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

Qutoutiao 趣头条 (QTT) – A Spendthrift Who Pays News Readers Generously

Qutoutiao Pre-IPO - Cash Payments Driving Downloads but Aren't as Effective with Usage

Qutoutia IPO - Engagement Picking Up but Questions over Sustainability Remain

Weibo (WB) – Recent Censorship Not A Concern, Will Grow Strongly

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

Equity Bottom-Up

<ul class="">
<li>We believe a short seller is impacting the stock price again, although WB achieved an excellent quarter again.</li>
<li>Our P/E band leads us to project upside of 150%.</li>
<li>We suggest fundamental investors remain patient during the period of short seller driven volatility.</li>
</ul>


We believe a short seller is impacting the stock price again, although WB achieved an excellent quarter again.
Our P/E band leads us to project upside of 150%.
We suggest fundamental investors remain patient during the period of short seller driven volatility.


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

Weibo Corp

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