Overseas Chinese Equities, Aequitas Research

Ming Lu

A veteran with 19-year experience in equity research.

Geographical coverage:
* Companies operating in China, but listed in Hong Kong and the U.S.
* Previously China A-share (listed in mainland China).

Equity sector coverage:
* Chinese App / Internet-based consumption in China, e.g., Alibaba, Tencent, etc.
* Previously covered education, transportation, telecom, power, bank, advertisement, hotel, etc.

Research methods:
* Generally bottom-up.
* Talk to related people on the ground.  Talk to readers and independent writers for analyzing a news portal.  Talk to parents and teachers for analyzing a tutoring school. 
* Visit stores and show photos as evidence in notes.
* Do technical analysis when finding a short-seller attacking an equity.

Languages:
* English
* Mandarin Chinese (Official language of China)
* Shanghainese (Language of Shanghai, the most developed city in China)
* Cantonese (Language of Hong Kong and Canton Province, one of the most developed provinces in China)

Overseas Chinese Equities

China Internet Weekly (12Dec2022): Bilibili, Tencent, JD.com

China Internet Weekly (19Dec2022): Trip.com, Kuaishou, IQiyi, Activision Blizzard

China Internet Weekly (2Jan2023): Alibaba, Tencent, Douyin, Bilibili, Uxin

Kuaishou (1024 HK): 2Q22, Many Encouraging Points Behind “Slowdown”, 48% Upside

Kuaishou (1024 HK): 3Q22, Promising Live Streaming, Better Margin, 39% Upside

Battle Lines Drawn As BABA Builds Out First/Last-Mile Capacity; But Who Will Fund 75+ Bn CNY CapEx?

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Bottom-Up

<ul>
<li>Short video companies are taking users’ time from other kinds of apps.</li>
<li>Kuaishou has a lot of promising data, such as active users, paying users, and time spent.</li>
<li>The operating losses significantly shrank in the past four quarters.</li>
</ul>


Short video companies are taking users’ time from other kinds of apps.
Kuaishou has a lot of promising data, such as active users, paying users, and time spent.
The operating losses significantly shrank in the past four quarters.


2023 High Conviction: Kuaishou (1024 HK) Brings Much Promising Data

Kuaishou Technology

2023 High Conviction: Kuaishou (1024 HK) Brings Much Promising Data