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

China Consumption Weekly (29 Jan 2024): Great Wall Motor, Huawei, Alibaba, Mixue, Nayuki

MT/ Meituan (3690 HK) Earnings Preview: Fourth Positive EPS, 99% Upside

MT / Meituan (3690 HK): 2023 - Broke Even for First Year

Alibaba (9988 HK) 3Q24 Earnings Preview: Recovery to Continue, 67% Upside

Alibaba (9988 HK): 2Q24, Higher Margin Means Smooth Reorganization, Buy

Alibaba (9988 HK): A Visit to Premier - Freshippo Begins to Try New Style Again

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

Alibaba Group Holding  / Equity Bottom-Up

<ul>
<li>Tencent will allow Douyin to broadcast the game Honor of Kings after a four-year ban.</li>
<li>Dada’s stock plunged after the company released its suspicious auditing result.</li>
<li>Alibaba’s mobile office app, Dingding, has accumulated 120,000 paying users.</li>
</ul>


Tencent will allow Douyin to broadcast the game Honor of Kings after a four-year ban.
Dada’s stock plunged after the company released its suspicious auditing result.
Alibaba’s mobile office app, Dingding, has accumulated 120,000 paying users.


China Consumption Weekly (15 Jan 2024): Tencent, Douyin, Alibaba, JD.com, Dada, Meituan