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)

<div><ul><li>Competition on user time spend intensified in 3Q22. Per MoonFox data, in 3Q22, average number of apps installed per capita was 74 in 3Q22, up from 71 in 2Q22 and 66 in 3Q21, while average user time spend per capita per day on apps was 5.4 hours, flat QoQ and declined 0.1 hour YoY, indicating an intensifying competition on user time spend.</li><li>Leading internet giants are enlarging their shares in user time spend: combined user time spend on apps related to Tencent, ByteDance, Alibaba and Baidu accounted for 69.3% of total user time spend in Sep 2022 (Sep 2021: 68.5%; Jun 2022: 68.4%).</li><li>Tencent related apps grew its share in user time spend to 28.3% in Sep 2022 (Sep 2021: 26.7%; June 2022: 27.5%), which in our view could be attributed to the robust ramp-up of Video Accounts, indicating additional monetization opportunities ahead.</li></ul></div><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>

Competition on user time spend intensified in 3Q22. Per MoonFox data, in 3Q22, average number of apps installed per capita was 74 in 3Q22, up from 71 in 2Q22 and 66 in 3Q21, while average user time spend per capita per day on apps was 5.4 hours, flat QoQ and declined 0.1 hour YoY, indicating an intensifying competition on user time spend.Leading internet giants are enlarging their shares in user time spend: combined user time spend on apps related to Tencent, ByteDance, Alibaba and Baidu accounted for 69.3% of total user time spend in Sep 2022 (Sep 2021: 68.5%; Jun 2022: 68.4%).Tencent related apps grew its share in user time spend to 28.3% in Sep 2022 (Sep 2021: 26.7%; June 2022: 27.5%), which in our view could be attributed to the robust ramp-up of Video Accounts, indicating additional monetization opportunities ahead.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 Sector – 3Q22 industry data trend recap