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

YOFC (6869 HK): 1H26, Revenue Up by 54%, Op Margin from 9% to 37%

Aequitas: GigaDevice A/H Lockup Expiry - US$1.4bn Lockup Release with 5x Gains

Montage (6809 HK): 2Q26, Financials Up with Capacities, No Concern About Korea Probe

Aequitas: Montage Technology A/H Lockup Expiry - US$1.1bn+ Release with the Stock up Nearly 150%

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

GigaDevice Semiconductor / Equity Bottom-Up

<ul>
<li>Revenue grew by 230% YoY in 2Q26 with gross margin up to 66% from 37% in 2Q25.</li>
<li>Chip giants pursue high-margin HBM and leave the niche DRAM market behind.</li>
<li>GigaDevice is the only fabless company that focus on niche DRAM.</li>
</ul>


Revenue grew by 230% YoY in 2Q26 with gross margin up to 66% from 37% in 2Q25.
Chip giants pursue high-margin HBM and leave the niche DRAM market behind.
GigaDevice is the only fabless company that focus on niche DRAM.


GigaDevice (3986 HK): 2Q26, Taking Niche Market, Revenue Up by 230%