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>For this year’s Double 11 sales promotion, amid macro headwind, e-commerce platforms maintained their focus on improving user experience and driving for higher merchant engagement, with less focus on the GMV growth numbers.</li><li>On consumer end, e-commerce platforms are continuously improving logistic efficiency and enhancing content ecosystem to enhance customer experience.</li><li>On merchant end, platforms are optimizing traffic allocation, launching more merchant support policies, and helping brands better target on their members to achieve more cost-efficient GMV growth and improve ROI. E-commerce platforms are also deepening their deployment on industrial supply chains and proactively shouldering more social responsibilities to propel better recovery for merchants amid challenging macro.</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>

For this year’s Double 11 sales promotion, amid macro headwind, e-commerce platforms maintained their focus on improving user experience and driving for higher merchant engagement, with less focus on the GMV growth numbers.On consumer end, e-commerce platforms are continuously improving logistic efficiency and enhancing content ecosystem to enhance customer experience.On merchant end, platforms are optimizing traffic allocation, launching more merchant support policies, and helping brands better target on their members to achieve more cost-efficient GMV growth and improve ROI. E-commerce platforms are also deepening their deployment on industrial supply chains and proactively shouldering more social responsibilities to propel better recovery for merchants amid challenging macro.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 – Trends observed from this year’s Double 11 shopping festival