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

BYD (1211 HK) Quick Note: Company and Industry Sales Up by 46% YoY and 51% YoY

BYD (1211 HK): 3Q24, Revenue up by 24% Due to Sales Volume Acceleration

China Consumption Weekly (8 Jul 2024): BYD, Seres, Tesla, Microsoft, XHS, Mixue

China Consumption Weekly (15 Jul 2024): Seres, BYD, Guangzhou Automobile,Trip.com

China Consumption Weekly (5 Aug 2024): BYD, Tesla, Seres, Alibaba, New Oriental, TAL

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>Total revenue increased by 26% in 2Q24, as sales volume grew strongly after March.</li>
<li>We believe the operating margin will be stable due to the ability of battery production.</li>
<li>We also believe the tariff penalty from Europe is not a concern in the long run, as BYD’s products have expanded to 77 countries.</li>
</ul>


Total revenue increased by 26% in 2Q24, as sales volume grew strongly after March.
We believe the operating margin will be stable due to the ability of battery production.
We also believe the tariff penalty from Europe is not a concern in the long run, as BYD’s products have expanded to 77 countries.


BYD (1211 HK): Revenue Up by 26% in 2Q24 Versus 4% in 1Q24, Buy