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 - No Softbank Placement Overhang, Going into HSI and HSCEI

China ADRs Secondary Listing - Holding Foreign Companies Accountable Act - I'm Coming Home

Weekly (11May2020): Labor Day Online Sales up 36%, BABA & PDD on U.S. Blacklist

Alibaba (BABA): SEC Chair’s Warning Against Chinese Equities

Alibaba (BABA): 4Q2020 Preview, GMV Bounced Back in March

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 class="">
<li>In April, home delivery packages increased by 32% YoY (Exhibit 1) and home delivery revenues increased 22% YoY.</li>
<li>SF Express (002352 CN), a logistics company, set up a fast food delivery platform.</li>
<li>China Joy, the annual online game exhibition, will be held from July 31 to August 3.</li>
<li>Mobile phone shipments increased 14% YoY in China in April.</li>
</ul>


In April, home delivery packages increased by 32% YoY (Exhibit 1) and home delivery revenues increased 22% YoY.
SF Express (002352 CN), a logistics company, set up a fast food delivery platform.
China Joy, the annual online game exhibition, will be held from July 31 to August 3.
Mobile phone shipments increased 14% YoY in China in April.


China Internet Weekly (18May2020): In April, Packages Up 32% YoY and Cellphone Shipment Up 14% YoY