China Internet: Implications From QM Call: Adoption Rate & Competitive Landscape In AIGC, Digital Content & Consumption Trend

Research evidence excerpt

China Internet: Implications From QM Call: Adoption Rate & Competitive Landscape In AIGC, Digital Content & Consumption Trend

tigroup Global Markets Inc. and/or its affiliates has a significant financial interest in relation to

Alibaba,JD.com,Kuaishou,Meituan,PDD Holdings Inc,Tencent Holdings,Tencent Music Entertainment. (For an explanation of

the determination of significant financial interest, please refer to the policy for managing conflicts of interest which can be

found at www.citiVelocity.com.)

Analysts’ compensation is determined by Citi Research management and Citigroup’s senior management and is based upon

activities and services intended to benefit the investor clients of Citigroup Global Markets Inc. and its affiliates (the “Firm”).

Compensation is not linked to specific transactions or recommendations. Like all Firm employees, analysts receive

compensation that is impacted by overall Firm profitability which includes investment banking, sales and trading, and

principal trading revenues. One factor in equity research analyst compensation is arranging corporate access events between

institutional clients and the management teams of covered companies. Typically, company management is more likely to

participate when the analyst has a positive view of the company.

For financial instruments recommended in the Product in which the Firm is not a market maker, the Firm is a liquidity provider

in such financial instruments (and any underlying instruments) and may act as principal in connection with transactions in

such instruments. The Firm is a regular issuer of traded financial instruments linked to securities that may have been

recommended in the Product. The Firm regularly trades in the securities of the issuer(s) discussed in the Product. The Firm may