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 online game market revenue declined by 15% YoY but increased by 16% QoQ to RMB67.5bn in 1Q23, according to CNG.</li><li>We saw an early recovering sign in March 2023, with monthly game market revenue down by only 3% YoY (versus -23%/17% YoY in Feb/Jan), thanks to more quality game launches.</li><li>Looking ahead, we are positive that online game market revenue will recover to positive YoY growth in 2Q23E, supported by the normalisation of game license approval and the launch of highly-anticipated titles like Tencent’s Metal Slug: Awakening and miHoYo’s Honkai: Star Rail. </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 online game market revenue declined by 15% YoY but increased by 16% QoQ to RMB67.5bn in 1Q23, according to CNG.We saw an early recovering sign in March 2023, with monthly game market revenue down by only 3% YoY (versus -23%/17% YoY in Feb/Jan), thanks to more quality game launches.Looking ahead, we are positive that online game market revenue will recover to positive YoY growth in 2Q23E, supported by the normalisation of game license approval and the launch of highly-anticipated titles like Tencent’s Metal Slug: Awakening and miHoYo’s Honkai: Star Rail. 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 Internet – 1Q23 online game market recap

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Apr 21st.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short changes in Galaxy Ent, Baba, East Buy, Anta Sports, Zijin Mining, Li Auto.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Apr 21st.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short changes in Galaxy Ent, Baba, East Buy, Anta Sports, Zijin Mining, Li Auto.


HK Short Interest Weekly: Galaxy Ent, Baba, East Buy, Anta Sports, Zijin Mining, Li Auto

China/Asia TMT

Shawn Yang

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

<ul>
<li>We see the future, post decoupling world to have two operating systems, one surrounding US and the other surrounding China.</li>
<li>Both US and China will develop respective partners to complete their ecosystems. We will soon have a world running on two sets of standards</li>
<li>While the western world dominates the old order and the new frontiers, China is leading in the new order of energy, drug and manufacturing.</li>
</ul>


We see the future, post decoupling world to have two operating systems, one surrounding US and the other surrounding China.
Both US and China will develop respective partners to complete their ecosystems. We will soon have a world running on two sets of standards
While the western world dominates the old order and the new frontiers, China is leading in the new order of energy, drug and manufacturing.


[Blue Lotus Sector Update]: All Will Have a Bright Future

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Apr 14th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short changes in Li Auto, Wuxi Bio, Baba, Tencent, Sensetime.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Apr 14th.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short changes in Li Auto, Wuxi Bio, Baba, Tencent, Sensetime.


HK Short Interest Weekly: Li Auto, Wuxi Bio, Baba, Tencent, Sensetime

Equity Bottom-Up

<ul>
<li>China just announced game approval for April batch. The number of games approved is in-line with the pace of approval in recent month.</li>
<li>Pace of China game approval stays flattish, at a much slower pace than pre-tightening.</li>
<li>Both Tencent and Netease received approval for none. Tencent is behind its peers since the approval resumed.</li>
</ul>


China just announced game approval for April batch. The number of games approved is in-line with the pace of approval in recent month.
Pace of China game approval stays flattish, at a much slower pace than pre-tightening.
Both Tencent and Netease received approval for none. Tencent is behind its peers since the approval resumed.


China

NetEase, Inc. is an Internet technology company that develops applications, services and other Internet technologies in China. The Company's core businesses consist of email service, web portal and online entertainment, including online gaming services. NetEase also offers online advertising, search, mobile applications and e-commerce.

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NetEase Inc (NTES US)

China Internet – 1Q23 online game market recap

We saw an early recovering sign in March 2023, with monthly game market revenue down by only 3% YoY (versus -23%/17% YoY in Feb/Jan), thanks to...

CMB International

HK Short Interest Weekly: Galaxy Ent, Baba, East Buy, Anta Sports, Zijin Mining, Li Auto

We analyzed the latest HK SFC report for aggregate short position as of Apr 21st and highlight short interest changes in Galaxy Ent, Baba, East...

Ke Yan, CFA, FRM

[Blue Lotus Sector Update]: All Will Have a Bright Future

We see the future, post decoupling world to have two operating systems, one surrounding US and the other surrounding China.

Blue Lotus Research Institute

HK Short Interest Weekly: Li Auto, Wuxi Bio, Baba, Tencent, Sensetime

We analyzed the latest HK SFC report for aggregate short position as of Apr 14th and highlight short interest changes in Li Auto, Wuxi Bio, Baba,...

Ke Yan, CFA, FRM

Tencent/Netease: Zeroed in April

We analyzed the game approval announced last night for Chinese players. Both Tencent and Netease received approval for none.

Ke Yan, CFA, FRM

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