External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

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.

Thematic (Sector/Industry)

<ul><li>China’s passenger-vehicle (PV) retail sales volume fell 1% YoY in first four months of 2023, 2% higher than our forecast made in Dec 2022.</li><li>Wholesale volume also rose 7% YoY YTD, 3% higher than our prior forecast, largely due to doubled PV exports in the first four months of 2023.</li><li>Automakers in China started to cut inventories in Apr 2023, 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>

China’s passenger-vehicle (PV) retail sales volume fell 1% YoY in first four months of 2023, 2% higher than our forecast made in Dec 2022.Wholesale volume also rose 7% YoY YTD, 3% higher than our prior forecast, largely due to doubled PV exports in the first four months of 2023.Automakers in China started to cut inventories in Apr 2023, 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.

China Auto Sector – Mixed picture ahead as inventory risk lingers

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

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In Depth: Arctic Shippers Navigate Choppy Commercial Waters Despite Geopolitical PushChina Creates Finance Ministry Debt Management Unit to Bolster OversightChina’s New Gold VAT Rules Prompt Banks to Halt Physical Gold Redemptions

CX Daily: Arctic Shippers Navigate Choppy Commercial Waters Despite Geopolitical Push 

<ul><li>Autos / In Depth: Desperate for Smart Driving Tech, State Carmakers Turn to Huawei</li><li>HKMA /Interview: HKMA’s Fintech Chief on Forging Hong Kong’s Digital Asset Future</li><li>Policy /Beijing Fast-Tracks $42 Billion Through Policy Banks to Revive Growth</li></ul>

Autos / In Depth: Desperate for Smart Driving Tech, State Carmakers Turn to HuaweiHKMA /Interview: HKMA’s Fintech Chief on Forging Hong Kong’s Digital Asset FuturePolicy /Beijing Fast-Tracks $42 Billion Through Policy Banks to Revive Growth

CX Daily: Desperate for Smart Driving Tech, State Carmakers Turn to Huawei 

Equity Bottom-Up

<ul><li>Chery Automobile Co. Ltd. made a strong debut on the Hong Kong Stock Exchange Thursday, raising HK$9.2 billion ($1.2 billion) in the city’s largest carmaker IPO of the year and seeing its shares soar as much as 11.2%.</li><li>Shares closed at HK$31.90, up 3.7% from the IPO price of HK$30.80, giving the company a market capitalization of HK$184 billion — placing it nearly on par with rival Geely Automobile Holdings Ltd.</li><li>The listing marks a major milestone for the state-owned automaker, founded in 1997, after several failed attempts to go public.</li></ul>

Chery Automobile Co. Ltd. made a strong debut on the Hong Kong Stock Exchange Thursday, raising HK$9.2 billion ($1.2 billion) in the city’s largest carmaker IPO of the year and seeing its shares soar as much as 11.2%.Shares closed at HK$31.90, up 3.7% from the IPO price of HK$30.80, giving the company a market capitalization of HK$184 billion — placing it nearly on par with rival Geely Automobile Holdings Ltd.The listing marks a major milestone for the state-owned automaker, founded in 1997, after several failed attempts to go public.

Chery Automobile Raises $1.2 Billion in Hong Kong’s Biggest Carmaker IPO of 2025 

<ul>
<li>Corruption / In Depth: Court sounds alarm about corruption in big tech.</li>
<li>It revealed that in the four years through 2024 the court handled 127 criminal cases involving corruption in the industry.</li>
<li>The district hosts many internet companies’ offices, both headquarters and local branches.</li>
</ul>


Corruption / In Depth: Court sounds alarm about corruption in big tech.
It revealed that in the four years through 2024 the court handled 127 criminal cases involving corruption in the industry.
The district hosts many internet companies’ offices, both headquarters and local branches.


CX Daily: Court Sounds Alarm About Corruption in Big Tech 

Hong Kong

Geely Automobile Holdings Limited operates as a passenger vehicles manufacturing company. The Company provides passenger vehicles development, manufacturing, sales, and other services. Geely Automobile Holdings also exports passenger vehicles.

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Geely Auto (175 HK)

China Auto Sector – Mixed picture ahead as inventory risk lingers

China’s passenger-vehicle (PV) retail sales volume fell 1% YoY in first four months of 2023, 2% higher than our forecast made in Dec 2022.

CMB International

CX Daily: Arctic Shippers Navigate Choppy Commercial Waters Despite Geopolitical Push

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CX Daily: Desperate for Smart Driving Tech, State Carmakers Turn to Huawei

TOP STORIES Autos / In Depth: Desperate for Smart Driving Tech, State Carmakers Turn to Huawei China’s state-owned automakers are deepening ties...

Caixin Global

Chery Automobile Raises $1.2 Billion in Hong Kong’s Biggest Carmaker IPO of 2025

Chery Automobile Co. Ltd. made a strong debut on the Hong Kong Stock Exchange Thursday, raising HK$9.2 billion ($1.2 billion) in the city’s...

Caixin Global

CX Daily: Court Sounds Alarm About Corruption in Big Tech

Corruption / In Depth: Court sounds alarm about corruption in big tech “Staff at internet firms can be as greedy as disgraced...

Caixin Global

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