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>The State Council’s meeting held last Friday reiterated the crucial role of real estate industry for stabilizing the macro economy, which sparked another round of anticipation for more supporting policies among investors.</li><li>Share prices of quality names in the sector inched up 2-3% yesterday in response.</li><li>We think it is possible to see more relaxation in tier-1 cities while the effect on property sales could be limited as residents’ future income expectation has not yet recovered and developers are still deeply mired in debt crisis. </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.

The State Council’s meeting held last Friday reiterated the crucial role of real estate industry for stabilizing the macro economy, which sparked another round of anticipation for more supporting policies among investors.Share prices of quality names in the sector inched up 2-3% yesterday in response.We think it is possible to see more relaxation in tier-1 cities while the effect on property sales could be limited as residents’ future income expectation has not yet recovered and developers are still deeply mired in debt crisis. 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.

Property - Weekly highlight: Tier-1 cities showed WoW recovery, YoY decline remains deep

<ul><li>Based on NBS data, 2M24 online retail sales GMV/online physical goods GMV reached RMB2.2tn/1.8tn, up 15.3/14.4% YoY, which implied a two-year CAGR of 10.7/9.8%.</li><li>The growth of total online retail sales GMV continued to outpace that of online physical goods GMV, which was likely due to the robust growth in online travel bookings during the CNY holiday.</li><li>Leading e-commerce platforms are prioritizing GMV and revenue growth over margin improvement in 2024, and guided to reinvest incremental operating profit generated to drive further business growth, which likely indicates more intensified industry competition. </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, 2M24 online retail sales GMV/online physical goods GMV reached RMB2.2tn/1.8tn, up 15.3/14.4% YoY, which implied a two-year CAGR of 10.7/9.8%.The growth of total online retail sales GMV continued to outpace that of online physical goods GMV, which was likely due to the robust growth in online travel bookings during the CNY holiday.Leading e-commerce platforms are prioritizing GMV and revenue growth over margin improvement in 2024, and guided to reinvest incremental operating profit generated to drive further business growth, which likely indicates more intensified industry competition. 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.

Internet - 2M24 online retail sales recap

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Bottom-Up

<ul>
<li>Great Wall Motor denied that many employees have resigned recently, but there many complaints from employees on social media.</li>
<li>Many small companies grew strongly, such as Tuniu up by 140% and Kanzhun up by 46%.</li>
<li>Weibo’s advertising revenue decreased, while most companies’ ad revenues have recovered.</li>
</ul>


Great Wall Motor denied that many employees have resigned recently, but there many complaints from employees on social media.
Many small companies grew strongly, such as Tuniu up by 140% and Kanzhun up by 46%.
Weibo’s advertising revenue decreased, while most companies’ ad revenues have recovered.


China Consumption Weekly (18 Mar 2024): Great Wall, KE, Tuniu, Tuhu Car, Boss Zhipin, Weibo

<ul><li>YY’s Asia reported that 12 national banks are planning to provide RMB 80bn syndicate loan for Vanke to repay its future maturing debt, and several banks have confirmed this news.</li><li>We think this confirms our previous statement that “regulators have reached a consensus on Vanke’s position as a systematically important developer”, showing a clear attitude to provide financial assistance to Vanke.</li><li>This would bring more confidence to the market during the debt repayment peak.</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.

YY’s Asia reported that 12 national banks are planning to provide RMB 80bn syndicate loan for Vanke to repay its future maturing debt, and several banks have confirmed this news.We think this confirms our previous statement that “regulators have reached a consensus on Vanke’s position as a systematically important developer”, showing a clear attitude to provide financial assistance to Vanke.This would bring more confidence to the market during the debt repayment peak.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.

Property - Sales Show Recovery Sign, Banks May Help Semi-SOE

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tuhu-car-inc" target="_blank" data-smartkarma-citation="entities:36012:1" rel="noopener">Tuhu Car (9690 HK)</a> was listed in Hong Kong on 26th Sept 2023 after raising US$151m. The IPO had been a 100% primary offering.</li>
<li>Tuhu is an integrated online and offline platform for automotive services in China.</li>
<li>Trading with a very small float of 1.8%, in its upcoming six-month lockup expiry, &gt;90% of Tuhu’s pre-IPO investors, cornerstones and management combined stakes will come off six-month lockup expiry.</li>
</ul>



Tuhu Car (9690 HK) was listed in Hong Kong on 26th Sept 2023 after raising US$151m. The IPO had been a 100% primary offering.
Tuhu is an integrated online and offline platform for automotive services in China.
Trading with a very small float of 1.8%, in its upcoming six-month lockup expiry, &gt;90% of Tuhu’s pre-IPO investors, cornerstones and management combined stakes will come off six-month lockup expiry.


Tuhu Car Lock-Up Expiry - Would Need Some Selling to Improve Liquidity when US$1.5bn Comes Unlocked

China

KE Holdings Inc. operates as an integrated online and offline platform for housing transactions and services. The Company offers existing and new home sales, home rentals, home renovation, real estate financial solutions, and other services. KE Holdings conducts businesses in China.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

KE Holdings (BEKE US)

Property - Weekly highlight: Tier-1 cities showed WoW recovery, YoY decline remains deep

The State Council’s meeting held last Friday reiterated the crucial role of real estate industry for stabilizing the macro economy

CMB International

Internet - 2M24 online retail sales recap

Based on NBS data, 2M24 online retail sales GMV/online physical goods GMV reached RMB2.2tn/1.8tn, up 15.3/14.4% YoY, which implied a two-year CAGR...

CMB International

China Consumption Weekly (18 Mar 2024): Great Wall, KE, Tuniu, Tuhu Car, Boss Zhipin, Weibo

The company denied that many employees have resigned recently. Many small companies grew strongly, such as Tuniu up by 140% and Kanzhun up by 46%....

Ming Lu

Property - Sales Show Recovery Sign, Banks May Help Semi-SOE

Yesterday, the developers surged 8% due to the Vanke’s news mentioned above. We believe news related to developers debt repayment will continue to...

CMB International

Tuhu Car Lock-Up Expiry - Would Need Some Selling to Improve Liquidity when US$1.5bn Comes Unlocked

Tuhu Car (9690 HK) was listed in Hong Kong on 26th Sept 2023 after raising US$151m. The IPO had been a 100% primary offering.

Clarence Chu

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)