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

BK (BEKE): Buy for Strong Quarter When Others Fear for Founder’s Death

KE (BEKE): New Policy Not Fatal at All, Time to Accumulate

KE (BEKE): 2Q21, Expected Revenue and Unexpected Margin, Still Over Impacted

KE (BEKE): Outperform Competitors in Booming Property Market

Alibaba (BABA): Fined $2.78 Billion for “Either Or”, But Impact Is Neither Big Nor Long Term

KE (BEKE): The Estate Agency Grew 53% and Housing Market Continues to Boom

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 Capital Markets

<ul>
<li>The CEO of pre-IPO <a href="https://www.smartkarma.com/entities/anjuke" target="_blank" data-smartkarma-citation="entities:33003:1" rel="noopener">Anjuke (ANJ HK)</a> said, authorities should fine KE RMB4 billion for its exclusive contracts.</li>
<li>Anjuke’s user base is larger than KE, but its revenue is lower than KE.</li>
<li>We believe KE’s database of real apartments for sale angers Mr. Yao.</li>
<li>We also believe there is no evidence that KE abuses market power.</li>
</ul>
Our previous coverage on KE (BEKE):
<a href="https://www.smartkarma.com/insights/ke-beke-the-estate-agency-grew-53-and-housing-market-continues-to-boom" target="_blank" data-smartkarma-citation="insights:49252" rel="noopener">KE (BEKE): The Estate Agency Grew 53% and Housing Market Continues to Boom</a>
<a href="https://www.smartkarma.com/insights/ke-beke-outperform-competitors-in-booming-property-market" target="_blank" data-smartkarma-citation="insights:47942" rel="noopener">KE (BEKE): Outperform Competitors in Booming Property Market</a>


The CEO of pre-IPO Anjuke (ANJ HK) said, authorities should fine KE RMB4 billion for its exclusive contracts.
Anjuke’s user base is larger than KE, but its revenue is lower than KE.
We believe KE’s database of real apartments for sale angers Mr. Yao.
We also believe there is no evidence that KE abuses market power.

Our previous coverage on KE (BEKE):
KE (BEKE): The Estate Agency Grew 53% and Housing Market Continues to Boom
KE (BEKE): Outperform Competitors in Booming Property Market 

KE (BEKE): Pre-IPO Anjuke Asks Authorities to Fine KE Following Alibaba Case

KE Holdings

KE (BEKE): Pre-IPO Anjuke Asks Authorities to Fine KE Following Alibaba Case