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 (BABA): Many Positive Signals in December Quarter, 27% Upside

Alibaba (BABA US): Unloved but Undeterred

China Internet Weekly (8Feb21): TikTok Sued Tencent, Tencent Believed to Be Behind Renren Arrest

China Internet Weekly (25Jan2021): Community Locked Down in Shanghai, Delivery Companies Polarized

RLX Technology Pre-IPO (RLX): Store Visits to Relx and Its Competitors

Pinduoduo (PDD): Three Hacking Scandals Last Week

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>The chief of the People’s Bank of China made a positive comment on Ant Group.</li>
<li>India will ban 59 Chinese apps forever.</li>
<li>Tencent Music (TME US) increased its shareholdings in Universal Music Group.</li>
<li>Xiaomi (1810 HK)'s smartphone shipment increased by 32% yoy in 4Q20. </li>
</ul>


The chief of the People’s Bank of China made a positive comment on Ant Group.
India will ban 59 Chinese apps forever.
Tencent Music (TME US) increased its shareholdings in Universal Music Group.
Xiaomi (1810 HK)'s smartphone shipment increased by 32% yoy in 4Q20. 


Chineseall Digital Publishing (300364 CH)

China Internet Weekly (1Feb2021): Central Bank's Positive Comment on Ant, Xiaomi Got Mkt Share in Q4