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

<ul><li>We expect Huya to deliver upbeat margin in 4Q22E, despite muted livestreaming disrupted by epidemic outbreak which is well priced in.</li><li>We suggest to look beyond soft 1Q23E owing to weak seasonality &amp; epidemic, and expect 2H23E livestreaming to resume positive growth, backed by: 1) a rebase after the regulatory change in livestreaming in June last year; 2) macro recovery after reopening; and 3) new blockbuster game launch.</li><li>After rearrangement of LoL tournament licensing in Jan 2023, we are more positive on Huya’s margin expansion ahead (forecasting narrowing loss in FY23E and group profit in FY24E). </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>

We expect Huya to deliver upbeat margin in 4Q22E, despite muted livestreaming disrupted by epidemic outbreak which is well priced in.We suggest to look beyond soft 1Q23E owing to weak seasonality &amp; epidemic, and expect 2H23E livestreaming to resume positive growth, backed by: 1) a rebase after the regulatory change in livestreaming in June last year; 2) macro recovery after reopening; and 3) new blockbuster game launch.After rearrangement of LoL tournament licensing in Jan 2023, we are more positive on Huya’s margin expansion ahead (forecasting narrowing loss in FY23E and group profit in FY24E). 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.

HUYA (HUYA US) – Clear Margin Improvement