China Investment Banking Review Full Year 2020 中国投资银行业报告 2020年度 Refinitiv Deals Intelligence 路孚特 交易商情

1

报告 概览

投资银行费用 中国投行业务费用在2020年达201亿美元，相比去年全年增长了36.1%，这是自2000年有记录以来年度最高值。债券市场承销费占全部投资银行费用的53.2%，达107 亿美元，以17.3%的涨幅打破去年同期创造的记录。股权资本市场承销费也再创新高，实现今年最大增长，承销费较去年同期增长102.4%，总额达71亿美元。 已完 成的并购交易咨询费较去年同期增长23.0%，达12亿美元。银团贷款费用总额为11亿美元，比去年同期下降6.9%。中信以15亿美元的预估费用位居中国投行费用榜 首，占费用总额的7.4%。

兼并与收购 在中国境内并购交易活动的推动下，涉及中国的并购交易在2020年达到近三年高位，交易总额达5,813亿美元，同比增长30.1%。因为受监管、地缘政治紧张局势、 保护主义情绪和到最近的全球冠状病毒大流行的影响，已公布交易的数量同比减少1.1%。2020年第四季度交易总额达1,676亿美元，较上一季度减少26.4%，但相比 2019年第四季度增长17.3%。

中国海外并购自2016年历史新高以后第四年连续下滑，交易金额总计371亿美元，同比减少15.1%，为2007年301亿美元以来的最低水平。中国在全球跨境活动最活 跃的收购国中排名下滑至第八位。中国今年在“一带一路”沿线国家的并购交易共计113笔，价值83亿美元，同比减少33.7%，占中国海外并购总额的22.3%。外国公司 收购中国企业达448亿美元，比2019年增长4.3%。然而，交易数量比一年前下降了12.0%，达十多年来最低水平。境内并购活动达到近五年高点，总计4,785亿美元， 同比增长38.8%，交易数量增长2.9%。

涉及中国的并购交易活动主要集中在能源与电力行业，占市场份额的20.8%，总额为1,206亿美元，同比增长182.0%。国家石油天然气管网集团有限公司（国家管 网）同意以491亿美元现金收购中国石油天然气股份有限公司的管道资产。该交易目前是亚太地区有史以来规模最大的一笔交易，超过了此前的纪录保持者——长江 实业在2015年以454亿美元收购和记黄埔交易。它还超过了中国历史上最大的并购交易——2016年440亿美元的中国化工收购先正达交易。同时，随着中国整合油气 管道，国家管网还从中石化收购了管道资产，共计4笔交易，总额达256亿美元。这使得国家管网收购中石油和中石化的油气管道资产合计达到 748 亿美元。在2020 年12月，国家管网还同意从昆仑能源有限公司收购中石油大连液化天然气有限公司75%的股权和中石油北京天然气管道有限公司60%的股权，总金额为62亿美元。高 科技行业以16.8%的市场份额位居第二，总额达974亿美元，同比增长83.8%。

中国国际金融股份有限公司在2020年已公布并购交易榜单中排名第一，市场份额为26.5%，相关交易金额达1,539亿美元。

2 报告 概览

股权资本市场 中国股权及股权挂钩交易总额创下历史新高，2020年融资达2,816亿美元，同比增长90.4%。发行数量为最活跃的一年，同比增长73.0%。首次公开发行（IPO）总额创历史新高， 达1,254亿美元，同比增长86.1%。IPO数量创下历史新高，同比增长66.3%。

A股IPO在2020年达到近十年高点，总募集金额达593亿美元，同比增长78.7%，A股新股上市数量增长96.0%。除二次上市发行，京沪高速铁路今年1月通过IPO融资44亿美元，成为 今年迄今为止全球规模最大的IPO。上海证券交易所2019年7月推出的科创板，占A股IPO募集金额的44.2%，总额达262亿美元，同比增长140.8%。

中国在香港（主板和创业板）的IPO较去年增长了69.9%，达到499亿美元， IPO数量增长了17.4%。在2020年6月， 京东和网易在香港首次上市，融资总额达70亿美元，突显出美 国上市的中国企业寻求二次上市的趋势。备受期待的蚂蚁集团IPO就在其计划在上海和香港两地上市前几天因监管问题而暂停。中国企业在美国发行的IPO共筹集了117亿美元，同 比增长241.6%，是自2014年290亿美元以来的最高水平。

增发发行总额达1,058亿美元，同比增长238.7%，超过2016年952亿美元创下的纪录。中国可转换债券（及股权票挂钩发行）总计505亿美元，比去年创纪录高点增长2.4%。

高科技行业以15.9%的市场份额领先其他行业，总募集金额达447亿美元，是2019年的两倍多。中芯国际集成电路制造有限公司在2020年7月通过IPO融资75亿美元，成为2020年中 国发行最大的IPO。工业占15.3%的市场份额，筹集431亿美元，同比增长201.4%。医疗保健业和金融业的市场份额分别为13.2%和11.7%。

