Imagine the following chaotic scene at a warehouse on the outskirts of a major city. Truck drivers travelling potentially hundreds of miles from their homes, paying parking and entry fees, sparring with their peers for assignments that are frantically claimed nearly as fast as the middlemen can jot them down on giant chalkboards. For many years, this was the situation at hundreds of “logistics parks” across China. That is, until former Alibaba executive Peter Hui Zhang created a new, more efficient way to match truckers with shipping needs through a single application. This is the story of Full Truck Alliance.

China Internet Highlights:

• Retail sales increased +10.6% year-over-year in March.¹
• Alibaba will become a holding company consisting of six, separate business units, each with the capability to fundraise and pursue their own public listings.
• Tencent, Alibaba, Meituan, and Kuaishou all beat analyst estimates in their fourth quarter results.

China Internet Sector Earnings Report Contents:

• China Internet Recent Highlights
• Subsector Analysis
• Theme Highlight – Full Truck Alliance: A True China Innovation Story
• KWEB Top 10 Holdings Earnings Update

This is a marketing communication. Please refer to the prospectus of the UCITS, the KIID, and the PRIIPS before making any final investment decision.

1. Data from National Bureau of Statistics of China as of 3/31/2023