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

Thoughts on Amazon –What Does Its Valuation Tells Us?

Netflix & Amazon Expand in Korea – Not a Coincidence

Okja: The Fight Between Netflix Vs. CJ CGV

Equity Capital Markets

<ul>
<li>There are a large number of fake products on Pinduoduo (PDD), an e-commerce platform in China.</li>
<li>Keyword bidding attracts small companies, including fake producers.</li>
<li>There is demand for low-price goods in China.</li>
<li>However, the Company is vulnerable to lawsuits, as fake products on other platforms have ever hurt consumers.</li>
</ul>


There are a large number of fake products on Pinduoduo (PDD), an e-commerce platform in China.
Keyword bidding attracts small companies, including fake producers.
There is demand for low-price goods in China.
However, the Company is vulnerable to lawsuits, as fake products on other platforms have ever hurt consumers.


Pinduoduo (PDD) IPO Risk: Too Many Fakes, Vulnerable to Lawsuits

PDD Holdings

Pinduoduo (PDD) IPO Risk: Too Many Fakes, Vulnerable to Lawsuits