China Equity Capital Markets Review

FIRST HALF 2019 | MANAGING UNDERWRITERS & LEGAL ADVISORS China Equity Capital Markets Review First Half 2019 | Overall Review

Deals Intelligence China Equity Capital Markets Issuance - Issue Type Composition

$120.0 450 CHINA EQUITY CAPITAL MARKET FALLS 14.3% FROM THE FIRST HALF OF 2018 Chinese equity and equity-related (ECM) proceeds this during the first half of 2019 reached US$66.8 billion, a 14.3% decrease from the same period last year. Total initial public offerings (IPOs) issued by China-domiciled companies raised an aggregate amount of US$19.6 400 billion, a 30.4% decline in proceeds compared to the first half of 2018, and the lowest first half period since 2016 (US$12.1 billion). $100.0 Chinese convertibles, or equity-related issuance, witnessed a record first half period and raised US$30.9 billion so far this year, up 350 110.3% from the same period in 2018. This is the highest ever semi-annual period for Chinese convertibles, in terms of proceeds, surpassing the record high set in the second half of 2017 (US$18.2 billion). Companies in the Financial sector accounted for 30.0% of $80.0 300 China's ECM issuance during the first half of 2019, up 91.0% in proceeds from a year ago.

CHINESE A-SHARE ECM HITS FIVE-YEAR LOW 250 Chinese A-share ECM proceeds reached US$37.8 billion in the first half of 2019, down 3.8% compared to the same period last year. This $60.0 is the lowest first half period since 2014 (US$25.0 billion). IPOs issued in A-share market raised a total amount of US$9.0 billion, down 200 30.3% compared to the same period in 2018 (US$12.9 billion). A-Share convertibles reached an all-time high, raising a total of US$22.6 billion in proceeds, a 132.6% increase from the first half of 2018 (US$9.7 billion). ECM offerings from the Financial sector registered a $40.0 150 152.8% increase compared to a year ago and accounted for 39.0% of overall A-share activity during the first half of 2019.

100 CHINESE OVERSEAS ECM FALLS 24.9% Chinese overseas ECM proceeds totaled US$29.0 billion during the first half of 2019, a 24.9% decline compared to the first half of 2018 $20.0 (US$38.6 billion). IPOs rasied through overseas markets totaled US$10.6 billion, down 30.4% from the same period in 2018 (US$15.3 50 billion). Convertibles proceeds reached US$8.3 billion, a 66.6% increase from the same period last year. Companies from the High Technology sector raised US$6.5 billion, declined 59.4% compared to a year ago (US$16.1 billion). $0.0 0 1H'10 1H'11 1H'12 1H'13 1H'14 1H'15 1H'16 1H'17 1H'18 1H'19 IPO (US$bil) Follow-On (US$bil) Convertible (US$bil) # of Issues

Top China Equity & Equity-Related Deals China Equity Capital Markets - Macro Industry Composition Securities Listing Proceeds Issue Date Issuer Name Issue Type Macro Sector Stock Exchange (US$mil) 02/27/2019 China CITIC Bank Corp Ltd Shanghai 4,422.4 Convertible Financials

04/02/2019 China Three Gorges Corp None 2,677.7 Convertible Energy and Power $14.8 25 01/16/2019 Ping An Bank Co Ltd Shenzhen Main 2,654.5 Convertible Financials $20.0

03/11/2019 Bank of Jiangsu Co Ltd Shanghai 2,139.8 Convertible Financials Financials 55 02/08/2019 Pinduoduo Inc Nasdaq 1,581.3 Follow-On High Technology 111 High Technology 02/27/2019 China CITIC Bank Corp Ltd Shanghai 1,550.7 Convertible Financials Energy and Power 06/14/2019 Huatai Securities Co Ltd London 1,384.0 Follow-On Financials $5.7 Industrials Healthcare 03/25/2019 iQIYI Inc Nasdaq 1,200.0 Convertible High Technology Others 18 01/16/2019 Ping An Bank Co Ltd Shenzhen Main 1,184.1 Convertible Financials

04/26/2019 Ningxia Baofeng Energy Group Co Ltd Shanghai 1,090.9 IPO Energy and Power $6.7 29 42 04/04/2019 China Vanke Co Ltd Hong Kong 994.5 Follow-On Real Estate $11.3

04/10/2019 China National Nuclear Power Co Ltd Shanghai 920.3 Convertible Energy and Power $8.3 Outer Ring: Proceeds (US$bil) 03/11/2019 Bank of Jiangsu Co Ltd Shanghai 802.5 Convertible Financials Inner Ring: # of Issues

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Chinese A-Share Equity & Equity-Related Volume Chinese A-Share Equity Capital Markets by Industry Top Chinese A-Share IPO Deals

