CMB International
CMB International Capital Corporation Limited
CMB International (CMBI) is the Hong Kong investment banking and securities arm of China Merchants Bank. Its research unit, CMB International Global Markets, covers Hong Kong- and mainland-listed companies and Chinese ADRs, with recognized strength in autos and technology hardware.
Company history
CMBI traces to Jiang Nan Finance Limited, founded in Hong Kong in 1993 and renamed CMB International Capital Corporation in 2002; it is wholly owned by China Merchants Bank. It expanded from corporate finance advisory and brokerage into IPO sponsorship and underwriting, asset management, wealth management, global markets and structured finance. Brokerage and research sit in CMB International Global Markets Limited, formerly Wing Lung Securities and then Yat Lung Securities, which took its current name in 2021.
- 1993Predecessor Jiang Nan Finance founded in Hong Kong
- 2002Renamed CMB International Capital Corporation
- 2021Brokerage renamed CMB International Global Markets Limited
- 2022Ranked third for research in Asiamoney Hong Kong Brokers Poll
Research
Research covers Hong Kong, mainland China and U.S.-listed Chinese companies in sectors including autos, consumer and technology, alongside macro and strategy. In Asiamoney's 2022 Hong Kong Brokers Poll CMBI ranked third for research, with top individual rankings in autos and technology hardware. Stocks are rated Buy (potential return above 15% over 12 months), Hold (+15% to −10%) or Sell (potential loss over 10%).
Coverage12M
- Stocks
- 1
- Ratings
- 0
- Price targets
- 1
- Median upside
- +25.6%
- Upgrades
- 0
- Downgrades
- 0
- Initiations
- 0
- Reiterations
- 0
Sectors
Listing
Activity24M
Most covered24M
| Stock | Rating | Target |
|---|---|---|
 NIONIO Inc. | — | $7 |
 XPEVXPeng Inc. | — | $16 |
Analysts24M
- Ji ShiNIO · XPEV2
Recent actions
| Stock | Rating action | Rating | Target | Date |
|---|---|---|---|---|
| NIO Inc.NIO | Target | $7 | May 22 | |
| XPeng Inc.XPEV | Target | $16 | Nov 20, 2024 | |
 Adobe Inc.ADBE | Target | $645 | Jul 2, 2024 | |
| ATAtour Lifestyle Holdings LimitedATAT | Reiterate | Buy | Apr 5, 2024 | |
 PDD Holdings Inc.PDD | Target | $155.40 | Mar 21, 2024 | |
 Alibaba Group Holding LimitedBABA | Reiterate | Buy | Jul 8, 2022 | |
| Alibaba Group Holding LimitedBABA | Reiterate | Buy | Apr 19, 2022 | |
| Alibaba Group Holding LimitedBABA | Reiterate | Buy | $181.60 | Jan 10, 2022 |
| NTNetEase, Inc.NTES | Target | $123 | Oct 5, 2021 | |
| Alibaba Group Holding LimitedBABA | Reiterate | Buy | Apr 13, 2021 | |
| IHiHuman Inc.IH | Reiterate | Buy | Dec 23, 2020 |
References
- About Us - CMB International Capital Corporation Limitedcmbi.com.hk
- China Merchants Bank 2024 Annual Report (HKEX filing)hkexnews.hk
- China Merchants Bank 2012 Annual Reportfile.cmbchina.com
- CMBI Research Focus List with ratings definitions (April 2025)cmbi.com.hk
- Asiamoney Brokers Poll: Hong Kong 2022euromoney.com
- CMB International Global Markets Limited - key data (Webb-site)webb-site.qizai.ai