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 Hema Bazaar – Has Found Key Problem, But Not Thorough Solution

Alibaba IPO: Accounting Diagnostic Says Lack of Transparency in Ali-Accounting Is Ba-Ba-Bad

Alibaba (BABA): Failure of “New Retail”

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

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

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>This year, Hema created many new business models in order to solve the problem of profitability.</li>
<li>We believe Hema-mini is the best version of these creations.</li>
<li>The version solved most questions we raised in  <a href="https://www.smartkarma.com/insights/a-visit-to-alibaba-s-new-retail-physical-store-hema" target="_blank" rel="noopener">A Visit to Alibaba's "New Retail" - Physical Store Hema</a> one year before.</li>
</ul>


This year, Hema created many new business models in order to solve the problem of profitability.
We believe Hema-mini is the best version of these creations.
The version solved most questions we raised in  A Visit to Alibaba's "New Retail" - Physical Store Hema one year before.


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