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)

The Heat Is On: News Flow and Sentiment in CHINA / HONG KONG (August 2)

The Heat Is On: News Flow and Sentiment in CHINA / HONG KONG (August 10)

Equity Bottom-Up

<ul><li>4Q results were a beat to us and consensus, with the quarter’s net revenue expanding by cFX +18.1%.</li><li>The strength was mainly driven by 82% growth in Miu Miu (vs CMBIe 50%+).</li><li>All regions marked robust growth, especially Japan (cFX +38%) and APAC (cFX +32%), when the US continued to record sequential improvement as we had expected. </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>

4Q results were a beat to us and consensus, with the quarter’s net revenue expanding by cFX +18.1%.The strength was mainly driven by 82% growth in Miu Miu (vs CMBIe 50%+).All regions marked robust growth, especially Japan (cFX +38%) and APAC (cFX +32%), when the US continued to record sequential improvement as we had expected. 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.

Prada SpA (1913 HK) - 4Q23 CFX Revenue +18%; Miu Miu Overshot

Prada S.P.A.

Prada SpA (1913 HK) - 4Q23 CFX Revenue +18%; Miu Miu Overshot