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Industry Overview

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Industry Overview THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. INDUSTRY OVERVIEW The information and statistics set forth in this section and elsewhere in this document have been derived from an industry report commissioned by us and independently prepared by Frost & Sullivan, in connection with the Global Offering. In addition, certain information is based on, or derived or extracted from, among other sources, publications of government authorities and internal organizations, market statistics providers, communications with various PRC Government agencies or other Independent Third Party sources unless otherwise indicated. We believe that the sources of such information and statistics are appropriate and have taken reasonable care in extracting and reproducing such information. We have no reason to believe that such information and statistics are false or misleading in any material respect or that any fact has been omitted that would render such information and statistics false or misleading. Our Directors confirm that, after taking reasonable care, they are not aware of any adverse change in market information since the date of the Frost & Sullivan Report which may qualify, contradict or adversely impact the quality of the information in this section. None of our Company, the Joint Sponsors, the Joint Global Coordinators, the Joint Bookrunners, the Underwriters or any other party involved in the Global Offering or their respective directors, advisors and affiliates have independently verified such information and statistics and no representation has been given as to their accuracy. Accordingly, such information should not be unduly relied upon. SOURCE OF INFORMATION We have commissioned Frost & Sullivan, an independent market researcher and consultant, to conduct analysis and prepare a report (the “Frost & Sullivan Report”) on the leasing industry and markets in China and worldwide. Founded in 1961, Frost & Sullivan conducts industry research and corporate training in various industries, including the financial and leasing industries. We agreed to pay Frost & Sullivan a fee of RMB560,000 for the preparation and use of the Frost & Sullivan Report. Unless otherwise indicated, market estimates or forecasts in this section represent Frost & Sullivan’s view on the future development of the leasing industry in China and worldwide. In preparing the report, Frost & Sullivan has relied on statistics and information obtained through both primary and secondary research. Primary research includes interviewing industry insiders and recognized third-party industry associations, while secondary research includes reviewing corporate annual reports, databases of relevant official authorities and professional agencies, independent reports and publications, as well as the proprietary database established by Frost & Sullivan during the past decades. Frost & Sullivan also cross-checked the information obtained from different sources to ensure such information is in line with the practice of the industry. The forecasts were made by Frost & Sullivan on the basis of following assumptions: • The social, economic and political conditions in China and elsewhere in the world are expected to remain stable during the forecast period from 2015 to 2020; • The global economy and China’s economy are expected to continue to grow steadily during the forecast period from 2015 to 2020; • The key drivers of the global and China’s leasing industry are expected to continue to drive the development of leasing market in the forecast period from 2015 to 2020; and 79 THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. INDUSTRY OVERVIEW • The leasing markets in China and elsewhere in the world are not expected to be materially and adversely affected by any extreme circumstances during the forecast period from 2015 to 2020. Our Directors confirm that, after reasonable and due inquiry, there has been no adverse change in the market information since obtaining the data from Frost & Sullivan which may limit, contradict or affect the information in this section. OVERVIEW OF THE PRC ECONOMY The PRC has sustained steady and rapid