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

Niu Technologies (小牛电动) Post-IPO Trading Update - Still Expensive Relative to Chinese Peers

Niu Technologies (NIU): Turned Profitable, But Should Expand Rather Than Play Sales Tricks

Micromobility Is the EV Megatrend That Consensus Hasn’t Realized and NIU Has the Advantage

Niu Technologies – Another EV Upstart From China; This One Has Zest

NIU Technologies IPO Valuation: Good Story Spoiled with a Steep Valuation

Niu Technologies (小牛电动) IPO Review - Premium Branding Does Not Translate to Higher Margins

Equity Capital Markets

Niu Technologies / Equity Capital Markets

<ul class="">
<li>New standards require all motor scooters to install pedals.</li>
<li>Two of three models mentioned in the prospectus have not been refitted to follow the new standards, which accounted for 72% of total scooters sold in 1H18.</li>
<li>We have found other inaccurate descriptions, but we believe pedals impact enough.</li>
</ul>


New standards require all motor scooters to install pedals.
Two of three models mentioned in the prospectus have not been refitted to follow the new standards, which accounted for 72% of total scooters sold in 1H18.
We have found other inaccurate descriptions, but we believe pedals impact enough.


Niu Tech (NIU): Where Are Your Pedals? Not Useful But Required Now