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 total ad spending saw YoY recovery in 2Q23, due to both low base in 2Q22 and consumption recovery.</li><li>Total ad spend returned to positive growth of 15% YoY in April 2023, per CTR.</li><li>However, overall ad spend has yet to recover to the 2021 level, with ad spending in Apr 2023 only reached 92% of the ad spend level in Apr 2021. </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 total ad spending saw YoY recovery in 2Q23, due to both low base in 2Q22 and consumption recovery.Total ad spend returned to positive growth of 15% YoY in April 2023, per CTR.However, overall ad spend has yet to recover to the 2021 level, with ad spending in Apr 2023 only reached 92% of the ad spend level in Apr 2021. 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 – 2Q23 online advertising: recovery in cautious mode