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>Weibo reported 4Q22 financial results on 1 Mar. 4Q22 total revenue declined by 27% YoY (-20% YoY on a constant currency basis) to US$448mn, in line with our and consensus estimate.</li><li>FY22 total revenue was down by 19% YoY to US$1.8bn, mainly due to macro headwind and COVID-19 impact.</li><li>4Q22 nonGAAP net income dropped by 9% YoY to US$179mn, beating the consensus estimate of US$122mn, primarily due to effective expense control and reversal of US$58.8mn compensation expenses. </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>

Weibo reported 4Q22 financial results on 1 Mar. 4Q22 total revenue declined by 27% YoY (-20% YoY on a constant currency basis) to US$448mn, in line with our and consensus estimate.FY22 total revenue was down by 19% YoY to US$1.8bn, mainly due to macro headwind and COVID-19 impact.4Q22 nonGAAP net income dropped by 9% YoY to US$179mn, beating the consensus estimate of US$122mn, primarily due to effective expense control and reversal of US$58.8mn compensation expenses. 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.

Weibo (WB US) – Gradual revenue and margin recovery in FY23

Weibo Corp

Weibo (WB US) – Gradual revenue and margin recovery in FY23