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

Hello Inc (哈罗出行) Pre-IPO - Nowhere near Being Sustainable

Smart Share Global (怪兽充电) IPO - Overcharged

Smart Share Global (怪兽充电) Pre-IPO - Forecasts, Assumptions, and Valuation

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>The competition is mainly between Hello and Meituan.</li>
<li>Hello has to put more bikes than needed to push out Meituan's bikes.</li>
<li>The room for price rise is limited.</li>
<li>We cannot see a profit in the near future.</li>
</ul>
<p>About the company introduction, please see <a href="https://www.smartkarma.com/insights/hello-inc-pre-ipo-nowhere-near-being-sustainable" target="_blank" data-smartkarma-citation="insights:50825" rel="noopener">Hello Inc (哈罗出行) Pre-IPO - Nowhere near Being Sustainable</a> by <a href="https://www.smartkarma.com/profiles/zhen-zhou-toh" target="_blank" data-smartkarma-citation="accounts:673" rel="noopener">Zhen Zhou, Toh</a>. </p>


The competition is mainly between Hello and Meituan.
Hello has to put more bikes than needed to push out Meituan's bikes.
The room for price rise is limited.
We cannot see a profit in the near future.

About the company introduction, please see Hello Inc (哈罗出行) Pre-IPO - Nowhere near Being Sustainable by Zhen Zhou, Toh. 

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