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

PDD (PDD): 2Q25, Impacted by High Comparison Base and Overseas Expansion

Pinduoduo (PDD): 3Q25, Growth Stops Declining, Op Cashflow Rises Again After a Year

What if China ADRs Are Delisted from US Exchanges?

Pinduoduo (PDD): 4Q24, Not Slowdown, Still Advantage in Low Price Market, 70% Upside

China/HK: Passive Activity Expected Later This Month

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>The stock price plunged by 16% after the 1Q25 results.</li>
<li>The two major competitors benefited from the state subsidies, but PDD did not.</li>
<li>However, PDD balances well between revenue growth and operating cash flow.</li>
</ul>


The stock price plunged by 16% after the 1Q25 results.
The two major competitors benefited from the state subsidies, but PDD did not.
However, PDD balances well between revenue growth and operating cash flow.


핀둬둬(PDD): 부진한 실적에 급락했지만, 과도한 충격

PDD Holdings

핀둬둬(PDD): 부진한 실적에 급락했지만, 과도한 충격