中信在中国股权和股权挂钩承销业务中居于2020年榜单首位，以273亿美元的发行金额获得9.7%的市场份额。中国国际金融股份有限公司以8.0%的市场份额紧随其后，发行金额为 224亿美元，摩根士丹利华鑫证券以7.3%的市场份额位至第三。

债券资本市场 中资发行人在一级市场的发行仍然强劲且继续打破记录，2020年度筹集了2.3万亿美元，与去年同期相比增长了24.7%，债券发行数量使得2020年成为历史迄今最繁忙年度。政府和 相关机构发行以1.0万亿美元占中国债券发行额的44.2%，较去年同期增长34.1%，成为有记录以来最繁忙发行年度。金融债券发行占据了32.4%的市场份额，总计7,528亿美元，较 2019年同期增长23.3%，这得益于三笔大规模发行：中国农业银行价值120亿美元的在岸永久债券、中国邮政储蓄银行价值114亿美元的永久债券以及中国银行价值111亿美元的二级 债券。中国的银行出于资金补充的需求，共筹集3,659亿美元，较去年同期上涨29.2%。

中国银行目前以1,657亿美元相关发行总额或7.1%的市场份额领跑中国债券承销榜单，中国工商银行以6.6%的市场份额（1,543亿美元发行额）位居第二，中信则以6.6%的市场份额 （1,532亿美元）跻身前三。

3 REPORT SUMMARY

Investment Banking Fees China investment banking activity generated US$20.1 billion in fees during 2020 and a 36.1% increase year-on-year, making it the highest-ever annual period since records began in 2000. DCM underwriting fees, which captured 53.2% of the total investment banking fees, reached US$10.7 billion and surpassed last year’s record high by 17.3%. ECM underwriting fees also hit an all-time high with the biggest growth this year, up 102.4% from last year and totaled US$7.1 billion. Advisory fees from completed M&A deals saw a 23.0% increase from a year ago and totaled US$1.2 billion. Syndicated lending fees amounted to US$1.1 billion, a 6.9% decline from 2019. CITIC topped China’s investment banking fee league table with a total of US$1.5 billion in estimated fees or 7.4% share of the total fee pool.

Mergers & Acquisitions Mergers & acquisitions (M&A) involving China hit a three-year high and totaled US$581.3 billion in 2020, a 30.1% increase from a year ago, driven by domestic consolidations. Number of announced deals fell 1.1% year-on-year as headwinds continued to deter deal making activity - from regulatory hurdles, geopolitical tensions, protectionist sentiments to the recent global coronavirus pandemic. Fourth quarter activity totaled US$167.6 billion, down 26.4% from a strong third quarter in 2020, but a 17.3% increase from fourth quarter of 2019. Chinese outbound acquisitions saw its fourth annual decline since the record high in 2016 and totaled US$37.1 billion, down 15.1% compared to a year ago, making it the lowest annual period since 2007 (US$30.1 billion). China slipped down the ranking to eighth place as most active acquiror nation for global cross-border activity this year, after being one of the largest acquirers of overseas assets during its peak in 2016. Chinese acquisitions along Belt & Road nations saw 113 deals worth US$8.3 billion this year, down 33.7% from a year ago, and accounted for 22.3% of the total Chinese outbound acquisitions. Foreign firms acquiring Chinese companies amounted to US$44.8 billion this year, a 4.3% increase from 2019. However, the number of inbound deals fell 12.0% from a year ago and saw its slowest period in more than a decade. Domestic activity reached a five- year high and totaled US$478.5 billion, a 38.8% increase from last year, as deal count grew 2.9%.

Deal making activity involving China targeted the Energy & Power sector which captured 20.8% market share and totaled US$120.6 billion, up 182.0% from last year. Chinese state-owned China Oil & Gas Pipeline Network Corp (PipeChina) acquired the pipeline assets of PetroChina Co Ltd for an estimated US$49.1 billion. The deal is currently the largest on record involving Asia Pacific, surpassing the previous record holder - Cheung Kong’s US$45.4 billion acquisition of Hutchison Whampoa in 2015. It also topped China’s biggest M&A deal in history - the US$44.0 billion ChemChina- Syngenta transaction in 2016. Concurrently, as China consolidates its oil and gas pipeline, PipeChina also acquired pipeline assets from Sinopec with a total of 4 deals worth US$25.6 billion. This brings PipeChina’s acquisition of PetroChina and Sinopec’s oil & gas pipeline assets to an aggregate total of US$74.8 billion. In December, PipeChina also agreed to acquire a 75% interest in PetroChina Dalian LNG Co Ltd and 60% interest in PetroChina Beijing Natural Gas Pipeline Co Ltd from Kunlun Energy Co Ltd, for a combined value of US$6.2 billion. High Technology followed in second place with 16.8% market share worth US$97.4 billion, an 83.8% increase from a year ago. China International Capital Co (CICC) leads the any China involvement announced M&A league table in 2020, with 26.5% market share and US$153.9 billion in related deal value.

