External broker reports(aggregated public sources), CMB International

CMB International

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.

External broker reports(aggregated public sources)

Alibaba (BABA US): What Is Next After Strong Rally?

EQD | Alibaba (BABA US): Playing the Earnings Via Derivatives

Alibaba: FY3Q23 Results Presenting An Opportunity In Disguise

Equity Bottom-Up

Alibaba Group Holding  / Equity Bottom-Up

<ul><li>Although pandemic impact will weigh on revenue growth recovery in 1Q23, Alibaba Group (BABA)’s China retail marketplace GMV growth should recover along with overall consumption recovery aided by economic stimulus policy in 2023, in our view.</li><li>Prudent cost control and strategic move to drive operating efficiency improvement are bearing fruit, and the potential recovery in revenue growth could fuel steady earnings growth in 2023.</li><li>We remain positive on BABA’s long-term development aided by international expansion and cloud business. </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>

Although pandemic impact will weigh on revenue growth recovery in 1Q23, Alibaba Group (BABA)’s China retail marketplace GMV growth should recover along with overall consumption recovery aided by economic stimulus policy in 2023, in our view.Prudent cost control and strategic move to drive operating efficiency improvement are bearing fruit, and the potential recovery in revenue growth could fuel steady earnings growth in 2023.We remain positive on BABA’s long-term development aided by international expansion and cloud business. 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.

Alibaba (BABA US) – Looking beyond short-term pandemic impact