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

Meituan Placement - Might Not Do a Tencent but Low-End Looks Enticing

Meituan Placement - Small Passive Inflow; HSI, HSCEI Trackers Will Buy in June

Meituan: Why Robotic Technology Is a Sensible Move

Meituan (3690 HK): Good News, Recovery Continued in 3Q20, Bad News, Overvalued

Meituan (3690 HK): Q4, “Community Group Purchase” Broke Bottom Line

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>Meituan has spent much on Meituan Select’s customer accumulation.</li>
<li>However, agents began to sell other products to the customer bases.</li>
<li>We believe Meituan will not make money from Meituan Select.</li>
<li>We also believe Meituan Select will not bring customers to other businesses of Meituan's.</li>
</ul>
<p>Our previous coverage on Meituan:</p>
<ul>
<li><a href="https://www.smartkarma.com/insights/meituan-3690-hk-q4-community-group-purchase-broke-bottom-line" target="_blank" data-smartkarma-citation="insights:49719" rel="noopener">Meituan (3690 HK): Q4, “Community Group Purchase” Broke Bottom Line</a></li>
<li><a href="https://www.smartkarma.com/insights/meituan-3690-hk-good-news-recovery-continued-in-3q20-bad-news-overvalued" target="_blank" data-smartkarma-citation="insights:45892" rel="noopener">Meituan (3690 HK): Good News, Recovery Continued in 3Q20, Bad News, Overvalued</a></li>
</ul>


Meituan has spent much on Meituan Select’s customer accumulation.
However, agents began to sell other products to the customer bases.
We believe Meituan will not make money from Meituan Select.
We also believe Meituan Select will not bring customers to other businesses of Meituan's.

Our previous coverage on Meituan:

Meituan (3690 HK): Q4, “Community Group Purchase” Broke Bottom Line
Meituan (3690 HK): Good News, Recovery Continued in 3Q20, Bad News, Overvalued


Meituan (3690 HK): Meituan Spending Money, But Agents Accumulating Customers for Themselves