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

Trip.com (9961 HK): Stock Surged After 2Q24 Result, Upside Narrowed to 18%

Trip.com (9961.HK, TCOM): 3Q24, Still Healthy, But Stock Price Exceeded Our Last Target

Trip.com (TCOM) 4Q24 Preview: Rising with Travelers, But High in Stock Price

China Consumption Weekly (8 Apr 2024): BYD, Li Auto, Trip.com, Alibaba

China Consumption Weekly (13 May 2024): Guangzhou Auto, NIO, CALT, Kuaishou, Trip.com, Seres

Trip.com (9961 HK, TCOM US): 4Q23, Revenue Up by 105%, But Reached Our Last Price Target

BYD (1211 HK): Low Growth in 1Q24, But March Sales and Homemade Batteries to Support a Strong Year

China Consumption Weekly (29 Apr 2024): Weird Phone Mkt, Encouraging Car and Travel Mkts

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>In 1Q24, Trip’s revenue grew strongly by 29% YoY with all business booming.</li>
<li>China and Trip achieved a lot overseas travelers in March and the Labor Day Holidays.</li>
<li>However, the stock price has risen 37% in the past three months.</li>
</ul>


In 1Q24, Trip’s revenue grew strongly by 29% YoY with all business booming.
China and Trip achieved a lot overseas travelers in March and the Labor Day Holidays.
However, the stock price has risen 37% in the past three months.


トリップ・ドットコム（9961 HK）：2024年第1四半期、好調な四半期だったが、株価は3ヶ月で37%上昇

Trip.com Group

トリップ・ドットコム（9961 HK）：2024年第1四半期、好調な四半期だったが、株価は3ヶ月で37%上昇