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

Tencent (700 HK): Potential Merger of E-Sports Subsidiaries, Huya Merely The Tip of The Iceberg

Games Coverage - What Are People Playing During Lock-Down?

Facebook Gaming Mobile App - Cutting Out Google Play Store?

Xiaomi (1810 HK): Huawei Moving Focus Back to Consumer Business

IQIYI: Some Flaws in the Wolfpack's Short Seller Report

TAL Inflated Sales Quick Take - Small Rev Contribution, Large Impact

Luckin Coffee (瑞幸咖啡) Update - Potential Placement from Pledged Shares

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 class="">
<li>Tencent (700 HK) will consolidate its e-sports subsidiaries.</li>
<li>Sony invests $400 million in Bilibili (BILI).</li>
<li>Xiaomi (1810 HK) sells low-price TV.</li>
<li>Wolfpack raised a short-selling idea on iQiyi (IQ).</li>
<li>TAL Education (TAL) revealed its employees inflated revenues.</li>
</ul>


Tencent (700 HK) will consolidate its e-sports subsidiaries.
Sony invests $400 million in Bilibili (BILI).
Xiaomi (1810 HK) sells low-price TV.
Wolfpack raised a short-selling idea on iQiyi (IQ).
TAL Education (TAL) revealed its employees inflated revenues.


China Internet Weekly (13Apr2020): Tencent, BILI, Xiaomi, TCOM, IQ, TAL