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 (9 Sep 2024): Tesla, NIO, PDD, Anta, 361 Degree

Global Consumer (Midweek Update): Consumer Woes Persist, Especially in China.

China Consumption Weekly (16 Sep 2024): Alibaba, Tencent, JD.com, Kuai, Hive Box

Alibaba (9988 HK/BABA): 1Q25, Growth Lower Than Expectation, But Many Expansion Plans Following

KS / Kuaishou (1024 HK): 2Q24, Significant Margin Improvement and 100% Stock Upside

China Consumption Weekly (26Aug2024): 2Q24 Rev Up By - PopMart 62%, Zeekr 58%, Tongcheng 48%, Etc.

Alibaba (9988 HK/BABA) Dual Primary Listing: Are We There Yet?

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>The tension between the government and Alibaba was eased, as the authorities closed the rectification course on Alibaba.</li>
<li>Huawei’s total revenue increased by 34% YoY in 1H24, as the smartphone sales surged.</li>
<li>Kuaishou will provide a subsidy of US$56 million to e-commerce broadcasters.</li>
</ul>


The tension between the government and Alibaba was eased, as the authorities closed the rectification course on Alibaba.
Huawei’s total revenue increased by 34% YoY in 1H24, as the smartphone sales surged.
Kuaishou will provide a subsidy of US$56 million to e-commerce broadcasters.


China Consumption Weekly (2 Sep 2024): Alibaba, Huawei, Kuaishou, Li Auto, Haidilao