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 Overshoot Risk Below Original Buy Target

Tencent Holdings – Slap On The Wrist For Now

China Internet Weekly (21Dec2020): Online Games Rated by Age, Online Platforms Banned from Deposit

China Internet Weekly (7Dec2020): Alibaba Withdrawing from India and Domestic Music Market

2021 High Conviction: Long Tencent as All Competitors Are in Trouble

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 class="">
<li>The Politburo of China said it would prevent capital from expanding disorderly.</li>
<li>Tencent (700 HK): WeChat prevents third-party apps from using WeChat freely.</li>
<li>Fourteen ambassadors visited Xiaomi (1810 HK).</li>
</ul>


The Politburo of China said it would prevent capital from expanding disorderly.
Tencent (700 HK): WeChat prevents third-party apps from using WeChat freely.
Fourteen ambassadors visited Xiaomi (1810 HK).


China Internet Weekly (14Dec2020): WeChat Banned Third-Party Apps, Ambassadors Visited Xiaomi