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>CSCHCNs rebounded 13-25pts since the end of Oct’22, alongside the market rally.</li><li>We consider CSC one of the survivors of the sector in view of stateownership and SZ LGFV’s demonstrated willingness and ability to provide financial and other supports.</li><li>The equity injection at Xi’an China South City, in our view, is another financial support to be provided by SZCDG to CSC. </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>

CSCHCNs rebounded 13-25pts since the end of Oct’22, alongside the market rally.We consider CSC one of the survivors of the sector in view of stateownership and SZ LGFV’s demonstrated willingness and ability to provide financial and other supports.The equity injection at Xi’an China South City, in our view, is another financial support to be provided by SZCDG to CSC. 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 South City (CSC) Equity injection from SZ LGFV at Xi'an project

Bond market data and technology, BondEvalue

BondEvalue

Bond market data and technology

BondEvalue is a Singapore-based Fintech that specializes in bond market data and technology. The company's information services business offers bond market data on hard-currency corporate & sovereign bonds across Asia, Middle East, Europe and the Americas. The data, which includes bond prices, yields, news and analytics, is offered to end investors via interactive Mobile and Web Apps. Investors can sign up for a free trial of the service either via the company's website (https://bondevalue.com) or by downloading the BondEvalue Mobile App (http://onelink.to/wej7jq). BondEvalue is also developing an electronic bond exchange, BondbloX in Singapore that allows investors to trade bonds electronically in smaller sizes (US$1,000 or equivalent). For more information, visit https://www.bondblox.com/

Bond Market Data and Technology

Credit

Risk-on sentiment boosted markets with a sea of green as the S&amp;P closed up 2.4% and Nasdaq up 3%, their largest single-day gains since June 5. US 10Y Treasury yields eased slightly to ~1.44%. US ISM Manufacturing PMI came at 60.8 vs. expectations of 58.8, the fastest pace in three years. Some inflationary pressures were seen as the prices paid component in the PMI was at 86, the highest since July 2008. FTSE 100, DAX and CAC rallied over 1.6% and German Bund yields fell 9bp. US IG CDS spreads were 3.2bp tighter and HY was a strong 18bp tighter. EU main CDS spreads tightened 3bp and crossover spreads tightened a massive 18.5bp. Asian equity markets are up 0.5% and Asia ex-Japan CDS spreads are tighter by 1bp.

China South City, CBA Launch $ Bonds; Macro; Rating Changes; New Bond Issues; Talking Heads; Top ...

Hong Kong

China South City Holdings Ltd. owns and operates an integrated logistics and trade center of industrial materials in China. The trade center primarily features textile and clothing materials; leather and accessories; electronics accessories and products; metals;chemicals and plastic materials and products; and printing and packaging materials.

China South City (1668 HK)

China South City (CSC) Equity injection from SZ LGFV at Xi'an project

We consider CSC one of the survivors of the sector in view of stateownership and SZ LGFV’s demonstrated willingness and ability to provide...

CMB International

China South City, CBA Launch $ Bonds; Macro; Rating Changes; New Bond Issues; Talking Heads; Top ...

Risk-on sentiment boosted markets with a sea of green as the S&P closed up 2.4% and Nasdaq up 3%, their largest single-day gains since June 5....

BondEvalue