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

<ul><li>Kintor has seven clinical stage assets. In FY22, the Company spent RMB828mn R&amp;D expenses, +7.8% YoY, mainly used for Ph3 trials of pruxelutamide for COVID-19 and mCRPC, and Ph3 studies of pyrilutamide (KX-826) for AGA.</li><li>The Company expects a significant decrease (roughly -50% YoY) in R&amp;D costs in 2023 while the resources will mainly focus on dermatologic diseases.</li><li>The SG&amp;A expenses were RMB153mn in FY22, increased 29% YoY, mainly due to the rise in employee benefit expenses. In FY22, Kintor recorded a net loss of RMB954mn, compared to RMB842mn in FY21.</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>

Kintor has seven clinical stage assets. In FY22, the Company spent RMB828mn R&amp;D expenses, +7.8% YoY, mainly used for Ph3 trials of pruxelutamide for COVID-19 and mCRPC, and Ph3 studies of pyrilutamide (KX-826) for AGA.The Company expects a significant decrease (roughly -50% YoY) in R&amp;D costs in 2023 while the resources will mainly focus on dermatologic diseases.The SG&amp;A expenses were RMB153mn in FY22, increased 29% YoY, mainly due to the rise in employee benefit expenses. In FY22, Kintor recorded a net loss of RMB954mn, compared to RMB842mn in FY21.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.

Kintor Pharmaceutical (9939 HK) – To focus on dermatologic diseases

China

Kintor Pharmaceutical is a clinical-stage biotechnology company focused on developing innovative small molecule and biological therapeutics for dermatology and oncology, including treatments for androgenetic alopecia, acne vulgaris, and various cancers. The company also develops high-end cosmetics. Kintor Pharmaceutical was founded in 2009 and is headquartered in Suzhou, People's Republic of China.

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