External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Thematic (Sector/Industry)

<div><ul><li>Competition on user time spend intensified in 3Q22. Per MoonFox data, in 3Q22, average number of apps installed per capita was 74 in 3Q22, up from 71 in 2Q22 and 66 in 3Q21, while average user time spend per capita per day on apps was 5.4 hours, flat QoQ and declined 0.1 hour YoY, indicating an intensifying competition on user time spend.</li><li>Leading internet giants are enlarging their shares in user time spend: combined user time spend on apps related to Tencent, ByteDance, Alibaba and Baidu accounted for 69.3% of total user time spend in Sep 2022 (Sep 2021: 68.5%; Jun 2022: 68.4%).</li><li>Tencent related apps grew its share in user time spend to 28.3% in Sep 2022 (Sep 2021: 26.7%; June 2022: 27.5%), which in our view could be attributed to the robust ramp-up of Video Accounts, indicating additional monetization opportunities ahead.</li></ul></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Competition on user time spend intensified in 3Q22. Per MoonFox data, in 3Q22, average number of apps installed per capita was 74 in 3Q22, up from 71 in 2Q22 and 66 in 3Q21, while average user time spend per capita per day on apps was 5.4 hours, flat QoQ and declined 0.1 hour YoY, indicating an intensifying competition on user time spend.Leading internet giants are enlarging their shares in user time spend: combined user time spend on apps related to Tencent, ByteDance, Alibaba and Baidu accounted for 69.3% of total user time spend in Sep 2022 (Sep 2021: 68.5%; Jun 2022: 68.4%).Tencent related apps grew its share in user time spend to 28.3% in Sep 2022 (Sep 2021: 26.7%; June 2022: 27.5%), which in our view could be attributed to the robust ramp-up of Video Accounts, indicating additional monetization opportunities ahead.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

China Internet Sector – 3Q22 industry data trend recap

Equity Bottom-Up

Alibaba Group Holding  / Equity Bottom-Up

<div><div><div><div><ul><li>Alibaba’s earnings recovery will be aided by the streamlining of new businesses and operation optimization across business lines.</li><li>Macro headwinds and low consumption sentiment dampened Alibaba’s GMV growth of China commerce marketplace in 1H22, but we do expect gradual recovery in 2023, which could provide additional support for earnings recovery.</li><li>International expansion and cloud business remain on track for long-term development, despite some short- term challenges.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p></div></div></div></div>

Alibaba’s earnings recovery will be aided by the streamlining of new businesses and operation optimization across business lines.Macro headwinds and low consumption sentiment dampened Alibaba’s GMV growth of China commerce marketplace in 1H22, but we do expect gradual recovery in 2023, which could provide additional support for earnings recovery.International expansion and cloud business remain on track for long-term development, despite some short- term challenges.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Alibaba (BABA US) – Consolidate strength, growing new horizons

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul><li><p>In Depth: The world’s No. 1 EV-battery maker juices up global expansion</p></li><li><p>China and the Vatican extend deal on appointing bishops</p></li><li><p>Beijing calls for local governments to facilitate entry for foreign business executives</p></li></ul>

In Depth: The world’s No. 1 EV-battery maker juices up global expansionChina and the Vatican extend deal on appointing bishopsBeijing calls for local governments to facilitate entry for foreign business executives

CX Daily: The World’s No. 1 EV-Battery Maker Juices Up Global Expansion

<ul><li><p>Chips / In Depth: The sudden reversal of the global chip shortage</p></li><li><p>Hong Kong / Hong Kong unveils new visa, property tax policies to stanch talent exodus</p></li><li><p>Central bank / China’s central bank gets new deputy governor</p></li></ul>

Chips / In Depth: The sudden reversal of the global chip shortageHong Kong / Hong Kong unveils new visa, property tax policies to stanch talent exodusCentral bank / China’s central bank gets new deputy governor

CX Daily: The Sudden Reversal of the Global Chip Shortage

Asia biased macro & technical analysis, Untying The Gordian Knot

Untying The Gordian Knot

Asia biased macro & technical analysis

A differentiated process with a primary focus on Asia. Technical Analysis as core and Macro drivers that could bring the view to fruition & changes that could make the idea fall apart. The objective is to be the best in class, hence corner shop.

Technical Analysis

Alibaba Group Holding  / Technical Analysis

<ul><li>Country Garden 2031 USD bond closed at 17.00. It is pricing a near-inevitable default.</li><li>Longfor Group-rated BBB- maturing in 2032, is trading at 54.25, yielding 12.6%.</li><li>The bonds are down 50% since their peak near 109 in February 2021. it is getting into a crisis of confidence mode.</li></ul>

Country Garden 2031 USD bond closed at 17.00. It is pricing a near-inevitable default.Longfor Group-rated BBB- maturing in 2032, is trading at 54.25, yielding 12.6%.The bonds are down 50% since their peak near 109 in February 2021. it is getting into a crisis of confidence mode.

Alibaba, JD.Com, Longfor Group, and Country Garden

China

Alibaba Group Holding Limited provides online sales services. The Company provides internet infrastructure, electronic commerce, online financial, and internet content services through its subsidiaries. Alibaba Group Holding offers its products and services worldwide.

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Alibaba Group Holding (9988 HK)

China Internet Sector – 3Q22 industry data trend recap

Combined user time spend on apps related to Tencent, ByteDance, Alibaba and Baidu accounted for 69.3% of total user time spend in Sep 2022 (Sep...

CMB International

Alibaba (BABA US) – Consolidate strength, growing new horizons

Alibaba’s earnings recovery will be aided by the streamlining of new businesses and operation optimization across business lines.

CMB International

CX Daily: The World’s No. 1 EV-Battery Maker Juices Up Global Expansion

In Depth: The world’s No. 1 EV-battery maker juices up global expansion. China and the Vatican extend deal on appointing bishops

Caixin Global

CX Daily: The Sudden Reversal of the Global Chip Shortage

In Depth: The sudden reversal of the global chip shortage. Hong Kong unveils new visa, property tax policies to stanch talent exodus

Caixin Global

Alibaba, JD.Com, Longfor Group, and Country Garden

Country Garden 2031 USD bond closed at 17.00. It is pricing a near-inevitable default.Longfor Group-rated BBB- maturing in 2032, is trading at...

Untying The Gordian Knot

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