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): 3Q25, Revenue Up by 16%

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

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 stock plunged in January when SAMR launched an antitrust investigation against TCOM.</li>
<li>We expect that the investigation will end in August 2026 and we recommend to accumulate the stock after 1Q25 results.</li>
<li>We believe TCOM’s market share will reduce below 50%, but the company can still remain profitable and the No. 1 market position.</li>
</ul>


The stock plunged in January when SAMR launched an antitrust investigation against TCOM.
We expect that the investigation will end in August 2026 and we recommend to accumulate the stock after 1Q25 results.
We believe TCOM’s market share will reduce below 50%, but the company can still remain profitable and the No. 1 market position.


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

Trip.com Group

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