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

XIAOMI Met 30 Target Now Set to Re Test 27 Pivot Support

Xiaomi Exodus:  Confidence Fading Among Active China Investors

Xiaomi (1810 HK): Sold More Smartphones Than Apple, Expect Higher Growth and Margin

Xiaomi (1810 HK): Terminate Contracts with Small Authorized Stores

Xiaomi (1810 HK): Market Was Wrong After 4Q20 Result, Upgrade to Buy

Xiaomi (1810 HK): No Longer Concerned About High Prices of New Smartphones, A Store Visit

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>
<li>A U.S. Court deleted Xiaomi from the U.S. Department of Defense’s blacklist.</li>
<li>The revenue growth rates accelerated and the gross margins improved in all main business lines in 1Q21.</li>
<li>Both time-series and cross-sectional valuation methods suggest an upside of 9%. BUY.</li>
</ul>


A U.S. Court deleted Xiaomi from the U.S. Department of Defense’s blacklist.
The revenue growth rates accelerated and the gross margins improved in all main business lines in 1Q21.
Both time-series and cross-sectional valuation methods suggest an upside of 9%. BUY.


Xiaomi (1810 HK): Great Quarter, Successful Strategy, and Good News from U.S.

Xiaomi Corp

Xiaomi (1810 HK): Great Quarter, Successful Strategy, and Good News from U.S.