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

<div><div><div><div><ul><li>Initiate at BUY. Cloud Music is the second largest online music platform in China in terms of both revenue and MAU, taking 19% market share of China’s online music revenue per iResearch and our estimate in 2021.</li><li>Compared to the market leader TME, Cloud Music remains at early stage of monetization, with ample room for revenue growth and margin improvement.</li><li>We expect Cloud Music to benefit from the secular trend of rising paying ratio, growing ARPPU and rationalizing music licensing costs in the China online music sector.</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></div></div></div></div>

Initiate at BUY. Cloud Music is the second largest online music platform in China in terms of both revenue and MAU, taking 19% market share of China’s online music revenue per iResearch and our estimate in 2021.Compared to the market leader TME, Cloud Music remains at early stage of monetization, with ample room for revenue growth and margin improvement.We expect Cloud Music to benefit from the secular trend of rising paying ratio, growing ARPPU and rationalizing music licensing costs in the China online music sector.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.

Cloud Music (9899 HK) – Monetization and margin improvement on the horizon

China

NetEase Cloud Music operates as one of China's leading online music platforms, offering music streaming, membership subscriptions, digital music sales, and social entertainment services including live streaming and online karaoke. It provides an interactive content community for music enthusiasts with personalized recommendations. The company is headquartered in Hangzhou, China, and was launched in 2013.

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