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

Smartkarma North Asia Weekly: POTUS Order, Kanzhun, Angelalign, & 3 Children Policy in China

AiHuiShou IPO - Priced to Go but Won't Do a Kanzhun

ECM Weekly (13th June 2021) - Didi, AiHuiShou, Dingdong Maicai, MissFresh, Full Truck, Nayuki

AiHuiShou Pre-IPO - First Stab at Valuation

AiHuiShou Pre-IPO - Mostly Positive - Pre-Owned but Well Loved

Gravity Works As WeWork Doesn't; Now Plan B

Bifurcated Chinese Express Market Developing

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>
<li>We visited Aihuishou (AHS)’s physical stores and their competitors.</li>
<li>We believe AHS store chain has advantage over independent stores.</li>
<li>We also believe AHS store chain has advantage over online platforms.</li>
<li>Handset owners complain low price offers from AHS and all of its competitors.</li>
<li>Also see <a href="https://www.smartkarma.com/insights/aihuishou-pre-ipo-first-stab-at-valuation" target="_blank" data-smartkarma-citation="insights:52539" rel="noopener">AiHuiShou Pre-IPO - First Stab at Valuation</a> and <a href="https://www.smartkarma.com/insights/aihuishou-pre-ipo-mostly-positive-pre-owned-but-well-loved" target="_blank" data-smartkarma-citation="insights:52474" rel="noopener">AiHuiShou Pre-IPO - Mostly Positive - Pre-Owned but Well Loved</a> by <a href="https://www.smartkarma.com/profiles/sumeet-singh" target="_blank" data-smartkarma-citation="accounts:4" rel="noopener">Sumeet Singh</a>.</li>
</ul>


We visited Aihuishou (AHS)’s physical stores and their competitors.
We believe AHS store chain has advantage over independent stores.
We also believe AHS store chain has advantage over online platforms.
Handset owners complain low price offers from AHS and all of its competitors.
Also see AiHuiShou Pre-IPO - First Stab at Valuation and AiHuiShou Pre-IPO - Mostly Positive - Pre-Owned but Well Loved by Sumeet Singh.


Aihuishou (爱回收) Pre-IPO: Pricing My Mobile Handset at Physical Stores

ATRenew

Aihuishou (爱回收) Pre-IPO: Pricing My Mobile Handset at Physical Stores