economic growth since 2009. According to Frost & Sullivan, the PRC’s nominal GDP grew at a CAGR of 11.9%, from RMB34,562.9 billion in 2009 to RMB67,670.8 billion in 2015. The PRC’s real GDP grew at a CAGR of 8.6% from RMB12,407.1 billion in 2009 to RMB18,706.9 billion in 2014. In terms of nominal GDP in 2014, the PRC is the second largest economy in the world. Despite the lower growth rate caused by the slowdown of global macroeconomic growth, the PRC’s economic growth remained at a medium-to-high speed in recent years. According to Frost & Sullivan, the PRC’s nominal GDP is expected to grow at a CAGR of 8.2% from 2015 to 2019, reaching RMB92,900.2 billion by 2019, and the PRC’s real GDP is expected to grow at a CAGR of 6.3%, reaching RMB25,400.9 billion by 2019. According to Frost & Sullivan, in terms of total investment, the PRC’s fixed asset investment grew from RMB22,459.9 billion in 2009 to RMB56,200.0 billion in 2015, representing a CAGR of 16.5%. Total fixed asset investment of the PRC ranked first in the world in 2014. Such rapid expansion of fixed asset investment has been largely driven by accelerated urbanization in the PRC. According to Frost & Sullivan, the PRC’s urban fixed asset investment grew from RMB19,392.0 billion in 2009 to RMB50,126.5 billion in 2014, representing a CAGR of 20.9%. Meanwhile, despite a lower growth rate resulting from the slowdown of global economy, the PRC’s fixed asset investment is expected to sustain its rapid growth at a double-digit growth rate from 2014 to 2019. The PRC’s fixed asset investment is expected to grow at a CAGR of 11.4% from 2015 to 2019, reaching RMB86,652.4 billion by 2019; while the PRC’s urban fixed asset investment is expected to grow at a CAGR of 11.4% during the same period, reaching RMB85,981.9 billion by 2019. Additionally, as the majority of their assets and liabilities of the finance lease business are denominated in Renminbi and also under finance leases with floating rate pricing, the business of most of the PRC’s leasing companies is primarily affected by the fluctuations in Renminbi interest rate. For example, the PBOC reduced its benchmark rate five times in 2015, resulting in a decrease in the one-year benchmark lending rate from 5.60% on January 1, 2015 to 4.35% on December 31, 2015. In addition, the PBOC also reduced the deposit reserve ratio three times in 2015, resulting in ample liquidity in the market and a decrease in interbank borrowing costs. The significant decrease in benchmark rate led to decreases in the finance lease income and expenses of the leasing companies, and affected the net interest margin of their finance lease businesses. On the other hand, lower benchmark rate and deposit reserve ratio may also help to bring down the RMB funding cost for leasing companies. The table below sets forth the fluctuation of the PBOC benchmark leasing interest rates from February 21, 2002 to February 21, 2016: 80 THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. INDUSTRY OVERVIEW PBOC benchmark lending interest rates (%) Less than Adjustment Date 6 months 6 to 12 months 1 to 3 years 3 to 5 years Over 5 years 2/21/2002 ..... 5.04 5.31 5.49 5.58 5.76 10/29/2004..... 5.22 5.58 5.76 5.85 6.12 4/28/2006 ..... 5.40 5.85 6.03 6.12 6.39 8/19/2006 ..... 5.58 6.12 6.30 6.48 6.84 3/18/2007 ..... 5.67 6.39 6.57 6.75 7.11 5/19/2007 ..... 5.85 6.57 6.75 6.93 7.20 7/21/2007 ..... 6.03 6.84 7.02 7.20 7.38 8/22/2007 ..... 6.21 7.02 7.20 7.38 7.56 9/15/2007 ..... 6.48 7.29 7.47 7.65 7.83 12/21/2007..... 6.57 7.47 7.56 7.74 7.83 9/16/2008 ..... 6.21 7.20 7.29 7.56 7.74 10/9/2008 ..... 6.12 6.93 7.02 7.29 7.47 10/30/2008..... 6.03 6.66 6.75 7.02 7.20 11/27/2008..... 5.04 5.58 5.67 5.94 6.12 12/23/2008..... 4.86 5.31 5.40 5.76 5.94 10/20/2010..... 5.10 5.56 5.60 5.96 6.14 12/26/2010..... 5.35 5.81 5.85 6.22 6.40 2/9/2011 ...... 5.60 6.06 6.10 6.45 6.60 4/6/2011 ...... 5.85 6.31 6.40 6.65 6.80 7/7/2011 ...... 6.10 6.56 6.65 6.90 7.05 6/8/2012 ...... 5.85 6.31 6.40 6.65 6.80 7/6/2012 ...... 5.60 6.00 6.15 6.40 6.55 Adjustment Date(1) Less than 1 year 1 to 5 years Over 5 years 11/22/2014..... 5.60 6.00 6.15 3/1/2015 ...... 5.35 5.75 5.90 5/11/2015 ..... 5.10 5.50 5.65 6/28/2015 ..... 4.85 5.25 5.40 8/26/2015 ....
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