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

ZhongAn Online P&C Insurance C / Equity Bottom-Up

<ul><li>Zhong An recorded a combined ratio of 98.5% in FY22 with an improvement of 1.1pts YoY, translating to an increase of 1.9 pts YoY or 1.3pts HoH in 2H22.</li><li>The insurer’s underwriting (UW) profit grew 338% YoY to RMB329mn, with premium income +16.1% YoY at year end.</li><li>The outperformed UW margin was driven by lower loss and channel fee ratios under technology-driven cost efficiency from both health and digital lifestyle ecosystems.</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>

Zhong An recorded a combined ratio of 98.5% in FY22 with an improvement of 1.1pts YoY, translating to an increase of 1.9 pts YoY or 1.3pts HoH in 2H22.The insurer’s underwriting (UW) profit grew 338% YoY to RMB329mn, with premium income +16.1% YoY at year end.The outperformed UW margin was driven by lower loss and channel fee ratios under technology-driven cost efficiency from both health and digital lifestyle ecosystems.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.

ZhongAn (6060 HK) – Better profits achieved across 3 business lines