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    Yang Liu • Morgan Stanley

    Yang Liu's questions to GDS Holdings Ltd (GDS) leadership

    Yang Liu's questions to GDS Holdings Ltd (GDS) leadership • Q2 2025

    Question

    Yang Liu of Morgan Stanley inquired about GDS's future asset monetization strategy in China following the C-REIT IPO, asking if the company would target a 5x net debt to EBITDA ratio or pursue a more aggressive growth model. Liu also asked for an updated growth target for the Dayone international business.

    Answer

    CFO Daniel Newman explained that asset monetization is highly accretive and supports a new growth phase, and while the company is approaching its 5x leverage target, it won't be overly aggressive in deleveraging if attractive investment opportunities arise. CEO William Huang added that for Dayone, the internal KPI is to add at least 500 megawatts of new commitments annually, supported by its expanding multi-region footprint.

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    Yang Liu's questions to GDS Holdings Ltd (GDS) leadership • Q1 2025

    Question

    Yang Liu from Morgan Stanley inquired about the current demand from Chinese hyperscalers amid AI chip supply concerns and questioned the stability of GDS's financial guidance after the ABS deconsolidation.

    Answer

    CEO William Huang stated that demand remains strong, particularly for AI inferencing in Tier 1 markets, which is less reliant on GPUs. He expressed confidence in selling the 900 MW capacity within four years and noted domestic GPUs are expected to catch up. CFO Dan Newman clarified that the guidance had already factored in the ABS deconsolidation, which reduced the full-year EBITDA growth forecast from a potential 11% to the guided 8.5%.

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    Yang Liu's questions to GDS Holdings Ltd (GDS) leadership • Q4 2024

    Question

    Yang Liu inquired about the company's plans and timeline for the DayOne IPO and followed up on the progress of the C-REIT application, asking about its current status and expected timing.

    Answer

    CEO William Huang stated that the DayOne IPO plan is now more visible, with a target to list the company within 18 months. Regarding the C-REIT, Huang confirmed significant progress, suggesting it is moving 4 to 6 months ahead of the original schedule which targeted year-end, but noted he could not disclose specific details until permitted.

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    Yang Liu's questions to GDS Holdings Ltd (GDS) leadership • Q2 2024

    Question

    Yang Liu inquired about GDS's China REIT plan, asking for details on timing, valuation, investor types, and regulatory hurdles. He also followed up on whether the REIT would be public or private, its potential for debt reduction, and the IRR trend for new international business orders.

    Answer

    CFO Dan Newman detailed the REIT plan, explaining it will be a publicly listed vehicle seeded with a stabilized asset, targeting a ~RMB 2 billion offering that could deconsolidate ~RMB 1 billion in debt. He noted strong interest from Chinese financial institutions and expects an accretive valuation. For international orders, he confirmed the development yield remains consistent in the low-teens, backed by high-quality, long-term contracts.

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    Yang Liu's questions to Tencent Music Entertainment Group (TME) leadership

    Yang Liu's questions to Tencent Music Entertainment Group (TME) leadership • Q2 2025

    Question

    Yang Liu from Morgan Stanley asked about the long-term revenue potential of 'other music revenue' like concerts and merchandise, and its overall impact on gross margin.

    Answer

    Management, through a moderator, confirmed that offline events and the fan economy are key strategic directions. They acknowledged these businesses have lower gross margins and seasonal fluctuations but stated their current revenue contribution is small, thus having a limited impact on the company's overall gross margin. They remain confident in the rising trend of the total gross margin, driven by high-margin subscription and advertising growth.

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    Yang Liu's questions to Tencent Music Entertainment Group (TME) leadership • Q2 2025

    Question

    Yang Liu from Morgan Stanley questioned the long-term outlook for 'other music revenue,' including concerts and merchandise, asking about its potential share of total revenue and its impact on gross margin.

    Answer

    Management confirmed that offline concerts and the fan economy are important strategic directions but acknowledged their revenue can fluctuate seasonally and their gross margins are relatively low. However, because their revenue contribution is currently small compared to online music, the impact on the company's overall gross margin is limited. They remain confident in the rising trend of the total gross margin, supported by high-margin subscriptions and advertising. CEO Ross Liang also mentioned a new SVIP annual merchandise card to improve profitability.

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    Yang Liu's questions to Tencent Music Entertainment Group (TME) leadership • Q1 2025

    Question

    Yang Liu from Morgan Stanley requested a breakdown of the drivers behind the strong ARPPU growth, specifically the respective contributions from the Super VIP (SVIP) program versus reduced promotional activities.

    Answer

    An executive declined to provide a specific breakdown but confirmed that both factors contributed. They noted that TME optimized operations and reduced discounts in Q1, which boosted ARPPU. They expect the SVIP program to become an even larger driver of ARPPU growth going forward as they continue to refine marketing strategies for basic members.

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    Yang Liu's questions to Tuya Inc (TUYA) leadership

    Yang Liu's questions to Tuya Inc (TUYA) leadership • Q1 2025

    Question

    Yang Liu of Morgan Stanley inquired about the types of AIoT hardware experiencing strong shipment volumes and asked for observations on customer behavior over the past two months in light of significant tariff volatility.

