Key Highlights and Benefits of China's Newly Released 33-Point Policy Aimed to Stabilize the Economy

On May 31, 2022, China’s State Council released a set of official measures aimed at the recovery of the economy following recent lockdowns and headwinds from COVID-19. The specific implementation of these policies is left to be determined by local and regional governments, as well as State Council’s ministries and directly affiliated agencies. While the timing is still unclear, these measures are set to become law in the near term. These measures do not cause any material changes to our fair value estimates for now, but we want to highlight which internet names are included and assess the potential benefits in the long run.