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

Xiaomi (1810 HK): 3Q25, Revenue Up by 22%

Xiaomi (1810 HK): Top Trades Bet on a Bullish Trend Reversal

US Banks - New HFD Shows Loans Accelerating Further at 5.22% YoY, Highest Pace in 2 Years

Xiaomi (1810 HK): 1Q25, Home Appliance Up by 59% and Capacities Under Construction

Xiaomi (1810 HK): 4Q24, Much Better than Expected, But Vehicle Still Overvalued

Xiaomi (1810 HK): Overpriced Volatility Ahead of 2024 Results

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 2Q25, total revenue grew strongly by 30% YoY and the operating margin continued to improve.</li>
<li>The market focuses on car deliveries, but IoT is the largest contributor to gross profits.</li>
<li>We believe the stock has an upside of 45% for the year end 2026. Buy.</li>
</ul>


In 2Q25, total revenue grew strongly by 30% YoY and the operating margin continued to improve.
The market focuses on car deliveries, but IoT is the largest contributor to gross profits.
We believe the stock has an upside of 45% for the year end 2026. Buy.


Xiaomi (1810 HK): In 2Q25, Not Just Cars, But Fast Home Appliance