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): A Visit to New Business Hema-Mini – Successful Change

Alibaba (BABA): A Visit to Hema Bazaar – Has Found Key Problem, But Not Thorough Solution

Alibaba (BABA): Failure of “New Retail”

Alibaba (BABA): Thorough Explanation of June Re-Organization

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

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

Equity Bottom-Up

Alibaba Group Holding  / Equity Bottom-Up

<ul>
<li>BABA’s physical store unit, Hema, tried many new business models this year.</li>
<li>This note is about the most recently opened breakfast bar, “Pick’n Go”.</li>
<li>We believe the store has not been carefully prepared.</li>
<li>We also believe the business model will not survive the breakfast market.</li>
<li>We will continue to visit and analyze other new business models of Hema.</li>
</ul>


BABA’s physical store unit, Hema, tried many new business models this year.
This note is about the most recently opened breakfast bar, “Pick’n Go”.
We believe the store has not been carefully prepared.
We also believe the business model will not survive the breakfast market.
We will continue to visit and analyze other new business models of Hema.


Alibaba (BABA): A Visit to Hema’s New Business “Pick’n Go” – A Careless Variation