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.

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

Meta Platforms (Facebook) / Equity Bottom-Up

<ul><li>Meta hosted the Meta Connect 2022 on 11 Oct, launching its first high-end VR headset Meta Quest Pro.</li><li>The new VR headset will begin shipping on 25 October for US$1,499.99.</li><li>With innovative features like pancake lenses, eye tracking, natural facial expressions and colour passthrough, Meta Quest Pro will meaningfully enhance the social/gaming/work VR experience in our view.</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>

Meta hosted the Meta Connect 2022 on 11 Oct, launching its first high-end VR headset Meta Quest Pro.The new VR headset will begin shipping on 25 October for US$1,499.99.With innovative features like pancake lenses, eye tracking, natural facial expressions and colour passthrough, Meta Quest Pro will meaningfully enhance the social/gaming/work VR experience in our view.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 – Meta Connect 2022: bridging the gap towards metaverse

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 (BABA US)

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

China Internet Sector – Meta Connect 2022: bridging the gap towards metaverse

With innovative features like pancake lenses, eye tracking, natural facial expressions and colour passthrough, Meta Quest Pro will meaningfully...

CMB International

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