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

India Internet & Consumer Weekly | Facebook, ByteDance, Samsung, Xiaomi & Amazon

Alibaba (BABA): Online Businesses Catching Up with Physical Stores in 1Q21, But Fairly Valued

Alibaba (BABA US):  Look at One Chart that Signals More Profit Is On the Way

Alibaba (BABA): Innocent Taiwanese Investee in India Blacklist

Alibaba (BABA): Expect Strong 1Q21, but Reached Our Price Target

BABA Reduce on Strength Ahead of 20% Pullback

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

Alibaba Group Holding  / Equity Bottom-Up

<ul class="">
<li>Alibaba (BABA)’s Taobao inflated audience for live broadcast.</li>
<li>SEC is investigating iQiyi for revenue inflation.</li>
<li>The merger of DouYu (DOYU) and Huya (HUYA) will come true as we had expected in April.</li>
<li>Baidu (BIDU), China Literature (772), and Sohu (SOHU) released 2Q20 results.</li>
</ul>


Alibaba (BABA)’s Taobao inflated audience for live broadcast.
SEC is investigating iQiyi for revenue inflation.
The merger of DouYu (DOYU) and Huya (HUYA) will come true as we had expected in April.
Baidu (BIDU), China Literature (772), and Sohu (SOHU) released 2Q20 results.


China Internet Weekly (17Aug2020): Top Broadcaster Said Taobao Lied, Probe and Rumor on IQ