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 (23Mar2020): Weibo Leaked Personal Data Including Its CEO’s Phone Number.

China Internet Weekly (30Mar2020): Photos of Crowded Apple Retail Store, Dispute of BABA Vs. PDD

Zhihu (知乎): Censorship as Top Risk, May Follow Fate of Weibo

COVID-19 Won't Solve Weibo's Core Problems; Company Guides 1Q20 Revenue 15-20% Lower

Weibo (WB): Revenues Slowed Down Significantly in 4Q2018, Failed in Transition

Weibo (WB): Zero Growth in 2Q19, Dead as a Political Forum, 40% Downside

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>WB’s revenue growth declined YoY in 4Q2019 for the first time since IPO.</li>
<li>Any account which reposts any suspicions raised against the government will be suspended for 24 hours.</li>
<li>An advertiser had zero consumer via a promotion video which gained 3.5 million views.</li>
</ul>
<p>Our previous coverage on Weibo:</p>
<ul>
<li><a href="https://www.smartkarma.com/insights/weibo-wb-zero-growth-in-2q19-dead-as-a-political-forum-40-downside" target="_blank" rel="noopener">Weibo (WB): Zero Growth in 2Q19, Dead as a Political Forum, 40% Downside</a></li>
<li><a href="https://www.smartkarma.com/insights/weibo-wb-revenues-slowed-down-significantly-in-4q2018-failed-in-transition" target="_blank" rel="noopener">Weibo (WB): Revenues Slowed Down Significantly in 4Q2018, Failed in Transition</a></li>
</ul>


WB’s revenue growth declined YoY in 4Q2019 for the first time since IPO.
Any account which reposts any suspicions raised against the government will be suspended for 24 hours.
An advertiser had zero consumer via a promotion video which gained 3.5 million views.

Our previous coverage on Weibo:

Weibo (WB): Zero Growth in 2Q19, Dead as a Political Forum, 40% Downside
Weibo (WB): Revenues Slowed Down Significantly in 4Q2018, Failed in Transition


Weibo (WB): 24 Hours Suspension as Punishment to Reposters, Revenues Declined First Time

Weibo Corp

Weibo (WB): 24 Hours Suspension as Punishment to Reposters, Revenues Declined First Time