Not Research:This material has been prepared by personnel in the Equities Department of China International Capital Corporation Limited or its affiliates (collectively "CICC") and is not the product of CICC Research teams. It is not a research report and is not intended as such.
Information Source:This material is based on information available to the public that we consider reliable, but CICC does not represent that it is accurate or complete.
Non-Reliance and Risk Disclosure:The information and opinions contained herein are for investors’ reference only and do not take into account the particular investment objectives, financial situation, or needs of any client, and are not an offer to buy or sell or a solicitation of an offer to buy or sell the securities mentioned. Under no circumstances shall the information contained herein or the opinions expressed herein constitute a personal recommendation to anyone. Investors should make their own independent evaluation of the information contained in this material, consider their own individual investment objectives, financial situation and particular needs. CICC does not provide tax, accounting, or legal advice to our clients, and all investors are advised to consult with their tax, accounting, or legal advisers regarding any potential investment. Neither CICC nor its related persons shall be liable in any manner whatsoever for any consequences of any reliance thereon or usage thereof.
No Responsibilities to Update:The performance information (including any expression of opinion or forecast) herein reflect the most up-to-date opinions, speculations and forecasts at the time of the material’s production and publication. Such opinions, speculations and forecasts are subject to change and may be amended without any notification. At different periods, CICC may release research reports which are inconsistent with the opinions, speculations and forecasts contained herein. CICC’s salespeople, traders, and other professionals may provide oral or written market commentary or trading ideas that may be inconsistent with, and reach different conclusions from, the recommendations and opinions presented in this material. Such ideas or recommendations reflect the different assumptions, views and analytical methods of the persons who prepared them, and CICC is under no obligation to ensure that such other trading ideas or recommendations are brought to the attention of any recipient of this material. CICC’s asset management area, proprietary trading desks and other investing businesses may make investment decisions that are inconsistent with the recommendations or opinions expressed in this material.
Past Performance:Unless stated otherwise, any performance data quoted represents past performance. Past performance is not indicative of future returns. No representation or warranty is made that any returns indicated will be achieved. Certain assumptions may have been made in this analysis which have resulted in any returns detailed herein. Changes to the assumptions may have a material impact on any returns detailed.
Conflict of Interest Disclosure:CICC may have positions in, and may effect transactions in securities of companies mentioned herein and may also perform or seek to perform investment banking services for those companies. Clients should be aware that CICC and/or its associated persons may have a conflict of interest that could affect the objectivity of this material.
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