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 (2Mar2020): Photos of Rush Hour in Shanghai, ByteDance Starts Search App

Alibaba (BABA) | COVID-19 and the Great India Opportunity - An On Ground Perspective

JD.com (JD): Record Low Margin for Direct Sales in 4Q2019, But Epidemic Will Raise Margin in 2020

China Internet Weekly (17Feb2020): Companies May Hide Profits, BABA Fee Exemption Not a Big Deal

Alibaba (BABA): For 3Q2020, Our Estimate Closer to Result Than Consensus

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

<p>On one hand, there is too much information on media. Some news looks related to a listed company, but does not move the needle. On the other hand, some news is important to a listed company, but does not have enough information for a full report. This Weekly aims to save your time in collecting useful information.</p>
<ul>
<li>Alibaba (BABA): Alibaba (BABA) announced that 30,000 new stores were opened on Alibaba’s Taobao.com every day in the first half of February.</li>
<li>The State Post of China announced that the whole home-delivery industry has recovered to 40% of its normal capacity.</li>
<li>iQiyi (IQ)’s monthly active users reached record high of 595 million in January 2020.</li>
</ul>

On one hand, there is too much information on media. Some news looks related to a listed company, but does not move the needle. On the other hand, some news is important to a listed company, but does not have enough information for a full report. This Weekly aims to save your time in collecting useful information.

Alibaba (BABA): Alibaba (BABA) announced that 30,000 new stores were opened on Alibaba’s Taobao.com every day in the first half of February.
The State Post of China announced that the whole home-delivery industry has recovered to 40% of its normal capacity.
iQiyi (IQ)’s monthly active users reached record high of 595 million in January 2020.


China Internet Weekly (20Feb2020): More Physical Stores Moving Online, Logistics Recovering