1) Equity Research: Covered major gaming stocks listed in A/H-shares, including Tencent, NetEase, G-bits, etc. Closely tracked changes in valuation and business fundamentals to identify investment opportunities. Conducted in-depth research on Tencent Games and over 15 gaming stocks based on business models, drivers of growth and profitability, core competencies and valuation. 2) Stock Pitch: Prepared pitch materials and worked closely with sales team to deliver over 200 stock pitch… Show more 1) Equity Research: Covered major gaming stocks listed in A/H-shares, including Tencent, NetEase, G-bits, etc. Closely tracked changes in valuation and business fundamentals to identify investment opportunities. Conducted in-depth research on Tencent Games and over 15 gaming stocks based on business models, drivers of growth and profitability, core competencies and valuation. 2) Stock Pitch: Prepared pitch materials and worked closely with sales team to deliver over 200 stock pitch roadshows in 24Q2. 3) Client Connection: Covered over 150 institutional investors including public funds, private funds, banks and insurance companies. Built solid connection with over 300 fund managers, who are potential high-net-worth clients for PB business.4) Event Coordination: Organized 3 summits discussing investment opportunities in China’s gaming and media industry and invited over 10 game companies and over 200 institutional investors. Arranged over 50 reverse roadshows in 24Q2. Show less

1) Investment Strategy: Conducted industry analysis covering China’s sports mobile game companies, and identified potential investment opportunities. Designed a 3-factor screening approach to screen potential investment targets. Established a CCA model to value target companies and facilitated Tencent’s investment in Capstone Games and LMD Games.2) Industry Research: Analyzed international game markets including North America, Japan, Korea, Southeast Asia and Europe. Estimated global… Show more 1) Investment Strategy: Conducted industry analysis covering China’s sports mobile game companies, and identified potential investment opportunities. Designed a 3-factor screening approach to screen potential investment targets. Established a CCA model to value target companies and facilitated Tencent’s investment in Capstone Games and LMD Games.2) Industry Research: Analyzed international game markets including North America, Japan, Korea, Southeast Asia and Europe. Estimated global market size for China’s game publishers. Analyzed business models, product strategies and user acquisition strategies of major game publishers, and proposed business strategies for Tencent to publish games globally.3) Business Analysis: Analyzed how Cygame’s MediaMix strategy resonated with its business, and helped Tencent to restructure game production pipeline in content-based games. 4) Cross-Culture Collaboration: Worked closely with Korean game company Nexon to establish regular communication schemes in Dungeon & Fighter (DnF), which facilitated new content and pipeline production and improved user retention by 23%.5) Operation Optimization: Designed, priced and updated in-game purchasing schemes targeting at different type of users in FIFA Mobile, improving annual revenue by 28%. Show less

• Valuation of Kimberly Clark (KMB, NYSE) − Analyzed the performance of the KMB including major business models, drivers and sustainability of growth and profitability − Performed a DCF valuation of the KMB stock, analyzed risk around this valuation and provided an investment recommendation

• Design of Outbound Investment Strategies for CSG − Designed a top-down screening approach for global power investment using WACC indicator − Calculated WACC of 52 potential target countries in power industry investment based on open market data and CAPM model • Design of Electricity Pricing Model for China Government − Led the designing process of electricity transmission and distribution pricing model according to annual permitted revenue − Conducted sensitivity… Show more • Design of Outbound Investment Strategies for CSG − Designed a top-down screening approach for global power investment using WACC indicator − Calculated WACC of 52 potential target countries in power industry investment based on open market data and CAPM model • Design of Electricity Pricing Model for China Government − Led the designing process of electricity transmission and distribution pricing model according to annual permitted revenue − Conducted sensitivity analysis of profits with respect to economic structure, supply and demand and trading volume. Show less