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

Alibaba (BABA) – Cuts Cloud Computing Sales in US

Alibaba Pivot Support Breach with 150 and 135 Targets

Alibaba (BABA): Jack Ma’s Retirement Plan - Wants to or Has To?

A Visit to Super Species - Investee of Tencent and Alibaba's Main Competitor In "New Retail"

A Visit to Alibaba’s “New Retail” – Physical Store Hema

BABA Sacrificed Margin to Acquire Customers in FY2018

Equity Bottom-Up

Alibaba Group Holding  / Equity Bottom-Up

<ul class=""><li>We visited one of RT-Mart supermarkets (Photo 1~15) after Alibaba announced that it has reformed 100 of RT-Mart stores into “new retail”.</li><li>We found both a busy conveyor and the busy checkouts in the RT-Mart Huangxing store on a weekday day.</li><li>We conclude that RT-Mart is a successful case of “new retail”.</li></ul>

We visited one of RT-Mart supermarkets (Photo 1~15) after Alibaba announced that it has reformed 100 of RT-Mart stores into “new retail”.We found both a busy conveyor and the busy checkouts in the RT-Mart Huangxing store on a weekday day.We conclude that RT-Mart is a successful case of “new retail”.

A Site Visit: Alibaba (BABA) Successfully Integrates “New Retail” into RT-Mart of Sun Art (6808 HK)