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

Kingdee International Software Group / Equity Bottom-Up

Kingdee International Software Group (268 HK)

<ul><li>Kingdee reported in-line 1H26 results. Revenue rose 13.6% YoY to RMB3.63bn (1H25: +11.2% YoY), in line with both our forecast and Bloomberg consensus.</li><li>Net profit attributable to ordinary shareholders was RMB54.5mn (1H25: loss of RMB97.7mn), within the RMB40mn-60mn range indicated in the profit alert dated 7 Jul.</li><li>Management highlighted strong momentum in its AI-native products in 1H26: 1) AI-native product revenue reached RMB296mn, up 189% YoY; and 2) contract value of AI-native products reached RMB605mn, up 159% YoY. </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.

Kingdee reported in-line 1H26 results. Revenue rose 13.6% YoY to RMB3.63bn (1H25: +11.2% YoY), in line with both our forecast and Bloomberg consensus.Net profit attributable to ordinary shareholders was RMB54.5mn (1H25: loss of RMB97.7mn), within the RMB40mn-60mn range indicated in the profit alert dated 7 Jul.Management highlighted strong momentum in its AI-native products in 1H26: 1) AI-native product revenue reached RMB296mn, up 189% YoY; and 2) contract value of AI-native products reached RMB605mn, up 159% YoY. 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.

Kingdee (268 HK) - AI-native revenue ramping up

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.

Equity Capital Markets

<ul>
<li>2025 has seen a sharp turnaround in HK placements, with 36 US$100m+ deals so far. This compares to only 14 in 2022, 13 in 2023, and 15 in 2024.</li>
<li>Most of the 2025 placements have been primary raising and have come from a handful of sectors/backdrops.</li>
<li>In this note, we try to identify the possible primary placements that could take place over the rest of the year.</li>
</ul>


2025 has seen a sharp turnaround in HK placements, with 36 US$100m+ deals so far. This compares to only 14 in 2022, 13 in 2023, and 15 in 2024.
Most of the 2025 placements have been primary raising and have come from a handful of sectors/backdrops.
In this note, we try to identify the possible primary placements that could take place over the rest of the year.


Hong Kong 2025 Placements - Year so Far and Trends for Potential Primary Placements

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<ul>
 <li>Kingdee is a leading Chinese Enterprise Resource Planning (ERP) and cloud SaaS provider, successfully transitioning its business model from on-premise software to a recurring subscription-based revenue stream.</li>
 <li>The company has demonstrated a strong growth trajectory, particularly in its cloud services segment, and returned to profitability in its most recent fiscal year (2025) after a period of strategic investment.</li>
 <li>A significant near-term risk is the company's expected deletion from a major technology-focused index in June 2026, which is anticipated to create substantial technical selling pressure and stock price volatility.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  Kingdee is a leading Chinese Enterprise Resource Planning (ERP) and cloud SaaS provider, successfully transitioning its business model from on-premise software to a recurring subscription-based revenue stream.
  The company has demonstrated a strong growth trajectory, particularly in its cloud services segment, and returned to profitability in its most recent fiscal year (2025) after a period of strategic investment.
  A significant near-term risk is the company's expected deletion from a major technology-focused index in June 2026, which is anticipated to create substantial technical selling pressure and stock price volatility.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Kingdee International Software Group (268 HK) - May 2026

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

Kingdee International Software Group / Index Rebalance

<ul>
<li>In this insight, we revisit our final expectations for ADDs/DELs and our latest capping flow estimates for the HSTECH index for the June 2026 rebal.</li>
<li>We continue to expect two index changes. We previously had US$2bn one-way flows but that has come down to US$1.4bn now.</li>
<li>The expected DELs are the highest-impact names with 8x–10x ADV to sell.</li>
</ul>


In this insight, we revisit our final expectations for ADDs/DELs and our latest capping flow estimates for the HSTECH index for the June 2026 rebal.
We continue to expect two index changes. We previously had US$2bn one-way flows but that has come down to US$1.4bn now.
The expected DELs are the highest-impact names with 8x–10x ADV to sell.


Quiddity Leaderboard HSTECH Jun26: High-Impact Deletions Likely; ~US$1.4bn One-Way

<ul>
<li>The HSTECH index tracks the performance of the top 30 technology companies listed in Hong Kong that have high business exposure to certain technology themes.</li>
<li>In this insight, we have presented our estimations for final ranks for potential ADDs/DELs for the June 2026 index rebal event.</li>
<li>We expect two index changes and we currently estimate there to be around US$2bn in one-way index flows. Our flow expectations can change until the capping date in early-June.</li>
</ul>


The HSTECH index tracks the performance of the top 30 technology companies listed in Hong Kong that have high business exposure to certain technology themes.
In this insight, we have presented our estimations for final ranks for potential ADDs/DELs for the June 2026 index rebal event.
We expect two index changes and we currently estimate there to be around US$2bn in one-way index flows. Our flow expectations can change until the capping date in early-June.


Quiddity Leaderboard HSTECH Jun26: Final Ranks for ADDs/DELs; ~US$2bn One-Way Flows

China

Kingdee International Software Group is a leading provider of cloud-based enterprise management SaaS solutions and enterprise resource planning (ERP) software. The company offers solutions for financial management, human resources, supply chain, and manufacturing, often powered by AI. It was established in 1993 and is headquartered in Shenzhen, China.

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Kingdee International Software Group (268 HK)

Kingdee (268 HK) - AI-native revenue ramping up

Kingdee reported in-line 1H26 results. Revenue rose 13.6% YoY to RMB3.63bn (1H25: +11.2% YoY), in line with both our forecast and Bloomberg consensus.

CMB International

Hong Kong 2025 Placements - Year so Far and Trends for Potential Primary Placements

1H25 saw a sharp turnaround in HK placements, with 36 US$100m+ deals so far. This compares to only 14 in 2022, 13 in 2023, and 15 in 2024. In this...

Sumeet Singh

Primer: Kingdee International Software Group (268 HK) - May 2026

Kingdee is a leading Chinese Enterprise Resource Planning (ERP) and cloud SaaS provider, successfully transitioning its business model from...

αSK Primers

Quiddity Leaderboard HSTECH Jun26: High-Impact Deletions Likely; ~US$1.4bn One-Way

We expect the ADDs/DELs and indicative weights for HSTECH to be publicly confirmed after market close on 22nd May 2026. The DELs could have very...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard HSTECH Jun26: Final Ranks for ADDs/DELs; ~US$2bn One-Way Flows

The highest impacts are for expected DELs Kingsoft Corp (3888 HK) and Kingdee International Software (268 HK) which have ~9.3x ADV and ~7.5x ADV to...

Janaghan Jeyakumar, CFA

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