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)

Hong kong It / Thematic (Sector/Industry)

<ul><li>China online games market revenue grew by 13.9% YoY to RMB303.0bn in 2023, representing a 2-year CAGR of 1.1%, according to GPC.</li><li>Online games market revenue recorded robust growth of 34.4% YoY in 2H23, underpinned by the launch of several blockbuster titles and the recovery of user paying willingness.</li><li>Despite the flattish user growth, ARPU was up 13% YoY to RMB453 in 2023. </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 online games market revenue grew by 13.9% YoY to RMB303.0bn in 2023, representing a 2-year CAGR of 1.1%, according to GPC.Online games market revenue recorded robust growth of 34.4% YoY in 2H23, underpinned by the launch of several blockbuster titles and the recovery of user paying willingness.Despite the flattish user growth, ARPU was up 13% YoY to RMB453 in 2023. 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 – 2023 Online Games Recap: Start of a New Growth Phase