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 Internet Weekly (19Oct20): Tencent Mgt Reduced Shares, HUYA & DOYU Merged in Our Expected Way

Tencent (700 HK): Illegal Gambling Risk in Merger of Huya and Douyu

Weekly (20Jul2020): Tax Check on Online Retailers Stopped, Cross-Province Group Tour Reopened

New Oriental (EDU): Will Stop Declining in Two Quarters, but Over-Optimistic at Current Price

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 class="">
<li>Tourist number in National Day holidays recovered to 80% of last year.</li>
<li>Food delivery orders increased significantly in scenic spots during National Day holidays.</li>
<li>Pinduoduo (PDD) is not in the list of e-commerce law drafters.</li>
<li>Chinese game developers earned 29% of global game revenue on App Store and Google Player.</li>
<li>iQiyi (IQ) denied a short-seller accusation.</li>
</ul>


Tourist number in National Day holidays recovered to 80% of last year.
Food delivery orders increased significantly in scenic spots during National Day holidays.
Pinduoduo (PDD) is not in the list of e-commerce law drafters.
Chinese game developers earned 29% of global game revenue on App Store and Google Player.
iQiyi (IQ) denied a short-seller accusation.


China Internet Weekly (12Oct2020): Tourist Number Recovered to 80% of Last National Day Holidays

Trip.com

China Internet Weekly (12Oct2020): Tourist Number Recovered to 80% of Last National Day Holidays