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): To Be Only Comparable Competitor to BYD in 1Q25

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

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

Geely (175 HK): 3Q24, Revenue up by 20% and Operating Profit up by 129% (2nd Largest in China)

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>Total revenue increased by 34% and total sales volume increased by 32%.</li>
<li>The operating margin improved to 4% in 2024, compared to 2% in 2023.</li>
<li>We conclude an upside of 51% and a price target of HK$28.00. Buy.</li>
</ul>


Total revenue increased by 34% and total sales volume increased by 32%.
The operating margin improved to 4% in 2024, compared to 2% in 2023.
We conclude an upside of 51% and a price target of HK$28.00. Buy.


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