Investment thesis
As COVID-19 is changing how people work and entertain, trends have emerged to be permanent.
One of which is online entertainment. JOYY (YY) offers short-form video entertainment through multiple apps on PC and mobile, including YY Live, Bigo Live, and Likee, and it also provides eSports entertainment through Huya (HUYA) and Hago (casual games).
Both categories are still is in their early innings of growth. However, they are proving to be very popular among generation Z and particularly sticky during times like this.
It’s easy to see why. Users