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)

JD(JD.US/9618.HK) 4Q22 Preview: Topline Reacceleration Could Happen in C2Q23

[JD.com (JD US, SELL, TP US$48) Rating Change]: Rough Roads Ahead, DG to SELL

[JD.com (JD US) Target Price Change]: JD May Face 5bn Profit Reduction for Subsidy Campaign

Equity Bottom-Up

<ul><li>We expect limited incremental financial impact from pandemic spread on JD.com (JD) 4Q22 financial results.</li><li>Pandemic prevention policy and “first-wave” impacts on fulfilment all happened in 4Q22, which tested JD logistics network’s robustness, but the positive driver on GMV is the frontloaded sales generated from the Spring Festival shopping festival, which was launched in end-Dec 2022 due to the early Spring Festival in 2023.</li><li>Although a strong consumption recovery will still take time, JD’s margin expansion remains on track, driven by stringent cost control and streamlining of loss-making new business. </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 limited incremental financial impact from pandemic spread on JD.com (JD) 4Q22 financial results.Pandemic prevention policy and “first-wave” impacts on fulfilment all happened in 4Q22, which tested JD logistics network’s robustness, but the positive driver on GMV is the frontloaded sales generated from the Spring Festival shopping festival, which was launched in end-Dec 2022 due to the early Spring Festival in 2023.Although a strong consumption recovery will still take time, JD’s margin expansion remains on track, driven by stringent cost control and streamlining of loss-making new business. 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.

JD.com (JD US) – Expecting limited additional financial impact from pandemic spread in 4Q22

JD.com Inc (ADR)

JD.com (JD US) – Expecting limited additional financial impact from pandemic spread in 4Q22