20211122-招银国际-Suspension_of_Coverage_2页_300kb

Summary of the Document: Suspension of Coverage

Core Content

This document outlines the suspension of coverage for a list of 13 companies by CMB International Securities Limited (CMBIS). The suspension is effective from the date of issue, and all previous recommendations for these companies are no longer valid. The document also includes disclosures, analyst certification, and rating definitions, as well as specific legal disclaimers for recipients in the United Kingdom, United States, and Singapore.

Main Points

• Suspension of Coverage: CMBIS has decided to suspend coverage for the following companies:

  • GAC (2238 HK)
  • Geely (175 HK)
  • Dongfeng (489 HK)
  • GWM (2333 HK)
  • SAIC (600104 CH)
  • Zhongsheng (881 HK)
  • Meidong Auto (1268 HK)
  • Yongda (3669 HK)
  • BYD-H (1211 HK)
  • BYD - A (002594 CH)
  • NIO (NIO US)
  • XPENG (XPEV US)
  • LI Auto (LI US)

• Analyst Certification: The analyst certifies that:

  • All views expressed in the report accurately reflect their personal views.
  • No part of their compensation is directly or indirectly related to the views expressed in the report.

• Trading Restrictions: The analyst confirms that:

  • They have not traded in any of the covered stocks within 30 days prior to the report's issue.
  • They will not trade in these stocks for 3 business days after the report's issue.
  • They are not officers of any Hong Kong-listed company covered in the report.
  • They have no financial interests in any of the companies covered.

• Ratings Definitions:

  • BUY: Stock with potential return of over 15% over the next 12 months.
  • HOLD: Stock with potential return of +15% to -10% over the next 12 months.
  • SELL: Stock with potential loss of over 10% over the next 12 months.
  • NOT RATED: Stock not rated by CMBIS.

• Industry Ratings:

  • OUTPERFORM: Industry expected to outperform the relevant broad market benchmark.
  • MARKET-PERFORM: Industry expected to perform in-line with the relevant broad market benchmark.
  • UNDERPERFORM: Industry expected to underperform the relevant broad market benchmark.

Key Information

• CMBIS Overview: CMBIS is a wholly owned subsidiary of CMB International Capital Corporation Limited, which is itself a subsidiary of China Merchants Bank.
• Legal Disclaimer: The report is not an offer or solicitation to buy or sell securities. It is intended for informational purposes only and does not constitute investment advice.
• Risk Warning: Investing in securities involves risks, and past performance does not guarantee future results. The information provided is subject to change and may not be accurate or complete.
• Conflicts of Interest: CMBIS may have investment banking relationships with the companies covered, which could result in potential conflicts of interest. The report does not assume responsibility for such conflicts.
• Distribution Restrictions:
  • In the United Kingdom, the report is only for persons falling within Article 19(5) of the Financial Services and Markets Act 2000 or High Net Worth Companies, etc.
  • In the United States, the report is only for "major US institutional investors" and may not be distributed to others.
  • In Singapore, the report is distributed by CMBI (Singapore) Pte. Limited (CMBISG), an exempt financial adviser, and is only for Accredited Investors, Expert Investors, or Institutional Investors.

Additional Notes

• The document is intended for the use of intended recipients only.
• It may not be reproduced, reprinted, sold, redistributed, or published without prior written consent from CMBIS.
• Additional information on recommended securities is available upon request.