4 REPORT SUMMARY

Equity Capital Markets Chinese equity and equity-linked (ECM) proceeds witnessed record issuances, raising US$281.6 billion in 2020, up 90.4% from last year. Number of equity issuances also saw the busiest annual period and grew 73.0% year-on-year. Total initial public offerings (IPOs), including secondary listings, issued by China-domiciled companies hit an all-time high and reached US$125.4 billion, up 86.1% from a year ago. Number of IPOs hit record levels and jumped 66.3% from a year ago. A-Share IPO and secondary listings reached a decade high in 2020 with US$59.3 billion in proceeds, up 78.7% from a year ago, as number of A-Share new listings grew 96.0%. Excluding secondary listings, Beijing-Shanghai High Speed Railway raised US$4.4 billion via IPO in January, making it the biggest IPO globally so far this year. Shanghai Stock Exchange’s STAR Market, launched in July 2019, accounted for 44.2% of the A-Share IPO proceeds and totaled US$26.2 billion, up 140.8% year-on-year. Chinese IPOs and secondary listings in Hong Kong (Mainboard and GEM) grew 69.9% from last year to US$49.9 billion, with a 17.4% growth in number of IPOs. In June, JD.com and NetEase debuted their secondary listings in Hong Kong, raising a total of US$7.0 billion, underlining a trend of US-listed Chinese companies pursuing secondary listings closer to home. Highly anticipated Ant Group's blockbuster IPO was suspended due to regulatory concerns, days before its planned dual listing in Shanghai and Hong Kong. Chinese IPOs in the United States raised US$11.7 billion, a 241.6% increase from a year ago, and the highest annual total since 2014 (US$29.0 billion). Follow-on offerings totaled US$105.8 billion, up 238.7% year-on-year, surpassing the record set in 2016 (US$95.2 billion). Chinese convertibles, or equity-linked issuance, totaled US$50.5 billion, a 2.4% growth after last year’s record high, as number of convertible offerings saw the busiest period this year.

Equity offerings across major sectors saw year-on-year growth with High Technology taking the lead with 15.9% market share worth US$44.7 billion, more than double the proceeds seen in 2019. Semiconductor Manufacturing International Corp’s (SMIC) US$7.5 billion secondary listing in Shanghai’s STAR Market is the largest Chinese equity offering so far this year. Industrials captured 15.3% market share and raised US$43.1 billion, up 201.4% from a year ago. Healthcare and Financials represented 13.2% and 11.7% market share, respectively. CITIC currently leads the rankings this year for China ECM underwriting, capturing 9.7% market share with US$27.3 billion in related proceeds. China International Capital Co (CICC) followed in second place with 8.0% market share worth US$22.4 billion in proceeds while Morgan Stanley took third place with 7.3% market share.

Debt Capital Markets Primary bond offerings from China-domiciled issuers remained strong and continued to break records, raising US$2.3 trillion in 2020, a 24.7% increase from last year, as number of bond offerings saw its busiest-ever annual period in 2020. Government & Agencies accounted for 44.2% of China’s bond proceeds worth US$1.0 trillion, up 34.1% from a year ago, making it the best-ever annual period on record. Financials captured 32.4% market share and raised US$752.8 billion, up 23.3% year-on-year. This was driven by three jumbo issuances: Agricultural Bank of China’s onshore perpetual bond issuance worth US$12.0 billion, Postal Savings Bank’s US$11.4 billion perpetual bond and Bank of China’s US$11.1 billion Tier 2 bonds. Chinese banks raised US$365.9 billion, up 29.2% from a year ago as they replenished capital requirements. Bank of China currently leads China bonds underwriting with US$165.7 billion in related proceeds or 7.1% market share. Industrial & Commercial Bank of China (ICBC) follows in second place with 6.6% market share or US$154.3 billion in proceeds. CITIC rounded out the top three with 6.6% market share worth US$153.2 billion.

