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 (9988 HK) Top Trades: Bullish Bias and Long Volatility Dominate

BYD (1211 HK) Top Trades: Bearish Positioning and Long Volatility Dominate

Pop Mart, Trip.com, Geely Auto, and More: Weekly Options Start Trading on 15 June

Alibaba (9988.HK, BABA): Not as Bad as It Looks, Neither Top Line and Nor Bottom Line

Alibaba (BABA, 9988 HK): F2Q26, Up by 18% Excluding Disposals

Alibaba (BABA, 9988HK): June Quarter, Actually 2-Digit Growth, To Win Price War

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>
<li>Management announced that AI has already brought significant revenue in the cloud business.</li>
<li>We believe the revenue growth will improve further after Alibaba completes the disposal of Intime.</li>
<li>We expect the stock price will rise by 23% for next twelve months.</li>
</ul>


Management announced that AI has already brought significant revenue in the cloud business.
We believe the revenue growth will improve further after Alibaba completes the disposal of Intime.
We expect the stock price will rise by 23% for next twelve months.


Alibaba (BABA, 9988 HK): 4Q26, See More Revenue After Heavy Investments, 23% Upside