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 Health (京东健康) Lock-Up Expiry -  US$6.6bn Pre-IPO Shares Unlocked, Sitting on 400%+ Gain

JD Health (6618 HK): Be Careful of Amazon Style Accounting

JD Health (6618 HK): Revenue Accelerated in 2H21, Demand from Lockdown, But Overvalued

JD Health (京东健康) IPO - Ali Health 1H Results Read Through and Index Inclusions

JD Health (京东健康) IPO Trading - Looking to Be a Solid Debut

JD Health (京东健康) Quick Note - Index Inclusions, Weights, and Valuation Update

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

JD Health International  / Equity Bottom-Up

<ul>
<li>JD Health (JDH)’s revenue growth rate accelerated to 81% yoy in 2H20, compared to 76% yoy in 1H20.</li>
<li>JDH’s product revenue grew more rapidly than the two competitors, Alibaba Health (241 HK) and Ping An (1833 HK).</li>
<li>We conclude an upside of 25%.</li>
</ul>
Aequitas Research coverage on JD Health:
<a href="https://www.smartkarma.com/insights/jd-health-quick-note-index-inclusions-weights-and-valuation-update" target="_blank" data-smartkarma-citation="insights:46163" rel="noopener">JD Health (京东健康) Quick Note - Index Inclusions, Weights, and Valuation Update</a> 
<a href="https://www.smartkarma.com/insights/jd-health-ipo-trading-looking-to-be-a-solid-debut" target="_blank" data-smartkarma-citation="insights:46088" rel="noopener">JD Health (京东健康) IPO Trading - Looking to Be a Solid Debut</a>


JD Health (JDH)’s revenue growth rate accelerated to 81% yoy in 2H20, compared to 76% yoy in 1H20.
JDH’s product revenue grew more rapidly than the two competitors, Alibaba Health (241 HK) and Ping An (1833 HK).
We conclude an upside of 25%.

Aequitas Research coverage on JD Health:
JD Health (京东健康) Quick Note - Index Inclusions, Weights, and Valuation Update 
JD Health (京东健康) IPO Trading - Looking to Be a Solid Debut 

Ping An Healthcare and Technology (1833 HK)

JD Health (6618 HK): 2H20, Faster Than 1H20 and Alibaba Health