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The biological action of equol is mostly centered on having affinity to the estrogen receptors. Both of the estrogen receptors are expressed in the hair follicle, ERa and ERb. It has a very weak affinity to ERa and a higher affinity to ERb, but it's still pretty weak comparable to estradiol itself.
Equol doesn't directly have any action on DHT, probably indirectly through upregulation of SHBG, which leads to a decrease in free testosterone levels and this in turn leads to a decrease in DHT.
Also some humans can produce equol after soy consumption, more asians are capable of doing this than for example in the western world.
This patent states that equol binds to DHT:
http://www.google.com/patents/US20140135387
Are they lying? out of date?
Equol (7-hydroxy-3(4′hydroxyphenyl)-chroman), the major metabolite of the phytoestrogen daidzein, specifically binds and blocks the hormonal action of 5α-dihydrotestosterone (DHT) in vitro and in vivo. Equol can bind circulating free DHT and sequester it from the androgen receptor, thus altering growth and physiological hormone responses that are regulated by androgens. These data suggest a novel model to explain equol's biological properties. The significance of equol's ability to specifically bind and sequester DHT from the androgen receptor have important ramifications in health and disease and may indicate a broad and important usage for equol in the treatment and prevention of androgen-mediated pathologies. Thus, equol can specifically bind DHT and prevent DHT's biological actions in physiological and pathophysiological processes.