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    Wei Fang

    Director and Senior Equity Analyst at Mizuho Financial Group

    Wei Fang is a Director and Senior Equity Analyst at Mizuho Securities, specializing in technology sector research with a particular focus on leading technology companies. He covers a portfolio of eight major technology stocks and has achieved a one-year success rate of 41%, generating an average return of 3.8% per rating, according to TipRanks. With over 12 years of equity research experience, Wei Fang began his career at CLSA before joining Mizuho Securities, and holds an MBA from Brandeis University. He is recognized for his disciplined analytical approach and has cultivated a reputation for reliable, data-driven investment insights throughout his career.

    Wei Fang's questions to Trip.com Group (TCOM) leadership

    Wei Fang's questions to Trip.com Group (TCOM) leadership • Q2 2025

    Question

    Wei Fang from Mizuho Securities asked for an update on the marketing progress for the Trip.com international brand in Q2 and the marketing strategy for the rest of 2025.

    Answer

    CEO Jane Sun stated that the marketing strategy has been effective, with disciplined, ROI-driven investments focused on acquiring app users. In Q2, the native mobile app accounted for approximately 70% of global orders. The strategy involves dynamic budget allocation to high-performing channels, and for the rest of the year, the company will continue signature campaigns while maintaining disciplined spending.

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    Wei Fang's questions to Trip.com Group (TCOM) leadership • Q1 2025

    Question

    Wei Fang from Mizuho Securities asked for an update on the latest developments in the inbound travel business and its current revenue contribution, noting its strong growth.

    Answer

    CEO Jane Sun attributed the strong momentum in inbound travel to favorable policy changes, such as visa-free entry for over 40 countries and extended transit visa periods. She also highlighted Trip.com's competitive advantage, having the best inventory coverage and pricing in the domestic market, which allows for strong cross-selling to inbound visitors. Sun confirmed the business achieved triple-digit growth again in Q1.

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    Wei Fang's questions to Coupang (CPNG) leadership

    Wei Fang's questions to Coupang (CPNG) leadership • Q2 2025

    Question

    Wei Fang from Mizuho Securities inquired about the trend of selection growth in Taiwan and asked how the introduction of pickup orders for food delivery might affect margin trends.

    Answer

    CEO Bom Kim stated that broadening selection across all categories in Taiwan remains a long-term focus. Regarding specific initiatives like food delivery pickup, he emphasized the company's culture of small-scale testing. He noted that it's too early to discuss the impact of such small tests, but successful initiatives will be scaled up while unsuccessful ones will be discontinued, with a rigorous focus on building sustainable shareholder value.

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    Wei Fang's questions to Coupang (CPNG) leadership • Q2 2025

    Question

    Wei Fang from Mizuho Securities inquired about the trend of selection growth in Taiwan and the potential margin impact from introducing pickup orders for the food delivery business.

    Answer

    CEO Bom Kim stated that Coupang will continue to broaden selection across all categories in Taiwan for the foreseeable future. Regarding food delivery and other new initiatives, he emphasized the company's culture of small-scale testing. He explained that it's too early to discuss the impact of specific tests, as they are only scaled up if they prove to create sustainable customer and shareholder value.

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    Wei Fang's questions to Tencent Music Entertainment (TME) leadership

    Wei Fang's questions to Tencent Music Entertainment (TME) leadership • Q1 2025

    Question

    Wei Fang of Mizuho Securities asked for the outlook on TME's advertising business and the pipeline for offline events, as well as initiatives to expand ad verticals and optimize the ad system.

    Answer

    An executive expressed a positive outlook for advertising, citing strong growth from innovative incentive-based formats and a new 'online earning' model, supported by Tencent's ad system. Regarding offline events, another executive stated the focus is on improving quality, supporting artist tours, and leveraging proprietary IP events like 'QQ MUSIC FOR PASSION' to drive SVIP growth and offer a comprehensive music experience.

