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

Alibaba (BABA US): 2Q25, Weak Quarter, But Waiting for Two Events to Benefit Top Line

Meituan (3690 HK): Delivery Workers on Strike

Meituan (3690 HK): CEO's Poem, as Response to Authorities' Sweat Shop Warning, Could Be Disaster

Alibaba (BABA US) 2Q25 Earnings Preview: Many Events Happened, But to Boost Later Quarters

China Consumption Weekly (21 Oct 2024): Sun Art, Alibaba, Tesla, JD.com

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>Alibaba sells 100% equities in Intime Department Store to Youngor.</li>
<li>Meituan plans to shorten delivery workers’ work hours due to sudden death cases.</li>
<li>Mixue, the lowest price fresh drink provider, began to raise its prices.</li>
</ul>


Alibaba sells 100% equities in Intime Department Store to Youngor.
Meituan plans to shorten delivery workers’ work hours due to sudden death cases.
Mixue, the lowest price fresh drink provider, began to raise its prices.


China Consumption Weekly (16 Dec 2024): Alibaba, Meituan, Mixue, Green Tea