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

Kuaishou (1024 HK): 1Q23, All Business Lines Accelerated

KS (Kuaishou 1024 HK): 2Q23, First Net Profit Since IPO, Growth Accelerated, Buy

Kuaishou/KS (1024 HK) Earnings Preview: Unnecessary Concerns About Chairman Change and 3Q23 Results

Kuaishou (1024 HK): Outstanding 2022 and Outstanding Q4

Kuaishou (1024 HK) 4Q22 Earnings Preview: Weak Growth, But Loss to Shrink Significantly

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>Time spent on apps increased by 15% in China in 2022.</li>
<li>In 2022, total advertising market decreased by 9%, but online advertising market increased by 1%.</li>
<li>We believe online advertising market will grow significantly higher than total advertising market in 2023.</li>
</ul>


Time spent on apps increased by 15% in China in 2022.
In 2022, total advertising market decreased by 9%, but online advertising market increased by 1%.
We believe online advertising market will grow significantly higher than total advertising market in 2023.


China 2022, Live Streaming Sales Attracted User Time, But Not Advertisers

Kuaishou Technology

China 2022, Live Streaming Sales Attracted User Time, But Not Advertisers