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)

<ul><li>Based on NBS data, 1H23 online retail sales GMV/ online physical goods GMV reached RMB7.2/6.1tn, up 13.1/10.8% YoY, and were both 39% above 1H20 level.</li><li>The YoY growth of online physical goods GMV in June 2023 came in at 7.1% and indicates a two-year CAGR of 6.4%, falling from two-year CAGR of 11.8% in May 2023, as part of the 618 shopping festival sales GMV was frontloaded to May, and the overall consumption sentiment takes time to recover.</li><li>Although e-commerce platforms are escalating investment to enhance consumer mindshare gain amid recovering consumption sentiment, the deterioration of industry competitive landscape is likely to be better than feared given that investments are ROI driven, and this may indicate a better than market expected margin profile for e-commerce platforms in the near term, in our view. </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.

Based on NBS data, 1H23 online retail sales GMV/ online physical goods GMV reached RMB7.2/6.1tn, up 13.1/10.8% YoY, and were both 39% above 1H20 level.The YoY growth of online physical goods GMV in June 2023 came in at 7.1% and indicates a two-year CAGR of 6.4%, falling from two-year CAGR of 11.8% in May 2023, as part of the 618 shopping festival sales GMV was frontloaded to May, and the overall consumption sentiment takes time to recover.Although e-commerce platforms are escalating investment to enhance consumer mindshare gain amid recovering consumption sentiment, the deterioration of industry competitive landscape is likely to be better than feared given that investments are ROI driven, and this may indicate a better than market expected margin profile for e-commerce platforms in the near term, 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 – June online retail sales recap

Equity Bottom-Up

<ul><li>JD Retail (JDR) will likely deliver better than our previously expected GMV and revenue growth for 2Q23E, aided by improvement of third-party business operating environment, and better than expected 618 shopping festival results. In addition, JD remains committed in driving for quality revenue and earnings growth.</li><li>In our view, JD will remain cautious in investing heavily to drive for new user acquisition until it finished enhancement of supply chain capabilities, which likely speaks to better-than-expected earnings growth in the near term, while the company still needs to grow user base in order to drive for steady platform business development over the long-run.</li><li>We lifted our DCF-based target price by 1% to US$63.4 to factor in potential better-than-expected JDR revenue and earnings growth, which translates into 20.3x 2023E non-GAAP PE. Maintain BUY.</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.

JD Retail (JDR) will likely deliver better than our previously expected GMV and revenue growth for 2Q23E, aided by improvement of third-party business operating environment, and better than expected 618 shopping festival results. In addition, JD remains committed in driving for quality revenue and earnings growth.In our view, JD will remain cautious in investing heavily to drive for new user acquisition until it finished enhancement of supply chain capabilities, which likely speaks to better-than-expected earnings growth in the near term, while the company still needs to grow user base in order to drive for steady platform business development over the long-run.We lifted our DCF-based target price by 1% to US$63.4 to factor in potential better-than-expected JDR revenue and earnings growth, which translates into 20.3x 2023E non-GAAP PE. Maintain BUY.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.

JD.com (JD US) – Driving for Quality Growth Remains Key Theme

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

Equity Capital Markets

<ul><li>The Hong Kong Stock Exchange (HKEX) launched its new dual-currency counter Monday, and the first batch of 24 stocks had a total turnover of 163 million yuan ($22.9 million) on the first day.</li><li>The Hong Kong Dollar-yuan dual-currency counter allows investors to trade and settle designated shares in Hong Kong or mainland China currency, offering the potential to access new liquidity.</li><li>The model also lays the groundwork to support the next phase of development to allow investors from the Chinese mainland to trade Hong Kong-listed yuan, or renminbi, securities through the southbound Stock Connect, the HKEX said.</li></ul>

The Hong Kong Stock Exchange (HKEX) launched its new dual-currency counter Monday, and the first batch of 24 stocks had a total turnover of 163 million yuan ($22.9 million) on the first day.The Hong Kong Dollar-yuan dual-currency counter allows investors to trade and settle designated shares in Hong Kong or mainland China currency, offering the potential to access new liquidity.The model also lays the groundwork to support the next phase of development to allow investors from the Chinese mainland to trade Hong Kong-listed yuan, or renminbi, securities through the southbound Stock Connect, the HKEX said.

