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Leking Xu

Vice President and Equity Research Analyst at Goldman Sachs Group Inc.

Leking Xu is a Vice President and Equity Research Analyst at Goldman Sachs, specializing in consumer retail with a focus on major e-commerce and apparel companies such as Alibaba, JD.com, and Pinduoduo. He is recognized for high-conviction calls, with a strong track record of accurate stock recommendations and rankings among the top percentile of sell-side analysts for coverage accuracy on platforms like TipRanks. Leking began his career in equity research after graduating from a top university and has held roles at other leading financial institutions before joining Goldman Sachs in 2019, where he has built a reputation for deep sector knowledge and insightful market analyses. He holds FINRA Series 7, 63, and 86/87 securities licenses and is noted for delivering actionable investment insights to institutional clients.

Leking Xu's questions to JOYY (JOYY) leadership

Question · Q1 2025

Leking Xu from Goldman Sachs asked for an update on new initiatives for 2025 and requested more detail on the underlying drivers of Bigo Ads' accelerating growth and its future outlook.

Answer

Chairperson and CEO Ting Li explained that Bigo Ads' growth is fueled by meeting advertisers' needs for diversified, high-ROI channels. She highlighted JOYY's large user base, AI-powered targeting, and deep user profiling as key advantages. Li also noted that the platform benefits from the group's existing global infrastructure, which provides economic advantages and contributes to its profitability.

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Question · Q1 2025

Leking Xu from Goldman Sachs asked for an update on new initiatives for 2025, the underlying reasons for Bigo advertising's accelerated growth, and the future outlook for this business.

Answer

Chairperson and CEO Ting Li explained that Bigo Ads' growth is fueled by meeting advertisers' needs for diversified, high-ROI channels. She highlighted the platform's advantages, including a large first-party user base, advanced user profiling, and growing third-party traffic. Li stated that Bigo Ads is already profitable due to its ROI-focused model, AI-powered targeting, and cost efficiencies from leveraging JOYY's existing global infrastructure, expressing confidence in its long-term contribution to revenue and profitability.

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Fintool

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Question · Q1 2025

Leking Xu from Goldman Sachs asked for an update on new initiatives for 2025 and for more detail on the underlying reasons for Bigo advertising's accelerated growth and its future outlook.

Answer

Chairperson & CEO Ting Li attributed the success of BIGO Ads to meeting advertiser demand for high-ROI, diversified channels, which in turn attracts more publishers and expands the platform's traffic pool. She emphasized that JOYY's large user base, deep expertise in user profiling, and AI-powered models enable precise targeting and positive ROI for advertisers. Li noted that BIGO Ads is already profitable by leveraging the group's existing global infrastructure and is expected to be a long-term growth engine for both revenue and profitability.

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Fintool

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