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.

Equity Bottom-Up

<ul><li>For 4Q25E, we anticipate JD.com (JD) to post total revenue of RMB349.2bn, up 0.6% YoY, largely in line with Bloomberg consensus, and to report non-GAAP net profit of RMB484mn, down 96% YoY, due to: 1) YoY incremental investment in food delivery (FD) business; 2) additional user subsidies for the e-commerce business to stimulate consumption amid macro headwinds, on a high base of national subsidies in 4Q24.</li><li>We are anticipating a 25% YoY decline in OP for JD Retail (JDR) to RMB7.6bn in 4Q25E, owing to incremental user subsidies.</li><li>We have baked in OP loss of RMB14.5bn for new businesses segment in 4Q25E, (3Q25: loss of RMB15.7bn), among which we are looking for a narrowed QoQ loss from FD business to RMB10.4bn, aided by improvement in unit economics driven by optimization in user subsidies and improvement in operating efficiency, while partially offset by sequentially higher investment in other new businesses such as Jingxi and international business.</li></ul>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.

For 4Q25E, we anticipate JD.com (JD) to post total revenue of RMB349.2bn, up 0.6% YoY, largely in line with Bloomberg consensus, and to report non-GAAP net profit of RMB484mn, down 96% YoY, due to: 1) YoY incremental investment in food delivery (FD) business; 2) additional user subsidies for the e-commerce business to stimulate consumption amid macro headwinds, on a high base of national subsidies in 4Q24.We are anticipating a 25% YoY decline in OP for JD Retail (JDR) to RMB7.6bn in 4Q25E, owing to incremental user subsidies.We have baked in OP loss of RMB14.5bn for new businesses segment in 4Q25E, (3Q25: loss of RMB15.7bn), among which we are looking for a narrowed QoQ loss from FD business to RMB10.4bn, aided by improvement in unit economics driven by optimization in user subsidies and improvement in operating efficiency, while partially offset by sequentially higher investment in other new businesses such as Jingxi and international business.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.

JD.com (JD US) - Facing High Base, but Remaining Committed to Shareholder Return

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

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.

Equity Capital Markets

Suzhou Dongshan Precision A / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/suzhou-dongshan-precision-a" target="_blank" data-smartkarma-citation="entities:8796:1" rel="noopener">Suzhou Dongshan Precision A (002384 CH,</a> SDPM), a global PCB and other component provider, aims to raise around US$1bn in its H-share listing.</li>
<li>SDPM was the largest PCB supplier for edge AI devices, the second-largest FPC supplier and a top three PCB supplier globally by revenue in 2024, according to CIC.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



Suzhou Dongshan Precision A (002384 CH, SDPM), a global PCB and other component provider, aims to raise around US$1bn in its H-share listing.
SDPM was the largest PCB supplier for edge AI devices, the second-largest FPC supplier and a top three PCB supplier globally by revenue in 2024, according to CIC.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


Aequitas: Suzhou Dongshan Precision Manuf A/H IPO - Stock Running on AI, Despite Lacklustre Past

Biren Technology / Equity Capital Markets

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, <a href="https://www.smartkarma.com/entities/jio-platforms-ltd" target="_blank" data-smartkarma-citation="entities:50269:1" rel="noopener">Jio Platforms</a> is set to launch its US$3bn+ offering this week, while some listings continue to trickle through in Hong Kong. </li>
<li>On the placement front, the HK flows picked up post the holidays and we had a look at a few of the upcoming lockup expiries.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, Jio Platforms is set to launch its US$3bn+ offering this week, while some listings continue to trickle through in Hong Kong. 
On the placement front, the HK flows picked up post the holidays and we had a look at a few of the upcoming lockup expiries.


Aequitas ECM Weekly (12 October 2026)-Wuxi Bio, CIG, CKD, Infroneer, JIO, ESWIN, Tinci, Transsion

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>JD.com's third-quarter 2025 earnings indicate a blend of moderate growth and inherent challenges.</li><li>The company reported a 15% year-on-year increase in total revenues, maintaining a double-digit growth pattern.</li><li>This uptick was driven by gains in general merchandise and marketplace and marketing revenues.</li></ul>

JD.com's third-quarter 2025 earnings indicate a blend of moderate growth and inherent challenges.The company reported a 15% year-on-year increase in total revenues, maintaining a double-digit growth pattern.This uptick was driven by gains in general merchandise and marketplace and marketing revenues.