HKEX Launches Yuan Counter for Trading of Hong Kong-Listed Shares

Cross Asset Strategy

Alibaba /: Alibaba boss Daniel Zhang to step down with co-founders to take the reinsChina-Germany /: Premier Li tells German businesses non-cooperation between China and Europe is the biggest riskHKEX /: HKEX launches yuan counter for trading of Hong Kong-listed shares

Alibaba /: Alibaba boss Daniel Zhang to step down with co-founders to take the reinsChina-Germany /: Premier Li tells German businesses non-cooperation between China and Europe is the biggest riskHKEX /: HKEX launches yuan counter for trading of Hong Kong-listed shares

CX Daily: Alibaba Boss Daniel Zhang to Step Down With Co-Founders to Take the Reins

<ul><li>For this year’s 618 shopping festival, per Syntun data, overall industry GMV growth recovered to 14.8% YoY (2022 618: 8.2%), driven by the recovery in growth of horizontal e-commerce platforms (from 0.7% YoY in 2022 to 5.4% in 2023), which we attribute to the efforts spent to drive for consumer engagement improvement, and by the increase in penetration of live streaming e-commerce.</li><li>GMV generated from live streaming e-commerce channel during 618 shopping festival was up 27.6% YoY in this year’s sales promotion.</li><li>Although the growth was still faster than overall industry average, it slowed from 124% YoY compared to 2022, which likely indicates a marginal easing of competition that it brought to traditional horizontal e-commerce platforms. </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.

For this year’s 618 shopping festival, per Syntun data, overall industry GMV growth recovered to 14.8% YoY (2022 618: 8.2%), driven by the recovery in growth of horizontal e-commerce platforms (from 0.7% YoY in 2022 to 5.4% in 2023), which we attribute to the efforts spent to drive for consumer engagement improvement, and by the increase in penetration of live streaming e-commerce.GMV generated from live streaming e-commerce channel during 618 shopping festival was up 27.6% YoY in this year’s sales promotion.Although the growth was still faster than overall industry average, it slowed from 124% YoY compared to 2022, which likely indicates a marginal easing of competition that it brought to traditional horizontal e-commerce platforms. 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 – Trends observed from this year’s 618 shopping festival

China

JD.com Inc is an online direct sales company in China.  The Company offers a wide selection of products through its website and mobile applications.  JD.com sells appliances, computers, digital products, communication products, garments, books, and household items to consumers and vendors.

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JD.com Inc (ADR) (JD US)

China Internet – June online retail sales recap

Based on NBS data, 1H23 online retail sales GMV/ online physical goods GMV reached RMB7.2/6.1tn, up 13.1/10.8% YoY, and were both 39% above 1H20...

CMB International

JD.com (JD US) – Driving for Quality Growth Remains Key Theme

JD Retail (JDR) will likely deliver better than our previously expected GMV and revenue growth for 2Q23E, aided by improvement of third-party...

CMB International

HKEX Launches Yuan Counter for Trading of Hong Kong-Listed Shares

The Hong Kong Stock Exchange (HKEX) launched its new dual-currency counter Monday, and the first batch of 24 stocks had a total turnover of 163...

Caixin Global

CX Daily: Alibaba Boss Daniel Zhang to Step Down With Co-Founders to Take the Reins

Alibaba /: Alibaba boss Daniel Zhang to step down with co-founders to take the reins China-Germany /: Premier Li tells German businesses...

Caixin Global

China Internet – Trends observed from this year’s 618 shopping festival

GMV generated from live streaming e-commerce channel during 618 shopping festival was up 27.6% YoY in this year’s sales promotion.

CMB International

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