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

Haidilao (6862): Not a Victim of Swine Flu Thus Still Hot!

Haidilao (海底捞) Post-IPO Trading Update: Not Much Upside from High End, Lessons from Meituan

Haidilao (海底捞) IPO: Appealing Valuation at the Low End for a Branded National Champion (Part 4)

Haidilao (海底捞) IPO: Near Term Rapid Growth but Deceleration Ahead (Part 3)

Equity Bottom-Up

Haidilao International Holding / Equity Bottom-Up

<ul>
<li>A woman blackmailed Haidilao with a sanitary pad, but her arrangement was really crude.</li>
<li>Haidilao chose to call the police.  So did another hot pot brand, which was blackmailed by Miss Ni in the same way.</li>
<li>We believe this blackmail will not negatively impact Haidilao's reputation due to its crude arrangement, but we believe blackmail is the primary risk for a restaurant.</li>
</ul>


A woman blackmailed Haidilao with a sanitary pad, but her arrangement was really crude.
Haidilao chose to call the police.  So did another hot pot brand, which was blackmailed by Miss Ni in the same way.
We believe this blackmail will not negatively impact Haidilao's reputation due to its crude arrangement, but we believe blackmail is the primary risk for a restaurant.


Haidilao (6862 HK): Blackmailed by a Sanitary Pad, But No Impact