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

China Internet Weekly (13Apr2020): Tencent, BILI, Xiaomi, TCOM, IQ, TAL

Tencent (700 HK): Potential Merger of E-Sports Subsidiaries, Huya Merely The Tip of The Iceberg

Games Coverage - What Are People Playing During Lock-Down?

Xiaomi Corp (1810 HK) - Are We There Yet?

China Internet Weekly (10Feb2020): Xiaomi Expanding in Europe, Koolearn Stock Up 37%

Xiaomi (1810 HK): Qualitative Review of Pandemic Impacts in 1Q2020

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 class="">
<li>Huawei consumer’s revenue was 8 times Xiaomi's.</li>
<li>Huawei consumer grew more rapidly than Xiaomi's.</li>
<li>Huawei has been turning its focus to the consumer market, which will be a major threat to Xiaomi during and after the epidemic.</li>
</ul>
<p>Our previous coverage on Xiaomi:</p>
<ul class="">
<li><a href="https://www.smartkarma.com/insights/xiaomi-1810-hk-qualitative-review-of-pandemic-impacts-in-1q2020" target="_blank" rel="noopener">Xiaomi (1810 HK): Qualitative Review of Pandemic Impacts in 1Q2020</a></li>
<li><a href="https://www.smartkarma.com/insights/xiaomi-1810-hk-smartphone-accounts-for-only-36-of-gross-profits" target="_blank" rel="noopener">Xiaomi (1810 HK): Smartphone Accounts for Only 36% of Gross Profits</a></li>
<li><a href="https://www.smartkarma.com/insights/xiaomi-placement-the-selling-continues" target="_blank" rel="noopener">Xiaomi Placement - The Selling Continues</a></li>
</ul>


Huawei consumer’s revenue was 8 times Xiaomi's.
Huawei consumer grew more rapidly than Xiaomi's.
Huawei has been turning its focus to the consumer market, which will be a major threat to Xiaomi during and after the epidemic.

Our previous coverage on Xiaomi:

Xiaomi (1810 HK): Qualitative Review of Pandemic Impacts in 1Q2020
Xiaomi (1810 HK): Smartphone Accounts for Only 36% of Gross Profits
Xiaomi Placement - The Selling Continues


Shenzhen Huawei Investment & Holding (KMCACZ CH)

Xiaomi (1810 HK): Huawei Moving Focus Back to Consumer Business