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): Denied Office Politics Behind CEO Change, But It’s a Good Change Anyway

Kuaishou (1024 HK): 3Q21, Growth Rates of Active Users Recovered Strongly

2022 High Conviction - Kuaishou (1024 HK) – E-Commerce Live Broadcasting Still in Early Stage

Kuaishou (1024 HK): 2Q21, Direct-Response Sales Raised Growth and Gross Margin

Kuaishou Lock-Up Expiry - Getting Close to IPO Price, with US$18bn+ Lock-Up. CCASS Movement as Well.

Kuaishou (1024 HK): Opportunity Coming After Lock-Up Expiry

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>Short video is a promising business in China.</li>
<li>TikTok has a larger user base than Kuaishou.</li>
<li>However, Kuaishou’s time on site grew faster than Tiktok.</li>
<li>Also, Kuaishou’s users are younger than TikTok.</li>
<li>We believe Kuaishou continues to benefit from live video sales.</li>
</ul>
<p>Also see:</p>
<ul>
<li><a href="https://www.smartkarma.com/insights/kuaishou-1024-hk-2q21-direct-response-sales-raised-growth-and-gross-margin" target="_blank" data-smartkarma-citation="insights:56668" rel="noopener">Kuaishou (1024 HK): 2Q21, Direct-Response Sales Raised Growth and Gross Margin</a></li>
<li><a href="https://www.smartkarma.com/insights/kuaishou-1024-hk-opportunity-coming-after-lock-up-expiry" target="_blank" data-smartkarma-citation="insights:55609" rel="noopener">Kuaishou (1024 HK): Opportunity Coming After Lock-Up Expiry</a></li>
</ul>


Short video is a promising business in China.
TikTok has a larger user base than Kuaishou.
However, Kuaishou’s time on site grew faster than Tiktok.
Also, Kuaishou’s users are younger than TikTok.
We believe Kuaishou continues to benefit from live video sales.

Also see:

Kuaishou (1024 HK): 2Q21, Direct-Response Sales Raised Growth and Gross Margin
Kuaishou (1024 HK): Opportunity Coming After Lock-Up Expiry


Kuaishou (1024 HK): Weaker than TikTok? Not Exactly

Kuaishou Technology

Kuaishou (1024 HK): Weaker than TikTok? Not Exactly