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): Weakening Delivery Service, a Disadvantage Compared to JD.com

Divergent Q320 Results from SF Holding & YTO Express Show Pressure to Consolidate Is Building

Alibaba (BABA): Expect Higher Financials for F2Q21, But Lower Price

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

A Site Visit: Alibaba (BABA) Successfully Integrates “New Retail” into RT-Mart of Sun Art (6808 HK)

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

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>
<li>Alibaba (BABA) became the largest shareholder of Sun Art (6808 HK).</li>
<li>Foxconn (2354 TT) sold all shares in Alibaba (BABA).</li>
<li>New Classics Media (NCM) announced a list of 56 new TV series, which will benefit both Tencent (700 HK) and China Literature (772 HK).</li>
</ul>


Alibaba (BABA) became the largest shareholder of Sun Art (6808 HK).
Foxconn (2354 TT) sold all shares in Alibaba (BABA).
New Classics Media (NCM) announced a list of 56 new TV series, which will benefit both Tencent (700 HK) and China Literature (772 HK).


China Internet Weekly (26Oct2020): BABA Bought Sun Art, Foxconn Sold BABA