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

China Internet Weekly (12Oct2020): Tourist Number Recovered to 80% of Last National Day Holidays

China Internet Weekly (19Oct20): Tencent Mgt Reduced Shares, HUYA & DOYU Merged in Our Expected Way

Tencent (700 HK): Illegal Gambling Risk in Merger of Huya and Douyu

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

China Internet Weekly (13Jul2020): Alibaba’s Freshippo and Ele.me Exploring Cities and Businesses

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>Tencent (700 HK) acquired a game developer, Leyou (1089 HK).</li>
<li>The State Taxation Administration stopped local tax bureaus’ self-check requirement on online retailers.</li>
<li>The Ministry of Culture and Tourism permits restarting of cross-province group tour.</li>
<li>Online TV, Mango Excellent Media (300434 CN), expected net profits to grow significantly.</li>
</ul>


Tencent (700 HK) acquired a game developer, Leyou (1089 HK).
The State Taxation Administration stopped local tax bureaus’ self-check requirement on online retailers.
The Ministry of Culture and Tourism permits restarting of cross-province group tour.
Online TV, Mango Excellent Media (300434 CN), expected net profits to grow significantly.


Weekly (20Jul2020): Tax Check on Online Retailers Stopped, Cross-Province Group Tour Reopened

Trip.com

Weekly (20Jul2020): Tax Check on Online Retailers Stopped, Cross-Province Group Tour Reopened