CMB International
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.
Activity24M
RatingsPrice targetsKey figures
- Stocks covered
- 112M
- Actions
- 112M
- Ratings / Price targets
- 0 / 1
- Median upside
- +25.6%
- On record
- Aug 2020 – May 2026
Overview
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. As of late 2025, CMBI's head of research also ran its institutional equities department.
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.
Milestones
- 1993
Predecessor Jiang Nan Finance founded in Hong Kong
- 2002
Renamed CMB International Capital Corporation
- 2021
Brokerage renamed CMB International Global Markets Limited
- 2022
Ranked third for research in Asiamoney Hong Kong Brokers Poll
Firm facts
- Legal name
- CMB International Capital Corporation Limited
- Type
- Full-service
- Founded
- 1993
- Headquarters
- Hong Kong, China
- Parent
- China Merchants Bank
- Listing
- HKEX: 3968
- Rating scale
- BuyHoldSell12 months
- Also filed as
- CMB International Securities
- Website
- cmbi.com.hk
Research philosophy
We are committed to helping you capture the most valuable investment themes and the most promising, high-quality assets, and guiding you towards your long-term investment objectives.
In late 2025, CMBI's head of research described an approach that examines entire industry value chains and combines fundamental analysis with an understanding of market trading. Its monthly Research Focus List explains why each stock is added or removed and compares the previous equal-weighted portfolio's performance with the MSCI China Index, including periods of underperformance.
Rating methodology
Ratings reflect potential returns over 12 months: Buy indicates a gain of more than 15%, Hold a return between −10% and +15%, and Sell a loss of more than 10%.
Coverage12M
Sectors
Most covered24M
| Stock | Rating | Target |
|---|---|---|
 NIO Inc.NIO | — | $7 |
 XPeng Inc.XPEV | — | $16 |
Most active analysts
- Ji Shi2 notesNIOXPEV
Recent actions
| Date | Stock | Rating action | Rating | Target | Analyst |
|---|---|---|---|---|---|
| May 22 | NIO Inc.NIO | Target | $7 | Ji Shi | |
| Nov 20, 2024 | XPeng Inc.XPEV | Target | $16 | Ji Shi | |
| Jul 2, 2024 |  Adobe Inc.ADBE | Target | $645 | Saiyi He | |
| Apr 5, 2024 | ATAtour Lifestyle Holdings LimitedATAT | Reiterate | Buy | ||
| Mar 21, 2024 |  PDD Holdings Inc.PDD | Target | $155.40 | Saiyi He | |
| Jul 8, 2022 |  Alibaba Group Holding LimitedBABA | Reiterate | Buy | ||
| Apr 19, 2022 | Alibaba Group Holding LimitedBABA | Reiterate | Buy | ||
| Jan 10, 2022 | Alibaba Group Holding LimitedBABA | Reiterate | Buy | $181.60 | Sophie Huang |
| Oct 5, 2021 | NTNetEase, Inc.NTES | Target | $123 | Sophie Huang | |
| Apr 13, 2021 | Alibaba Group Holding LimitedBABA | Reiterate | Buy | ||
| Dec 23, 2020 | IHiHuman Inc.IH | Reiterate | Buy |