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

DiDi Chuxing Pre-IPO - Bull Case, Index Inclusion, Uber Exit

DiDi Chuxing Pre-IPO - Has a Principal Agent Problem, Rumoured Target Valuation Is a Stretch

DiDi Chuxing Pre-IPO - One of Asia's Largest IPOs This Year - Tearsheet

Hello (HI): Competition on the Ground, Hard to Reach Profitability

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 Capital Markets

<ul class="">
<li>DIDI dominates the car hailing market in China.</li>
<li>DIDI has a second app to defend from the attacks of small companies, but small companies are hard to eliminate.</li>
<li>None of the minor businesses has competitive advantage in their market niches.</li>
<li>On a potential acquirer's angle, the company is at least worth the value of car hailing in China.</li>
</ul>


DIDI dominates the car hailing market in China.
DIDI has a second app to defend from the attacks of small companies, but small companies are hard to eliminate.
None of the minor businesses has competitive advantage in their market niches.
On a potential acquirer's angle, the company is at least worth the value of car hailing in China.


DIDI (滴滴) Pre-IPO: Competitive in Car Hailing, Uncompetitive In "Others", Generally Valuable

DiDi Global

DIDI (滴滴) Pre-IPO: Competitive in Car Hailing, Uncompetitive In "Others", Generally Valuable