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

Baidu (BIDU): To Win Battle with Sogou (SOGO) Over Traffic Hijacking After 4 Years

Baidu (BIDU) – Google Rumor Not a Concern, Healthy 2Q18, and 50%+ Upside

Baidu (BIDU): IQiyi (IQ) Caught a Hit TV Series

Fat Cash Inflows Yet Traded at 2/3 of Historical P/E Average

BIDU – Break Down Q1 into Search Engine and IQiyi, Upside At Least 35%

Baidu (BIDU) – Yes, COO Saved Baidu, But No, His Resignation Not a Concern

Equity Bottom-Up

Baidu Denies RumorMay 2018 is an eventful month for Baidu.  The COO, Dr. Qi Lu 陆奇, just resigned two weeks before.  Last week a rumor has been widely spreading on the internet that the Chairman and CEO, the married Robin Li 李彦宏 has a lover and an illegitimate son.  The public relationship department of Baidu denied the rumor and even called the police. We Disagree Widely Accepted Explanation on “Disclaim”At the beginning, it was merely gossip.  Then on the internet came the viewpoint: If Robin’s…

Baidu Denies RumorMay 2018 is an eventful month for Baidu.  The COO, Dr. Qi Lu 陆奇, just resigned two weeks before.  Last week a rumor has been widely spreading on the internet that the Chairman and CEO, the married Robin Li 李彦宏 has a lover and an illegitimate son.  The public relationship department of Baidu denied the rumor and even called the police. We Disagree Widely Accepted Explanation on “Disclaim”At the beginning, it was merely gossip.  Then on the internet came the viewpoint: If Robin’s…

Baidu (BIDU) – Will Love Affair Rumor Impact Founder's Control?