86Research
86Research is a Shanghai-based independent equity research firm that covers Chinese technology, media, telecom and consumer stocks for overseas institutional investors.
Activity24M
RatingsPrice targetsKey figures
- Stocks covered
- 112M
- Actions
- 112M
- Ratings / Price targets
- 0 / 1
- Median upside
- +28.3%
- Targets raised / lowered
- 1 / 0
- On record
- Apr 2021 – Mar 2026
Overview
Coverage centers on China's internet and media, e-commerce, online travel, online entertainment, lodging and education sectors, along with the China operations of global companies.
C. Ming Zhao founded 86Research after seven years as a senior analyst covering Chinese ADRs at SIG. The firm pairs an Asia-based research team with a US institutional sales team and emphasizes corporate access, organizing non-deal roadshows, China field trips, industry conferences and expert calls for institutional clients.
Firm facts
- Type
- Independent research
- Headquarters
- Shanghai, China
- Website
- 86research.com
Research philosophy
We are able to maintain strict independence and objectivity because we do not offer direct investment-banking or brokerage services to clients.
As of 2026, 86Research says it looks for companies with strong long-term growth prospects, structural improvements in business fundamentals, dominant market shares, experienced and trustworthy management, and reasonable valuations. In 2017, it described its approach as combining long-term views with data that can inform near-term investment decisions, using both automated and manual tracking of key operating metrics. The firm combines fundamental analysis with channel checks.
Rating methodology
Its published stock ratings include Buy and Hold.
Coverage12M
Sectors
Most covered24M
| Stock | Rating | Target |
|---|---|---|
 Tencent Music Entertainment GroupTME | — | $17.40 |
Most active analysts
- Charlie Chai1 notesTME
Recent actions
| Date | Stock | Rating action | Target | Analyst |
|---|---|---|---|---|
| Mar 6 | Tencent Music Entertainment GroupTME | Target | $12 →$17.40 | Charlie Chai |
| Aug 14, 2024 | Tencent Music Entertainment GroupTME | Target | $12 | Charlie Chai |
| Apr 23, 2021 | HUHUYA Inc.HUYA | Target | $22 | Charlie Chai |