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

Xpeng Motors (小鹏汽车) Pre-IPO - Car Comparison and P7 Performance Test

Xpeng Motors (小鹏汽车) Pre-IPO - Peer Comparison and Valuation

Xpeng (小鹏汽车) IPO - Riding the Momentum

Xpeng Motors (小鹏汽车) Pre-IPO - Lots to like with Solid Backing from Investors

Li Auto (理想汽车): Visit Li Auto Store and Find Out License Game

Li Auto (理想汽车) IPO - Worth a Ride, at the Low -End

Li Auto (理想汽车) Pre-IPO - Peer Comparison - Margins May Look like BYD, but Sells like NIO

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

<ul class="">
<li>We visited an Xpeng store in Shanghai.</li>
<li>We believe the price of the new model, P7, is acceptable in large cities.</li>
<li>However, we believe there is a risk in battery, as drivers have to choose quick charge.</li>
</ul>


We visited an Xpeng store in Shanghai.
We believe the price of the new model, P7, is acceptable in large cities.
However, we believe there is a risk in battery, as drivers have to choose quick charge.


Xpeng Motors (小鹏汽车): Visited a Store, Fairly Priced, But with Recharging Problem

XPeng

Xpeng Motors (小鹏汽车): Visited a Store, Fairly Priced, But with Recharging Problem