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

MiniMax (100 HK): Focus on Technical Advantages After Big Share Unlock

Z.AI/Knowledge Atlas (2513.HK): No Concern – Kimi Targeting Different Customers

MiniMax (100 HK): 1H26 Preview, Robust Revenue with Both Tech Risk and Buying Opportunity

Knowledge Atlas 智谱 (2513 HK): Margin Stagnant, But Favorable Policy Coming Soon

MiniMax (100 HK): Wait Until Competitors' and Its Own Shares Are Tradable

Knowledge Atlas (2513 HK): Wait, Look at Lock-Up Period and Gross Margin

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>Ministry of Industry and Information Technology (MIIT) issued a high-risk warning targeting Claude Code.</li>
<li>Knowledge Atlas’ GLM-5.2 ranks No. 1 in China in terms of intelligence and speed.</li>
<li>However, another batch of restricted stock, accounting for 40% of total shares, is scheduled to unlock in January 2027.</li>
</ul>


Ministry of Industry and Information Technology (MIIT) issued a high-risk warning targeting Claude Code.
Knowledge Atlas’ GLM-5.2 ranks No. 1 in China in terms of intelligence and speed.
However, another batch of restricted stock, accounting for 40% of total shares, is scheduled to unlock in January 2027.


Knowledge Atlas (2513 HK): Best Domestic AI Model to Benefit from Claude Ban