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)

Equity Bottom-Up

China Resources Beer Holdings / Equity Bottom-Up

<div><div><div><div><ul><li>After market close yesterday, CRB announced that, through its wholly owned subsidiary, CRWH, it will acquire 55.2% of the shares of Guizhou Jinsha Jiaojiu Winery Industry, a sauce-flavored baijiu producer in Guizhou, at a total consideration of RMB12.3bn.</li><li>The consideration comprises of RMB1.03bn capital injection and RMB11.27bn of share purchase.</li><li>Considering an implied EV (at 100% stake) of RMB22.3bn and RMB1.3bn net profits achieved for 2021, the acquisition is valued at 17.0 P/E.</li></ul></div></div></div></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>

After market close yesterday, CRB announced that, through its wholly owned subsidiary, CRWH, it will acquire 55.2% of the shares of Guizhou Jinsha Jiaojiu Winery Industry, a sauce-flavored baijiu producer in Guizhou, at a total consideration of RMB12.3bn.The consideration comprises of RMB1.03bn capital injection and RMB11.27bn of share purchase.Considering an implied EV (at 100% stake) of RMB22.3bn and RMB1.3bn net profits achieved for 2021, the acquisition is valued at 17.0 P/E.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) – Another Move to Tap into the Baijiu Market; yet with Near-Term Challenges