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 online advertising market revenue declined by 6.4% YoY to RMB508.8bn in 2022 as per IMZ, the first YoY revenue drop in the past 7 years, but compared to offline advertising this performance is relatively more resilient.</li><li>On a QoQ basis, the online advertising market has been showing recovery signs since 3Q22.</li><li>Online ad market revenue returned to positive 6.5% YoY growth in November 2022. Given the pace of economic recovery, we expect online ads sector should deliver strong rebound from 2Q23E onwards. </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.

China online advertising market revenue declined by 6.4% YoY to RMB508.8bn in 2022 as per IMZ, the first YoY revenue drop in the past 7 years, but compared to offline advertising this performance is relatively more resilient.On a QoQ basis, the online advertising market has been showing recovery signs since 3Q22.Online ad market revenue returned to positive 6.5% YoY growth in November 2022. Given the pace of economic recovery, we expect online ads sector should deliver strong rebound from 2Q23E onwards. 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 – China Online Advertising: Onset for Gradual Recovery in 2023E

<ul><li>In our last report dated 17 October, we highlighted a list of 21 long ideas.</li><li>The basket (equal weighted) of these 21 stocks underperformed MSCI China index by 5.4ppt, delivering 0.2% return (vs MSCI China 5.6%).</li><li>China Meidong Auto and Innovent Biologics delivered over 20% of return, and 4 of our 21 long ideas outperformed the benchmark.</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.

In our last report dated 17 October, we highlighted a list of 21 long ideas.The basket (equal weighted) of these 21 stocks underperformed MSCI China index by 5.4ppt, delivering 0.2% return (vs MSCI China 5.6%).China Meidong Auto and Innovent Biologics delivered over 20% of return, and 4 of our 21 long ideas outperformed the benchmark.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.

CMBI Research Focus List (November Edition) – Our best high conviction stock ideas

<ul><li>2022 “11.11” saw mild GMV recovery, with emphasis on “quality growth”, “agricultural incentives”, “domestics promotion”, “opening up” and “user experience”.</li><li>Total GMV recorded RMB1,151bn, +13% YoY, based on Syntun data.</li><li>Short videos share gain continued, up to 16% mkt share from 7% in 2021 (livestreaming ecommerce GMV+146% YoY, vs. comprehensive platforms +2.9%).</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.

2022 “11.11” saw mild GMV recovery, with emphasis on “quality growth”, “agricultural incentives”, “domestics promotion”, “opening up” and “user experience”.Total GMV recorded RMB1,151bn, +13% YoY, based on Syntun data.Short videos share gain continued, up to 16% mkt share from 7% in 2021 (livestreaming ecommerce GMV+146% YoY, vs. comprehensive platforms +2.9%).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 Sector – 2022 "11.11": Moderate recovery with quality growth

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

<ul><li>In Depth: Abuse victims’ convictions for bigamy highlight hurdles to divorce in China</li><li>Huawei founder Ren declares a battle for survival</li><li>Singapore’s leader urges China, U.S. to avoid mishaps as regional tensions escalate</li></ul>

In Depth: Abuse victims’ convictions for bigamy highlight hurdles to divorce in ChinaHuawei founder Ren declares a battle for survivalSingapore’s leader urges China, U.S. to avoid mishaps as regional tensions escalate

CX Daily: Abuse Victims’ Convictions for Bigamy Highlight Hurdles to Divorce in China

<ul><li>In Depth: How China took another step forward on genetically modified farming</li><li>China aims to beat its own emission targets, envoy says</li><li>November looms large for U.S.-traded Chinese stocks facing delisting</li></ul>

In Depth: How China took another step forward on genetically modified farmingChina aims to beat its own emission targets, envoy saysNovember looms large for U.S.-traded Chinese stocks facing delisting

CX Daily: How China Took Another Step Forward on Genetically Modified Farming

China

Kuaishou Technology is a Chinese publicly traded company that operates a leading content community and social platform. It primarily offers short video sharing, live streaming, online marketing services, and e-commerce. The company was founded in March 2011 and is headquartered in Beijing, China.

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Kuaishou Technology (1024 HK)

China Internet – China Online Advertising: Onset for Gradual Recovery in 2023E

China online advertising market revenue declined by 6.4% YoY to RMB508.8bn in 2022 as per IMZ, the first YoY revenue drop in the past 7 years

CMB International

CMBI Research Focus List (November Edition) – Our best high conviction stock ideas

In our last report dated 17 October, we highlighted a list of 21 long ideas.The basket (equal weighted) of these 21 stocks underperformed MSCI...

CMB International

China Internet Sector – 2022 "11.11": Moderate recovery with quality growth

2022 “11.11” saw mild GMV recovery, with emphasis on “quality growth”, “agricultural incentives”, “domestics promotion”, “opening up” and “user...

CMB International

CX Daily: Abuse Victims’ Convictions for Bigamy Highlight Hurdles to Divorce in China

In Depth: Abuse victims’ convictions for bigamy highlight hurdles to divorce in China. Huawei founder Ren declares a battle for survival

Caixin Global

CX Daily: How China Took Another Step Forward on Genetically Modified Farming

In Depth: How China took another step forward on genetically modified farming. China aims to beat its own emission targets, envoy says

Caixin Global

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