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

Alibaba (BABA): 3Q25, Main Business Growth Close to Double Digits

Alibaba's C4Q24 Result Says the Inflection Point of Chinese AI Has Arrived for the Capital Markets

China Retail Weekly (24 Feb 2025): BILI, SAIC, NIO, Mengniu, JD, IQiyi

China Consumption Weekly (27 Jan 2025): Alibaba, JD.com, Kuaishou, NIO, Honor, Apple

China Consumption Weekly (6 Jan 2025): Alibaba, BYD, Tencent Music, JD.com, Mixue

China Consumption Weekly (16 Dec 2024): Alibaba, Meituan, Mixue, Green Tea

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>We believe the boycott against JD.com benefited Alibaba’s Taobao and Tmall Group in 3Q25 results. </li>
<li>We believe 3Q25 results will not reflect the benefits of the disposal of Intime and Sun Art despite that Alibaba may not revise its financial data in 3Q25 results.</li>
<li>We set a stock upside of 42% for the next twelve months.</li>
</ul>


We believe the boycott against JD.com benefited Alibaba’s Taobao and Tmall Group in 3Q25 results. 
We believe 3Q25 results will not reflect the benefits of the disposal of Intime and Sun Art despite that Alibaba may not revise its financial data in 3Q25 results.
We set a stock upside of 42% for the next twelve months.


Alibaba (BABA) 3Q25 Preview: Benefit from Boycott Against Competitor and Disposals