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

Kuaishou (1024 HK): 3Q22, Promising Live Streaming, Better Margin, 39% Upside

2023 High Conviction: Kuaishou (1024 HK) Brings Much Promising Data

China Internet Weekly (12Dec2022): Bilibili, Tencent, JD.com

China Internet Weekly (8Aug2022): Tencent, NTES, Kuaishou, Autohome

Kuaishou (1024 HK): 1Q22, Strong Revenue and Shrinking Loss, 19% Upside

Kuaishou (1024 HK): 4Q21, Strong Data, Both Financial and Operating

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>
<li>In 2Q22, the company’s adverting revenue increased by 11% YoY, while the market size shrank by 8% YoY.</li>
<li>The company raised both of its user base and Time Spent per Daily Active User.</li>
<li>The company’s operating margin continued to shrink due to the layoff at the beginning of this year.</li>
</ul>


In 2Q22, the company’s adverting revenue increased by 11% YoY, while the market size shrank by 8% YoY.
The company raised both of its user base and Time Spent per Daily Active User.
The company’s operating margin continued to shrink due to the layoff at the beginning of this year.


Kuaishou (1024 HK): 2Q22, Many Encouraging Points Behind “Slowdown”, 48% Upside

Kuaishou Technology

Kuaishou (1024 HK): 2Q22, Many Encouraging Points Behind “Slowdown”, 48% Upside