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 (25 Nov 2024): Xiaomi, Haier, Autohome, Xpeng, Full Truck, Tongcheng

Xiaomi (1810 HK): Three Months Surge Overvalued Vehicle Business

China Consumption Weekly (2 Dec 2024): Starbucks, Chow Tai Fook, SAIC, Volkswagen, BYD

China Consumption Weekly (28 Oct 2024): Kweichow Moutai, JD, New Oriental, TAL, Meituan

JD.com (JD US): Boycotted by Male Users, Denies Run on JD Finance

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

<ul>
<li>Great Wall revenue increased 19% YoY and net profit increased by 109% YoY in the first three quarters.</li>
<li>Seres revenue increased by 539% YoY in the first three quarters with sales volume up by 105% YoY.</li>
<li>JD cooperates with competitors, AliPay and Alibaba, in online payment and logistics.</li>
</ul>


Great Wall revenue increased 19% YoY and net profit increased by 109% YoY in the first three quarters.
Seres revenue increased by 539% YoY in the first three quarters with sales volume up by 105% YoY.
JD cooperates with competitors, AliPay and Alibaba, in online payment and logistics.


Hozon New Energy Automobile Co Ltd (1850123D CH)

China Consumption Weekly (4 Oct 2024): Seres, Great Wall Motor, JD, Nongfu, Caocao, Hozon

JD.com Inc (ADR)

China Consumption Weekly (4 Oct 2024): Seres, Great Wall Motor, JD, Nongfu, Caocao, Hozon