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

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>Jobs /In Depth: Cost-cutting freezes over-35s out of China's job market</li><li>Obituary /: Cho-yun Hsu, influential historian of ancient China, dies at 95</li><li>Services /Chart of the Day: China’s first-half services trade hits 10-year high</li></ul>

Jobs /In Depth: Cost-cutting freezes over-35s out of China's job marketObituary /: Cho-yun Hsu, influential historian of ancient China, dies at 95Services /Chart of the Day: China’s first-half services trade hits 10-year high

CX Daily: Cost-Cutting Freezes Over 35s Out of China's Job Market 

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zeekr-intelligent-technology-holding" target="_blank" data-smartkarma-citation="entities:36785:1" rel="noopener">ZEEKR (ZK US)</a> has entered into a definitive merger agreement with <a href="https://www.smartkarma.com/entities/geely-automobile-holdings-ltd" target="_blank" data-smartkarma-citation="entities:127:1" rel="noopener">Geely Auto (175 HK)</a> at US$26.87 per ADS or 12.3 newly issued Geely shares. The cash offer increased by 4.7%. </li>
<li>The proposal is conditional on regulatory approvals (low risk, as Zeekr is a subsidiary of Geely), as well as approval from Zeekr's shareholders and Geely's independent shareholders.  </li>
<li>The Zeekr shareholder vote is a formality as Geely and undertakings exceed the two-thirds voting threshold. The Geely vote is low risk due to the low takeover premium. </li>
</ul>



ZEEKR (ZK US) has entered into a definitive merger agreement with Geely Auto (175 HK) at US$26.87 per ADS or 12.3 newly issued Geely shares. The cash offer increased by 4.7%. 
The proposal is conditional on regulatory approvals (low risk, as Zeekr is a subsidiary of Geely), as well as approval from Zeekr's shareholders and Geely's independent shareholders.  
The Zeekr shareholder vote is a formality as Geely and undertakings exceed the two-thirds voting threshold. The Geely vote is low risk due to the low takeover premium. 


ZEEKR (ZK US): Geely Auto’s Binding Offer a Done Deal

<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

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

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 Bottom-Up

<ul>
<li>TME proposed to acquire 100% shares of Ximalaya, a long audio app.</li>
<li>TME has been exploring the long audio market since 2020.</li>
<li>We believe Ximalaya has advantages in monthly active users and car radio.</li>
</ul>


TME proposed to acquire 100% shares of Ximalaya, a long audio app.
TME has been exploring the long audio market since 2020.
We believe Ximalaya has advantages in monthly active users and car radio.


Tencent Music (TME): Quick Note – Acquisition of Ximalaya

China

Li Auto Inc. manufactures automobiles. The Company designs, develops, and sells smart new energy electric sport utility vehicles. Li Auto conducts businesses in China.

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Li Auto (LI US)

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

CX Daily: Cost-Cutting Freezes Over 35s Out of China's Job Market

TOP STORIES Jobs / In Depth: Cost-cutting freezes over-35s out of China's job market In March, Xu Yang lost her job after a decade working at the...

Caixin Global

ZEEKR (ZK US): Geely Auto’s Binding Offer a Done Deal

The Zeekr shareholder vote is a formality as Geely and undertakings exceed the two-thirds voting threshold. The Geely independent vote is low risk...

Arun George

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

Tencent Music (TME): Quick Note – Acquisition of Ximalaya

TME proposed to acquire 100% shares of Ximalaya, a long audio app. TME has been exploring the long audio market since 2020. We believe Ximalaya has...

Ming Lu

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