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

China Internet Weekly (4Jan2021): Tencent’s Conflict with Huawei, Authorities’ Ban on New Year Tour

China Internet Weekly (11Jan2021): PDD Employee Died at Frozen Deep Night, US Banned 8 Chinese Apps.

Tencent Holdings – Slap On The Wrist For Now

Tencent Overshoot Risk Below Original Buy Target

2021 High Conviction: Long Tencent as All Competitors Are in Trouble

China Internet Weekly (14Dec2020): WeChat Banned Third-Party Apps, Ambassadors Visited Xiaomi

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 class="">
<li>The Chinese game market size increased at a faster pace in 4Q20 than previous quarters.</li>
<li>Chinese game developers achieved higher growth overseas than in the domestic market in 4Q20.</li>
<li>We expect 2021 will be a better year for game companies.</li>
</ul>


The Chinese game market size increased at a faster pace in 4Q20 than previous quarters.
Chinese game developers achieved higher growth overseas than in the domestic market in 4Q20.
We expect 2021 will be a better year for game companies.


テンセント（700 HK）：中国ゲームは2020年第4四半期に好成績を収めたが、これは主に海外市場によるものだった。