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)

<div><div><div><div><ul><li>Consumption sentiment and offline activities’ recovery pace continued to weigh on internet sector’s 3Q financials performance.</li><li>Looking into 4Q and 2023, business model robustness, operating leverage improvement, and ability to expand into new revenue streams will be the key stock alpha drivers, while the heavily under-owned China Internet sector will remain sensitive to policies and other sentiment related beta drivers.</li><li>We expect leading technology companies will play vital role in building digital infrastructure and empowering enterprise digital transformation. </li></ul></div></div></div></div><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>

Consumption sentiment and offline activities’ recovery pace continued to weigh on internet sector’s 3Q financials performance.Looking into 4Q and 2023, business model robustness, operating leverage improvement, and ability to expand into new revenue streams will be the key stock alpha drivers, while the heavily under-owned China Internet sector will remain sensitive to policies and other sentiment related beta drivers.We expect leading technology companies will play vital role in building digital infrastructure and empowering enterprise digital transformation. 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 – 3Q22 preview: near term bumpy recovery

Equity Bottom-Up

<div><div><div><div><ul><li>Initiate at BUY. Cloud Music is the second largest online music platform in China in terms of both revenue and MAU, taking 19% market share of China’s online music revenue per iResearch and our estimate in 2021.</li><li>Compared to the market leader TME, Cloud Music remains at early stage of monetization, with ample room for revenue growth and margin improvement.</li><li>We expect Cloud Music to benefit from the secular trend of rising paying ratio, growing ARPPU and rationalizing music licensing costs in the China online music sector.</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></div></div></div></div>

Initiate at BUY. Cloud Music is the second largest online music platform in China in terms of both revenue and MAU, taking 19% market share of China’s online music revenue per iResearch and our estimate in 2021.Compared to the market leader TME, Cloud Music remains at early stage of monetization, with ample room for revenue growth and margin improvement.We expect Cloud Music to benefit from the secular trend of rising paying ratio, growing ARPPU and rationalizing music licensing costs in the China online music sector.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.

Cloud Music (9899 HK) – Monetization and margin improvement on the horizon

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><p>In Depth: Will wind go out of SPACs’ sails in Singapore and Hong Kong?</p></li><li><p>China’s cabinet vows stronger policy to boost jobs amid Covid upsurge</p></li><li><p>Yuan losses have room to run as Covid puts economy under siege</p></li></ul>

In Depth: Will wind go out of SPACs’ sails in Singapore and Hong Kong?China’s cabinet vows stronger policy to boost jobs amid Covid upsurgeYuan losses have room to run as Covid puts economy under siege

CX Daily: Will Wind Go Out of SPACs’ Sails in Singapore and Hong Kong?

<ul>
<li>Chinese technology, media and telecommunications companies increasingly turned to raising capital on domestic stock markets in the second half of 2021 amid headwinds on selling shares abroad</li>
<li>Initial public offerings (IPOs) in Hong Kong and overseas by the sector, known as TMT companies, declined to 25% of total financing in the second half from 82% in the first</li>
<li>
<p>Meanwhile, 89% of the 74 second-half share flotations by mainland TMT companies took place on China’s markets</p>
<p></p>
</li>
</ul>


Chinese technology, media and telecommunications companies increasingly turned to raising capital on domestic stock markets in the second half of 2021 amid headwinds on selling shares abroad
Initial public offerings (IPOs) in Hong Kong and overseas by the sector, known as TMT companies, declined to 25% of total financing in the second half from 82% in the first

Meanwhile, 89% of the 74 second-half share flotations by mainland TMT companies took place on China’s markets




China’s Tech, Media and Telecom Companies Flock to Domestic Markets

China

CLOUD VILLAGE INC operates as a music company. The Company develops a leading online music paltform which provides community centric online music services, social entertainment services, and other services. Cloud Village provides its services throughout China.

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Cloud Village (9899 HK)

China Internet Sector – 3Q22 preview: near term bumpy recovery

We expect leading technology companies will play vital role in building digital infrastructure and empowering enterprise digital transformation.

CMB International

Cloud Music (9899 HK) – Monetization and margin improvement on the horizon

Compared to the market leader TME, Cloud Music remains at early stage of monetization, with ample room for revenue growth and margin improvement.

CMB International

CX Daily: Will Wind Go Out of SPACs’ Sails in Singapore and Hong Kong?

In Depth: Will wind go out of SPACs’ sails in Singapore and Hong Kong? China’s cabinet vows stronger policy to boost jobs amid Covid upsurge

Caixin Global

China’s Tech, Media and Telecom Companies Flock to Domestic Markets

Chinese technology, media and telecommunications companies increasingly turned to raising capital on domestic stock markets in the second half of...

Caixin Global

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52-week Range

Market Cap (USDm)

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