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    Wei Fang's questions to Grab Holdings (GRAB) leadership

    Wei Fang's questions to Grab Holdings (GRAB) leadership • Q1 2025

    Question

    Wei Fang asked if the competitive landscape is intensifying in Mobility and Deliveries and inquired about the rationale for not yet integrating Mobility rewards into the GrabUnlimited subscription package.

    Answer

    President and COO Alex Hungate addressed the questions, stating that recent competitor exits signal ongoing market consolidation where Grab's scale provides a natural advantage. He clarified that Grab's strategy is to leverage its multi-vertical ecosystem, which single-vertical players lack. Correcting the premise of the second question, Hungate confirmed that Grab is actively expanding GrabUnlimited to include Mobility benefits and has launched a new VIP service for loyal, high-spending customers across all verticals, reinforcing its integrated platform strategy.

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    Wei Fang's questions to Bilibili (BILI) leadership

    Wei Fang's questions to Bilibili (BILI) leadership • Q4 2024

    Question

    Wei Fang from Mizuho inquired about Bilibili's strategy for expanding its user base and enhancing brand awareness in 2025, specifically requesting more details on the partnership with the CCTV New Year's Gala.

    Answer

    CEO Rui Chen, interpreted by Juliet Yang, detailed the success of the CCTV partnership, which served as a model for future brand-building. He reported a 20% YoY increase in DAUs on Chinese New Year's Eve, driven by the unique experience of watching the gala with Bilibili's bullet chat feature. The event reinforced Bilibili's brand as a host for national-level content and boosted OTT viewership. The go-forward strategy involves launching similar large-scale, targeted campaigns during key periods like summer vacation to enhance brand equity and drive user growth.

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    Wei Fang's questions to AMCN leadership

    Wei Fang's questions to AMCN leadership • Q3 2015

    Question

    Wei Fang of CLSA inquired about the progress of AirMedia's 75% equity sales deal, questioning the delay in the second payment and the updated timeline. He also asked about the privatization schedule and the status of the recent 13-E SEC filing.

    Answer

    CFO Richard Wu explained that the 75% equity deal's delay was caused by a slower-than-expected divestiture of non-targeted businesses due to a government system upgrade, but he anticipated closing before the end of the calendar year. Regarding the privatization, Wu confirmed the 13-E filing was submitted and that the 75% sale would likely close before the privatization process concludes.

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    Wei Fang's questions to AMCN leadership • Q2 2015

    Question

    Wei Fang of CLSA inquired about the revenue outlook for AirMedia's continuing operations for the second half of the year, the reasons for the significant quarterly decline in net income from discontinued operations, and the expected timeline for the company's privatization process.

    Answer

    CFO Richard Wu explained that continuing operations are primarily the gas station media business, which is expected to see flat top-line growth, and the Wi-Fi business, which is still in an investment phase with minimal revenue. Wu attributed the drop in net income from discontinued operations to a top-line decrease and a negative income tax impact. Regarding the privatization, he stated that while the company is moving forward diligently, there is no definitive timeline for completion.

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    Wei Fang's questions to AIRNET TECHNOLOGY (ANTE) leadership

    Wei Fang's questions to AIRNET TECHNOLOGY (ANTE) leadership • Q1 2015

    Question

    Wei Fang from CLSA followed up on the sale of the advertising business, asking how much equity the company is willing to sell and if there is a preference for cash transactions. She also requested a detailed explanation for the approximate $35 million quarter-over-quarter decrease in the cash balance, seeking clarity on where the funds were allocated beyond the stated investments and loan repayments.

    Answer

    CFO Richard Wu confirmed that the company's board has decided to sell more than 50% of the advertising business, with a priority on receiving cash. For the cash balance decrease, he detailed that beyond the $8.1M Sinopec investment and $3M loan repayment, funds were used for a ~$6-7M inter-company loan to its Wi-Fi joint venture for deposits and fees. Additional cash was consumed by covering expenses for divested business segments with slow cash flow and a general slowdown in collections from decreasing top-line revenue.

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