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 Dianping:  From Nowhere to Key Underweight

Betta Pharmaceuticals (300558.SZ) - The Harvest Season Is Coming

China Internet Weekly (7Sep2020): BABA Re-Opened Freshippo Stores, India Banned Tencent’s Top Game

JD.com (JD): High Growth and Margin in Q2, Sustainable Factors for Post-Pandemic Performance

Meituan (3690 HK): Financials Rallied in 2Q20, But Stock Has Surged for Months, 18% Downside

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>Meituan (3690 HK) and Alibaba (BABA)’s Ele.me were criticized for exploiting food delivery riders.</li>
<li>A Court determined that Ping An Healthcare (1833 HK)’s app, “Ping An Good Doctor”, infringed the trademark of Good Doctor Pharmaceutical Group.</li>
<li>Tencent (700 HK) decided to close down its micro-blog.</li>
<li>State Post expected that parcels will increase 37.4% YoY in China in August.</li>
</ul>


Meituan (3690 HK) and Alibaba (BABA)’s Ele.me were criticized for exploiting food delivery riders.
A Court determined that Ping An Healthcare (1833 HK)’s app, “Ping An Good Doctor”, infringed the trademark of Good Doctor Pharmaceutical Group.
Tencent (700 HK) decided to close down its micro-blog.
State Post expected that parcels will increase 37.4% YoY in China in August.


China Internet Weekly (14Sep2020): Meituan & Ele.me Criticized as Sweatshop