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)

Thematic (Sector/Industry)

China Real estate / Thematic (Sector/Industry)

<div><div><div><div><ul><li>Two major players of PJM industry - Greentown Mgmt. and Central China Mgmt. (CCM) both delivered a better-than-expected new contract QoQ growth in 3Q22.</li><li>Solid growth against the sluggish property market was mainly due to pent-up demand from 2Q, incremental demand from local SOEs, LGFVs (see details in next page) and defaulted developers.</li><li>Looking into 4Q and beyond, both companies saw continuously fresh demand from defaulted names (such as Aoyuan and others) as well as LGFV (who took 45% of the land acquisitions) that could drive its long-term growth. </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>

Two major players of PJM industry - Greentown Mgmt. and Central China Mgmt. (CCM) both delivered a better-than-expected new contract QoQ growth in 3Q22.Solid growth against the sluggish property market was mainly due to pent-up demand from 2Q, incremental demand from local SOEs, LGFVs (see details in next page) and defaulted developers.Looking into 4Q and beyond, both companies saw continuously fresh demand from defaulted names (such as Aoyuan and others) as well as LGFV (who took 45% of the land acquisitions) that could drive its long-term growth. 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 Project Management Sector – Defaulted developers + LGFV, the new demand