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

Tongcheng Travel Holdings  / Equity Bottom-Up

<ul><li>The three-day Qingming Festival holiday embraced booming demand, with domestic tourist trips +11.5% and tourism revenue +12.7% (both vs. the 2019 level), according to the Ministry of Culture and Tourism.</li><li>Tongcheng Travel (TC) kept its strong momentum during the Qingming Festival, with above-industry growth and solid ASP &amp; take rate trends.</li><li>Its domestic hotel room nights surged 70% YoY, and transportation ticketing volume was resilient at &gt;20% YoY.</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>

The three-day Qingming Festival holiday embraced booming demand, with domestic tourist trips +11.5% and tourism revenue +12.7% (both vs. the 2019 level), according to the Ministry of Culture and Tourism.Tongcheng Travel (TC) kept its strong momentum during the Qingming Festival, with above-industry growth and solid ASP &amp; take rate trends.Its domestic hotel room nights surged 70% YoY, and transportation ticketing volume was resilient at &gt;20% YoY.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.

Tongcheng Travel (780 HK) - Continued Outperformance During Qingming