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)

[Weibo (WB US) Target Price Change]: Rebound After Temporary Disturbance, Maintain BUY

[Weibo (WB US) Earnings Review]: Maintain BUY for Ads Recovery in Coming Quarters

Weibo (WB US, BUY, TP US$26.9) Earnings Review: Maintain BUY for Margin Improvement

Equity Bottom-Up

<ul><li>Weibo faced pressure in 4Q22E due to tighter regulations on entertainment content and extreme disruptions on ads promotions from resurgence of COVID in Dec 2022.</li><li>Hence, we lower FY22/4Q22E total revenue forecast by 1/4%. Market now looks ahead to recovery potential in online ads demand, driven by China’s reopening and consumption recovery.</li><li>The speed of economic activities recovery post Chinese New Year is ahead of our previous expectation, which should support Weibo’s revenue recovery in FY23E. </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 faced pressure in 4Q22E due to tighter regulations on entertainment content and extreme disruptions on ads promotions from resurgence of COVID in Dec 2022.Hence, we lower FY22/4Q22E total revenue forecast by 1/4%. Market now looks ahead to recovery potential in online ads demand, driven by China’s reopening and consumption recovery.The speed of economic activities recovery post Chinese New Year is ahead of our previous expectation, which should support Weibo’s revenue recovery in FY23E. 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) – Recovery on the horizon despite ST pressure

Weibo Corp

Weibo (WB US) – Recovery on the horizon despite ST pressure