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

<div><ul><li>Smartphone: 2Q22 weakness despite strong performance in 618 festival.</li><li>AIoT/internet: weaker AIoT revenue and better internet margin.</li><li>New product launches in 2H22E to boost demand after recent destocking.</li></ul></div>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.

Smartphone: 2Q22 weakness despite strong performance in 618 festival.AIoT/internet: weaker AIoT revenue and better internet margin.New product launches in 2H22E to boost demand after recent destocking.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.

Xiaomi (1810 HK) – 2Q22 Preview: A Slow Quarter but Mostly Priced In

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

Thematic (Sector/Industry)

<ul>
<li>India’s tax authorities accused Chinese smartphone maker Oppo of evading customs duties totaling 43.89 billion rupees ($551 million)</li>
<li>India’s Directorate of Revenue Intelligence, part of the Ministry of Finance, said it found evidence that Oppo’s India unit willfully and wrongly described imported components used to make phones to get duty exemptions of 29.81 billion rupees</li>
<li>
The directorate also said Oppo failed to include 14.08 billion rupees of licensing fees paid to overseas companies when calculating the value of imported goods.
</li>
</ul>


India’s tax authorities accused Chinese smartphone maker Oppo of evading customs duties totaling 43.89 billion rupees ($551 million)
India’s Directorate of Revenue Intelligence, part of the Ministry of Finance, said it found evidence that Oppo’s India unit willfully and wrongly described imported components used to make phones to get duty exemptions of 29.81 billion rupees

The directorate also said Oppo failed to include 14.08 billion rupees of licensing fees paid to overseas companies when calculating the value of imported goods.



India Accuses China’s Oppo of Evading $551 Million of Taxes

Cross Asset Strategy

<ul><li>MRNA / In Depth: Why China still doesn’t have an mRNA shot</li><li>Heatwaves / Summer heatwaves threaten lives and livelihoods in China. A severe heatwave engulfing swathes of China has led to at least two deaths and affected 900 million people.</li><li>Fraud / Chinese hostages held in Cambodia rescued, embassy says</li></ul>

MRNA / In Depth: Why China still doesn’t have an mRNA shotHeatwaves / Summer heatwaves threaten lives and livelihoods in China. A severe heatwave engulfing swathes of China has led to at least two deaths and affected 900 million people.Fraud / Chinese hostages held in Cambodia rescued, embassy says

CX Daily: Why China Still Doesn’t Have an MRNA Shot

Asia biased macro & technical analysis, Untying The Gordian Knot

Untying The Gordian Knot

Asia biased macro & technical analysis

A differentiated process with a primary focus on Asia. Technical Analysis as core and Macro drivers that could bring the view to fruition & changes that could make the idea fall apart. The objective is to be the best in class, hence corner shop.

Technical Analysis

<ul><li>Hong Kong Stocks are more excited than the mainland about cutting the Quarantine period from 14 to 7 days.</li><li>The 25th Anniversary of the Hong Kong handover means more stability ahead of celebrations and trading dominated by position squaring.</li><li>Only Xiaomi shows signs of a breakout. It broke the downtrend from August 2021 with the inside days in the last two trading sessions. It looks like it will test the breakout and cover it next week.</li></ul>

Hong Kong Stocks are more excited than the mainland about cutting the Quarantine period from 14 to 7 days.The 25th Anniversary of the Hong Kong handover means more stability ahead of celebrations and trading dominated by position squaring.Only Xiaomi shows signs of a breakout. It broke the downtrend from August 2021 with the inside days in the last two trading sessions. It looks like it will test the breakout and cover it next week.

Hang Seng Index Constituents 30th June 2022

<ul><li>Cover Story: Balancing China’s development with need for food production</li><li>Beijing drops more Covid rules as outbreak declared ‘under control’</li><li>China’s services activity shrinks a little less severely, Caixin PMI shows</li></ul>

Cover Story: Balancing China’s development with need for food productionBeijing drops more Covid rules as outbreak declared ‘under control’China’s services activity shrinks a little less severely, Caixin PMI shows

CX Daily: Balancing China’s Development With Need for Food Production

China

Xiaomi Corporation manufactures communication equipment and parts. The Company produces and sells mobile phones, smart phone software,  set-top boxes, and related accessories. Xiaomi markets its products worldwide.

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Xiaomi Corp (1810 HK)

Xiaomi (1810 HK) – 2Q22 Preview: A Slow Quarter but Mostly Priced In

We estimate 2Q22E revenue/adj. net profit of RMB69.5bn/1.92bn (-21%/-70% YoY), due to smartphone demand slowdown, inventory destocking, inflation...

CMB International

India Accuses China’s Oppo of Evading $551 Million of Taxes

India’s tax authorities accused Chinese smartphone maker Oppo of evading customs duties totaling 43.89 billion rupees ($551 million)

Caixin Global

CX Daily: Why China Still Doesn’t Have an MRNA Shot

MRNA / In Depth: Why China still doesn’t have an mRNA shot. Heatwaves / Summer heatwaves threaten lives and livelihoods in China

Caixin Global

Hang Seng Index Constituents 30th June 2022

Mainland opening, but not really. Hong Kong Stocks are more excited than the mainland about cutting the Quarantine period from 14 to 7 days. The...

Untying The Gordian Knot

CX Daily: Balancing China’s Development With Need for Food Production

Cover Story: Balancing China’s development with need for food production. Beijing drops more Covid rules as outbreak declared ‘under control’

Caixin Global

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