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>NBS reported an in-line property investment at -11% YoY in Aug (vs. -12% in Jul) and slight beat on property sales at +5%/-16% MoM/YoY (vs. -45%/-19% in Jul).</li><li>We expect sales growth to perform better in Sep-Oct given 1) relaxation in 12 tier-2 cities (more to come) combined with new policy in tier-1 cities (report) would release certain demand to support sales in ST, 2) developers are speeding up project launch to benefit from sentiment tailwind and 3) our Leading Indicator suggests good sales performance in Oct.</li><li>While the sustainability of recovery is uncertain as 1) our channel check in tier-1 cities shows both the project visitor flow/house transaction have signs of retreat during the 2nd week compared to the 1 st week after new policy, 2) continuous fall on home price arouses more watchand-see sentiment of home buyers, 3) concern on future income expectation still exists which suppresses a chunk of demands. </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>

NBS reported an in-line property investment at -11% YoY in Aug (vs. -12% in Jul) and slight beat on property sales at +5%/-16% MoM/YoY (vs. -45%/-19% in Jul).We expect sales growth to perform better in Sep-Oct given 1) relaxation in 12 tier-2 cities (more to come) combined with new policy in tier-1 cities (report) would release certain demand to support sales in ST, 2) developers are speeding up project launch to benefit from sentiment tailwind and 3) our Leading Indicator suggests good sales performance in Oct.While the sustainability of recovery is uncertain as 1) our channel check in tier-1 cities shows both the project visitor flow/house transaction have signs of retreat during the 2nd week compared to the 1 st week after new policy, 2) continuous fall on home price arouses more watchand-see sentiment of home buyers, 3) concern on future income expectation still exists which suppresses a chunk of demands. 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 Property Sector – NBS Aug Data In-Line

China/Asia TMT

Shawn Yang

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

<ul>
<li>Real Estate Industry Update: Property sales remain lukewarm in August, price declined marginally(/)</li>
<li>Real Estate Industry Update: Local media survey indicate China home purchase willingness increased in September post policy stimulus(+)</li>
<li>AAPL/JD: JD pre-registrations for iPhone 15 slightly lower than iPhone 14, and ASP largely unchanged (-)</li>
</ul>


Real Estate Industry Update: Property sales remain lukewarm in August, price declined marginally(/)
Real Estate Industry Update: Local media survey indicate China home purchase willingness increased in September post policy stimulus(+)
AAPL/JD: JD pre-registrations for iPhone 15 slightly lower than iPhone 14, and ASP largely unchanged (-)


China TMT Update-AAPL/JD/BEKE-Pre-Registrations for IPhone 15 Slightly Lower than IPhone 14

<ul>
<li>Real Estate Industry Update: Zhengzhou fully cancel the home purchase and selling restrictions, an d lower the residential properties’ downpayment ratios（+）</li>
<li>NIO/ 300750CH: Nio Plans to Develop Cylindrical Battery with SVOLT (-)</li>
<li>2150HK: Nayuki co-brand woth Mint App’s new product, tea and coffee houses are becoming new marketing channels（+）</li>
</ul>


Real Estate Industry Update: Zhengzhou fully cancel the home purchase and selling restrictions, an d lower the residential properties’ downpayment ratios（+）
NIO/ 300750CH: Nio Plans to Develop Cylindrical Battery with SVOLT (-)
2150HK: Nayuki co-brand woth Mint App’s new product, tea and coffee houses are becoming new marketing channels（+）


China TMT Update-BEKE/NIO/300750CH/2150HK-Zhengzhou Cancel Restrictions;Nio Cylindrical Battery

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

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 Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tuhu-car" target="_blank" data-smartkarma-citation="entities:36012:1" rel="noopener">Tuhu Car (2007986D HK)</a> is looking to raise around US$160m in its Hong Kong IPO. Tuhu is an integrated online and offline platform for automotive services in China.</li>
<li>In earlier notes, we had looked at the firm’s past performance, discussed our earnings assumptions and our thoughts on Tuhu’s valuation.</li>
<li>In this note, we discuss valuations at the final price range.</li>
</ul>



Tuhu Car (2007986D HK) is looking to raise around US$160m in its Hong Kong IPO. Tuhu is an integrated online and offline platform for automotive services in China.
In earlier notes, we had looked at the firm’s past performance, discussed our earnings assumptions and our thoughts on Tuhu’s valuation.
In this note, we discuss valuations at the final price range.


Tuhu Car IPO - Peers Have Corrected, Little to No Upside Left on the Table

Equity Bottom-Up

<ul>
<li>We think the mild recovery is driven by the delayed orders in Jul. and Aug, thus expect transaction volume to be flattish MoM in Sep.</li>
<li>We think the recovery is on-track and expect Oct. volume to begin recovery and expect more meaningful rebound in Mar.-Apr. 2024, supported by 1) strong leading indicators from property agents, </li>
<li>2) refer to the recover trajectory in 2014-2015.  We maintain the stock as BUY rating and maintain TP at US$24/ADS.</li>
</ul>


We think the mild recovery is driven by the delayed orders in Jul. and Aug, thus expect transaction volume to be flattish MoM in Sep.
We think the recovery is on-track and expect Oct. volume to begin recovery and expect more meaningful rebound in Mar.-Apr. 2024, supported by 1) strong leading indicators from property agents, 
2) refer to the recover trajectory in 2014-2015.  We maintain the stock as BUY rating and maintain TP at US$24/ADS.


[KE Holdings (BEKE US, BUY, TP US$24) Update]: Our View of Gradual Property Recovery into 2024

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.

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KE Holdings (BEKE US)

China Property Sector – NBS Aug Data In-Line

NBS reported an in-line property investment at -11% YoY in Aug (vs. -12% in Jul) and slight beat on property sales at +5%/-16% MoM/YoY (vs. -45%/...

CMB International

China TMT Update-AAPL/JD/BEKE-Pre-Registrations for IPhone 15 Slightly Lower than IPhone 14

Property sales remain lukewarm in August; Local media survey indicate China home purchase willingness increased in September;AAPL/JD: JD pre...

Blue Lotus Research Institute

China TMT Update-BEKE/NIO/300750CH/2150HK-Zhengzhou Cancel Restrictions;Nio Cylindrical Battery

Zhengzhou fully cancel the home purchase and selling restrictions; NIO/300750CH:Nio Plans to Develop Cylindrical Battery with SVOLT (-); 2150HK:...

Blue Lotus Research Institute

Tuhu Car IPO - Peers Have Corrected, Little to No Upside Left on the Table

Tuhu Car (2007986D HK) is looking to raise around US$160m in its Hong Kong IPO. Tuhu is an integrated online and offline platform for automotive...

Clarence Chu

[KE Holdings (BEKE US, BUY, TP US$24) Update]: Our View of Gradual Property Recovery into 2024

We think the recovery is on-track and expect Oct. volume to begin recovery and expect more meaningful rebound in Mar.-Apr. 2024

Blue Lotus Research Institute

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