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)

KE Holdings（BEKE.US) Preview:C4Q22 Marked the Beginning of 2023 Recovery

[KE Holdings (BEKE US) Target Price Change]: Raise TP for Better Market Outlook and Profitability

[KE Holdings Inc. (BEKE US) Target Price Change]: Government Clears the Commission Uncertainties

Equity Bottom-Up

<ul><li>How many roads a man must walk to become a man? The financial crisis in 2008 (new home sales -19% YoY) was the first life or death test for Lianjia but it pulled through the challenging four seasons via anti-cycle store opening to boost top line.</li><li>Then China’s rolling out RMB4tn stimulus in 2009 made Lianjia the distant market leader. 2Q21-3Q22 were the next six seasons when everything went against BEKE (founder’s passing away, developers defaults, hard landing in property market (-30% YoY), commission rate cap risk and what’s not).</li><li>It still survived comfortably with RMB1.3bn net profits in 9M22 and net cash of RMB60bn (incl. ST investments), partly thanks to visionary ACN platform. </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>

How many roads a man must walk to become a man? The financial crisis in 2008 (new home sales -19% YoY) was the first life or death test for Lianjia but it pulled through the challenging four seasons via anti-cycle store opening to boost top line.Then China’s rolling out RMB4tn stimulus in 2009 made Lianjia the distant market leader. 2Q21-3Q22 were the next six seasons when everything went against BEKE (founder’s passing away, developers defaults, hard landing in property market (-30% YoY), commission rate cap risk and what’s not).It still survived comfortably with RMB1.3bn net profits in 9M22 and net cash of RMB60bn (incl. ST investments), partly thanks to visionary ACN platform. 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.

Ke Holdings (BEKE US) – Beke After Ten Seasons; Initiate with Buy