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

Entertainment Plus – 60% Market Share, Margin Not a Concern

Trade War Talks/Tech Supremacy/Jack Ma Steps Down/Property Tax/Share Buybacks

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

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

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

Alibaba (BABA) – Cuts Cloud Computing Sales in US

A Site Visit: Alibaba (BABA) Successfully Integrates “New Retail” into RT-Mart of Sun Art (6808 HK)

Equity Bottom-Up

Alibaba Group Holding  / Equity Bottom-Up

<ul class="">
<li>Jack Ma plans to resign as the chairman of Alibaba Group after one year from now.</li>
<li>We believe Jack Ma has to do so due to the poor relationship between AliPay and the People's Bank of China (PBOC).</li>
<li>We believe Jack Ma hopes to ease the relationship with PBOC within one year.</li>
</ul>


Jack Ma plans to resign as the chairman of Alibaba Group after one year from now.
We believe Jack Ma has to do so due to the poor relationship between AliPay and the People's Bank of China (PBOC).
We believe Jack Ma hopes to ease the relationship with PBOC within one year.


Inner Mongolia Yili Industrial Group (A) (600887 CH)

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