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>Media reported that Huawei may launch self-developed ERP (MetaERP) in Apr.</li><li>This is negative to the China ERP market as competition heats up but the impacts to Yonyou and Inspur will be larger than Kingdee as the formers are more largeenterprises/ SOEs focused.</li><li>Also, Huawei has to consider the potential implications to its Cloud business as Kingdee/ Yonyou/ Inspur may scale down their cloud resources usage with Huawei Cloud given direct competition in ERP.</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.

Media reported that Huawei may launch self-developed ERP (MetaERP) in Apr.This is negative to the China ERP market as competition heats up but the impacts to Yonyou and Inspur will be larger than Kingdee as the formers are more largeenterprises/ SOEs focused.Also, Huawei has to consider the potential implications to its Cloud business as Kingdee/ Yonyou/ Inspur may scale down their cloud resources usage with Huawei Cloud given direct competition in ERP.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 Software & IT Services – Implications of Huawei MetaERP

Equity Bottom-Up

Chinasoft International / Equity Bottom-Up

<ul>
<li>According to WSJ, the Biden’s administration is reviewing Huawei export license policy.</li>
<li>The US may not grant new licenses to US companies (e.g. Qualcomm, Intel) for sales to Huawei over national security concerns.</li>
<li>The new action would extend the covered products from 5G technology to even older 4G products. </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.


According to WSJ, the Biden’s administration is reviewing Huawei export license policy.
The US may not grant new licenses to US companies (e.g. Qualcomm, Intel) for sales to Huawei over national security concerns.
The new action would extend the covered products from 5G technology to even older 4G products. 

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.

Chinasoft (354 HK) – US is reviewing Huawei export license policy

<ul><li>We recently talked to some software and IT services companies regarding FY23E business outlook.</li><li>While most companies are encouraged by China reopening and lifting of COVID restrictions, the pace of business recovery is likely to be slow.</li><li>We suggest investors to focus on the localization theme. Horizontal SaaS and IT services companies with government/ telecom/ financial customer exposure are likely to benefit.</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.

We recently talked to some software and IT services companies regarding FY23E business outlook.While most companies are encouraged by China reopening and lifting of COVID restrictions, the pace of business recovery is likely to be slow.We suggest investors to focus on the localization theme. Horizontal SaaS and IT services companies with government/ telecom/ financial customer exposure are likely to benefit.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 Software & IT Services – Year of rabbit: still about localization

<ul><li>Chinasoft hosted an investor call on 11 Jan to discuss the latest updates regarding KaihongOS development.</li><li>We believe the key takeaways is that Chinasoft is benefiting from the localization trend in a broader sense, from KaihongOS, Kunpeng (ARM) cloud migration, ERP application software and IoT products.</li><li>After a year of workforce restructuring, we expect Chinasoft revenue growth to accelerate in FY23E as enterprise digitalization and IT spending will pick up with loosened COVID restrictions in China. </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.

Chinasoft hosted an investor call on 11 Jan to discuss the latest updates regarding KaihongOS development.We believe the key takeaways is that Chinasoft is benefiting from the localization trend in a broader sense, from KaihongOS, Kunpeng (ARM) cloud migration, ERP application software and IoT products.After a year of workforce restructuring, we expect Chinasoft revenue growth to accelerate in FY23E as enterprise digitalization and IT spending will pick up with loosened COVID restrictions in China. 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.

Chinasoft (354 HK) – Benefiting from localization trend with KaihongOS

<ul><li>China IaaS + PaaS market grew 30.7% YoY in 1H22, according to IDC data.</li><li>However, this may have slowed to 10-20% YoY in 3Q22, reflected by China Telecom/ China Mobile sluggish cloud revenue growth. </li><li>China cloud spending in 2023E could remain conservative with structural changes</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 IaaS + PaaS market grew 30.7% YoY in 1H22, according to IDC data.However, this may have slowed to 10-20% YoY in 3Q22, reflected by China Telecom/ China Mobile sluggish cloud revenue growth. China cloud spending in 2023E could remain conservative with structural changesContent 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 Software & IT Services – China IaaS + PaaS growth slowed further in 3Q22

China

Chinasoft International Limited develops and provides solutions in China to government authorities and its IT (Information Technology) service providers. The Company also provides IT consulting and training services, IT outsourcing services and standalone software products.

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Chinasoft International (354 HK)

China Software & IT Services – Implications of Huawei MetaERP

This is negative to the China ERP market as competition heats up but the impacts to Yonyou and Inspur will be larger than Kingdee as the formers...

CMB International

Chinasoft (354 HK) – US is reviewing Huawei export license policy

The US may not grant new licenses to US companies (e.g. Qualcomm, Intel) for sales to Huawei over national security concerns.

CMB International

China Software & IT Services – Year of rabbit: still about localization

While most companies are encouraged by China reopening and lifting of COVID restrictions, the pace of business recovery is likely to be slow.

CMB International

Chinasoft (354 HK) – Benefiting from localization trend with KaihongOS

We believe the key takeaways is that Chinasoft is benefiting from the localization trend in a broader sense, from KaihongOS, Kunpeng (ARM) cloud...

CMB International

China Software & IT Services – China IaaS + PaaS growth slowed further in 3Q22

China IaaS + PaaS market grew 30.7% YoY in 1H22, according to IDC data. However, this may have slowed to 10-20% YoY in 3Q22, reflected by China...

CMB International

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