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

KE (BEKE US, 2423 HK): 2024 Result, Accelerating Quarter by Quarter, Upside Above 100%

KE (BEKE): New Home Decline Narrowed, The Top Agent Needed by Landlords and Developers

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>In 1Q25, BEKE’s active stores increased by 29% YoY and total revenue increased by 42% YoY.</li>
<li>New home revenue and rental revenue grew by 64% YoY and 94% YoY in 1Q25.</li>
<li>We believe the stock price can double and is undervalued for the concerns on the general property market.</li>
</ul>


In 1Q25, BEKE’s active stores increased by 29% YoY and total revenue increased by 42% YoY.
New home revenue and rental revenue grew by 64% YoY and 94% YoY in 1Q25.
We believe the stock price can double and is undervalued for the concerns on the general property market.


KE (BEKE): In 1Q25, Rental and New Home Revenues Up by 94% and 64%

KE Holdings

KE (BEKE): In 1Q25, Rental and New Home Revenues Up by 94% and 64%