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

Pop Mart International: Increasing Concerns About Resale Price Declines

Pop Mart (9992.HK): Options Activity Builds as the Rally Cools

Hong Kong Single Stock Options Weekly (Oct 27 – 31): Market Cools After Busy News Week

Pop Mart (9992 HK): On IP Choice, But Not Blind Boxes, Waiting for Lower Price

Pop Mart (9992 HK): Revenue Up by 204%, Margin Up by 17 PPT, 64% Upside

Hang Seng Index (HSI) Rebalance Preview: Inclusion Candidates for Sep25

HSCEI Index Rebalance Preview: Pop Mart (9992 HK) Could Replace J&T Global (1519 HK)

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 growth rate of total revenue accelerated to 245% YoY in 3Q25.</li>
<li>Within China revenue, the growth rates of both online and offline accelerated in 3Q25.</li>
<li>The company highlighted that revenues surged significantly in America and Europe.</li>
</ul>


The growth rate of total revenue accelerated to 245% YoY in 3Q25.
Within China revenue, the growth rates of both online and offline accelerated in 3Q25.
The company highlighted that revenues surged significantly in America and Europe.


Pop Mart (9992 HK): 3Q25, Revenue Up by 245% - 80% Upside