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

Shiyue Daotian IPO - PHIP Updates & Quick Thoughts on Valuation

Shiyue Daotian US$480m Lockup Expiry - Would Need Some Selling to Improve Its Liquidity

Shiyue Daotian Pre-IPO - Looks Good at First Sight, but Not Great if One Digs Deeper

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 Capital Markets

Shiyue Daotian Group / Equity Capital Markets

<ul>
<li>The company mainly sells its products online and spends much of its advertising budget online.</li>
<li>The rice market is fragmented and there are two main competitors, Arawana and Fortune.</li>
<li>We believe the company’s dry food can use the reputation of its rice to boost sales.</li>
</ul>


The company mainly sells its products online and spends much of its advertising budget online.
The rice market is fragmented and there are two main competitors, Arawana and Fortune.
We believe the company’s dry food can use the reputation of its rice to boost sales.


Yihai Kerry Arawana Holdings C (300999 CH)

Shiyue Daotian (十月稻田) Pre-IPO: Aggressive Brands - A Local Viewpoint