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)

After the Rally. What Next for the Hong Kong Market?

China Crosses the Rubicon - Direct Payments to Kickstart Consumption

Overview #10 -China Knocks It Out of the Park

Equity Bottom-Up

China Resources Beer Holdings / Equity Bottom-Up

<ul><li>CR beer’s 13.6% 1H revenue growth comprised 9.0% beer revenue growth and RMB977mn baijiu revenue, which was reported and consolidated for the first time.</li><li>While the former seems to be slightly below our estimate of a low-teen growth, beer gross margin of 45.2% was 1.5pp ahead of us, thanks to raw material cost savings, and a better-than-expected sales mix.</li><li>Of note, Heineken recorded 60% YoY shipment growth, and now sub-premium+ (Super-x and above) contributed to 22% of total shipment over the reporting period. </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>

CR beer’s 13.6% 1H revenue growth comprised 9.0% beer revenue growth and RMB977mn baijiu revenue, which was reported and consolidated for the first time.While the former seems to be slightly below our estimate of a low-teen growth, beer gross margin of 45.2% was 1.5pp ahead of us, thanks to raw material cost savings, and a better-than-expected sales mix.Of note, Heineken recorded 60% YoY shipment growth, and now sub-premium+ (Super-x and above) contributed to 22% of total shipment over the reporting period. 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.

CR Beer (291 HK) – 1H rev/EBIT +13%/26%; Heineken grew 60%