External broker reports(aggregated public sources), CMB International

CMB International

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.

External broker reports(aggregated public sources)

Alibaba (BABA US): Still One of if Not the Best China Consumer Play

Equity Bottom-Up

Alibaba Group Holding  / Equity Bottom-Up

<ul><li>Alibaba’s customer management revenue (CMR) growth and cloud revenue growth will take time to recover under current macro backdrop, while the group is trying to revitalize growth via empowering each of the six main units.</li><li>Taobao and Tmall’s “user first” strategy is delivering results, increasing merchants’ willingness to invest in advertising.</li><li>Although Alibaba’s near-term domestic business development faces hindrance due to macro uncertainties, operating efficiency improvement across business lines, as well as international business revenue growth likely remain as bright spots. </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>

Alibaba’s customer management revenue (CMR) growth and cloud revenue growth will take time to recover under current macro backdrop, while the group is trying to revitalize growth via empowering each of the six main units.Taobao and Tmall’s “user first” strategy is delivering results, increasing merchants’ willingness to invest in advertising.Although Alibaba’s near-term domestic business development faces hindrance due to macro uncertainties, operating efficiency improvement across business lines, as well as international business revenue growth likely remain as bright spots. 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.

Taobao Tmall Commerce Group (1556960D HK)

Alibaba (BABA US) – Driving for Group Improvement