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

Tesla Q1 Preview: 15% Beat at Best, But Margins & Guidance May Disappoint

Tesla Motors: Record Exposure, But Still Under-Owned

Li Auto (理想汽车): Visit Li Auto Store and Find Out License Game

Xpeng Motors (小鹏汽车): Visited a Store, Fairly Priced, But with Recharging Problem

Xpeng Motors (小鹏汽车) Pre-IPO - Lots to like with Solid Backing from Investors

Li Auto (理想汽车) IPO - Worth a Ride, at the Low -End

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>Many automakers said they suspended their productions due to the lockdown of Shanghai.</li>
<li>A vice minister of Industry and Information Technology announced that 666 companies will resume production in Shanghai.</li>
<li>We believe it is hard to resume the automobile soon because of the complication of a vehicle and the traffic jams around Shanghai.</li>
</ul>


Many automakers said they suspended their productions due to the lockdown of Shanghai.
A vice minister of Industry and Information Technology announced that 666 companies will resume production in Shanghai.
We believe it is hard to resume the automobile soon because of the complication of a vehicle and the traffic jams around Shanghai.


Tesla (TSLA): Shanghai’s Lockdown Killing Whole Chinese Automobile Supply Chain