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

China Internet Weekly (9Mar2020): Game News on Tencent, NetEase, and Alibaba

Tencent (700 HK): Expect Higher Q4 Than Consensus as Game Industry Accelerated

China Internet Weekly (16Mar2020): IKEA Goes to Alibaba and Gome Appliance Goes to JD.com

Baidu (BIDU): The Way Back to Search Engine Will Be Cut Off by ByteDance

China Internet Weekly (20Feb2020): More Physical Stores Moving Online, Logistics Recovering

Baidu (BIDU): IQiyi (IQ) Became a Burden, 40% Downside to Book Value

China Internet Weekly (17Feb2020): Companies May Hide Profits, BABA Fee Exemption Not a Big Deal

Alibaba (BABA): For 3Q2020, Our Estimate Closer to Result Than Consensus

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

<p>On one hand, there is too much information on media. Some news looks related to a listed company, but does not move the needle. On the other hand, some news is important to a listed company, but does not have enough information for a full report. This Weekly aims to save your time in collecting useful information</p>
<ul class="">
<li>About 30%~40% employees came back to their offices.</li>
<li>ByteDance starts an internet search engine app.</li>
<li>
<a href="https://www.smartkarma.com/entities/baidu-inc" target="_blank" data-smartkarma-citation="entities:179:1" rel="noopener">Baidu (BIDU US)</a>, <a href="https://www.smartkarma.com/entities/iqiyi-inc" target="_blank" data-smartkarma-citation="entities:26755:1" rel="noopener">iQIYI Inc (IQ US)</a>, and <a href="https://www.smartkarma.com/entities/youdao-inc" target="_blank" data-smartkarma-citation="entities:28315:1" rel="noopener">Youdao (DAO US)</a> released 4Q2019 results.</li>
</ul>

On one hand, there is too much information on media. Some news looks related to a listed company, but does not move the needle. On the other hand, some news is important to a listed company, but does not have enough information for a full report. This Weekly aims to save your time in collecting useful information

About 30%~40% employees came back to their offices.
ByteDance starts an internet search engine app.

Baidu (BIDU US), iQIYI Inc (IQ US), and Youdao (DAO US) released 4Q2019 results.


China Internet Weekly (2Mar2020): Photos of Rush Hour in Shanghai, ByteDance Starts Search App