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

Hong Kong Earnings in the Week Commencing March 24

Market Movers: Key Dates at a Glance (March 24-30)

Kuaishou Technology (1024 HK) Earnings Tomorrow: Anticipated Price Movements

ECM Weekly (10th Mar 2025) - BYD, Japan Post, Mixue, Sanhua, Chifeng, Nanshan, Goertek, Travel Food

BYD US$5.2bn Placement - Large Only in Absolute Size, past Deals Have Done Well

BYD (1211 HK): Vehicle Deliveries Up by 40% in 2024

Japan Post Bank US$4bn Placement Updates-Performing Similar to Its Last. Past Large Deals Comparison

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>BYD will release its 2025 annual results on March 24.</li>
<li>The stock price has risen by 38% since our last buy rating on January 6.</li>
<li>However, we believe there is still an upside of 19% for the next twelve months.</li>
</ul>


BYD will release its 2025 annual results on March 24.
The stock price has risen by 38% since our last buy rating on January 6.
However, we believe there is still an upside of 19% for the next twelve months.


BYD（1211 HK）2024年業績予想：国内市場の拡大と19％の上昇余地