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)

Thematic (Sector/Industry)

<ul><li>China’s online game market revenue declined by 15% YoY but increased by 16% QoQ to RMB67.5bn in 1Q23, according to CNG.</li><li>We saw an early recovering sign in March 2023, with monthly game market revenue down by only 3% YoY (versus -23%/17% YoY in Feb/Jan), thanks to more quality game launches.</li><li>Looking ahead, we are positive that online game market revenue will recover to positive YoY growth in 2Q23E, supported by the normalisation of game license approval and the launch of highly-anticipated titles like Tencent’s Metal Slug: Awakening and miHoYo’s Honkai: Star Rail. </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>

China’s online game market revenue declined by 15% YoY but increased by 16% QoQ to RMB67.5bn in 1Q23, according to CNG.We saw an early recovering sign in March 2023, with monthly game market revenue down by only 3% YoY (versus -23%/17% YoY in Feb/Jan), thanks to more quality game launches.Looking ahead, we are positive that online game market revenue will recover to positive YoY growth in 2Q23E, supported by the normalisation of game license approval and the launch of highly-anticipated titles like Tencent’s Metal Slug: Awakening and miHoYo’s Honkai: Star Rail. 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 – 1Q23 online game market recap