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

Divergent Q320 Results from SF Holding & YTO Express Show Pressure to Consolidate Is Building

Alibaba (BABA): Expect Higher Financials for F2Q21, But Lower Price

Bad, Worse, & Worst | Ugly Q320 Results from Yunda, YTO Express, & STO Express

Alibaba (BABA): Online Businesses Catching Up with Physical Stores in 1Q21, But Fairly Valued

China Internet Weekly (26Oct2020): BABA Bought Sun Art, Foxconn Sold BABA

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>
<li>Alibaba allows the five delivery companies it invested in to cut the “to door” service to reduce costs.</li>
<li>On the contrary, JD.com (JD)’s JD Logistics still delivers parcels to consumers' home.</li>
<li>We believe Alibaba is driving consumers to JD.com.</li>
</ul>


Alibaba allows the five delivery companies it invested in to cut the “to door” service to reduce costs.
On the contrary, JD.com (JD)’s JD Logistics still delivers parcels to consumers' home.
We believe Alibaba is driving consumers to JD.com.


Alibaba (BABA): Weakening Delivery Service, a Disadvantage Compared to JD.com