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

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

China Consumption Weekly (20 Nov 2023): Alibaba, Kuaishou, Tencent Music, JD.com, Tims China

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

Alibaba (9988 HK): 1Q24, Brilliant Result After Reorganization, 90% Upside

China Internet Weekly (23 Oct 2023): AAPL, Alibaba, JD.com

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>JD is in fact competing with a broadcaster on Alibaba’s app, but not Alibaba itself.</li>
<li>Trip.com’s domestic orders during National Holidays were double last year.</li>
<li>New Oriental’s revenue increased strongly with new learning centers in 1Q24.</li>
</ul>


JD is in fact competing with a broadcaster on Alibaba’s app, but not Alibaba itself.
Trip.com’s domestic orders during National Holidays were double last year.
New Oriental’s revenue increased strongly with new learning centers in 1Q24.


China Consumption Weekly (30 Oct 2023): Alibaba, Trip.com, New Oriental, Weibo