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)

Equity Bottom-Up

Jiangsu Recbio Technology / Equity Bottom-Up

<div><div><div><ul><li>Recbio reported RMB350mn net loss for 1H22, vs RMB330mn net loss in 1H21.</li><li>R&amp;D expense increased by 73% YoY to RMB354mn in 1H22, mainly due to clinical trial expenses related to the Ph III trial of REC603 and PhII/III trials of ReCOV.</li><li>On 25 Aug, Recbio received a formal acceptance letter from China Securities Regulatory Commission, for the implementation of its H Share full circulation plan to convert 222.5mn Domestic Shares into H Shares.</li></ul></div></div></div><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>

Recbio reported RMB350mn net loss for 1H22, vs RMB330mn net loss in 1H21.R&amp;D expense increased by 73% YoY to RMB354mn in 1H22, mainly due to clinical trial expenses related to the Ph III trial of REC603 and PhII/III trials of ReCOV.On 25 Aug, Recbio received a formal acceptance letter from China Securities Regulatory Commission, for the implementation of its H Share full circulation plan to convert 222.5mn Domestic Shares into H Shares.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.

Recbio Technology (2179 HK) – Smooth progress of core pipeline products