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 (15Feb2021): Meituan Employee Showed up in Freshippo, Bad Data for Four Apps

Tencent (700 HK): Price Surged, Time to Look at Negative Industry Data

Tencent Placement Lock-Up Expiry - US$10bn+ Block and Buyback Linked Holdco Trade

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

Alibaba (BABA): Many Positive Signals in December Quarter, 27% Upside

China Internet Weekly (1Feb2021): Central Bank's Positive Comment on Ant, Xiaomi Got Mkt Share in Q4

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>Internet users increased 9.5% in China in 2020.</li>
<li>Shanghai Police prosecuted 14 Renren (RENN) employees for piracy of TV series.</li>
<li>Tiktok indicted Tencent (700 HK) for monopoly.</li>
<li>Bilibili has invested in 33 cartoon producers in the past 12 months.</li>
</ul>


Internet users increased 9.5% in China in 2020.
Shanghai Police prosecuted 14 Renren (RENN) employees for piracy of TV series.
Tiktok indicted Tencent (700 HK) for monopoly.
Bilibili has invested in 33 cartoon producers in the past 12 months.


China Internet Weekly (8Feb21): TikTok Sued Tencent, Tencent Believed to Be Behind Renren Arrest