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

China Kepei Edu (科培教育) Pre-IPO Review - A Well Run Private Higher Education Company

New Oriental (EDU): Laws Harm Private Schools? Not This One

New Oriental (EDU): Three Positive Signals for Margins in 1Q19 Results

Maple Leaf (1317 HK) – International School, Well Positioned, But Undervalued

Maple Leaf (1317 HK) – Achieves Both Aggressive Expansion and Record High Margin

Schools Come and Go, But Parents Stay Anxious – Promising Education Industry in China

Equity Bottom-Up

China Maple Leaf Educational Systems / Equity Bottom-Up

China Maple Leaf Educational Systems (1317 HK)

Shares of all Hong Kong listed Chinese private schools plunged on Monday, August 13, with some of them plummeted more than 30% in a day. 
What had happened? The draft for comment of “the Implementation Rules on the Promotion of Private School (Draft for Amendment) (Draft for Approval)” was posted on the website of the Ministry of Justice of China (MOJ) <a href="http://www.moj.gov.cn/government_public/content/2018-08/10/tzwj_38279.html" target="_blank">http://www.moj.gov.cn/government_public/content/2018-08/10/tzwj_38279.html</a> on August 10, last Friday.
Abnormal Re-comment
The legal jargon in the…

Shares of all Hong Kong listed Chinese private schools plunged on Monday, August 13, with some of them plummeted more than 30% in a day. 
What had happened? The draft for comment of “the Implementation Rules on the Promotion of Private School (Draft for Amendment) (Draft for Approval)” was posted on the website of the Ministry of Justice of China (MOJ) http://www.moj.gov.cn/government_public/content/2018-08/10/tzwj_38279.html on August 10, last Friday.
Abnormal Re-comment
The legal jargon in the…

Maple Leaf (1317) – Private Schools Plunged Due to Proposed Law