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May 9, 2024

<Research>CICC Cuts NTES-S (09999.HK) TP to HK$206, Predicts 1Q24 Non-GAAP NP to Lift 9%

CICC forecasted in a report that NTES-S (09999.HK)  +3.000 (+1.987%)    Short selling $69.25M; Ratio 8.504%   would report a 6% YoY growth in 1Q24 revenue to RMB26.4 billion, compared to the consensus prediction of RMB26.8 billion. Specifically, the broker expects the group's mobile games revenue to rise 11% YoY to RMB15 billion, compared with the market forecast of RMB15.5 billion, while non-GAAP net profit is expected to elevate 9% to RMB8.2 billion.

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May 8, 2024

<Research>UBS: Zeekr Spinoff Only Relatively Limited Dilution to GEELY AUTO’s Stake, Good for Unlocking Valuation

UBS wrote in a research report that the IPO size of Zeekr, an EV-making subsidiary of GEELY AUTO (00175.HK)  -0.140 (-1.417%)    Short selling $58.27M; Ratio 22.074%   , was relatively small at around US$6.2 billion, with a valuation significantly lower than the previously expected approx. US$9.4 billion. The broker believed that the spin-off of Zeekr's equity dilution is relatively limited, and the flexibility of GEELY's stake may insulate its valuation from conglomerate discounts.

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May 8, 2024

YUM CHINA Buys Back Shrs on NYSE, HKEX Ytd

YUM CHINA (09987.HK)  -6.600 (-2.256%)    Short selling $13.17M; Ratio 14.915%   (YUMC.US)      repurchased 63,800 shares on the New York Stock Exchange (NYSE) yesterday (6th) at a price per share ranging from US$37.34 to US$38.25, involving US$2.4 million, according to YUM CHINA's announcement.

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