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): Feb. Deliveries Reconfirmed No. 1

Geely (175 HK): Revenue Up by 25% in 2025, About 50% Upside

BYD (1211 HK): The Fire Disaster – On Site and on Social Media

Geely (175 HK): 2025 Sales Volume – A Successful Year

2026 High Conviction: Geely (175 HK) To Be the Largest

Geely (175 HK): In November, Deliveries Still Strongly Up by 24%

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>Geely’s deliveries exceeded BYD and became the largest car maker in China in January.</li>
<li>Geely’s domestic deliveries were equivalent to BYD’s in the two months, Dec 2025 and Jan 2026.</li>
<li>We believe the stock has an upside of 65% for the next twelve months.</li>
</ul>


Geely’s deliveries exceeded BYD and became the largest car maker in China in January.
Geely’s domestic deliveries were equivalent to BYD’s in the two months, Dec 2025 and Jan 2026.
We believe the stock has an upside of 65% for the next twelve months.


Geely (175 HK): Exceeded BYD and Became No. 1

Geely Auto

Geely (175 HK): Exceeded BYD and Became No. 1