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)

[JOYY (YY US, SELL, TP US$25.1) Target Price Change]: Price Correction to Come Amid Global Headwinds

[YY US]: Maintain SELL for Cost Rebound and Competition

Equity Bottom-Up

<ul><li>JOYY’s 3Q22 results beat on margin surprise, with guidance largely in line.</li><li>We expect rev -9% YoY in 4Q22E, in which Shopline consolidation to partially offset Bigo’s headwinds.</li><li>With rising paying user and Middle East stabilization, Bigo would resume growth in 2H23E (+2% YoY in FY23E), in our view.</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>

JOYY’s 3Q22 results beat on margin surprise, with guidance largely in line.We expect rev -9% YoY in 4Q22E, in which Shopline consolidation to partially offset Bigo’s headwinds.With rising paying user and Middle East stabilization, Bigo would resume growth in 2H23E (+2% YoY in FY23E), in our view.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.

JOYY Inc. (YY US) – Margin surprise, with Shopline as next driver