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) Target Price Change]: Cut TP for Higher Losses from Temu

Pinduoduo: Trading off Between Top-Line Growth and Bottom-Line Slowdown

Equity Bottom-Up

<ul><li>We expect Pinduoduo (PDD) to maintain relatively more resilient GMV and revenue growth in 2023E, aided by user stickiness and progress in incorporating more branded products.</li><li>Duoduo Grocery (DDG)’s progress on improving operating efficiency could sustain, in our view, and is on track to achieve operating profit breakeven on single month basis in mid-to-late 2023.</li><li>PDD’s core platform e-commerce business has entered stable growth phase which will provide strong cash flow support for Temu’s overseas expansion.</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 Pinduoduo (PDD) to maintain relatively more resilient GMV and revenue growth in 2023E, aided by user stickiness and progress in incorporating more branded products.Duoduo Grocery (DDG)’s progress on improving operating efficiency could sustain, in our view, and is on track to achieve operating profit breakeven on single month basis in mid-to-late 2023.PDD’s core platform e-commerce business has entered stable growth phase which will provide strong cash flow support for Temu’s overseas expansion.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.

Pinduoduo (PDD US) – Resilient GMV growth to sustain in 2023

PDD Holdings

Pinduoduo (PDD US) – Resilient GMV growth to sustain in 2023