{I-bank focus}Jefferies lifts Baozun (09991) to HK$116

   Jefferies raised its target price for Baozun (09991) to HK$116 from HK$112 and maintained its "buy" rating.
  The research house sees Baozun as a critical e-commerce service provider adding value through three different units, including e-commerce, logistics, and technology,
with the latter empowering brands to improve efficiencies with a complete suite of resources such as Cloud, digital tools, and warehousing systems.
  It expects Baozun to continue to shift its business models from a distribution to a non-distribution model, with the latter monetizing brands through service fees and consignment models.