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

Geely (175 HK): 3Q25, Expects Strong Revenue for Strong Deliveries

Geely (175 HK): Possible to Beat BYD – Contrast of September Deliveries

Chery (9973 HK): 3Q25, Revenue Growth Plunged to Single Digit

Geely (175 HK): Deliveries Up by 42% YoY in June – Rapid Growth to Go On in 3Q25

BYD (1211 HK): Authorities Halting Severe Competition Throughout Industry and Industry Chain

Geely (175 HK): Revenue Up by 25% in 1Q25 and Deliveries Up by 53% in April – 26% Stock Upside

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>
<li>In 2Q25, Geely’s revenue increased by 28% YoY in 2Q25 and its vehicle deliveries increased more rapidly by 47%.</li>
<li>We believe Geely is the only competitor to the market leader BYD.</li>
<li>We set the target price at HK$23 for the next twelve months, which is 21% above the current price.</li>
</ul>


In 2Q25, Geely’s revenue increased by 28% YoY in 2Q25 and its vehicle deliveries increased more rapidly by 47%.
We believe Geely is the only competitor to the market leader BYD.
We set the target price at HK$23 for the next twelve months, which is 21% above the current price.


Geely (175 HK): 2Q25, Revenue Up by 28% YoY

Geely Auto

Geely (175 HK): 2Q25, Revenue Up by 28% YoY