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

ECM Weekly (5th September 2021) - JR West, Kakaobank, Helen's, ANE, Weilong Snacks, NewMed

ECM Weekly (12th September 2021) - Sea, Simplex, PHC Holdings, Kakaopay, Novotech, Airdoc, K Car

ECM Weekly (19th September 2021) - PHC, StarHealth, TDCX, Biel Crystal, DRCBank, Transcenta, Broncus

Weilong Delicious Global Pre-IPO - The Negatives - Spicy Valuation

Weilong Delicious Global Pre-IPO - The Positives - Fast Growth, Strong Backers

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 Capital Markets

Weilong Delicious Global Holdi / Equity Capital Markets

<ul>
<li>We saw that customers chose Weilong in stores.</li>
<li>There are many brands in the market.</li>
<li>This is a low-end food market.</li>
<li>The industry has a low entry barrier.</li>
<li>Weilong’s advantage is that the company started advertising early.</li>
</ul>


We saw that customers chose Weilong in stores.
There are many brands in the market.
This is a low-end food market.
The industry has a low entry barrier.
Weilong’s advantage is that the company started advertising early.


Weilong Delicious Global: A Store Visit for “Spicy Stick”