>> 招银国际-China Internet – The shoe has dropped： PCAOB announced unobstructed inspection access-221216
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研究报告全文：16December2022CMBInternationalGlobalMarketsEquityResearchSectorUpdateOUTPERFORMChinaInternetMaintainTheshoehasdroppedPCAOBannouncedunobstructedinspectionaccessOn15DecemberPCAOBissuedanannouncementthattheygainedfullChinaInternetSectoraccessforinspectioninChinaduringtheirendof2022inspectionprocesswhichmeansChinawillnotbeclassifiedasarestrictedregionforthesecondSaiyiHECFAconsecutiveyearPCAOBalsoannouncedtheywillcarryoutfutureinspections85239161739inearly2023andbeyondandtheirdecisionofidentifyingChinaasarestrictedhesaiyicmbicomhkregioncanbeissuedatanytimeiffullaccessconditionchangesThemarketwasexpectingforpositiveresultsfromPCAOBsinspectionhenceChineseYeTAOfranktaocmbicomhkADRssold-offonthereleaseoftheannouncementPCAOBalsoannouncedthattheyhavefoundsomediscrepancieswhicharetheusualcaseasinanyWentaoLUotherregionsduringfirsttimeofinspectionprocessandtheywillhaveafullluwentaocmbicomhkreportinJanuary2023RelatedReportsRecaponPCAOBspreviousdeterminationanditsimpactonUS-listed1BilibiliBILIUS-FocusonmoreChinesestocksPreviouslyadheringtoHFCAAUS-listedChinesestockssustainablegrowth30NovwereidentifiedbytheSECastheyretainedaregisteredpublicaccounting2PinduoduoPDDUS-firmtoissueauditreportwherethefirm1islocatedinChinaandHongStrongrevenueandearningsKongand2thePCAOBhasdeterminedon16December2021thatitisgrowth29NovunabletoinspectorinvestigatecompletelybecauseofapositiontakenbythePRCTheUS-listedChinesestockswillbeimposedatradingprohibitionif3Meituan3690HKLong-termdevelopmentintactdespiteshort-theywereidentifiedbySECforthreeconsecutiveyearsMostUS-listedtermheadwind28NovChinesestockswereidentifiedbytheSECsincebeginningof2022creatingpressuretothesectorvaluationKWEBdroppedby47fromDec2021to4BaiduBIDUUS-Earningsbeatonstringentcostcontrol23NovOct2022DelistingriskofUS-listedChinesestockshasbeenlargelyremoved5JDJDUS-Stronger-than-Aftercompletingitsreassessmentin2H22PCAOBnotifiedUSSECtoexpectedmarginexpansion19vacatePCAOBs16Dec2021determinationPCAOBnowbelievesthattheNovcurrentfactsandcircumstancesindicatethat1in2022thePCAOBhas6WeiboWBUS-Ongoingbeenabletoconductinspectionsandinvestigationscompletely2thePRCmoderaterecovery18NovhasnottakenapositiontorestrictPCAOBaccessInthatcasewebelieve7AlibabaBABAUSEarningstheUS-listedChinesestockswillnolongerbearriskofbeingforcedtobebackongrowthtrack18NovdelistedandremovedfromtheSECsprovisionallistofissuersidentifiedundertheHFCAAbythetimetheydisclosed2022annualreportin20238NetEaseNTESUSPreparingfornextstrongproductcycle18SupportvaluationrecoveryandreducefinancecostsThemarkethasNovalreadyreflectedthepotentialpositiveinspectionresultssincethePCAOBendedthe2-monthonsiteinspectionoftheauditworkinHongKongin9Tencent700HKReturntoearly-NovemberKEWBhassoaredby61sinceNovember2022earningsgrowthtrack17NovreflectingthepositiveexpectationontheUSauditinspectionaswellasthe10TMETMEUSStrongearningsoptimizationoftheCOVID-controlmeasuresinChinabeatonimprovementinGPMandoperatingefficiency16NovPLEASEREADTHEANALYSTCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGE1MOREREPORTSFROMBLOOMBERGRESPCMBRGOORhttpwwwcmbicomhk16Dec2022DisclosuresDisclaimersAnalystCertificationTheresearchanalystwhoisprimaryresponsibleforthecontentofthisresearchreportinwholeorinpartcertifiesthatwithrespecttothesecuritiesorissuerthattheanalystcoveredinthisreport1alloftheviewsexpressedaccuratelyreflecthisorherpersonalviewsaboutthesubjectsecuritiesorissuerand2nopartofhisorhercompensationwasisorwillbedirectlyorindirectlyrelatedtothespecificviewsexpressedbythatanalystinthisreportBesidestheanalystconfirmsthatneithertheanalystnorhisherassociatesasdefinedinthecodeofconductissuedbyTheHongKongSecuritiesandFuturesCommission1havedealtinortradedinthestockscoveredinthisresearchreportwithin30calendardayspriortothedateofissueofthisreport2willdealinortradeinthestockscoveredinthisresearchreport3businessdaysafterthedateofissueofthisreport3serveasanofficerofanyoftheHongKonglistedcompaniescoveredinthisreportand4haveanyfinancialinterestsintheHongKonglistedcompaniescoveredinthisreportCMBIGMRatingsBUYStockwithpotentialreturnofover15overnext12monthsHOLDStockwithpotentialreturnof15to-10overnext12monthsSELLStockwithpotentiallossofover10overnext12monthsNOTRATEDStockisnotratedbyCMBIGMOUTPERFORMIndustryexpectedtooutperformtherelevantbroadmarketbenchmarkovernext12monthsMARKET-PERFORMIndustryexpectedtoperformin-linewiththerelevantbroadmarketbenchmarkovernext12monthsUNDERPERFORMIndustryexpectedtounderperformtherelevantbroadmarketbenchmarkovernext12monthsCMBInternationalGlobalMarketsLimitedAddress45FChampionTower3GardenRoadHongKongTel85239000888Fax85239000800CMBInternationalGlobalMarketsLimitedCMBIGMisawhollyownedsubsidiaryofCMBInternationalCapitalCorporationLimitedawhollyownedsubsidiaryofChinaMerchantsBankImportantDisclosuresTherearerisksinvolvedintransactinginanysecuritiesTheinformationcontainedinthisreportmaynotbesuitableforthepurposesofallinvestorsCMBIGMdoesnotprovideindividuallytailoredinvestmentadviceThisreporthasbeenpreparedwithoutregardtotheindividualinvestmentobjectivesfinancialpositionorspecialrequirementsPastperformancehasnoindicationoffutureperformanceandactualeventsmaydiffermateriallyfromthatwhichiscontainedinthereportThevalueofandreturnsfromanyinvestmentsareuncertainandarenotguaranteedandmayfluctuateasaresultoftheirdependenceontheperformanceofunderlyingassetsorothervariablemarketfactorsCMBIGMrecommendsthatinvestorsshouldindependentlyevaluateparticularinvestmentsandstrategiesandencouragesinvestorstoconsultwithaprofessionalfinancialadvisorinordertomaketheirowninvestmentdecisionsThisreportoranyinformationcontainedhereinhavebeenpreparedbytheCMBIGMsolelyforthepurposeofsupplyinginformationtotheclientsofCMBIGMoritsaffiliatestowhomitisdistributedThisreportisnotandshouldnotbeconstruedasanofferorsolicitationtobuyorsellanysecurityoranyinterestinsecuritiesorenterintoanytransactionNeitherCMBIGMnoranyofitsaffiliatesshareholdersagentsconsultantsdirectorsofficersoremployeesshallbeliableforanylossdamageorexpensewhatsoeverwhetherdirectorconsequentialincurredinrelyingontheinformationcontainedinthisreportAnyonemakinguseoftheinformationcontainedinthisreportdoessoentirelyattheirownriskTheinformationandcontentscontainedinthisreportarebasedontheanalysesandinterpretationsofinformationbelievedtobepubliclyavailableandreliableCMBIGMhasexertedeveryeffortinitscapacitytoensurebutnottoguaranteetheiraccuracycompletenesstimelinessorcorrectnessCMBIGMprovidestheinformationadvicesandforecastsonanASISbasisTheinformationandcontentsaresubjecttochangewithoutnoticeCMBIGMmayissueotherpublicationshavinginformationandorconclusionsdifferentfromthisreportThesepublicationsreflectdifferentassumptionpoint-of-viewandanalyticalmethodswhencompilingCMBIGMmaymakeinvestmentdecisionsortakeproprietarypositionsthatareinconsistentwiththerecommendationsorviewsinthisreportCMBIGMmayhaveapositionmakemarketsoractasprincipalorengageintransactionsinsecuritiesofcompaniesreferredtointhisreportforitselfandoronbehalfofitsclientsfromtimetotimeInvestorsshouldassumethatCMBIGMdoesorseekstohaveinvestmentbankingorotherbusinessrelationshipswiththecompaniesinthisreportAsaresultrecipientsshouldbeawarethatCMBIGMmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreportandCMBISwillnotassumeanyresponsibilityinrespectthereofThisreportisfortheuseofintendedrecipientsonlyandthispublicationmaynotbereproducedreprintedsoldredistributedorpublishedinwholeorinpartforanypurposewithoutpriorwrittenconsentofCMBIGMAdditionalinformationonrecommendedsecuritiesisavailableuponrequestForrecipientsofthisdocumentintheUnitedKingdomThisreporthasbeenprovidedonlytopersonsIfallingwithinArticle195oftheFinancialServicesandMarketsAct2000FinancialPromotionOrder2005asamendedfromtimetotimeTheOrderorIIarepersonsfallingwithinArticle492atodHighNetWorthCompaniesUnincorporatedAssociationsetcoftheOrderandmaynotbeprovidedtoanyotherpersonwithoutthepriorwrittenconsentofCMBIGMForrecipientsofthisdocumentintheUnitedStatesCMBIGMisnotaregisteredbroker-dealerintheUnitedStatesAsaresultCMBIGMisnotsubjecttoUSrulesregardingthepreparationofresearchreportsandtheindependenceofresearchanalystsTheresearchanalystwhoisprimaryresponsibleforthecontentofthisresearchreportisnotregisteredorqualifiedasaresearchanalystwiththeFinancialIndustryRegulatoryAuthorityFINRATheanalystisnotsubjecttoapplicablerestrictionsunderFINRARulesintendedtoensurethattheanalystisnotaffectedbypotentialconflictsofinterestthatcouldbearuponthereliabilityoftheresearchreportThisreportisintendedfordistributionintheUnitedStatessolelytomajorUSinstitutionalinvestorsasdefinedinRule15a-6undertheUSSecuritiesExchangeActof1934asamendedandmaynotbefurnishedtoanyotherpersonintheUnitedStatesEachmajorUSinstitutionalinvestorthatreceivesacopyofthisreportbyitsacceptancehereofrepresentsandagreesthatitshallnotdistributeorprovidethisreporttoanyotherpersonAnyUSrecipientofthisreportwishingtoeffectanytransactiontobuyorsellsecuritiesbasedontheinformationprovidedinthisreportshoulddosoonlythroughaUS-registeredbroker-dealerForrecipientsofthisdocumentinSingaporeThisreportisdistributedinSingaporebyCMBISingaporePteLimitedCMBISGCompanyRegnNo201731928DanExemptFinancialAdviserasdefinedintheFinancialAdvisersActCap110ofSingaporeandregulatedbytheMonetaryAuthorityofSingaporeCMBISGmaydistributereportsproducedbyitsrespectiveforeignentitiesaffiliatesorotherforeignresearchhousespursuanttoanarrangementunderRegulation32CoftheFinancialAdvisersRegulationsWherethereportisdistributedinSingaporetoapersonwhoisnotanAccreditedInvestorExpertInvestororanInstitutionalInvestorasdefinedintheSecuritiesandFuturesActCap289ofSingaporeCMBISGacceptslegalresponsibilityforthecontentsofthereporttosuchpersonsonlytotheextentrequiredbylawSingaporerecipientsshouldcontactCMBISGat6563504400formattersarisingfromorinconnectionwiththereportPLEASEREADTHEANALYSTCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGE2
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