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

Trip.com (TCOM, 9961.HK): No Concern for Authorities Investigation

Trip.com (TCOM, 9961 HK): When to Rally After Plunge for Antitrust Investigation

Trip.com (9961HK, TCOM): 2Q25, Stock Surged On Release Day, But Still 24% Upside

Trip.com (TCOM): 1Q25, Hotel Booking Revenue Up by 23%

Trip.com (TCOM, 9961HK): 4Q24, Even Better Results, But Plunged as Expected

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 3Q25, total revenue increased by 16% YoY with hotel booking up by 18% YoY and transportation commission up by 12% YoY.</li>
<li>Overseas travel continued to recover and consumption shrink does not impact TCOM much.</li>
<li>We believe the stock has an upside of 29% for the next twelve months.</li>
</ul>


In 3Q25, total revenue increased by 16% YoY with hotel booking up by 18% YoY and transportation commission up by 12% YoY.
Overseas travel continued to recover and consumption shrink does not impact TCOM much.
We believe the stock has an upside of 29% for the next twelve months.


Trip.com (TCOM, 9961 HK): 3Q25, Revenue Up by 16%