5 季度摘要 中国投资银行业务

摘要

并购费用 增涨 23% 并购财务顾问 今年迄今第一名 股权资本市场费用 增涨 102% 中金公司

债券资本市场费用 增涨 17% 股权资本发行承销商 今年迄今第一名 中信 贷款费用 下降 -7% 债券资本发行承销商 今年迄今第一名 中国参与并购 增涨 30% 中国银行 中国标的并购 增涨 35% 并购标的行业 第一名 股票资本发行金额 增涨 90% 能源和电力 债券资本发行金额 增涨 25% 债券行业 股票行业 第一名 第一名 点击箭头图标查看详细分析 政府和机构 高科技

6 QUARTERLY HIGHLIGHTS CHINA INVESTMENT BANKING ACTIVITY

HIGHLIGHTS

M&A FEES UP 23% M&A TOP FINANCIAL ADVISOR YTD China International Capital Co ECM FEES UP 102% ECM TOP BOOK RUNNER YTD DCM FEES UP 17% CITIC LOAN FEES DOWN -7% DCM TOP BOOK RUNNER YTD ANY INV. M&A UP 30% Bank of China Ltd TARGET M&A UP 35% M&A TOP TARGETED INDUSTRY Energy and Power ECM PROCEEDS UP 90% DCM TOP ISSUING ECM TOP ISSUING DCM PROCEEDS UP 25% INDUSTRY INDUSTRY Click on any of the above arrows to go Government and straight to the analysis. High Technology Agencies

7 BACK TO CHINA HIGHLIGHTS INVESTMENT BANKING FEES PAGE

INVESTMENT BANKING FEES VOLUMES TOP FEE PAYING INDUSTRIES (by Market Share) Annual Fees 25,000 • Outer Rim: YTD • Inner Rim: YTDLY 20,000

15,000 23%

10,000 26% US$ Million US$ 22% 5,000 27%

0 11 12 13 14 15 16 17 18 19 20 11% INVESTMENT BANKING FEES BY ASSET CLASS 8% 6% BONDS EQUITY LOANS MA 24% 25,000 10% 23% 9% 20,000 11% 15,000

10,000 US$ Million US$ Financials Government and Agencies 5,000 Industrials High Technology

0 Real Estate Other 11 12 13 14 15 16 17 18 19 20

8 BACK TO CHINA HIGHLIGHTS MERGERS & ACQUISITIONS PAGE

ANY INVOLVEMENT M&A VOLUMES & NUMBER OF DEALS TOP TARGETED INDUSTRIES (Any Involvement) YTD Volumes #Deals

900 8,000 • Outer Rim: YTD 800 7,000 • Inner Rim: YTDLY 700 6,000 600 5,000 500 4,000 21% 400 3,000 US$ Billion US$ 300 29% 10% 200 2,000 30% 100 1,000 12% 0 - 11 12 13 14 15 16 17 18 19 20

TARGET M&A VOLUMES & NUMBER OF DEALS 18% 17% YTD Volumes #Deals 11% 700 7,000 8% 19% 600 6,000

500 5,000 10% 15% 400 4,000

300 3,000 US$ Billion US$ 200 2,000 Energy and Power High Technology Industrials 100 1,000

0 - Financials Real Estate Other 11 12 13 14 15 16 17 18 19 20

9 BACK TO CHINA HIGHLIGHTS MERGERS & ACQUISITIONS PAGE

INBOUND M&A DOMESTIC M&A OUTBOUND M&A Inbound M&A up 4.3% from YTD last year, amounting Domestic M&A up 38.8% from YTD last year, Outbound M&A is down 15.1% from YTD last year, to US$44.8 billion so far this year. reaching US$478.5 billion so far this year. totaling US$37.1 billion so far this year. YTD Volumes #Deals YTD Volumes #Deals YTD Volumes #Deals 70 900 700 7,000 250 1,000 60 800 600 6,000 700 200 800 50 600 500 5,000 40 500 400 4,000 150 600 400 30 300 3,000 100 400

300

US$ BillionUS$ US$ BillionUS$ 20 200 2,000 BillionUS$ 200 50 200 10 100 100 1,000 0 - 0 - 0 - 11 12 13 14 15 16 17 18 19 20 11 12 13 14 15 16 17 18 19 20 11 12 13 14 15 16 17 18 19 20 INBOUND M&A VOLUMES DOMESTIC M&A VOLUMES OUTBOUND M&A VOLUMES TOP ACQUIRING NATIONS / REGIONS TOP TARGETED SECTORS TOP TARGETED NATIONS / REGIONS US$ Billion US$ Billion 0 5 10 15 20 25 0 5 10 15 20

21.5 25% 24% 15.2 Hong Kong 10% Hong Kong 21.9 13.2 26% 6.2 8.2 United States 20% United States 6.5 1.9 5.8 3.0 Singapore Chile 7.3 8% 11% 2.4 12% 17% 2.3 1.9 South Korea 21% Australia 0.3 0.5 10% • Outer Rim: YTD 2.3 1.3 Germany 16% • Inner Rim: YTDLY Singapore 0.2 2.6

Energy and Power Industrials High Technology Financials Materials Other 10 BACK TO CHINA HIGHLIGHTS BELT & ROAD ACQUISITIONS PAGE

