Grab Holdings Ltd (GRAB) leadership

    Jiong Shao's questions to Grab Holdings Ltd (GRAB) leadership • Q2 2025

    Question

    Jiong Shao followed up on autonomous driving, asking about specific plans for robotaxis. He also inquired about expectations for regional costs in the second half of the year and the long-term addressable market and margin profile for GrabMart.

    Answer

    CEO Anthony Tan confirmed Grab is seriously exploring robotaxi pilots and partnerships, with more announcements expected in the coming months. CFO Peter Oey projected regional corporate costs would grow slower than revenue, driving 100-150 bps of operating leverage. COO Alex Hungate described the GrabMart TAM as potentially much larger than food delivery, with its margins embedded in the overall 4%+ long-term target for the Deliveries segment, noting a significant advertising opportunity with FMCG partners.

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    Jiong Shao's questions to Grab Holdings Ltd (GRAB) leadership • Q1 2025

    Question

    Jiong Shao asked for clarification on Grab's fintech model compared to profitable peers, the drivers for expected revenue reacceleration, plans for monetizing restaurant discovery, and the timeline for achieving the 4%+ food delivery margin target.

    Answer

    President and COO Alex Hungate explained that Grab's fintech model differs by initially focusing on platform partners for lower risk, and near-term losses are due to investment in newly launched digital banks, which are guided to be profitable by Q4 2026. He noted Dine Out monetization will be driven by advertising but is in an early investment phase. CFO Peter Oey added that the 4%+ food margin is not on a fixed timeline, as the focus is on absolute EBITDA growth, and the target has already been achieved in certain countries, proving the model's viability.

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    Jiong Shao's questions to Grab Holdings Ltd (GRAB) leadership • Q4 2024

    Question

    Jiong Shao sought confirmation on whether the accelerating growth in Food and Ride-hailing GMV would continue in 2025. He also asked about the economic rationale for EVs and robotaxis in Southeast Asia and the potential impact of new Singapore government vouchers.

    Answer

    CFO Peter Oey confirmed they expect the on-demand GMV growth momentum to continue into 2025. President & COO Alex Hungate explained that EVs lower driver costs, enabling better affordability, and that AVs will follow a similar cost improvement curve over time. CEO Anthony Tan added that the future is a hybrid human-AV fleet. Regarding Singapore, Peter Oey stated the new government budget and vouchers are beneficial for the economy, merchants, and consumers, which should positively impact Grab's business.

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    Jiong Shao's questions to Grab Holdings Ltd (GRAB) leadership • Q3 2024

    Question

    Jiong Shao requested details on the FinTech business, including borrower profiles for Digibank loans and growth drivers. He also asked about the delivery margin's trajectory and the strategy for monetizing in-store dining.

    Answer

    Chief Operating Officer Alex Hungate detailed the dual lending strategy via GFin for the ecosystem's underbanked and through the new Digibanks, which are funded by low-cost deposits and maintain a low NPL ratio of ~2%. Chief Financial Officer Peter Oey added that delivery margins will fluctuate with investments aimed at driving frequency and retention. Alex Hungate also noted that advertising revenue, now 1.6% of delivery GMV, is a key monetization tool for both delivery and in-store traffic, driven by self-serve options for merchants.

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    Jiong Shao's questions to Trip.com Group Ltd (TCOM) leadership

    Jiong Shao's questions to Trip.com Group Ltd (TCOM) leadership • Q1 2025

    Question

    Jiong Shao from Barclays asked for an update on the company's capital return program, noting the Q1 share repurchase, and whether to expect an increase in buybacks.

    Answer

    CEO Jane Sun confirmed the company will step up its efforts. She mentioned a $600 million board-approved program, of which about $84 million has been used. Sun also noted a proposal to shareholders to authorize buybacks in the Hong Kong market, which would increase the quota. She affirmed a firm commitment to capital return through both cash dividends and stock buybacks.

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    Jiong Shao's questions to Trip.com Group Ltd (TCOM) leadership • Q4 2024

    Question

    Jiong Shao of Barclays asked for specifics on the 2025 capital return program, including the dividend payout date and any updates on the $400 million buyback, and inquired about capital return plans beyond 2025.

    Answer

    CFO Xiaofan Wang provided the dividend registration dates for Hong Kong (March 27) and U.S. (April 1) shareholders. She confirmed the full execution of the 2024 $300M buyback and detailed the new 2025 program ($400M buyback, $200M dividend). She stated the company remains committed to increasing shareholder returns and will actively seek future opportunities.

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    Jiong Shao's questions to Trip.com Group Ltd (TCOM) leadership • Q2 2024

    Question

    Jiong Shao from Barclays asked for an elaboration on the operational mechanics and business impact of the company's AI initiatives, such as TripBest and TripTrends.

    Answer

    CFO Xiaofan Wang explained that these tools are part of a dynamic content strategy. Trip.Best provides curated lists that over 70% of users consult, driving traffic to partners. TripTrends provides insights into travel patterns. She also highlighted Trip.Genie, an AI assistant that is positively correlated with user loyalty and cross-selling, and noted AI is also improving internal operational efficiency.

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    Jiong Shao's questions to Trip.com Group Ltd (TCOM) leadership • Q1 2024

    Question

    Jiong Shao from Barclays requested a deeper dive into the Trip.com platform business, asking for details on its regional and product line breakdown, take rates, and its competitive differentiation against established players in Southeast Asia.

    Answer

    CFO Xiaofan Wang clarified that the Trip.com platform contributes about 10% to total group revenue, with around 70% of that coming from Asian markets. She stated its take rates are similar to the outbound business and that the platform has recently become profitable on a contribution margin basis. Key differentiators include a superior mobile app experience, a comprehensive one-stop model, 24/7 customer support, competitive pricing from group scale, and a unique advantage in China inbound products.

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    Jiong Shao's questions to Alibaba Group Holding Ltd (BABA) leadership

    Jiong Shao's questions to Alibaba Group Holding Ltd (BABA) leadership • Q1 2025

    Question

    Jiong Shao asked if the current gap between GMV and CMR growth represents a high watermark and sought clarification on whether the new 0.6% technology service fee is a net figure.

    Answer

    CFO Toby Xu explained that the take rate gap is due to high-growth, low-monetization models and will narrow as monetization ramps up. He confirmed the 0.6% fee is charged on completed GMV, but the net impact will be lower as refunds will be provided to smaller merchants who do not meet a certain annual GMV threshold, making the net take rate from the fee variable.

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