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

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

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

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

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

Aequitas: MiniMax IPO Trading - Highest AI Linked Coverage so Far

MiniMax IPO - Hype Will Help, Even as Government Regulations Starting

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>KA stock surged, as it will be included in the Hang Seng Tech Index.</li>
<li>However, KA's first batch of restricted shares will be unlocked on July 8. </li>
<li>We expect gross margin will continue declining, as the company is mainly a solution provider for large clients.</li>
</ul>


KA stock surged, as it will be included in the Hang Seng Tech Index.
However, KA's first batch of restricted shares will be unlocked on July 8. 
We expect gross margin will continue declining, as the company is mainly a solution provider for large clients.


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