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

BYD (1211 HK) Tactical Outlook: Still Downtrending, But OVERSOLD

BYD (1211 HK): Leverage Softening Fundamentals with Short Calls

BYD (1211 HK): Sep Sales Down 1st Time, Margin to Be Up in 2026 - Stock Overvalued

BYD (1211 HK): Flat Sales Volume in August and Lower Margin in 1H25

BYD (1211 HK): Sales Volume Slowing Down in 2Q25, But Competitors Facing Cash Flow Stress

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>It is no surprise that BYD’s revenue decreased YoY in 3Q25 according to our previous sales volume note.</li>
<li>The quarter-over-quarter margin improvement is not about seasonality, but about a sign of the margin recovery in 2026.</li>
<li>We believe the stock has a downside of 25% for 2026.</li>
</ul>


It is no surprise that BYD’s revenue decreased YoY in 3Q25 according to our previous sales volume note.
The quarter-over-quarter margin improvement is not about seasonality, but about a sign of the margin recovery in 2026.
We believe the stock has a downside of 25% for 2026.


BYD (1211 HK): 3Q25, No Surprise, Revenue Down for First Time