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

China Internet Weekly (4May2020): BABA President Punished, Chinese Securities Authority on LK

Weekly (11May2020): Labor Day Online Sales up 36%, BABA & PDD on U.S. Blacklist

Alibaba (BABA): 4Q2020 Preview, GMV Bounced Back in March

China Internet Weekly (27Apr2020): BABA, PDD, BIDU, Xiaomi, JOBS, Most Moves Are About Cash

Alibaba (BABA): Trump’s Delisting Threat on Chinese Equities – Why? Will? and Worst-Case Scenario?

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>Trump-nominated SEC Chairman appeal to investors for not investing in Chinese equities.</li>
<li>We believe his claim is political but not financial.</li>
<li>We believe the Trump administration are concerned that mutual funds believe China will resume from the pandemic first so that they will rush to Chinese equities.</li>
<li>The short seller Muddy Waters’ success rate has declined.</li>
<li>We also believe US-listed Chinese companies will speed up to float in the Hong Kong Stock Exchange.</li>
</ul>
<p>Our previous coverage:</p>
<ul>
<li><a href="https://www.smartkarma.com/insights/alibaba-baba-trump-s-delisting-threat-on-chinese-equities-why-will-and-worst-case-scenario" target="_blank" data-smartkarma-citation="insights:32812" rel="noopener">Alibaba (BABA): Trump’s Delisting Threat on Chinese Equities – Why? Will? and Worst-Case Scenario?</a></li>
</ul>


Trump-nominated SEC Chairman appeal to investors for not investing in Chinese equities.
We believe his claim is political but not financial.
We believe the Trump administration are concerned that mutual funds believe China will resume from the pandemic first so that they will rush to Chinese equities.
The short seller Muddy Waters’ success rate has declined.
We also believe US-listed Chinese companies will speed up to float in the Hong Kong Stock Exchange.

Our previous coverage:

Alibaba (BABA): Trump’s Delisting Threat on Chinese Equities – Why? Will? and Worst-Case Scenario?


Focus Media Information Technology Co, Ltd. (002027 CH)

Focus Media Information Technology Co, Ltd.

Alibaba (BABA): SEC Chair’s Warning Against Chinese Equities