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 Digits: Dependence on JD.com - A Bottleneck

China Internet Weekly (28Dec2020): BABA Investigated, Ant Warned, Youzu Founder Poisoned to Death

Ant Group (蚂蚁集团) Running Neck and Neck with Tencent in Direct Financial Services

JD.com (JD): High Growth and Margin in Q2, Sustainable Factors for Post-Pandemic Performance

AliPay’s Advantage over WeChat Pay in Physical Stores

Ant Group (蚂蚁集团) Pre-IPO: Dual Listing Makes Early Index Inclusion Tricky

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>
<li>Two misunderstandings about JD Digits are widely spread.</li>
<li>JD Digits is controlled by JD.com’s founder, but is not a subsidiary of JD.com.</li>
<li>JD Digits is a B2C company, but not a B2B company, no matter how the company describes itself.</li>
</ul>


Two misunderstandings about JD Digits are widely spread.
JD Digits is controlled by JD.com’s founder, but is not a subsidiary of JD.com.
JD Digits is a B2C company, but not a B2B company, no matter how the company describes itself.


JD Digits: Wide Misunderstandings About Financial Partner of JD.com