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

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

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

Luckin Coffee (LK) On the Ground: Lost Residential and Office Consumers Due to Epidemic

Baidu (BIDU): Issuing Notes, Another Piece of Evidence on Suspicious Cash Balance

Tencent (700 HK): Advertisers Get Significant Traffic from WeChat Mini-Program

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

<ul class="">
<li>JD.com (JD)’s founder resigned.</li>
<li>Luckin Coffee (LK) cooked its books.</li>
<li>Tencent (700 HK) WeChat Pay’s new function: consumer loan.</li>
<li>Tencent (700 HK) acquired 10% in Universal Music for Tencent Music (TME)'s music copyrights.</li>
<li>Baidu (BIDU)’s suspicious financing.</li>
<li>Pinduoduo (PDD)’s unnecessary financing.</li>
<li>58.com (WUBA) is going private.</li>
</ul>


JD.com (JD)’s founder resigned.
Luckin Coffee (LK) cooked its books.
Tencent (700 HK) WeChat Pay’s new function: consumer loan.
Tencent (700 HK) acquired 10% in Universal Music for Tencent Music (TME)'s music copyrights.
Baidu (BIDU)’s suspicious financing.
Pinduoduo (PDD)’s unnecessary financing.
58.com (WUBA) is going private.


China Internet Weekly (6Apr2020): JD Founder Resigned, LK Cooked Book, BIDU & PDD's Odd Financing

JD.com Inc (ADR)

China Internet Weekly (6Apr2020): JD Founder Resigned, LK Cooked Book, BIDU & PDD's Odd Financing