A possible win-win situation to acquire parentco’s commercial arm WESCHI – limited capex spent in Ethiopia expansion so far. Still OW on robust China’s operation CMBI Research Focus List: Our best high conviction ideas Non-COVID projects to see growth acceleration beyond 2022E China Banking Sector: Supportive policy on carbon-efficient industry Looking beyond 2H21 ads headwinds Hope for the best and prepare for the worst China Property Sector：What is the end game? A detailed analysis of chairpersons’ possible bailout Strategy Report: HSI Q3 review: may add IT & Consumer stocks Morning Notes