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DISCLOSURE OF INTERESTS(1) The Analysts and their associates do not serve as an officer of the issuer mentioned in this Research Report.(2) The Analysts and their associates do not have any financial interests in relation to the issuer mentioned in this Research Report.(3) Guotai Junan International Holdings Limited and/or its subsidiaries do not hold equal to or more than 1% of the market capitalization of the issuer mentioned in this Research Report.(5) Guotai Junan International Holdings Limited and/or its subsidiaries are making, or will make a market in the securities in respect of Great Wall Motor Company Limited/Geely Automobile Holdings Limited/Byd Company Limited/BOC Hong Kong (Holdings) Limited/BYD Electronic (International) Company Limited mentioned in this Research Report.(6) Guotai Junan International Holdings Limited and/or its subsidiaries have not employed an individual serving as an officer of any issuers mentioned in this Research Report. There is no officer of any issuers mentioned in this Research Report associated with Guotai Junan International Holdings Limited and/or its subsidiaries.(4) Guotai Junan International Holdings Limited and/or its subsidiaries have had investment banking relationships with UBTECH ROBOTICS CORP LTD/Tencent Music Entertainment Group/SHENZHEN DOBOT CORP LTD/China Hongqiao Group Limited mentioned in this Research Report within the preceding 12 months. This Research Report does not constitute an invitation or offer to acquire, purchase or subscribe for securities by Guotai Junan Securities (Hong Kong) Limited ("Guotai Junan").Guotai Junan and its group companies may do business that relates to companies covered in research reports, including investment banking, investment services, etc.(for example, the placing agent, lead manager, sponsor, underwriter or invest proprietarily). Any opinions expressed in this report may differ or be contrary to opinions or investment strategies expressed orally or in written form by sales persons, dealers and other professional executives of Guotai Junan group of companies.Any opinions expressed in this report may differ or be contrary to opinions or investment decisions made by the asset management and investment banking groups of Guotai Junan. Though best effort has been made to ensure the accuracy of the information and data contained in this Research Report, Guotai Junan does not guarantee the accuracy and completeness of the information and data herein.This Research Report may contain some forward-looking estimates and forecasts derived from the assumptions of the future political and economic conditions with inherently unpredictable and mutable situation, so uncertainty may contain.Investors should understand and comprehend the investment objectives and its related risks, and where necessary consult their own financial advisers prior to any investment decision.