Ming Lu

Overseas Chinese Equities

Equity Bottom-Up

<ul>
<li>JD is facing a severe logistics problem due to the lockdowns in many cities of China.</li>
<li>We believe JD is trying to secure its revenue no matter how large the fulfillment expense is.</li>
<li>We believe the stock has a downside of 22% for the year end 2022.</li>
</ul>

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.

JD.com Inc (ADR)

JD.com (9618 HK): To Keep Revenue at Any Cost