CHINA OUTBOUND ACQUISITIONS TOP TARGETED INDUSTRIES Total China Outbound % of BRI to China Outbound 12% 250,000 40% 36.8% 37.3% Energy and Power 35% 200,000 9% Consumer Products and Services 30% 29.3% 28.5% 42% Industrials 150,000 25% 22.3% 19.9% 20.5% 50% Materials 20% 10% 100,000 15% 15% Healthcare US$ Million US$ 10% Other 50,000 8% 11% 7.9% 5% 1%

0 0% 16% • Outer Rim: YTD 13 14 15 16 17 18 19 20 • Inner Rim: YTDLY CHINESE ACQUISITIONS ALONG BELT & ROAD NATIONS* TOP TARGETED NATIONS / REGIONS US$ Million YTD Volumes #Deals 0 500 1,000 1,500 2,000 2,500 3,000 3,500 40,000 250 3,034 Chile 35,000 2,388 200 30,000 1,261 Singapore 2,582 25,000 150 913 20,000 South Korea 93 100 15,000 550 US$ Million US$ Republic of Congo 10,000 0 50 460 5,000 Italy 172 0 - 13 14 15 16 17 18 19 20 *BRI11 countries (excl. China) based on country list from YidaiYilu (as of 30 July 2019) https://www.yidaiyilu.gov.cn/xwzx/roll/77298.htm BACK TO CHINA HIGHLIGHTS MERGERS & ACQUISITIONS PAGE

ANY INVOLVEMENT M&A TOP DEALS YTD Rank Acquiror Ultimate Rank Target Acquiror Acquiror Ultimate Value Status Target Name Target Industry Acquiror Name Parent Date Nation/Region Nation/Region Parent Name (US$Mil) Nation/Region China Oil & Gas Pipeline Network 49,143.7 Completed 7/23/2020 PetroChina Co Ltd-Pipeline assets China Energy and Power China China Oil & Gas Pipeline China Corp

14,440.6 Pending 10/27/2020 China Gezhouba Group Co Ltd China Industrials China Energy Engineering Corp Ltd China China Energy Engineering Grp China

China Petroleum & Chemical Corp- China Oil & Gas Pipeline Network 9,775.5 Completed 7/23/2020 China Energy and Power China China Oil & Gas Pipeline China Pipeline assets Corp

Sinopec Natural Gas Ltd Co- China Oil & Gas Pipeline Network 9,467.0 Completed 7/23/2020 China Energy and Power China China Oil & Gas Pipeline China Pipeline assets Corp

China Oil & Gas Pipeline Network 7,858.5 Pending 7/23/2020 China Energy and Power Investor Group China Investor Group China Corp

6,656.7 Completed 4/2/2020 58.com Inc China High Technology Quantum Bloom Group Ltd China Quantum Bloom Grp Ltd China

6,579.7 Pending 3/21/2020 Liaoning Zhongwang Group Co Ltd China Materials CRED Holding Co Ltd China CRED Holding Co Ltd China

Bank of Jinzhou Co Ltd-Certain Beijing Chengfang Huida Enterprise 6,354.1 Completed 4/3/2020 China Financials China China Cinda Asset Mgmt Co Ltd China Credit & Other Assets Management Co Ltd

PetroChina Beijing Natural Gas China Oil & Gas Pipeline Network 6,245.3 Pending 12/22/2020 China Energy and Power China China Oil & Gas Pipeline China Pipeline Co Ltd Corp

6,225.0 Pending 12/9/2020 GCL Investment Management Inc United States High Technology Imola Merger Corp United States Platinum Equity LLC United States

12 BACK TO CHINA HIGHLIGHTS EQUITY CAPITAL MARKETS PAGE

ECM PROCEEDS TOP ISSUING INDUSTRIES YTD Proceeds No. of Issues 300 1200 YTD Proceeds YTDLY Proceeds YoY Proceeds Change (%) 120,000 250% 250 1000 100,000 201% 200% 200 800 181% 80,000 150% 150 600 122%

60,000 111% 100% US$ Billion US$ 100 400 40,000 50% US$ Million US$ 41% 50 200 20,000 -7% 0% 0 0 0 -50% 11 12 13 14 15 16 17 18 19 20 High Industrials Healthcare Financials Retail Other ECM PROCEEDS BY ISSUE TYPE Technology IPO* Follow-On Convertible 300

250

200

150

US$ Billion US$ 100

50

0 11 12 13 14 15 16 17 18 19 20 IPO* - includes both original IPOs and secondary listings in another stock exchange by companies that already listed elsewhere. Technically, secondary listings are considered as follow-on offerings in our database but have been included in the list to capture companies issuing primary shares in other stock exchanges,13 such as SMIC’s US$7.6 billion secondary listing in STAR Market and JD.com’s US$4.5 billion secondary listing in Hong Kong. BACK TO CHINA HIGHLIGHTS DEBT CAPITAL MARKETS PAGE