    Answer

    CFO Yi Yang identified two key areas showing strong interest in AI: audio/video interactive experiences like smart bird feeders and kids' toys using LLMs, and data-driven decision-making systems like their CONOW energy management solution. Regarding tariffs, Yang explained that customers have become more conservative and hesitant, awaiting certainty. He noted that while Tuya is indirectly affected, its diversified global manufacturing footprint and focus on components and software provide some insulation. The primary concern is the potential macro impact on consumer demand in the U.S. and beyond.

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    Yang Liu's questions to Tuya Inc (TUYA) leadership • Q4 2024

    Question

    Yang Liu questioned the outlook for Tuya's revenue structure across its three business lines and the potential impact on blended gross margin. She also asked for management's view on the competitive landscape for AI in the IoT solutions space.

    Answer

    Co-Founder and CFO Alex Young (Yi Yang) projected that PaaS will provide a stable growth base, SaaS will be a long-term journey, and the Smart Solutions segment may grow fastest. This mix shift could cause a slight, reasonable decrease in the overall gross margin over the long term. Regarding competition, Young emphasized that the AI device market is in a very early, active stage with many new players. He stated Tuya's unique value is providing a toolkit that lowers the barrier to entry, allowing developers to quickly test and launch new AI-powered product ideas.

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    Yang Liu's questions to Trip.com Group Ltd (TCOM) leadership

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

    Question

    Yang Liu from Morgan Stanley asked for an update on the company's performance during the recent Labor Day holiday and for the second quarter to date.

    Answer

    CFO Xiaofan Wang reported strong Labor Day performance, with domestic hotel bookings up over 20% and cross-border bookings up around 30% YoY. She noted that inbound bookings surged by approximately 150% and that both domestic air and hotel prices showed significant improvement from Q1, indicating resilient leisure travel demand.

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

    Question

    Yang Liu from Morgan Stanley questioned the expected trend for the operating margin in 2025 and beyond, noting it reached a decade-high in 2024.

    Answer

    CFO Xiaofan Wang stated that the company does not set specific margin targets, viewing margin as an outcome of business mix and operational efficiency. She noted that near-term margins would be impacted by strategic investments in overseas expansion but that AI-driven solutions would enhance long-term efficiency. In the long run, she sees no structural limitations to margins being comparable to international peers.

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    Yang Liu's questions to NetEase Inc (NTES) leadership

    Yang Liu's questions to NetEase Inc (NTES) leadership • Q1 2025

    Question

    Yang Liu from Morgan Stanley asked about the improving feedback and monetization for 'Where Winds Meet,' seeking to understand what strategies have been effective and what the next operational steps are for the title.

    Answer

    CEO William Ding, via interpreter Bill Pang, described 'Where Winds Meet' as a very important game that took five years to develop. He stated that NetEase will continue to invest in polishing the game's presentation and gameplay for the long term, aiming for it to become an evergreen title over the next 5-10 years. The success has provided valuable experience that will be applied to other products.

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    Yang Liu's questions to NetEase Inc (NTES) leadership • Q4 2024

    Question

    Yang Liu of Morgan Stanley asked about the game 'Where Winds Meet', focusing on its future monetization strategy, potential areas for improvement like cosmetics and multiplayer gameplay, and the timeline for its overseas launch.

    Answer

    Executive Bill Pang, translating for CEO William Ding, explained that 'Where Winds Meet' has shown solid performance with robust metrics. The monetization strategy will continue to center on cosmetics, which has been well-received. Future plans involve enriching the open world with new content, maps, and costumes, while actively collecting player feedback. The overseas version is currently in development and is expected to launch in 2025.

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    Yang Liu's questions to VNET Group Inc (VNET) leadership

    Yang Liu's questions to VNET Group Inc (VNET) leadership • Q4 2024

    Question

    Yang Liu from Morgan Stanley asked about the future trend for per-kilowatt rental pricing over the next one to two years, questioning if a price hike is likely given strong demand and potential supply shortages. He also inquired about unit CapEx, specifically whether upstream supply constraints for components like diesel generators could lead to price increases and pressure costs.

    Answer

    An executive responded that VNET's pricing is market-driven and remains stable, positioned to meet market demand. On the cost side, he acknowledged that while the supply of traditional imported equipment is tight, clients are increasingly accepting of 'Made in China' alternatives, which can be slightly cheaper. He added that VNET's large-scale project designs also create opportunities for cost optimization, leading to a slightly lower unit CapEx overall. The combination of stable-to-rising revenue and lower costs is expected to improve project returns.

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    Yang Liu's questions to Bilibili Inc (BILI) leadership

    Yang Liu's questions to Bilibili Inc (BILI) leadership • Q3 2024

    Question

    Yang Liu questioned the performance and future outlook for the hit game 'San Guo: Mou Ding Tian Xia', as well as the company's user acquisition strategy for the title and its overall future game pipeline.

    Answer

    CEO Rui Chen, with interpretation by Juliet Yang, described 'San Guo' as one of China's best-performing games this year, emphasizing a focus on its long-term (5-10 year) operation through continuous updates based on user feedback. The top priority is optimizing this title and preparing for an international launch. Chen also noted the success of 'San Guo' validates their strategy of reinventing games for young generations, which they plan to apply to new genres, and highlighted the successful global launch of another ACG title.

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