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

YOFC (6869.HK): Navigating AI Bubble, Still An Opportunity in Optical Fiber

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

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

MiniMax (100 HK): Gross Margin Matters More in B2C AI

MINIMAX-W: P Removal Confirmed; HSCI / HK Connect Fast Entry Possible in June

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>The stock price plunged by 34% last week and negative news has not been fully priced in.</li>
<li>However, revenue growth rate, gross margin, and market share are encouraging.</li>
<li>We believe there will be buying opportunities after Anthropic and OpenAI go public.</li>
</ul>


The stock price plunged by 34% last week and negative news has not been fully priced in.
However, revenue growth rate, gross margin, and market share are encouraging.
We believe there will be buying opportunities after Anthropic and OpenAI go public.


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