DCM PROCEEDS TOP ISSUING INDUSTRIES YTD Proceeds No. of Issues YTD Proceeds YTDLY Proceeds YoY Proceeds Change (%) 2,500 8000 1,200,000 40% 7000 34% 35% 2,000 1,000,000 30% 6000 25% 5000 800,000 23% 1,500 19% 20% 4000 600,000 15% 15% 1,000 11% US$Billion 3000 10% US$ Million US$ 400,000 5% 2000 500 0% 1000 200,000 -5% -5% 0 0 0 -10% 11 12 13 14 15 16 17 18 19 20 Government Financials Industrials Real Estate Energy and Other DCM PROCEEDS BY ISSUE TYPE and Agencies Power Agency, Supranational, Sovereign Investment Grade Corporate MBS ABS Federal Credit Agency High Yield Corporate 2,500

2,000

1,500

1,000 US$Billion

500

0 11 12 13 14 15 16 17 18 19 20

14 BACK TO CHINA HIGHLIGHTS EQUITY & DEBT CAPITAL MARKETS TOP DEALS PAGE

ECM TOP DEALS YTD Proceeds Primary Issue Date Issue Type Issuer Nation Industry Mid Industry (US$ mil) Exchange

7/3/2020 7,533.7 Follow-On Semiconductor Mnfg Intl Corp China High Technology Semiconductors SSES

Transportation & 12/10/2020 4,890.3 Convertible Daqin Railway Co Ltd China Industrials SHANG Infrastructure Internet and Catalog 6/11/2020 4,459.1 Follow-On JD.com Inc China Retail HONGK Retailing Transportation & 1/2/2020 4,404.5 IPO Beijing-Shanghai High Speed China Industrials SHANG Infrastructure Internet and Catalog 11/17/2020 4,125.6 Follow-On Pinduoduo Inc China Retail NASDQ Retailing IPO* - includes both original IPOs and first-time share offerings in another stock exchange by companies that already listed elsewhere. Technically, first time share offerings are considered as Follow-on offerings in our database, but have been included in the list to capture companies issuing primary shares in other stock exchanges, such as Alibaba Group’s US$12.9 billion new listing in Hong Kong and Postal Savings Bank US$4.7 billion first time A-share listing in Shanghai.

DCM TOP DEALS YTD Proceeds Issue Date Issue Type Issuer Nation Industry Mid Industry Currency (US$ mil) Chinese 5/8/2020 12,017.2 Investment Grade Corporate Agricultural Bank of China Ltd China Financials Banks Yuan Agency, Supranational, Government and National Chinese 10/15/2020 11,900.4 Peoples Republic of China China Sovereign Agencies Government Yuan Chinese 3/16/2020 11,442.8 Investment Grade Corporate Postal Svgs Bk of China Co China Financials Banks Yuan Agency, Supranational, Government and National Chinese 12/2/2020 11,398.6 Peoples Republic of China China Sovereign Agencies Government Yuan Agency, Supranational, Government and National Chinese 11/17/2020 11,288.1 Peoples Republic of China China Sovereign Agencies Government Yuan

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INVESTMENT BANKING FEES LEAGUE TABLE CITIC Bank of China Ltd China International Capital Co Industrial & Comm Bank China Guotai Junan Securities Huatai Securities Co Ltd Haitong Securities Co Ltd China Construction Bank China Securities Co Ltd Agricultural Bank of China 1,800 1,600 7.4% 1,400 1,200 6.1% 1,000 4.7% 800 4.0% 3.4% 600 3.1% 3.0% 3.0% 2.7% 2.6%

400 Fees in US$ Fees US$ in millions 200 0 0 1 2 3 4 5 6 7 8 9 10 11 Rank INVESTMENT BANKING FEES LEAGUE TABLE (US$MIL)

FEES YOY SHARE YOY FEES #DEALS YOY 4Q 2020 4Q 2019 BANK NAME CHANGE SHARE (%) CHANGE #DEALS (US$Mil) CHANGE (%) (%) (%) 1 2 CITIC $ 1,480.3 47.8% 7.4% 0.6% 2896 62.1% 2 1 Bank of China Ltd $ 1,216.3 15.6% 6.1% -1.1% 3010 33.7% 3 4 China International Capital Co $ 942.5 70.7% 4.7% 1.0% 778 45.7% 4 3 Industrial & Comm Bank China $ 796.7 -3.1% 4.0% -1.6% 2645 23.1% 5 8 Guotai Junan Securities $ 691.5 65.8% 3.4% 0.6% 1237 61.7% 6 11 Huatai Securities Co Ltd $ 620.9 111.9% 3.1% 1.1% 917 108.4% 7 9 Haitong Securities Co Ltd $ 606.9 54.7% 3.0% 0.4% 913 40.9% 8 5 China Construction Bank $ 598.5 11.5% 3.0% -0.7% 2618 33.7% 9 19 China Securities Co Ltd $ 545.3 172.5% 2.7% 1.4% 288 182.4% 10 7 Agricultural Bank of China $ 523.8 10.8% 2.6% -0.6% 2088 48.2% TOTAL $ 20,054.4 36.1% 14864 29.1% 16 BACK TO CHINA HIGHLIGHTS INVESTMENT BANKING LEAGUE TABLES PAGE

