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

<ul><li>GigaCloud (GCT) delivered eye-catching 3Q23 results, with topline +39% (9% above consensus) and bottom line +36x YoY (55% above consensus).</li><li>We expect stronger momentum to continue in 4Q23E (forecasting revenue +75% YoY), backed by organic biz acceleration on Black Friday promotion and Noble House’s consolidation.</li><li>We expect Noble House (NH) to scale up GCT’s 1P biz with rich SKUs and valuable buyers, and it will achieve breakeven within three to four quarters leveraging GCT’s strong inventory management capability. </li></ul>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.

GigaCloud (GCT) delivered eye-catching 3Q23 results, with topline +39% (9% above consensus) and bottom line +36x YoY (55% above consensus).We expect stronger momentum to continue in 4Q23E (forecasting revenue +75% YoY), backed by organic biz acceleration on Black Friday promotion and Noble House’s consolidation.We expect Noble House (NH) to scale up GCT’s 1P biz with rich SKUs and valuable buyers, and it will achieve breakeven within three to four quarters leveraging GCT’s strong inventory management capability. 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.

GigaCloud (GCT US) – Eye on Stronger 4Q23E and M&A Synergies

<ul><li>As a global B2B pioneer, GCT formed a high barrier to market entry with supply chain, end-to-end logistics and data-driven operations.</li><li>We believe GCT would be relatively resilient on macro uncertainty, and keep confident on its organic GMV growth and solid profitability, backed by booming demand of cross-border ecommerce and sellers &amp; buyers expansion.</li><li>Potential M&amp;A would scale up its 1P&amp;3P business, and bring further synergy in the long run, with improving margin ahead. </li></ul>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.

As a global B2B pioneer, GCT formed a high barrier to market entry with supply chain, end-to-end logistics and data-driven operations.We believe GCT would be relatively resilient on macro uncertainty, and keep confident on its organic GMV growth and solid profitability, backed by booming demand of cross-border ecommerce and sellers &amp; buyers expansion.Potential M&amp;A would scale up its 1P&amp;3P business, and bring further synergy in the long run, with improving margin 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.

GigaCloud (GCT US) – Data-Driven B2B Pioneer on Large Parcel Logistics

Hong Kong

GigaCloud Technology Inc operates as a holding company. The Company, through its subsidiaries, offers business-to-business ecommerce platform for global trade services of heavy and large products which connects manufacturers with reseller to execute cross-border transactions. GigaCloud Technology serves customers worldwide.

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