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

Baidu (BIDU): IQiyi (IQ) Became a Burden, 40% Downside to Book Value

Baidu (BIDU): The Way Back to Search Engine Will Be Cut Off by ByteDance

Tencent Bull Case: Buy the Online Community Empire, Not Just a Game Operator

Baidu (BIDU): Stagnant in 4Q18, Wrong Change Feeds a 24% User Increase to Google

Baidu (BIDU): The Change Amounts to Business Suicide, Disappointing Existing Users and Clients

Battle Lines Drawn As BABA Builds Out First/Last-Mile Capacity; But Who Will Fund 75+ Bn CNY CapEx?

Tencent (700 HK): The Worst Part Online Game Recovered in Q4 Before Restarting License Approval

Equity Bottom-Up

<ul>
<li>This is a very short review of Baidu’s whole story – After the market changed, Baidu Changed, but to a wrong way.</li>
<li>We suggest closing out Baidu and not establishing any position, neither long nor short.</li>
</ul>


This is a very short review of Baidu’s whole story – After the market changed, Baidu Changed, but to a wrong way.
We suggest closing out Baidu and not establishing any position, neither long nor short.


Baidu (BIDU): Obituary - Review the Way to First Loss Since IPO