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)

Pinduoduo (PDD US): Another Strong Beat Around the Corner

Equity Bottom-Up

<ul><li>PDD Holdings (PDD) announced (28 Nov) 3Q23 results: revenue was up 94% YoY to RMB68.8bn, 26% ahead of both our/Bloomberg consensus estimates, which we mainly attribute to stronger-than-expected international expansion, and incremental commission revenue generation from the “Ten billion subsidy” section.</li><li>Non-GAAP net income increased by 37% YoY to RMB17.0bn, 30% ahead of consensus, which we attribute to a likely narrower-than-expected loss generated from Temu business, aided by a stronger-than-expected scale effect, and likely better-than-expected profit generation from Duoduo Grocery, aided by well-established consumer mindshare.</li><li>The results echoed our view that PDD’s overseas business is ramping up quickly, and is on track to support PDD’s long-term revenue and earnings growth. </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>

PDD Holdings (PDD) announced (28 Nov) 3Q23 results: revenue was up 94% YoY to RMB68.8bn, 26% ahead of both our/Bloomberg consensus estimates, which we mainly attribute to stronger-than-expected international expansion, and incremental commission revenue generation from the “Ten billion subsidy” section.Non-GAAP net income increased by 37% YoY to RMB17.0bn, 30% ahead of consensus, which we attribute to a likely narrower-than-expected loss generated from Temu business, aided by a stronger-than-expected scale effect, and likely better-than-expected profit generation from Duoduo Grocery, aided by well-established consumer mindshare.The results echoed our view that PDD’s overseas business is ramping up quickly, and is on track to support PDD’s long-term revenue and earnings growth. 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.

PDD Holdings (PDD US) – International Expansion Drove a Strong Beat for 3Q Results