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)

Credit

<ul><li>Zhongsheng (rated Baa2/BBB/BBB by Moody’s/S&amp;P/Fitch)’s 1H25 operating performance continued to be dragged by the weak new car sales and the negative gross margin of new car sales.</li><li>That said, we take comfort with its solid credit, supported its consistent positive FCF, reducing debts and low near-term refinancing pressure through the active liability management since Jul’24.</li><li>ZHOSHK 5.98 01/30/28 has been outperforming since Jul’25, cash price has since been 2pts higher and credit spared tightened 50bps. </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>

Zhongsheng (rated Baa2/BBB/BBB by Moody’s/S&amp;P/Fitch)’s 1H25 operating performance continued to be dragged by the weak new car sales and the negative gross margin of new car sales.That said, we take comfort with its solid credit, supported its consistent positive FCF, reducing debts and low near-term refinancing pressure through the active liability management since Jul’24.ZHOSHK 5.98 01/30/28 has been outperforming since Jul’25, cash price has since been 2pts higher and credit spared tightened 50bps. 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.

CMBI Fixed Income - ZHOSHK: Credit Profile Remains Solid Under a Challenging Operating Environment

Zhongsheng Group

CMBI Fixed Income - ZHOSHK: Credit Profile Remains Solid Under a Challenging Operating Environment