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

Anta (2020 HK) 1H26 Preview: Southeast Asia Expansion to Underpin Long-Term Value

Anta Sports (2020 HK): 1H26, Strategy Shift Beneath Steady Financials, 50% Upside

Anta Sports (2020 HK): 1H25, Revenue Up by 14% with “Other Brands” Up by 61%

Anta (2020 HK): Company Estimates Higher Growth Due to Acquisition

Anta (2020 HK): Acquired Jack Wolfskin, Still Financial Momentum, Upgrade to Buy

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>The low-cost “ANTA Membrane” reached the standards of the European Union.</li>
<li>The “lighthouse store program” lowered operating expenses by combining stores in small towns.</li>
<li>Operating cash flows increased to CNY25 billion in 2025 from CNY20 billion in 2024.</li>
</ul>


The low-cost “ANTA Membrane” reached the standards of the European Union.
The “lighthouse store program” lowered operating expenses by combining stores in small towns.
Operating cash flows increased to CNY25 billion in 2025 from CNY20 billion in 2024.


Anta (2020 HK): Positive Signs in 2025 Results – New Tech, Lower Costs, and Higher Cash Flows

ANTA Sports

Anta (2020 HK): Positive Signs in 2025 Results – New Tech, Lower Costs, and Higher Cash Flows