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

Pop Mart International: Increasing Concerns About Resale Price Declines

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

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

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

HSCI Index Rebalance Preview and Stock Connect (Sep 2025): Plenty of Recent IPOs Could Be Added

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>In 1H25, Pop Mart’s revenue surged by 204% YoY with all major business lines growing significantly.</li>
<li>We believe the operating margin will improve strongly in 2025 and rise slightly in 2026.</li>
<li>The P/E band suggests an upside of 64%  for the end of 1H265. Buy.</li>
</ul>


In 1H25, Pop Mart’s revenue surged by 204% YoY with all major business lines growing significantly.
We believe the operating margin will improve strongly in 2025 and rise slightly in 2026.
The P/E band suggests an upside of 64%  for the end of 1H265. Buy.


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