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

Tencent (700 HK) Earnings Preview: To Stop Decrease in 4Q22 and to Recover in 2023

China Internet Weekly (20Mar2023): Baidu, Tencent, KE

China Internet Weekly (6Feb2023): Tencent, JD.com, Microsoft

Tencent (700 HK): Risen 100% in Three Months, But Still 21%~44% Upside

China Internet Weekly (13Feb2023): Ministry of Industry, Cyberspace Admin, Tencent, Douyin, Meituan

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>
<li>Chinese online game revenue decreased year over year for the first time since the statistic started.</li>
<li>From 2018, the Press and Publishing Administration had significantly reduced the number of new game license.</li>
<li>Short video has been gradually taking time on site from online game.</li>
</ul>


Chinese online game revenue decreased year over year for the first time since the statistic started.
From 2018, the Press and Publishing Administration had significantly reduced the number of new game license.
Short video has been gradually taking time on site from online game.


Tencent (700 HK): Game Market Shrinks for the First Time