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>Revenue of China’s online game market decreased by 23% YoY to RMB21.6bn in Feb 2023 per CNG, as new games were yet to make meaningful revenue contribution, and 2022 Chinese New Year (CNY) holiday fell in February whilst it took place in January in 2023, which led to a tougher comp.</li><li>Smoothing out CNY impact, 2M23 online games market revenue was down 20% YoY.</li><li>As game license approval resumed, many highly anticipated game titles are lined up for launch and will lead industry recovery from 2Q23 onwards, in our view. </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.

Revenue of China’s online game market decreased by 23% YoY to RMB21.6bn in Feb 2023 per CNG, as new games were yet to make meaningful revenue contribution, and 2022 Chinese New Year (CNY) holiday fell in February whilst it took place in January in 2023, which led to a tougher comp.Smoothing out CNY impact, 2M23 online games market revenue was down 20% YoY.As game license approval resumed, many highly anticipated game titles are lined up for launch and will lead industry recovery from 2Q23 onwards, in our view. 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 – February online game market recap

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Mar 24th based on HKEx daily reports.</li>
<li>In the past 7 days, the top 3 companies that repurchased the most shares from the market were Aia (1299 HK), Ck Asset (1113 HK), Swire Pacific (87 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were Aia (1299 HK), Great Wall Motor (2333 HK), Swire Pacific (19 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Mar 24th based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were Aia (1299 HK), Ck Asset (1113 HK), Swire Pacific (87 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were Aia (1299 HK), Great Wall Motor (2333 HK), Swire Pacific (19 HK).


Hong Kong Buybacks Weekly (Mar 24th): Aia, Ck Asset, Swire Pacific

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>Sperm / In Depth: Why a sperm bank drive is fueling fears of infertility in China</li><li>Imprisonment / Chinese man exonerated after record 29 years of wrongful imprisonment</li><li>Covid-19 / China clears first homegrown mRNA Covid vaccine</li></ul>

Sperm / In Depth: Why a sperm bank drive is fueling fears of infertility in ChinaImprisonment / Chinese man exonerated after record 29 years of wrongful imprisonmentCovid-19 / China clears first homegrown mRNA Covid vaccine

CX Daily: Why a Sperm Bank Drive Is Fueling Fears of Infertility in China

China/Asia TMT

Shawn Yang

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Equity Bottom-Up

<ul>
<li>Tencent reported 4Q22 top line/ bottom line of 0.3%/(3.7%) vs cons. Online ads is stronger, while gaming and G&amp;A slightly missed our est. </li>
<li>We expect that ads will be the main driver, thanks to video accounts. Gaming will have better performance after more approved game codes.</li>
<li>We raise 2023 ads growth from 12% YoY to 15% YoY. Raise TP to HK$ 433. Maintain Tencent as one of the top picks in China Internet</li>
</ul>


Tencent reported 4Q22 top line/ bottom line of 0.3%/(3.7%) vs cons. Online ads is stronger, while gaming and G&amp;A slightly missed our est. 
We expect that ads will be the main driver, thanks to video accounts. Gaming will have better performance after more approved game codes.
We raise 2023 ads growth from 12% YoY to 15% YoY. Raise TP to HK$ 433. Maintain Tencent as one of the top picks in China Internet


[Tencent (700 HK) Target Price Change]: Recovery Aided by Strong Advertising & In Line Game

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/rakuten-bank-ltd" target="_blank" data-smartkarma-citation="entities:35638:1" rel="noopener">Rakuten Bank (5838 JP)</a>, the online banking arm of <a href="https://www.smartkarma.com/entities/rakuten-group-inc" target="_blank" data-smartkarma-citation="entities:31:1" rel="noopener">Rakuten (4755 JP)</a>, aims to raise up to around US$900m in its Japan listing in April 2023.</li>
<li>RB is the largest internet bank in Japan, by number of accounts. As of Dec 22, it had 13.3m deposit accounts with a total deposit base of JPY8.8tn.</li>
<li>In our earlier notes, we have looked at the company’s past performance. In this note, we talk about the updates from its recent filings.</li>
</ul>



Rakuten Bank (5838 JP), the online banking arm of Rakuten (4755 JP), aims to raise up to around US$900m in its Japan listing in April 2023.
RB is the largest internet bank in Japan, by number of accounts. As of Dec 22, it had 13.3m deposit accounts with a total deposit base of JPY8.8tn.
In our earlier notes, we have looked at the company’s past performance. In this note, we talk about the updates from its recent filings.


Rakuten Bank IPO - Recent Filings Updates and Quick Thoughts on Valuation

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 – February online game market recap

Revenue of China’s online game market decreased by 23% YoY to RMB21.6bn in Feb 2023 per CNG, as new games were yet to make meaningful revenue...

CMB International

Hong Kong Buybacks Weekly (Mar 24th): Aia, Ck Asset, Swire Pacific

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were Aia (1299 HK), Ck...

Ke Yan, CFA, FRM

CX Daily: Why a Sperm Bank Drive Is Fueling Fears of Infertility in China

In Depth: Why a sperm bank drive is fueling fears of infertility in China. Chinese man exonerated after record 29 years of wrongful imprisonment....

Caixin Global

[Tencent (700 HK) Target Price Change]: Recovery Aided by Strong Advertising & In Line Game

We expect that ads will be the main driver, thanks to video accounts. Gaming will have better performance after more approved game codes. We raise...

Blue Lotus Research Institute

Rakuten Bank IPO - Recent Filings Updates and Quick Thoughts on Valuation

Rakuten Bank (5838 JP), the online banking arm of Rakuten (4755 JP), aims to raise up to around US$900m in its Japan listing in April 2023.

Sumeet Singh

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52-week Range

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