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

China Internet Weekly (25Jan2021): Community Locked Down in Shanghai, Delivery Companies Polarized

China Internet Weekly (1Feb2021): Central Bank's Positive Comment on Ant, Xiaomi Got Mkt Share in Q4

Alibaba (BABA): Many Positive Signals in December Quarter, 27% Upside

Pinduoduo (PDD): Not Only Fake Products, But Also Fake Stores and Fake Numbers

Pinduoduo (PDD) IPO Risk: Too Many Fakes, Vulnerable to Lawsuits

Pinduoduo (拼多多) Placement - Not a Good Sign

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>Three hacking scandals last week worsen the public relation crisis about an employee's death.</li>
<li>PDD hacked into an app user’s smartphone.</li>
<li>PDD hacked into Another Company’s App.</li>
<li>PDD fired its security director who refused illegal hacking tasks.</li>
</ul>
<p>Our previous notes on PDD's "fakes":</p>
<ul>
<li>
<a href="https://www.smartkarma.com/insights/pinduoduo-pdd-fake-active-users" target="_blank" data-smartkarma-citation="insights:34664" rel="noopener">Pinduoduo (PDD): Fake Active Users</a> </li>
<li>
<a href="https://www.smartkarma.com/insights/pinduoduo-pdd-not-only-fake-products-but-also-fake-stores-and-fake-numbers" target="_blank" data-smartkarma-citation="insights:29202" rel="noopener">Pinduoduo (PDD): Not Only Fake Products, But Also Fake Stores and Fake Numbers</a> </li>
<li>
<a href="https://www.smartkarma.com/insights/pinduoduo-pdd-ipo-risk-too-many-fakes-vulnerable-to-lawsuits" target="_blank" data-smartkarma-citation="insights:22254" rel="noopener">Pinduoduo (PDD) IPO Risk: Too Many Fakes, Vulnerable to Lawsuits</a> </li>
</ul>


Three hacking scandals last week worsen the public relation crisis about an employee's death.
PDD hacked into an app user’s smartphone.
PDD hacked into Another Company’s App.
PDD fired its security director who refused illegal hacking tasks.

Our previous notes on PDD's "fakes":


Pinduoduo (PDD): Fake Active Users 

Pinduoduo (PDD): Not Only Fake Products, But Also Fake Stores and Fake Numbers 

Pinduoduo (PDD) IPO Risk: Too Many Fakes, Vulnerable to Lawsuits 


Pinduoduo (PDD): Three Hacking Scandals Last Week

PDD Holdings

Pinduoduo (PDD): Three Hacking Scandals Last Week