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

Nongfu Spring (9633 HK): Buy Potential Coca-Cola After Chip Boom

Nongfu Spring (9633 HK): Tea Up by 30% in 1H26

Nongfu Spring (9633 HK): Criticism Not a Concern, Strong Performance, But Flat Price, Buy

Nongfu (9633 HK): 1H25, Recovering from Defamation, Record High Margin

Nongfu Spring (9633 HK): 1H24 Impacted by Defamation, But Finally the Public with Nongfu

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>Nongfu Spring’s revenue growth rate accelerated to 22% in 2025 and 30% in 2H25.</li>
<li>In 2025, the operating margin improved by 5 ppt with the drinkable water EBITDA margin up by 6 ppt.</li>
<li>In five years, revenue and EPS have grown by 130% and 192%, but the current stock price is below the 2020 close.</li>
</ul>


Nongfu Spring’s revenue growth rate accelerated to 22% in 2025 and 30% in 2H25.
In 2025, the operating margin improved by 5 ppt with the drinkable water EBITDA margin up by 6 ppt.
In five years, revenue and EPS have grown by 130% and 192%, but the current stock price is below the 2020 close.


Nongfu (9633 HK): Big Upside After 2025 Result Surge - Looking Back Over Past 5 Years