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

Z.AI (Knowledge Atlas): 1H26, Why Moving from On-Premises to Cloud-Based

Z.AI (2513 HK): Models Ranking Among Top Revenue Earners

MiniMax (100 HK): 1H26 Preview, Robust Revenue with Both Tech Risk and Buying Opportunity

Z.AI/Knowledge Atlas (2513.HK): No Concern – Kimi Targeting Different Customers

Knowledge Atlas (2513 HK): Best Domestic AI Model to Benefit from Claude Ban

MiniMax (100 HK): Stock Connect Buying Starts Today

MINIMAX-W: Pre-Connect Inclusion Update and Positioning

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>We expect 1H26 revenue to be 6x that of 1H25 and Cloud-based revenue will exceed on-premise revenue in 1H26.</li>
<li>The new model, GLM-5.3, ranks 6th globally in intelligence and No. 1 in speed in China.</li>
<li>The gross profit margin will hit trough in 2026 and recover in 2027.</li>
</ul>


We expect 1H26 revenue to be 6x that of 1H25 and Cloud-based revenue will exceed on-premise revenue in 1H26.
The new model, GLM-5.3, ranks 6th globally in intelligence and No. 1 in speed in China.
The gross profit margin will hit trough in 2026 and recover in 2027.


Z.AI (Knowledge Atlas) 1H26 Preview: Not Just High Growth, But High Intelligence Model