JD.com: A Robust Competitive Positioning Anchored in Proprietary Logistics and Ecosystem Expansion!

Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Derivatives

<ul>
<li>
Context: Over the past few trading days, <a href="https://www.smartkarma.com/entities/jd-com-inc" target="_blank" data-smartkarma-citation="entities:29043:1" rel="noopener">JD.com (9618 HK)</a> multi-leg option strategies showcased a variety of approaches. Strategy highlights are provided.</li>
<li>
Highlights: Strategies tend to have a short-term horizon, with approximately 40% of all strategies employing weekly options. Bearish views dominate with almost 70% of strategies being put spreads.</li>
<li>
Why read: This Insight breaks down complex option strategies and sheds light on market sentiment and positioning. Detailed examples provide actionable insights that could inspire similar strategies,</li>
</ul>



Context: Over the past few trading days, JD.com (9618 HK) multi-leg option strategies showcased a variety of approaches. Strategy highlights are provided.

Highlights: Strategies tend to have a short-term horizon, with approximately 40% of all strategies employing weekly options. Bearish views dominate with almost 70% of strategies being put spreads.

Why read: This Insight breaks down complex option strategies and sheds light on market sentiment and positioning. Detailed examples provide actionable insights that could inspire similar strategies,


JD.com (9618 HK / JD US): Top Option Trades Reveal Strong Bearish Sentiment

China

JD.com Inc is an online direct sales company in China.  The Company offers a wide selection of products through its website and mobile applications.  JD.com sells appliances, computers, digital products, communication products, garments, books, and household items to consumers and vendors.

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JD.com (ADR) (JD US)

JD.com (JD US) - Facing High Base, but Remaining Committed to Shareholder Return

For 4Q25E, we anticipate JD.com (JD) to post total revenue of RMB349.2bn, up 0.6% YoY, largely in line with Bloomberg consensus, and to report non...

CMB International

Aequitas: Suzhou Dongshan Precision Manuf A/H IPO - Stock Running on AI, Despite Lacklustre Past

Suzhou Dongshan Precision A (002384 CH, SDPM), a global PCB and other component provider, is now said to be looking to raise up to US$3bn. We will...

Sumeet Singh

Aequitas ECM Weekly (12 October 2026)-Wuxi Bio, CIG, CKD, Infroneer, JIO, ESWIN, Tinci, Transsion

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

JD.com: A Robust Competitive Positioning Anchored in Proprietary Logistics and Ecosystem Expansion!

JD.com's third-quarter 2025 earnings indicate a blend of moderate growth and inherent challenges. The company reported a 15% year-on-year increase...

Baptista Research

JD.com (9618 HK / JD US): Top Option Trades Reveal Strong Bearish Sentiment

JD.com (9618 HK) option strategies mostly bearish with put spreads and short-term focus. Trade inspiration through breakdown of complex strategies...

Gaudenz Schneider

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52-week Range

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JD.com (JD US) - Facing High Base, but Remaining Committed to Shareholder Return

For 4Q25E, we anticipate JD.com (JD) to post total revenue of RMB349.2bn, up 0.6% YoY, largely in line with Bloomberg consensus, and to report non...

CMB International

Aequitas: Suzhou Dongshan Precision Manuf A/H IPO - Stock Running on AI, Despite Lacklustre Past

Suzhou Dongshan Precision A (002384 CH, SDPM), a global PCB and other component provider, is now said to be looking to raise up to US$3bn. We will...

Sumeet Singh

Aequitas ECM Weekly (12 October 2026)-Wuxi Bio, CIG, CKD, Infroneer, JIO, ESWIN, Tinci, Transsion

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

JD.com: A Robust Competitive Positioning Anchored in Proprietary Logistics and Ecosystem Expansion!

JD.com's third-quarter 2025 earnings indicate a blend of moderate growth and inherent challenges. The company reported a 15% year-on-year increase...

Baptista Research

JD.com (9618 HK / JD US): Top Option Trades Reveal Strong Bearish Sentiment

​JD.com (9618 HK) option strategies mostly bearish with put spreads and short-term focus. Trade inspiration through breakdown of complex strategies...

Gaudenz Schneider

JD.com (9618 HK) option strategies mostly bearish with put spreads and short-term focus. Trade inspiration through breakdown of complex strategies...