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

Tencent (700 HK): Dominant Viewpoint Misunderstands Reorganization

Alibaba (BABA): Freezes Hiring and Minor Businesses to Save Margin, Upgrade to HOLD

Tencent (700 HK): Ultimately 3Q18 Not as Bad as Widely Expected, Upgrade to Buy

Tencent (700 HK) – Revenue Growth Tumbled as Games Got Problem, But HOLD

NetsUnion, State Controlled Monopolist, Poses a Major Risk to AliPay, Alibaba's PayPal

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

Alibaba (BABA) – Cuts Cloud Computing Sales in US

Alibaba (BABA): Logistics Fails as Part of Aggressive Diversification

Equity Bottom-Up

Alibaba Group Holding  / Equity Bottom-Up

<ul class="">
<li>Three Chinese internet giants have gotton into troubles during the past one month.</li>
<li>Non-state owned company (private company below) owners become nervous.</li>
<li>The governmental media disagreed with the recently raised viewpoint that non-state owned companies should exit the economy in China.</li>
<li>Politics is not the field that we cover, but we believe government intervention is the first risk to business in developing countries.</li>
</ul>


Three Chinese internet giants have gotton into troubles during the past one month.
Non-state owned company (private company below) owners become nervous.
The governmental media disagreed with the recently raised viewpoint that non-state owned companies should exit the economy in China.
Politics is not the field that we cover, but we believe government intervention is the first risk to business in developing countries.


Alibaba (BABA): Eventually Non-State Owned Companies Do Not Need to Face Another Judgement Day