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

Dingdong (叮咚买菜): Fresh Food Competition in and Outside of Frontline Warehouse

Dingdong Maicai Pre-IPO - Thoughts on Valuation

Dingdong Maicai Pre-IPO - It's Still like a VC Bet but Probably Worth It

WM Tech Pre-IPO - Digitalization Efforts Coming Through but Not Well Substantiated

Wumart - Four Blocking Stakes, can this deal get through?

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

WM Tech Corporation / Equity Capital Markets

<ul>
<li>Here in Shanghai Wumart convenience stores have already been closed.</li>
<li>Wumart supermarkets do not have advantageous locations.</li>
<li>We have not seen home delivery business in one of its supermarkets.</li>
<li>Also see <a href="https://www.smartkarma.com/insights/wm-tech-pre-ipo-digitalization-efforts-coming-through-but-not-well-substantiated" target="_blank" data-smartkarma-citation="insights:52007" rel="noopener">WM Tech Pre-IPO - Digitalization Efforts Coming Through but Not Well Substantiated</a> by <a href="https://www.smartkarma.com/profiles/zhen-zhou-toh" target="_blank" data-smartkarma-citation="accounts:673" rel="noopener">Zhen Zhou, Toh</a>. </li>
</ul>


Here in Shanghai Wumart convenience stores have already been closed.
Wumart supermarkets do not have advantageous locations.
We have not seen home delivery business in one of its supermarkets.
Also see WM Tech Pre-IPO - Digitalization Efforts Coming Through but Not Well Substantiated by Zhen Zhou, Toh. 


WM Tech Pre-IPO: Wumart as Main Brand, Marginalized on the Ground