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

ECM Weekly (12 July 2020) - Ocumension and Smoore, Simcere, Blue Moon, Weihai City Bank, Radiance

China Internet Weekly (13Jul2020): Alibaba’s Freshippo and Ele.me Exploring Cities and Businesses

ECM Weekly (19 July 2020) - HK IPO Analytics 1H2020, Shimao Services, AyalaLand REIT, Li Auto

Pinduoduo (PDD) IPO Risk: Too Many Fakes, Vulnerable to Lawsuits

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 Capital Markets

Blue Moon Group Holdings / Equity Capital Markets

<ul>
<li>We visited RT-Mart in Shanghai.</li>
<li>We noticed that no brand takes an exclusive shelf.</li>
<li>We also notice that all brands imitate others’ products.</li>
<li>We believe there is no entry barrier but severe competition in the detergent market.</li>
</ul>


We visited RT-Mart in Shanghai.
We noticed that no brand takes an exclusive shelf.
We also notice that all brands imitate others’ products.
We believe there is no entry barrier but severe competition in the detergent market.


Blue Moon: No. 1 But No Exclusive Advantage, Observation on the Ground