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

Meituan (3690HK): Restaurant Review App, the Main Profit Source and Its Advantage over Alibaba

Meituan (3690 HK): Rebrands Bike-Sharing in a User Growth War Against Alibaba

ByteDance (字节跳动) Pre-IPO: Why Facebook Should Worry About TikTok

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

ByteDance (字节跳动) IPO: Tiktok the No.1 Short Video App for a Good Reason (Part 2)

ByteDance (字节跳动) Pre-IPO: How Has It Done in 1H?

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

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.

Private Capital Markets

<ul>
<li>ByteDance started as a news app Toutiao, but turned to short videos and gained more active users than the news app.</li>
<li>Douyin has the highest user base among all short video apps in China. We believe the success was due to the internal competition among ByteDance’s three video apps.</li>
<li>Douyin’s user base has the largest proportion of female users and users below 30 years old.</li>
</ul>


ByteDance started as a news app Toutiao, but turned to short videos and gained more active users than the news app.
Douyin has the highest user base among all short video apps in China. We believe the success was due to the internal competition among ByteDance’s three video apps.
Douyin’s user base has the largest proportion of female users and users below 30 years old.


ByteDance: The Unlisted Company’s Video Apps Leading the Market and Threatening Internet Giants