1Q22 results ahead of market expectations
• Revenue grew 23.8% y-o-y to Rmb21bn, 2.3% ahead of consensus
• User scale and duration hit record highs again, MAU +15% y-o-y to 597mn
• Ecommerce GMV grew 47.7% y-o-y to RMB175.1bn, 5.2% ahead of market expectations
• Non-IFRS net loss was 16% better than consensus
• Online marketing services and e-commerce business may face pressure in 2Q22 due to economic headwinds
• Maintain BUY and TP of HKD116