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

Z.AI (Knowledge Atlas) 1H26 Preview: Not Just High Growth, But High Intelligence Model

MiniMax (100 HK): 1H26, Actively Expand B2B Outside China

Z.AI (Knowledge Atlas): 1H26, Why Moving from On-Premises to Cloud-Based

MINIMAX-W: Pre-Connect Inclusion Update and Positioning

MiniMax (100 HK): Stock Connect Buying Starts Today

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

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>We expect MiniMax’s H1 2026 revenue to be at least 5x its H1 2025 level.</li>
<li>Technical rankings, such as intelligence and speed, dropped in August.</li>
<li>The stock has been capped by 60-day moving average, but Price/Sales suggests a buying opportunity.</li>
</ul>


We expect MiniMax’s H1 2026 revenue to be at least 5x its H1 2025 level.
Technical rankings, such as intelligence and speed, dropped in August.
The stock has been capped by 60-day moving average, but Price/Sales suggests a buying opportunity.


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