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): F2Q22 Outlook, Slow in App and Rapid in Physical Store

Alibaba (BABA): 2Q22, Revenue Growth Higher than Our Estimate, But Margin Lower than Our Estimate

Alibaba (BABA US): Looking to a Better ‘22

Alibaba (BABA): FY1Q22, Physical Stores Growing Strongly, Margin Lower but Controllable, 30% Upside

Alibaba (BABA): China E-Commerce Growth Rate Not Declining, But Accelerating

Alibaba (BABA): Sexual Harassment Just Before Department Reform

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 class="">
<li>The authorities announced E-Commerce Part for China Development Plan in the Fourteenth Five Year Plan.</li>
<li>We believe it is a sign that the authorities do not plan to erase the non-state-owned internet companies.</li>
<li>We believe non-state-owned companies are important to employment rate. </li>
</ul>


The authorities announced E-Commerce Part for China Development Plan in the Fourteenth Five Year Plan.
We believe it is a sign that the authorities do not plan to erase the non-state-owned internet companies.
We believe non-state-owned companies are important to employment rate. 


Alibaba (BABA): E-Commerce in New National Plan