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)

Kuaishou（1024.HK）4Q22 Preview: Competition and Restructure Are Pending Issues

Equity Bottom-Up

<ul><li>We expect Kuaishou to deliver resilient 4Q22E, with upbeat ads &amp; livestreaming and better margin (overseas narrowing loss to offset lower GPM and higher S&amp;M).</li><li>Rising COVID cases after China reopening dampened ecommerce take rate (on higher returns with logistics disruptions), but GMV trend remained intact (also supporting internal ads performance).</li><li>Looking ahead, we see high visibility for KS to embrace ads recovery from 2Q23E, and group breakeven is in sight. </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>

We expect Kuaishou to deliver resilient 4Q22E, with upbeat ads &amp; livestreaming and better margin (overseas narrowing loss to offset lower GPM and higher S&amp;M).Rising COVID cases after China reopening dampened ecommerce take rate (on higher returns with logistics disruptions), but GMV trend remained intact (also supporting internal ads performance).Looking ahead, we see high visibility for KS to embrace ads recovery from 2Q23E, and group breakeven is in sight. 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.

Kuaishou (1024 HK) – Solid 4Q22E with better margin outlook

Kuaishou Technology

Kuaishou (1024 HK) – Solid 4Q22E with better margin outlook