Research Calls from the Country Code of China

86Research is a boutique equity research firm registered in Hong Kong and headquartered in Shanghai, China, with additional offices in Beijing. Our sales representatives are based in New York, California and Shanghai.

We are able to maintain strict independence and objectivity because we do not offer direct investment-banking or brokerage services to clients. We have adopted rigorous compliance rules to produce research within the SEC's Fair Disclosure (FD) guidelines.


86Research’s team of professionals offer in-depth knowledge of China’s TMT and Consumer sectors, extensive industry contacts, and decades of Wall Street experience serving institutional investors.


We provide state-of-art research services to help investors identify extraordinary investment opportunities in China’s Internet and Media, eCommerce, Online Travel , Online Entertainment and O2O sectors. Additional coverage plans include Macau Gaming, Entertainment, Lodging and Education. We also pay special attention to the China operations of global companies, which are increasingly important to their performance.


Our stock picks emphasize companies that demonstrate:


•          Solid long-term growth potential

•          Positive structural changes in fundamentals

•          Dominant market share

•          Experienced and trustworthy management

•          Reasonable valuation


Our extensive and award-winning experience as former Wall Street sell-side analysts and sales representatives affords us the unique ability to deliver on-the-ground and timely analysis on the China market. Specifically, our services are differentiated from traditional sell-side research by the following:


•          Research products featuring “long-term views” and “short-term actionable data points”

•          All analysts based in China, with access to senior management of publicly traded companies

•          Extensive channel checks with industry professionals and private-company leaders

•          A combination of computerized and manual tracking of key operating metrics

•          Customized research projects for clients

•          Research sales based in New York, California and Shanghai, actively delivering to clients


Corporate Access Is Key to Add Value for Our Clients

86Research highlights corporate access as a core business in its daily operations. 86Research analysts and sales representatives work proactively and closely with clients to talk to corporate management and industry professionals.


We organize a variety of activities and events for institutional clients to provide knowledge about subjects industries and companies, including:


•          Management non-deal road shows

•          Industry conferences

•          Conference calls with management (including video conferencing)

•          Calls with industry professionals and private companies (including video conferencing)

•          China field trips

•          Analyst calls and marketing meetings



Perfect Valley

Perfect Valley is a new initiative that focuses research on global Internet companies. We cover global Internet companies. All reports will be published in Chinese language, not only helping domestic investors invest in overseas companies, but also transferring global knowledge to local company management and industry people.  


Our Teams

86Research China Team is led by C. Ming Zhao, Head of Research.  Ming is the founder of 86Research. Prior to 86Research, Ming had over a dozen years of equity research experience in Chinese technology sectors in both A shares and overseas markets. His most recent profession was senior analyst at SIG, covering Chinese ADRs for seven years. Ming also worked for China Eagle Securities and Huaan Fund Management for over three years before moving to the U.S. In his field, Ming was ranked "Best Analysts on the Street (#1, 2010)" by Wall Street Journal and "World's Top Analyst (#2, 2008)" by Financial Times. Ming graduated from University of Pittsburgh (MBA), Shanghai University of Finance and Economics (MS) and Beijing University of Posts and Telecom (BE). Ming is a CFA and FRM holder.


Our institutional sales team is led by Mark Durkin, Head of Sales based in New York City. Before joining 86Research, Mark was a senior institutional sales representative at Caris & Company for one year. Prior to Caris, Mark spent 2005-2010 at SIG in institutional sales; 2002-2005 at Fulcrum Global Partners; and 1997-2002 at Robertson Stephens. Mark has over 25 years of experience in equity research and sales, beginning from Salomon Brothers and J.P. Morgan. Mark graduated from Colorado College (BA).


Contact Us

To learn more about our research services, please send an email to sales(at)

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