ANY INVOLVEMENT M&A LEAGUE TABLE (US$MIL) RANK VALUE RANK VALUE SHARE YOY #DEALS YOY 4Q 2020 4Q 2019 BANK NAME YOY CHANGE SHARE (%) #DEALS (US$ Mil) CHANGE (%) CHANGE (%) (%) 1 2 China International Capital Co $ 153,903.5 289% 27% 201% 84 25% 2 6 Goldman Sachs & Co $ 72,766.3 493% 13% 346% 24 60% 3 22 UBS $ 59,386.8 1094% 10% 827% 15 67% 4 5 China Securities Co Ltd $ 54,017.4 170% 9% 107% 17 -26% 5 10 Morgan Stanley $ 44,134.4 326% 8% 230% 15 15% 6 21 Guotai Junan Securities $ 32,953.5 550% 6% 418% 30 20% 7 1 CITIC $ 22,794.5 -62% 4% -71% 101 19% 8 16 JP Morgan $ 21,398.6 237% 4% 164% 12 -14% 9 18 Citi $ 18,428.5 218% 3% 146% 17 183% 10 4 Industrial & Comm Bank China $ 16,060.3 -25% 3% -42% 92 -56% TOTAL $ 581,251.4 30% 7196 -1% TARGET M&A LEAGUE TABLE (US$MIL) RANK VALUE RANK VALUE SHARE YOY #DEALS YOY 4Q 2020 4Q 2019 BANK NAME YOY CHANGE SHARE (%) #DEALS (US$ Mil) CHANGE (%) CHANGE (%) (%) 1 2 China International Capital Co $ 138,539.3 276% 27% 179% 75 25% 2 9 Goldman Sachs & Co $ 63,234.8 680% 12% 476% 17 143% 3 33 UBS $ 55,094.3 2279% 11% 1650% 13 117% 4 4 China Securities Co Ltd $ 54,017.4 174% 10% 102% 17 -19% 5 8 Morgan Stanley $ 34,157.4 320% 7% 210% 10 150% 6 15 Guotai Junan Securities $ 32,953.5 550% 6% 385% 30 20% 7 1 CITIC $ 21,577.6 -63% 4% -72% 97 20% 8 34 Citi $ 14,156.9 566% 3% 350% 12 500% 9 5 Industrial & Comm Bank China $ 9,686.3 -24% 2% -42% 68 -62% 10 25 JP Morgan $ 9,421.7 241% 2% 157% 8 60% TOTAL $ 523,334.9 35% 6629 1%

17 BACK TO CHINA HIGHLIGHTS INVESTMENT BANKING LEAGUE TABLES PAGE

ECM LEAGUE TABLE (US$MIL) PROCEEDS PROCEEDS SHARE YOY #DEALS YOY 4Q 2020 4Q 2019 BANK NAME YOY CHANGE SHARE (%) #DEALS (US$ Mil) CHANGE (%) CHANGE (%) (%) 1 1 CITIC $ 27,347.8 73% 10% -9% 151 104% 2 2 China International Capital Co $ 22,387.5 61% 8% -15% 117 83% 3 4 Morgan Stanley $ 20,633.8 151% 7% 30% 77 60% 4 5 China Securities Co Ltd $ 19,227.1 160% 7% 36% 89 62% 5 8 Guotai Junan Securities $ 14,805.1 184% 5% 51% 78 86% 6 3 Goldman Sachs & Co $ 14,634.6 72% 5% -10% 63 66% 7 6 Huatai Securities Co Ltd $ 12,943.2 105% 5% 7% 77 114% 8 20 BofA Securities Inc $ 10,370.9 401% 4% 164% 36 140% 9 10 JP Morgan $ 9,198.3 98% 3% 6% 45 114% 10 9 Haitong Securities Co Ltd $ 8,697.0 69% 3% -11% 100 67% TOTAL $ 281,590.0 90% 1109 73% DCM LEAGUE TABLE (US$MIL) PROCEEDS PROCEEDS SHARE YOY #DEALS YOY 4Q 2020 4Q 2019 BANK NAME YOY CHANGE SHARE (%) #DEALS (US$ Mil) CHANGE (%) CHANGE (%) (%) 1 1 Bank of China Ltd $ 165,701.6 4% 7% -16% 2183 35% 2 2 Industrial & Comm Bank China $ 154,307.4 9% 7% -13% 2017 34% 3 5 CITIC $ 153,212.4 45% 7% 16% 1987 65% 4 3 China Construction Bank $ 139,656.6 14% 6% -9% 2083 38% 5 4 Bank of Communications Co Ltd $ 119,811.4 12% 5% -9% 1743 34% 6 6 Agricultural Bank of China $ 112,614.4 22% 5% -4% 1667 56% 7 7 CSC Financial Co Ltd $ 90,385.3 19% 4% -5% 1140 62% 8 8 Industrial Bank Co Ltd $ 73,950.2 32% 3% 7% 1180 44% 9 9 Guotai Junan Securities $ 72,540.0 34% 3% 7% 951 57% 10 10 China Merchants Bank $ 61,406.1 28% 3% 0% 803 28% TOTAL $ 2,326,919.2 25% 7079 26%

