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 (27Jun22): Koolearn’ Up & Down, New Rule on Medical Apps

China Internet Weekly (4Jul2022): Tencent, Alibaba, NetEase, JD.com, Trip.com

China Internet Weekly (11Jul2022): JD.com, Alibaba, Suning.com, GoGoX

Bilibili (BILI): 4Q21, Slow Than Expected, But Many Positive Signals

Bilibili (BILI): Upgrade to Buy for First Time Before 4Q21 Result

Bilibili (9626 HK) Pre-Earnings: Layoff Will Slow Down Minor Biz, But More Importantly Cut Loss

Gravity Works As WeWork Doesn't; Now Plan B

Bifurcated Chinese Express Market Developing

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>Monthly paying users grew by 33% YoY and monthly active users grew by 31% in 1Q22.</li>
<li>We believe operating loss is not a concern for a fast-growing company.</li>
<li>BILI’s stock price has plunged to about HK$200 from about HK$800 in one year.</li>
</ul>


Monthly paying users grew by 33% YoY and monthly active users grew by 31% in 1Q22.
We believe operating loss is not a concern for a fast-growing company.
BILI’s stock price has plunged to about HK$200 from about HK$800 in one year.


Bilibili (9626 HK): 1Q22, User Bases Growing by 30%, Price Down to 1/4, Buy