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

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

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

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

Alibaba (BABA): 'Stay Away from My Husband', Not Only Gossip, But Also Bribery

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

China Internet Weekly (27Apr2020): BABA, PDD, BIDU, Xiaomi, JOBS, Most Moves Are About Cash

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>Alibaba (BABA) punished the president of Tmall and Taobao.</li>
<li>JD.com (JD) is going public on the Hong Kong Stock Exchange.</li>
<li>37 Interactive (002555 CH), the third largest online game company in China, increased its revenues by 34% YoY in 1Q2020.</li>
<li>China Securities Regulatory Commission (CSRC) sent an investigation team to Luckin (LK).</li>
</ul>


Alibaba (BABA) punished the president of Tmall and Taobao.
JD.com (JD) is going public on the Hong Kong Stock Exchange.
37 Interactive (002555 CH), the third largest online game company in China, increased its revenues by 34% YoY in 1Q2020.
China Securities Regulatory Commission (CSRC) sent an investigation team to Luckin (LK).


37 Interactive Entertainment N (002555 CH)

China Internet Weekly (4May2020): BABA President Punished, Chinese Securities Authority on LK