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

Tencent (700 HK) Results on 18 March: Expected Price Action and Options Signals

Alibaba (9988 HK / BABA US) Earnings on 19 March: Price Dynamics and Expected Moves

Tencent (700 HK): 2025, Game Back After Advertising

Tencent (700 HK): 3Q25, Continuous Revenue Acceleration & Margin Improvement, 40% Upside

Tencent/NetEase: None Got Approval in Feb

Aequitas ECM Weekly (16 February 2026)- Montage, Axera, Wuxi Lead, Woer, Top Toy, Anker, PhonePe

Aequitas: PhonePe Pre-IPO - The Positives - Dominant Payment Platform

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>Tencent’s stock price plunged by 17% from the end of January.</li>
<li>Nothing relevant or substantial among falling US tech stocks, the new tax law, and repurchase pause.</li>
<li>We believe the stock has an upside between 22% to 82% for March 2027.</li>
</ul>


Tencent’s stock price plunged by 17% from the end of January.
Nothing relevant or substantial among falling US tech stocks, the new tax law, and repurchase pause.
We believe the stock has an upside between 22% to 82% for March 2027.


Tencent (700 HK): Plunge Without Material Bad News, To Create Opportunity After Coming Results