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

ECM Weekly (18th Sep 2022) - CALB, Onewo, Leapmotor, WCP, Biogene, Socionext, Prop Guru, PayMate

China Internet Weekly (19Sep2022): Tencent, NetEase, Meituan, Trip.com

Tencent Nearing Our Bear Target to Reverse from Short to Long

Giant Biogene Pre-IPO - The Positives - Fast Growth and Juicy Margins

Giant Biogene Pre-IPO - The Negatives - Co-Founders Have Already Cashed in US$1bn+

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>
<li>Giant Biogene (GB) has a large sales network of physical distributors.</li>
<li>We believe GB’s large capacity packages have price advantage over domestic competitors.</li>
<li>But we also believe GB should strengthen or outsource its studio for live broadcasting sales.</li>
</ul>


Giant Biogene (GB) has a large sales network of physical distributors.
We believe GB’s large capacity packages have price advantage over domestic competitors.
But we also believe GB should strengthen or outsource its studio for live broadcasting sales.


Giant Biogene (巨子生物) Pre-IPO: Visits to Beauty Stores and Online Apps