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

Quick Take on Apple Terminating Epic Games Developer Account

Tencent: A Closer Look at Investees Reveals a Discount Rating and Future Value Unlock Potential

NetEase (NTES): Expect Steady Growth in 2Q20, Fortune No 2. ROE in China

Tencent (700 HK): Expect Better 2Q20, But Limited Upside

Tencent (700 HK): Ban on WeChat Not Significant, But Panic May Continue

Gravity Works As WeWork Doesn't; Now Plan B

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>U.S. Secretary of State, Pompeo, suggests Chinese cloud companies should be banned.</li>
<li>If the users in China face the choice between WeChat and iPhone, we believe they will choose WeChat.</li>
<li>Online game sales increased 22.3% YoY in China in 1H20.</li>
</ul>


U.S. Secretary of State, Pompeo, suggests Chinese cloud companies should be banned.
If the users in China face the choice between WeChat and iPhone, we believe they will choose WeChat.
Online game sales increased 22.3% YoY in China in 1H20.


China Internet Weekly (10Aug2020): Pompeo Mentioned Decoupling List, How About Apple in China?