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

Tencent (700 HK): Game Industry Decreasing for First Time and Turning to Overseas Market

China Internet Weekly (1Aug2022): Tencent, Alibaba, Meituan, JD Logistics, MissFresh

Alibaba (9988 HK): Zero Growth for First Time, But Overly Sold, Buy

NetEase (NTES) Pre-Earnings: Exploring Overseas Market

NetEase (NTES): 4Q21, Better than Expectation

NetEase (NTES): 3Q21, Magic Awakened by Harry Potter

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>Total revenue grew by 15% YoY and operating margin improved YoY in 1Q22.</li>
<li>The authorities began to grant licenses and new games will be launched in China and overseas.</li>
<li>We set an upside of 25% and a price target at US$120. Buy.</li>
</ul>


Total revenue grew by 15% YoY and operating margin improved YoY in 1Q22.
The authorities began to grant licenses and new games will be launched in China and overseas.
We set an upside of 25% and a price target at US$120. Buy.


ネットイース（9999 HK）：2022年第1四半期に新作ゲームがなく、パイプラインに新作ゲームがないことから安定、買い

NetEase Inc

ネットイース（9999 HK）：2022年第1四半期に新作ゲームがなく、パイプラインに新作ゲームがないことから安定、買い