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    Li Zeng

    Vice President and Equity Research Analyst at Bank of America

    Li Zeng is a Vice President and Equity Research Analyst at Bank of America, specializing in technology sector coverage with a focus on software and internet companies. Zeng provides investment analysis and recommendations on firms such as Salesforce, ServiceNow, and Workday, delivering insights that have been recognized for accuracy and impact within the sector. Beginning their career at Morgan Stanley as an associate in 2014, Zeng transitioned to Bank of America in 2018, where they have continued to build a strong reputation for research quality and reliable stock calls, maintaining a buy/sell success rate of over 65% according to peer platforms. Li Zeng holds FINRA Series 7 and 63 licenses and has been commended for rigorous research standards and notable contributions to client portfolio performance.

    Li Zeng's questions to NetEase (NTES) leadership

    Li Zeng's questions to NetEase (NTES) leadership • Q4 2024

    Question

    Li Zeng of Bank of America asked about a newly approved game, inquiring about its potential 2025 launch and competitive positioning. She also requested an explanation for the significant reduction in Q4 sales and marketing expenses and the outlook for this spending in 2025.

    Answer

    Executive Bill Pang, translating for CEO William Ding, addressed the new game by noting a successful offline test in January and that the team is currently focused on refining content. Regarding marketing spend, he attributed the Q4 decrease to improved operational efficiency achieved through innovations in the company's marketing engine, tools, and systems.

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