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>We summarize the Jul 2025 price discounts at dealers for major automakers in this report.</li><li>Note that Jul discounts for each automaker are calculated based on the weighted average of Jun 2025 retail sales volume for each model, as Jul 2025 retail sales volume data have not been released yet.</li><li>The industrywide average discounts narrowed 0.3ppts MoM to 15.1% in Jul 2025, based on our calculations, mainly driven by German luxury brands (BMW, Mercedes-Benz and Audi), as dealers need to raise car prices to offset lower commissions from the auto finance business after banks cut rebates to dealers. </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 summarize the Jul 2025 price discounts at dealers for major automakers in this report.Note that Jul discounts for each automaker are calculated based on the weighted average of Jun 2025 retail sales volume for each model, as Jul 2025 retail sales volume data have not been released yet.The industrywide average discounts narrowed 0.3ppts MoM to 15.1% in Jul 2025, based on our calculations, mainly driven by German luxury brands (BMW, Mercedes-Benz and Audi), as dealers need to raise car prices to offset lower commissions from the auto finance business after banks cut rebates to dealers. 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.

Auto - Jul discounts narrowed amid new models, auto finance policy changes

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.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/chery-automobile-co-ltd-3fd31c4e-aba6-43af-bdf8-c5a7af8cf9b2" target="_blank" data-smartkarma-citation="entities:44473:1" rel="noopener">Chery Automobile</a> raised around US$1.2bn in its Hong Kong IPO. The lockup on its pre-IPO investors is set to expire soon.</li>
<li>Chery Auto is a Chinese passenger vehicle company which designs, develops, manufactures and sells passenger vehicles, including internal combustion engine vehicles and new energy vehicles, both domestically and overseas.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Chery Automobile raised around US$1.2bn in its Hong Kong IPO. The lockup on its pre-IPO investors is set to expire soon.
Chery Auto is a Chinese passenger vehicle company which designs, develops, manufactures and sells passenger vehicles, including internal combustion engine vehicles and new energy vehicles, both domestically and overseas.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: Chery Auto IPO Lockup - US$8bn Pre-IPO Release

<ul><li>Fourteen Chinese NEV makers/brands including BYD, Great Wall, NIO, Xpeng, Li Auto, Leapmotor, Xiaomi, HIMA, Galaxy, Zeekr, Aion, Voyah, Deepal and Avatr reported their Jun 2025 sales volumes on 1 Jul 2025.</li><li>Total NEV sales volume combined rose 27% YoY (ranging from -24% to +224%) and remained flat MoM (ranging from -20% to +19%) last month.</li><li>Li Auto missed, Xpeng and NIO in line. Li Auto’s Jun deliveries fell 11% MoM to about 36,000 units, driving its 2Q25 sales volume up by 20% QoQ to about 111,000 units, but still missing our previous forecast by about 13,000 units.</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.

Fourteen Chinese NEV makers/brands including BYD, Great Wall, NIO, Xpeng, Li Auto, Leapmotor, Xiaomi, HIMA, Galaxy, Zeekr, Aion, Voyah, Deepal and Avatr reported their Jun 2025 sales volumes on 1 Jul 2025.Total NEV sales volume combined rose 27% YoY (ranging from -24% to +224%) and remained flat MoM (ranging from -20% to +19%) last month.Li Auto missed, Xpeng and NIO in line. Li Auto’s Jun deliveries fell 11% MoM to about 36,000 units, driving its 2Q25 sales volume up by 20% QoQ to about 111,000 units, but still missing our previous forecast by about 13,000 units.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.

Auto - New models to drive NEV sales in 3Q after a solid Jun

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of September 18th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for Knowledge Atlas, AIA, Innovent Bio, Beone Medicines, Zj Innolight, Hua Hong Semi, Cspc Pharma, Smic, Yofc, Akeso.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of September 18th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Knowledge Atlas, AIA, Innovent Bio, Beone Medicines, Zj Innolight, Hua Hong Semi, Cspc Pharma, Smic, Yofc, Akeso.


HK Connect Flows Weekly (Sep 18th): Knowledge Atlas, AIA, Innovent Bio, Beone Medicines, Cspc Pharma

<ul><li>We summarize the May 2025 price discounts at dealers for major automakers in this report.</li><li>Note that May discounts for each automaker are calculated based on the weighted average of Apr 2025 retail sales volume for each model, as May 2025 retail sales volume data have not been released yet.</li><li>The industrywide average discounts rose 0.7ppts MoM to about 15% in May 2025, based on our calculations, mainly driven by German brands (VW, Mercedes-Benz and BMW, etc.). </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 summarize the May 2025 price discounts at dealers for major automakers in this report.Note that May discounts for each automaker are calculated based on the weighted average of Apr 2025 retail sales volume for each model, as May 2025 retail sales volume data have not been released yet.The industrywide average discounts rose 0.7ppts MoM to about 15% in May 2025, based on our calculations, mainly driven by German brands (VW, Mercedes-Benz and BMW, etc.). 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.

Auto - New Models to Stabilize Chinese OEMs’ Discounts

China

Great Wall Motor is a Chinese automobile manufacturer specializing in the design, development, production, and sale of a diverse range of vehicles, including SUVs, pickup trucks, sedans, and new energy vehicles under various brands. The company also produces automotive parts and components. It was founded in 1984 and is headquartered in Baoding, Hebei, China.

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Great Wall Motor (2333 HK)

Auto - Jul discounts narrowed amid new models, auto finance policy changes

We believe Geely and Leapmotor could be better positioned than most of its peers with a strong new model pipeline and sales momentum, as well as...

CMB International

Aequitas: Chery Auto IPO Lockup - US$8bn Pre-IPO Release

Chery Automobile raised around US$1.2bn in its Hong Kong IPO. The lockup on its pre-IPO investors is set to expire soon.

Sumeet Singh

Auto - New models to drive NEV sales in 3Q after a solid Jun

Total NEV sales volume combined rose 27% YoY (ranging from -24% to +224%) and remained flat MoM (ranging from -20% to +19%) last month.

CMB International

HK Connect Flows Weekly (Sep 18th): Knowledge Atlas, AIA, Innovent Bio, Beone Medicines, Cspc Pharma

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Knowledge Atlas (2513 HK), AIA (1299 HK), Innovent Bio...

Ke Yan, CFA, FRM

Auto - New Models to Stabilize Chinese OEMs’ Discounts

The industrywide average discounts rose 0.7ppts MoM to about 15% in May 2025, based on our calculations, mainly driven by German brands (VW,...

CMB International

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