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 (23 Oct 2023): AAPL, Alibaba, JD.com

China Consumption Weekly (30 Oct 2023): Alibaba, Trip.com, New Oriental, Weibo

Alibaba (9988 HK) 3Q24 Earnings Preview: Recovery to Continue, 67% Upside

Alibaba (9988 HK): 1Q24, Brilliant Result After Reorganization, 90% Upside

Alibaba (9988 HK): Daniel Steps Down as Jack Changes Strategy

Alibaba (9988 HK): Buy JD Logistics as the Business Model Alibaba Begins to Follow

REPT BATTERO Energy Pre-IPO - The Positives - Has Scaled Rapidly

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

Alibaba Group Holding  / Equity Bottom-Up

<ul>
<li>Freshippo opened its first high-end supermarket, Premier, in Shanghai in September.</li>
<li>We believe it is a good idea to take business from independent stores and small store chains.</li>
<li>However, we do not believe those foreigner-oriented foods will be popular.</li>
</ul>


Freshippo opened its first high-end supermarket, Premier, in Shanghai in September.
We believe it is a good idea to take business from independent stores and small store chains.
However, we do not believe those foreigner-oriented foods will be popular.


Alibaba (9988 HK): A Visit to Premier - Freshippo Begins to Try New Style Again