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

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

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

Warning Sign for Microlenders Globally? SINA Faces Difficulty Collecting Debt Due to Coronavirus

Weibo (WB) – Strong Q2, But Not to Buy Until Short Seller Leaves

Weibo (WB) - Short Seller Has Left, Little Downside and Significant Upside, Upgrade to Buy

Weibo (WB): Short Seller May Follow Moving Averages - A Technical View on 14% Plunge

Equity Bottom-Up

<ul>
<li>The advertising revenues slowed down significantly in 4Q2018.</li>
<li>We believe the content transition from politics to entertainment was not as good as the management expected.</li>
<li>We believe WB will not defeat Tencent’s WeChat.</li>
<li>We believe the stock price has downside of 9%.</li>
</ul>


The advertising revenues slowed down significantly in 4Q2018.
We believe the content transition from politics to entertainment was not as good as the management expected.
We believe WB will not defeat Tencent’s WeChat.
We believe the stock price has downside of 9%.


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

Weibo Corp

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