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>The recent regulatory development and Circle IPO have boosted investor sentiment on stablecoin business outlook and valuation.</li><li>Coinbase has also taken initiatives since June, such as introducing Coinbase Payments and reportedly seeking SEC approval for tokenized equities, which we expect to further accelerate USDC adoption.</li><li>Looking ahead, we expect ample opportunities and vast TAM for the stablecoin business (15% of Coinbase total revenue in 1Q25), including crypto assets, cross-border payment, consumer payment, and the tokenization of traditional assets. </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>

The recent regulatory development and Circle IPO have boosted investor sentiment on stablecoin business outlook and valuation.Coinbase has also taken initiatives since June, such as introducing Coinbase Payments and reportedly seeking SEC approval for tokenized equities, which we expect to further accelerate USDC adoption.Looking ahead, we expect ample opportunities and vast TAM for the stablecoin business (15% of Coinbase total revenue in 1Q25), including crypto assets, cross-border payment, consumer payment, and the tokenization of traditional assets. 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.

Coinbase (COIN US) - Favourable Regulatory Environment and Improving Utility Fuel Stablecoin Outlook

Coinbase Global

Coinbase (COIN US) - Favourable Regulatory Environment and Improving Utility Fuel Stablecoin Outlook