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

YOFC (6869 HK): 1H26, Revenue Up by 54%, Op Margin from 9% to 37%

GigaDevice (3986 HK): 2Q26, Taking Niche Market, Revenue Up by 230%

MiniMax (100 HK): Wait Until Competitors' and Its Own Shares Are Tradable

Montage (6809 HK): All Good But Price - A Supplier to Hynix, Samsung, and Micron

Yangtze Optical (6869 HK): Global Index Inclusion & The A/H Premium

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

Yangtze Optical Fibre and Cable / Equity Bottom-Up

Yangtze Optical Fibre and Cable (6869 HK)

<ul>
<li>YOFC is the only one that has mastered all three mainstream preform technologies: PCVD, OVD, and VAD.</li>
<li>The company has the top market shares globally in preforms, optical fibers, and optical cables.</li>
<li>The operating margin in 1Q26 expanded to 22%, significantly higher than the 8% in 1Q25 and 5% in 1Q24.</li>
</ul>


YOFC is the only one that has mastered all three mainstream preform technologies: PCVD, OVD, and VAD.
The company has the top market shares globally in preforms, optical fibers, and optical cables.
The operating margin in 1Q26 expanded to 22%, significantly higher than the 8% in 1Q25 and 5% in 1Q24.


YOFC (6869.HK): Navigating AI Bubble, Still An Opportunity in Optical Fiber