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>For 3Q22E, social entertainment platforms still face intensifying competition and macro challenges that can weigh on their revenue growth and margin expansion.</li><li>Social entertainment platforms need to innovate their monetization methods and enhance operating efficiency in order to fend off competition and macro headwind, in our view.</li><li>Platforms with concentrated revenue exposure to ad business like Weibo and loss-making platforms like BiliBili (Bili) might be more sensitive to the competition and macro environment.</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>

For 3Q22E, social entertainment platforms still face intensifying competition and macro challenges that can weigh on their revenue growth and margin expansion.Social entertainment platforms need to innovate their monetization methods and enhance operating efficiency in order to fend off competition and macro headwind, in our view.Platforms with concentrated revenue exposure to ad business like Weibo and loss-making platforms like BiliBili (Bili) might be more sensitive to the competition and macro environment.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– Social Entertainment 3Q22 Preview: Remains Under Pressure

<div><div><div><div><ul><li>Consumption sentiment and offline activities’ recovery pace continued to weigh on internet sector’s 3Q financials performance.</li><li>Looking into 4Q and 2023, business model robustness, operating leverage improvement, and ability to expand into new revenue streams will be the key stock alpha drivers, while the heavily under-owned China Internet sector will remain sensitive to policies and other sentiment related beta drivers.</li><li>We expect leading technology companies will play vital role in building digital infrastructure and empowering enterprise digital transformation. </li></ul></div></div></div></div><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>

Consumption sentiment and offline activities’ recovery pace continued to weigh on internet sector’s 3Q financials performance.Looking into 4Q and 2023, business model robustness, operating leverage improvement, and ability to expand into new revenue streams will be the key stock alpha drivers, while the heavily under-owned China Internet sector will remain sensitive to policies and other sentiment related beta drivers.We expect leading technology companies will play vital role in building digital infrastructure and empowering enterprise digital transformation. 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 – 3Q22 preview: near term bumpy recovery

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

Cross Asset Strategy

<ul><li><p>Three Chinese miners ordered to divest from Canadian lithium projects</p></li><li><p>A father’s nightmare rescuing a three-year-old under Covid lockdown</p></li><li><p>China’s services activity extends contraction amid Covid outbreaks, Caixin PMI shows</p></li></ul>

Three Chinese miners ordered to divest from Canadian lithium projectsA father’s nightmare rescuing a three-year-old under Covid lockdownChina’s services activity extends contraction amid Covid outbreaks, Caixin PMI shows

CX Daily: Three Chinese Miners Ordered To Divest From Canadian Lithium Projects

Equity Bottom-Up

<ul><li>Chinese social media giant Tencent Holdings Ltd. and state telecom operator China Unicom were cleared by the country’s antitrust regulator to set up a joint venture to develop data and cloud-related businesses.</li><li>The new business, one of 15 investment deals that cleared antitrust review Tuesday, will focus on content delivery networks and edge computing.</li><li>The partnership is another tie-up between Tencent and China Unicom after a 2017 investment in which the social media giant acquired a 5.18% stake in the telecom company.</li></ul>

Chinese social media giant Tencent Holdings Ltd. and state telecom operator China Unicom were cleared by the country’s antitrust regulator to set up a joint venture to develop data and cloud-related businesses.The new business, one of 15 investment deals that cleared antitrust review Tuesday, will focus on content delivery networks and edge computing.The partnership is another tie-up between Tencent and China Unicom after a 2017 investment in which the social media giant acquired a 5.18% stake in the telecom company.

Tencent and China Unicom Tie Up in New Joint Venture

<ul><li><p>In Depth: Will Fosun’s $2.2 billion steel unit sale save the conglomerate?</p></li><li><p>Covid lockdowns stoke merchant concerns ahead of peak shopping season</p></li><li><p>Trending in China: Social media users hail the return of a top Chinese biologist from the U.S.</p></li></ul>

In Depth: Will Fosun’s $2.2 billion steel unit sale save the conglomerate?Covid lockdowns stoke merchant concerns ahead of peak shopping seasonTrending in China: Social media users hail the return of a top Chinese biologist from the U.S.

CX Daily: Will Fosun’s $2.2 Billion Steel Unit Sale Save The Conglomerate?

China

Tencent Holdings Limited operates as an investment holding company. The Company, through its subsidiaries, provides Internet and mobile value-added services (VAS), online advertising, and e-commerce transactions. Tencent Holdings offers services to users worldwide.

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Tencent Holdings (ADR) (TCEHY US)

China Internet Sector – 3Q22 preview: near term bumpy recovery

We expect leading technology companies will play vital role in building digital infrastructure and empowering enterprise digital transformation.

CMB International

CX Daily: Three Chinese Miners Ordered To Divest From Canadian Lithium Projects

Three Chinese miners ordered to divest from Canadian lithium projects. A father’s nightmare rescuing a three-year-old under Covid lockdown

Caixin Global

Tencent and China Unicom Tie Up in New Joint Venture

Chinese social media giant Tencent and state telecom operator China Unicom were cleared by the country’s antitrust regulator to set up a joint...

Caixin Global

CX Daily: Will Fosun’s $2.2 Billion Steel Unit Sale Save The Conglomerate?

In Depth: Will Fosun’s $2.2 billion steel unit sale save the conglomerate? Covid lockdowns stoke merchant concerns ahead of peak shopping season

Caixin Global

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China Internet– Social Entertainment 3Q22 Preview: Remains Under Pressure

For 3Q22E, social entertainment platforms still face intensifying competition and macro challenges that can weigh on their revenue growth and...

CMB International

China Internet Sector – 3Q22 preview: near term bumpy recovery

We expect leading technology companies will play vital role in building digital infrastructure and empowering enterprise digital transformation.

CMB International

CX Daily: Three Chinese Miners Ordered To Divest From Canadian Lithium Projects

Three Chinese miners ordered to divest from Canadian lithium projects. A father’s nightmare rescuing a three-year-old under Covid lockdown

Caixin Global

Tencent and China Unicom Tie Up in New Joint Venture

Chinese social media giant Tencent and state telecom operator China Unicom were cleared by the country’s antitrust regulator to set up a joint...

Caixin Global

CX Daily: Will Fosun’s $2.2 Billion Steel Unit Sale Save The Conglomerate?

In Depth: Will Fosun’s $2.2 billion steel unit sale save the conglomerate? Covid lockdowns stoke merchant concerns ahead of peak shopping season

Caixin Global