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)

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<ul><li>2M23 online retail sales data showed a gradual recovery trend, with online physical goods GMV YoY growth rate improved to 5.3% YoY in 2M23 from 4.4% YoY in December 2022.</li><li>The YoY growth of 6.2% in online retail sales GMV outpaced that of online physical goods, which in our view could be attributed to the recovery in online travel related services and products aided by the relaxation of pandemic prevention policy.</li><li>Offline activities also demonstrated a recovery trend, with catering services GMV making a turnaround to 9.2% YoY growth in 2M23 from 14.1% YoY decline in December 2022, which likely drive a recovery of advertising sentiment, especially for offline verticals. With JD.com (JD) launching “RMB10bn subsidy” campaign, competition in user retention in the e-commerce industry is likely to intensify in the near term, while the ability to drive for better consumer engagement and merchants ROI are still key factors to exceed peers over the long run</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>

2M23 online retail sales data showed a gradual recovery trend, with online physical goods GMV YoY growth rate improved to 5.3% YoY in 2M23 from 4.4% YoY in December 2022.The YoY growth of 6.2% in online retail sales GMV outpaced that of online physical goods, which in our view could be attributed to the recovery in online travel related services and products aided by the relaxation of pandemic prevention policy.Offline activities also demonstrated a recovery trend, with catering services GMV making a turnaround to 9.2% YoY growth in 2M23 from 14.1% YoY decline in December 2022, which likely drive a recovery of advertising sentiment, especially for offline verticals. With JD.com (JD) launching “RMB10bn subsidy” campaign, competition in user retention in the e-commerce industry is likely to intensify in the near term, while the ability to drive for better consumer engagement and merchants ROI are still key factors to exceed peers over the long runContent 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 – 2M23 online retail sales recap