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 (9988 HK): 3Q24, Unimpressive as Expected, But Turning Focus from Margin to Growth

Alibaba Group Holdings: EM Fund Positioning Update

China Consumption Weekly (4 Mar 2024): Alibaba, Sun Art, Li Auto, Nayuki, NetEase, Vipshop

Alibaba (9988 HK) 3Q24 Earnings Preview: Recovery to Continue, 67% Upside

Alibaba (9988 HK): 2Q24, Higher Margin Means Smooth Reorganization, Buy

Alibaba (9988 HK): A Visit to Premier - Freshippo Begins to Try New Style Again

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

Alibaba Group Holding  / Equity Bottom-Up

<ul>
<li>Alibaba Changed its Tmall Taobao business unit from three centers to six departments.</li>
<li>We believe the change means Alibaba is moving its focus from cost cut to revenue growth.</li>
<li>We set the stock upside at 26% and the price target at HK$91. Buy.</li>
</ul>


Alibaba Changed its Tmall Taobao business unit from three centers to six departments.
We believe the change means Alibaba is moving its focus from cost cut to revenue growth.
We set the stock upside at 26% and the price target at HK$91. Buy.


Alibaba (9988 HK) 3Q24 Earnings Preview: Could Be Unimpressive, But Just Reorganized Main Business