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>China’s passenger-vehicle (PV) retail sales volume fell 3% YoY in 2022 with weaker-than-expected sales in Nov and Dec.</li><li>Wholesale volume rose 10% YoY in 2022, aided by exports and inventory restocking.</li><li>Automakers cut about 0.49mn units of inventories in their dealers’ showrooms in Dec 2022, lower than our expectation, as new-energy vehicle (NEV) makers only cut their inventories by 17,000 units in Dec. </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>

China’s passenger-vehicle (PV) retail sales volume fell 3% YoY in 2022 with weaker-than-expected sales in Nov and Dec.Wholesale volume rose 10% YoY in 2022, aided by exports and inventory restocking.Automakers cut about 0.49mn units of inventories in their dealers’ showrooms in Dec 2022, lower than our expectation, as new-energy vehicle (NEV) makers only cut their inventories by 17,000 units in Dec. 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 Auto Sector – Weak ending of 2022 provides a glimpse of hope

Hong Kong

Wuling Motors Holdings Limited manufactures motor vehicle engines, parts and special vehicles in China. The Company's activities also include securities dealing, margin financing, money lending and property investment.

Wuling Motors Holdings (305 HK)

China Auto Sector – Weak ending of 2022 provides a glimpse of hope

China’s passenger-vehicle (PV) retail sales volume fell 3% YoY in 2022 with weaker-than-expected sales in Nov and Dec. Wholesale volume rose 10%...

CMB International