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 (15Jun2020): Virus Found in Another Wet Market, Online Retailers’ Tax Eyed

China Internet Weekly (22Jun2020): Coupon to Promote AliPay, Tencent Develops a Nintendo Game

China Internet Weekly (29Jun2020): BABA Food Delivery Worker Tested Positive, TCOM to Sell Food

Alibaba (BABA): The Offline Subsidiary Saved the Whole Online Company in FY4Q20

JD.com (JD): Reason for Growth Surprise in 1Q2020

Nongfu Spring (农夫山泉) IPO: Bottle Size Matters, Photos on the Ground

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>AMD (AMD) claimed they had not authorized Pinduoduo (PDD) to sell any of their products.</li>
<li>Kuaishou, the second largest short video app in China, will promote JD.com (JD) instead of Alibaba (BABA) and Pinduoduo (PDD).</li>
<li>The State Post Bureau of China expected home delivery orders to increase by 39.6% YoY in May.</li>
</ul>


AMD (AMD) claimed they had not authorized Pinduoduo (PDD) to sell any of their products.
Kuaishou, the second largest short video app in China, will promote JD.com (JD) instead of Alibaba (BABA) and Pinduoduo (PDD).
The State Post Bureau of China expected home delivery orders to increase by 39.6% YoY in May.


China Internet Weekly (8Jun2020): AMD Said Not to Buy AMD on Pinduoduo.

PDD Holdings

China Internet Weekly (8Jun2020): AMD Said Not to Buy AMD on Pinduoduo.