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): 1Q24, Brilliant Result After Reorganization, 90% Upside

Tencent (700 HK): 2Q23, Ad and FinTech Recovering, Margin Higher, Buy

MT (Meituan 3690 HK): 2Q23, Record High Op Profit, 38% Buy

Tencent (700 HK): 1Q23, Significant Improvements in Growth and Margin

Meituan (3690 HK): 1Q23, Real Operating Profit Turned Positive After Nine Quarters

Alibaba (9988 HK): Daniel Steps Down as Jack Changes Strategy

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

<ul>
<li>Meituan's food delivery has taken 20% of the Hong Kong market share in its first month’s operations.</li>
<li>The authorities suggests that they will not further restrict financial apps such as AliPay of Ant Group.</li>
<li>Tencent's WeChat Pay charged a money transfer commission, but it exempted university campus the next day.</li>
</ul>


Meituan's food delivery has taken 20% of the Hong Kong market share in its first month’s operations.
The authorities suggests that they will not further restrict financial apps such as AliPay of Ant Group.
Tencent's WeChat Pay charged a money transfer commission, but it exempted university campus the next day.


China Internet Weekly (10Jul2023): Meituan, Alibaba, Ant Group, Tencent