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

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

BYD (1211 HK) Outlook Following Regulatory Pushback on Market Dominance

BYD (1211 HK) Top Trades Highlight Bearish Bias Among HK Option Traders

Geely Auto (175 HK): 2024 Result Accelerating, 50% Upside

Geely (175 HK): To Be Only Comparable Competitor to BYD in 1Q25

Geely (175 HK): Deliveries Up by 32% in 2024 - BEV Supporting 2H24

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 announced that total revenue increased by 25% YoY in 1Q25.</li>
<li>Sales volume continued to grew strongly by 53% YoY in April 2025.</li>
<li>The operating margin improved YoY for the third quarter in 1Q25.</li>
</ul>


Geely announced that total revenue increased by 25% YoY in 1Q25.
Sales volume continued to grew strongly by 53% YoY in April 2025.
The operating margin improved YoY for the third quarter in 1Q25.


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