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.

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<ul><li>We expect limited incremental financial impact from pandemic spread on JD.com (JD) 4Q22 financial results.</li><li>Pandemic prevention policy and “first-wave” impacts on fulfilment all happened in 4Q22, which tested JD logistics network’s robustness, but the positive driver on GMV is the frontloaded sales generated from the Spring Festival shopping festival, which was launched in end-Dec 2022 due to the early Spring Festival in 2023.</li><li>Although a strong consumption recovery will still take time, JD’s margin expansion remains on track, driven by stringent cost control and streamlining of loss-making new business. </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 expect limited incremental financial impact from pandemic spread on JD.com (JD) 4Q22 financial results.Pandemic prevention policy and “first-wave” impacts on fulfilment all happened in 4Q22, which tested JD logistics network’s robustness, but the positive driver on GMV is the frontloaded sales generated from the Spring Festival shopping festival, which was launched in end-Dec 2022 due to the early Spring Festival in 2023.Although a strong consumption recovery will still take time, JD’s margin expansion remains on track, driven by stringent cost control and streamlining of loss-making new business. 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.

JD.com (JD US) – Expecting limited additional financial impact from pandemic spread in 4Q22

Thematic (Sector/Industry)

<ul><li>NBS released (15 December) November online retail sales data.</li><li>YoY growth of online physical goods GMV slowed to 1.2% YoY amid soft consumption sentiment, but online retail sales penetration rate of physical goods reached 27.1% in 11M22 at a historical high, which we attribute to further constrained offline activities and further commerce adoption of new online format.</li><li>The high online penetration could sustain into December, in our view, as offline activities will remain constrained and continue to shift online.</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.

NBS released (15 December) November online retail sales data.YoY growth of online physical goods GMV slowed to 1.2% YoY amid soft consumption sentiment, but online retail sales penetration rate of physical goods reached 27.1% in 11M22 at a historical high, which we attribute to further constrained offline activities and further commerce adoption of new online format.The high online penetration could sustain into December, in our view, as offline activities will remain constrained and continue to shift online.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 – November Online Retail Sales Recap

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

Railway /: <a href="https://www.caixinglobal.com/2022-12-15/in-depth-how-china-helped-build-indonesias-high-speed-rail-101978504.html" target="_blank" rel="noopener">In Depth: How China helped build Indonesia’s high-speed rail</a>
Covid-19 /: China’s demand for Pfizer’s Paxlovid skyrockets, but supplies are limited
IPOs /Chart of the Day: Chinese bourses top IPO league tables

Railway /: In Depth: How China helped build Indonesia’s high-speed rail
Covid-19 /: China’s demand for Pfizer’s Paxlovid skyrockets, but supplies are limited
IPOs /Chart of the Day: Chinese bourses top IPO league tables

CX Daily: How China Helped Build Indonesia’s High-Speed Rail

<ul><li>China is revising a law to make illegal certain notorious practices by large internet platforms such as Alibaba, Tencent and JD.com.</li><li>The move is another regulatory response to big tech companies’ use of market dominance and advanced technology to undermine competition.</li><li>Notable changes in the latest revision are mostly related to the digital economy, adding violations and toughening penalties.</li></ul>

China is revising a law to make illegal certain notorious practices by large internet platforms such as Alibaba, Tencent and JD.com.The move is another regulatory response to big tech companies’ use of market dominance and advanced technology to undermine competition.Notable changes in the latest revision are mostly related to the digital economy, adding violations and toughening penalties.

China Proposes Tougher Restrictions on Unfair Digital Competition

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Data / In Depth: China’s struggle for data security. 
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Covid-19 / China fleshes out ‘optimized’ Covid-19 response.
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Pension / China’s personal pension system nears launch as insurers’ rules finalized.
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Data / In Depth: China’s struggle for data security. 


Covid-19 / China fleshes out ‘optimized’ Covid-19 response.


Pension / China’s personal pension system nears launch as insurers’ rules finalized.



CX Daily: China’s Struggle for Data Security

China

JD.com, Inc. is an online direct sales company in China. The Company offers a wide selection of products through its website and mobile applications. JD.com sells appliances, computers, digital products, communication products, garments, books, and household items to consumers and vendors.

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JD.com (9618 HK)

JD.com (JD US) – Expecting limited additional financial impact from pandemic spread in 4Q22

Although a strong consumption recovery will still take time, JD’s margin expansion remains on track, driven by stringent cost control and...

CMB International

China Internet – November Online Retail Sales Recap

The high online penetration could sustain into December, in our view, as offline activities will remain constrained and continue to shift online.

CMB International

CX Daily: How China Helped Build Indonesia’s High-Speed Rail

How China helped build Indonesia’s high-speed rail. China’s Demand for Pfizer’s Paxlovid Skyrockets, but Supplies Are Limited. Chinese bourses top...

Caixin Global

China Proposes Tougher Restrictions on Unfair Digital Competition

China is revising a law to make illegal certain notorious practices by large internet platforms such as Alibaba, Tencent and JD.com.

Caixin Global

CX Daily: China’s Struggle for Data Security

In Depth: China’s struggle for data security. China fleshes out ‘optimized’ Covid-19 response. China’s personal pension system nears launch as...

Caixin Global

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