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)

Tencent Music Entertainment(TME.US) 4Q22 Preview: Raise TP for Gradual but Slow Recovery

[Tencent Music (TME US) Target Price Change]: Cut TP for Competition Pressure and Cost Rebound

[Tencent Music (TME US) Target Price Change]: Cut TP as Offline Music Activities Begin to Thrive

Equity Bottom-Up

<ul><li>TME online music business operating efficiency continues to improve progressively amid economic recovery.</li><li>It is on track for strong earnings rebound despite near-term top-line pressure.</li><li>Social entertainment business continues to face pressure as the surge of COVID-19 cases impact content supply and competition is still abundant. </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>

TME online music business operating efficiency continues to improve progressively amid economic recovery.It is on track for strong earnings rebound despite near-term top-line pressure.Social entertainment business continues to face pressure as the surge of COVID-19 cases impact content supply and competition is still abundant. 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.

TME (TME US) – Making progress into scale optimization