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)

<div><div><div><div><ul><li>Consumption sentiment and offline activities’ recovery pace continued to weigh on internet sector’s 3Q financials performance.</li><li>Looking into 4Q and 2023, business model robustness, operating leverage improvement, and ability to expand into new revenue streams will be the key stock alpha drivers, while the heavily under-owned China Internet sector will remain sensitive to policies and other sentiment related beta drivers.</li><li>We expect leading technology companies will play vital role in building digital infrastructure and empowering enterprise digital transformation. </li></ul></div></div></div></div><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>

Consumption sentiment and offline activities’ recovery pace continued to weigh on internet sector’s 3Q financials performance.Looking into 4Q and 2023, business model robustness, operating leverage improvement, and ability to expand into new revenue streams will be the key stock alpha drivers, while the heavily under-owned China Internet sector will remain sensitive to policies and other sentiment related beta drivers.We expect leading technology companies will play vital role in building digital infrastructure and empowering enterprise digital transformation. 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 Sector – 3Q22 preview: near term bumpy recovery

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><p>Three Chinese miners ordered to divest from Canadian lithium projects</p></li><li><p>A father’s nightmare rescuing a three-year-old under Covid lockdown</p></li><li><p>China’s services activity extends contraction amid Covid outbreaks, Caixin PMI shows</p></li></ul>

Three Chinese miners ordered to divest from Canadian lithium projectsA father’s nightmare rescuing a three-year-old under Covid lockdownChina’s services activity extends contraction amid Covid outbreaks, Caixin PMI shows

CX Daily: Three Chinese Miners Ordered To Divest From Canadian Lithium Projects

<ul><li><p>In Depth: Will Fosun’s $2.2 billion steel unit sale save the conglomerate?</p></li><li><p>Covid lockdowns stoke merchant concerns ahead of peak shopping season</p></li><li><p>Trending in China: Social media users hail the return of a top Chinese biologist from the U.S.</p></li></ul>

In Depth: Will Fosun’s $2.2 billion steel unit sale save the conglomerate?Covid lockdowns stoke merchant concerns ahead of peak shopping seasonTrending in China: Social media users hail the return of a top Chinese biologist from the U.S.

CX Daily: Will Fosun’s $2.2 Billion Steel Unit Sale Save The Conglomerate?

<div><ul><li>Competition on user time spend intensified in 3Q22. Per MoonFox data, in 3Q22, average number of apps installed per capita was 74 in 3Q22, up from 71 in 2Q22 and 66 in 3Q21, while average user time spend per capita per day on apps was 5.4 hours, flat QoQ and declined 0.1 hour YoY, indicating an intensifying competition on user time spend.</li><li>Leading internet giants are enlarging their shares in user time spend: combined user time spend on apps related to Tencent, ByteDance, Alibaba and Baidu accounted for 69.3% of total user time spend in Sep 2022 (Sep 2021: 68.5%; Jun 2022: 68.4%).</li><li>Tencent related apps grew its share in user time spend to 28.3% in Sep 2022 (Sep 2021: 26.7%; June 2022: 27.5%), which in our view could be attributed to the robust ramp-up of Video Accounts, indicating additional monetization opportunities ahead.</li></ul></div><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>

Competition on user time spend intensified in 3Q22. Per MoonFox data, in 3Q22, average number of apps installed per capita was 74 in 3Q22, up from 71 in 2Q22 and 66 in 3Q21, while average user time spend per capita per day on apps was 5.4 hours, flat QoQ and declined 0.1 hour YoY, indicating an intensifying competition on user time spend.Leading internet giants are enlarging their shares in user time spend: combined user time spend on apps related to Tencent, ByteDance, Alibaba and Baidu accounted for 69.3% of total user time spend in Sep 2022 (Sep 2021: 68.5%; Jun 2022: 68.4%).Tencent related apps grew its share in user time spend to 28.3% in Sep 2022 (Sep 2021: 26.7%; June 2022: 27.5%), which in our view could be attributed to the robust ramp-up of Video Accounts, indicating additional monetization opportunities ahead.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 Sector – 3Q22 industry data trend recap

<ul><li>Chinese video game companies led by Tencent and NetEase are turning to global business expansion in search of fresh revenue sources as domestic growth plateaus and regulatory scrutiny tightens. </li><li>They’re joining e-commerce platforms and online tutors as China’s internet businesses look beyond China for differing reasons.</li><li>While weakening consumption at home is driving e-commerce platforms, video game developers are pushing out their business boundaries and creating more jobs abroad chiefly out of concerns over tightening domestic regulations.</li></ul>

Chinese video game companies led by Tencent and NetEase are turning to global business expansion in search of fresh revenue sources as domestic growth plateaus and regulatory scrutiny tightens. They’re joining e-commerce platforms and online tutors as China’s internet businesses look beyond China for differing reasons.While weakening consumption at home is driving e-commerce platforms, video game developers are pushing out their business boundaries and creating more jobs abroad chiefly out of concerns over tightening domestic regulations.

Chinese Video Game Developers Take On the World

China

Tencent Holdings Limited operates as an investment holding company. The Company, through its subsidiaries, provides Internet and mobile value-added services (VAS), online advertising, and e-commerce transactions. Tencent Holdings offers services to users worldwide.

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Tencent Holdings (ADR) (TCEHY US)

China Internet Sector – 3Q22 preview: near term bumpy recovery

We expect leading technology companies will play vital role in building digital infrastructure and empowering enterprise digital transformation.

CMB International

CX Daily: Three Chinese Miners Ordered To Divest From Canadian Lithium Projects

Three Chinese miners ordered to divest from Canadian lithium projects. A father’s nightmare rescuing a three-year-old under Covid lockdown

Caixin Global

CX Daily: Will Fosun’s $2.2 Billion Steel Unit Sale Save The Conglomerate?

In Depth: Will Fosun’s $2.2 billion steel unit sale save the conglomerate? Covid lockdowns stoke merchant concerns ahead of peak shopping season

Caixin Global

China Internet Sector – 3Q22 industry data trend recap

Combined user time spend on apps related to Tencent, ByteDance, Alibaba and Baidu accounted for 69.3% of total user time spend in Sep 2022 (Sep...

CMB International

Chinese Video Game Developers Take On the World

Chinese video game companies led by Tencent and NetEase are turning to global business expansion in search of fresh revenue sources

Caixin Global

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