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

Bilibili (9626 HK) Pre-Earnings: Layoff Will Slow Down Minor Biz, But More Importantly Cut Loss

Bilibili (9626 HK): 1Q22, User Bases Growing by 30%, Price Down to 1/4, Buy

China Internet Weekly (27Jun22): Koolearn’ Up & Down, New Rule on Medical Apps

Bilibili: (BILI): 3Q21, Revenue and Users Growing Fast, Loss Problem Larger than It Looks

Bilibili (BILI): Upgrade to Buy for First Time Before 4Q21 Result

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

<ul>
<li>The paying user base continued growing in 4Q21 and has space to grow further.</li>
<li>Game revenue recovered for the second quarter, as the games launched last year began to earn money.</li>
<li>BILI's advertising revenue grew significantly faster than the market size of Chinese online advertising.</li>
</ul>


The paying user base continued growing in 4Q21 and has space to grow further.
Game revenue recovered for the second quarter, as the games launched last year began to earn money.
BILI's advertising revenue grew significantly faster than the market size of Chinese online advertising.


Bilibili (BILI): 4Q21, Slow Than Expected, But Many Positive Signals