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ABOUT REFINITIV MERGERS & ACQUISITIONS Refinitiv, formerly the Financial & Risk business of Thomson Reuters, is one of the world’s largest The Refinitiv Mergers & Acquisitions database tracks changes in economic ownership at ultimate parent level in going providers of financial markets data and infrastructure. Serving more than 40,000 institutions in over 190 business concerns. All deals involving a purchase of at least a 5% stake, or 3% with a value of at least US$1 million are countries, we provide information, insights, and technology that drive innovation and performance in tracked, subject to criteria. League tables include rank eligible mergers, acquisitions, repurchases, spin-offs, self-tenders, global markets. Our 160-year Reuters heritage of integrity enables customers to make critical decisions minority stake purchases and debt restructurings. League tables, commentary, and charts citing announced activity are with confidence, while our unique open platform, best-in-class data, and cutting-edge technology bring based on Rank Date and include intended, pending, partially complete, completed, pending regulatory, and unconditional greater opportunity to our customers. By advancing our customers, we drive progress for the entire transactions. Rank Date is defined as the earliest public announcement of when a value can be applied to a transaction. financial community. For more information, go to www.refinitiv.com. EQUITY CAPITAL MARKETS The Refinitiv Equity Capital Markets database covers domestic and international placements of equity offerings in addition ABOUT DEALS INTELLIGENCE to domestic and international equity-related transactions. This includes IPOs, follow-on offerings, accelerated book builds Deals Intelligence, a part of Refinitiv Investing & Advisory division, brings up to the minute market and block trades (with certain restrictions) and convertible bonds. Convertible Bonds with a minimum life of less than 360 intelligence to the deal making community and the financial media through a variety of research reports days are excluded. Minimum life defined as the difference between the settlement date and the earliest maturity date or including Daily Deals Insight, weekly Investment Banking Scorecard, monthly Deals Snapshots and our first call/put option. industry-leading quarterly reviews highlighting trends in M&A and Capital Markets. DEBT CAPITAL MARKETS CONTACT INFORMATION The Refinitiv Debt Capital Markets database covers underwritten debt with an issue size of over US$1 million, that AMERICAS matures in at least 360 days from settlement. It includes all internationally offered underwritten debt transactions in all Matt Toole I +1 646 223 7212 I [email protected] currencies, Domestic issuance, Preferred Securities, High Yield and Emerging Market transactions that are offered in US and Globally, Asset Backed Securities, Mortgage Backed Securities, Collateralized Debt Obligations (CDOs), MTN EMEA takedowns and Certificate of Deposits, except in UK. Primary offerings only. All league tables are based on deal Lucille Jones l +44 207 542 5204 l [email protected] proceeds (total issue amount multiplied by the issue price) unless otherwise stated. Full credit is given to the book Saiem Jalil | +44 (0) 207 542 2865 | [email protected] runner, equal if joint books. In cases of underwriter consolidation, credit is given to the surviving/parent firm. Non-US dollar denominated transactions are converted to the US dollar equivalent at the time of announcement. ASIA Elaine Tan l +63 2 8459 1567 l [email protected] While Refinitiv has used reasonable endeavours to ensure that the information provided in this document is accurate and up to date as at the time of issue, neither Refinitiv nor its third party content providers shall be liable for any errors, inaccuracies or delays in the information, nor for any actions taken in reliance thereon, nor does it endorse any views or opinions of any third party content provider. Refinitiv disclaims all warranties, express or implied, as to the accuracy or completeness of any of the content provided, or as to the fitness of the content for any purpose to the extent permitted by law. The content herein is not appropriate for the purposes of making a decision to carry out a transaction or trade and does not provide any form of advice (investment, tax, legal) amounting to investment advice, nor make any recommendations or solicitations regarding particular financial instruments, investments or products, including the buying or selling of securities. Refinitiv has not undertaken any liability or obligation relating to the purchase or sale of securities for or by any person in connection with this document.

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