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

JD.Com.  Exposure Hits New Highs, but EM Allocations Not Fully Deployed.

China Internet Weekly (3Aug2020): JD Acquired Appliance Store, Xiaomi Phone Sales Plunged

JD.com (JD) Earnings Preview: Statistics Bureau Data Suggests Weak Q1 But Better Q2

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

JD Secondary Trading Update - Strong Demand but Won't Have Any Index Flows

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>JD posted a statement that denies Analysys’ appliance-sales ranking on the “618 promotion”, in which Alibaba is No. 1 and JD is No. 2.</li>
<li>Appliances have been JD’s strong suit for a long time.</li>
<li>Alibaba’s revenues from Taobao and Tmall were stagnant in the quarter ended March.</li>
<li>JD caught the point that the citations of the report were significantly higher than its views.</li>
</ul>


JD posted a statement that denies Analysys’ appliance-sales ranking on the “618 promotion”, in which Alibaba is No. 1 and JD is No. 2.
Appliances have been JD’s strong suit for a long time.
Alibaba’s revenues from Taobao and Tmall were stagnant in the quarter ended March.
JD caught the point that the citations of the report were significantly higher than its views.


JD.com (JD): Implies Alibaba Plotted Defamation on “618 Promotion” Sales

JD.com Inc (ADR)

JD.com (JD): Implies Alibaba Plotted Defamation on “618 Promotion” Sales