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)

Equity Bottom-Up

<ul><li>Alibaba Group (Alibaba) announced the proposed offering of exchangeable bonds by reference to the ordinary share of Alibaba Health (Ali Health) on 3 Jul.</li><li>Alibaba proposed to offer HK$12bn aggregated principal amount of zero coupon bonds due 2032, and intends to use the net proceeds for general corporate purposes, including investment to support the development of cloud infrastructure and international commerce business.</li><li>Alibaba can elect to satisfy its exchange obligation to holders of the bonds by delivering AH shares, cash, or a combination of cash and AH shares of Ali Health. </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 Group (Alibaba) announced the proposed offering of exchangeable bonds by reference to the ordinary share of Alibaba Health (Ali Health) on 3 Jul.Alibaba proposed to offer HK$12bn aggregated principal amount of zero coupon bonds due 2032, and intends to use the net proceeds for general corporate purposes, including investment to support the development of cloud infrastructure and international commerce business.Alibaba can elect to satisfy its exchange obligation to holders of the bonds by delivering AH shares, cash, or a combination of cash and AH shares of Ali Health. 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.

Alibaba (BABA US) - Offering of Exchangeable Bonds to Support International Business Development