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 (1Aug2022): Tencent, Alibaba, Meituan, JD Logistics, MissFresh

Alibaba (9988 HK): Zero Growth for First Time, But Overly Sold, Buy

China Internet Weekly (8Aug2022): Tencent, NTES, Kuaishou, Autohome

NetEase (9999 HK): Steady Without New Games in 1Q22 and New Games in Pipeline, Buy

China Internet Weekly (18Jul2022): Tencent, Alibaba, Kingsoft Office, Miss Fresh

China Internet Weekly (4Jul2022): Tencent, Alibaba, NetEase, JD.com, Trip.com

Gravity Works As WeWork Doesn't; Now Plan B

Bifurcated Chinese Express Market Developing

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>Online game sales decreased for the first time in 1H22.</li>
<li>The main problem is the unstable policy of the new game license.</li>
<li>Big companies like Tencent and NetEase are seeking overseas markets.</li>
</ul>


Online game sales decreased for the first time in 1H22.
The main problem is the unstable policy of the new game license.
Big companies like Tencent and NetEase are seeking overseas markets.


Tencent (700 HK): Game Industry Decreasing for First Time and Turning to Overseas Market