Excerpts:

1. Strategic significance of acquisition: integrated management. 2. Wing Lung Bank: good quality loan, sound liquidity and wide range of income sources. 3. Slightly high price: We believe that the valuation is high, but pricing is still in an acceptable range. 4. Possible financing needs. 5. Overall, we believe that the acquisition is of great significance for China Merchants Bank's strategic development. To effectively integrate Wing Lung Bank, learn from its successful experience and better use its network channels is the key to achieve strategic significance.