$60 350 Issue Issuer IPO Listing Proceeds Issue Macro Date Name Exchange (US$mil) Type Sector Ningxia Baofeng Energy Energy and Power 300 04/26/19 Shanghai $1,090.9 IPO $50 $6.0 Group Co Ltd CNOOC Energy 9 06/12/19 Shanghai $495.1 IPO Energy and Power Technology & Services Ltd 250 Shenzhen $40 50 06/25/19 Bank of Suzhou Co Ltd $266.6 IPO Financials 33 SME $2.8 Financials $14.7 200 Qingdao Rural Commercial Shenzhen Industrials 02/18/19 $227.6 IPO Financials $30 Bank Corp SME Energy and Power 150 Financials High Technology 01/21/19 Bank of Xi'an Co Ltd Shanghai $275.6 IPO $20 Materials 14 Qingdao Port International Follow- $4.7 01/08/19 Shanghai $275.1 Industrials 100 Others Co Ltd On Zhejiang Sanmei Chemical 03/19/19 Shanghai $259.8 IPO Materials $10 27 Industry Co Ltd 50 35 Shenzhen 05/08/19 Hitevision Co Ltd $238.6 IPO High Technology SME $0 0 $4.8 Shenzhen $4.8 04/15/19 Lakala Payment Co Ltd $178.7 IPO Financials 1H'10 1H'11 1H'12 1H'13 1H'14 1H'15 1H'16 1H'17 1H'18 1H'19 ChiNext Outer Ring: Proceeds (US$bil) Ming Yang Smart Energy IPO (US$bil) Follow-On (US$bil) Convertible (US$bil) # of Issues 01/09/19 Shanghai $173.2 IPO Industrials Inner Ring: # of Issues Group Ltd

Chinese Overseas Equity & Equity-Related Volume Chinese Overseas Equity Capital Markets by Industry Top Chinese Overseas IPO Deals

$50 120 Issue Issuer IPO Listing Proceeds Issue Macro Date Name Exchange (US$mil) Type Sector Follow- $45 06/14/19 Huatai Securities Co Ltd London $1,384.0 Financials 100 On $40 $6.5 Shenwan Hongyuan Group Follow- $7.4 04/18/19 Hong Kong $798.0 Financials 20 Co Ltd On $35 Hansoh Pharmaceutical 80 High Technology 06/05/19 Hong Kong $587.9 IPO Healthcare Group Co Ltd $30 41 Financials 05/16/19 Luckin Coffee Inc Nasdaq $645.2 IPO Retail $25 60 Healthcare China East Education Consumer 16 06/04/19 Hong Kong $47.6 IPO $20 Holdings Ltd Products and Energy and Power 40 05/21/19 Xinyi Energy Holdings Ltd Hong Kong $336.3 IPO Energy and Power $15 $2.2 Consumer Products and Services $5.3 $10 Others 06/19/19 Jinxin Fertility Group Ltd Hong Kong $155.9 IPO Healthcare 20 14 $5 18 4 02/20/19 CStone Pharmaceuticals Hong Kong $204.2 IPO Healthcare $3.5 $0 0 Haitong UniTrust 05/26/19 Hong Kong $179.3 IPO Financials 1H'10 1H'11 1H'12 1H'13 1H'14 1H'15 1H'16 1H'17 1H'18 1H'19 $4.0 International Leasing Co Outer Ring: Proceeds (US$bil) Consumer IPO (US$bil) Follow-On (US$bil) Convertible (US$bil) # of Issues 02/01/19 Maoyan Entertainment Hong Kong $194.7 IPO Inner Ring: # of Issues Products and

Note: Both top Chinese A-share and overseas IPO deals rankings include original IPOs and first-time listings which are technically classified as follow-on offers in Refinitiv database.

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Chinese A-Share Equity & Equity- Chinese Overseas Equity & Equity- All Chinese Equity & Equity-Related YoY Change ($) -14% QoQ Change ($) -10% Related YoY Change ($) -4% QoQ Change ($) -54% Related YoY Change ($) -25% QoQ Change ($) 110% Rank Rank Proceeds Market Mkt. # of Rank Rank Proceeds Market Mkt. # of Rank Rank Proceeds Market Mkt. # of Bookrunner Bookrunner Bookrunner 2019 2018 US$mil Share Sh. Chg Deals 2019 2018 US$mil Share Sh. Chg Deals 2019 2018 US$mil Share Sh. Chg Deals CITIC 1 4 7,703.5 11.5 4.5 31 CITIC 1 3 6,729.7 17.8 5.822 Morgan Stanley Huaxin Securities 1 1 3,691.6 12.7 -3.8 29 Goldman Sachs & Co 2 1 6,158.5 9.2 -0.1 22 China International Capital Co 2 1 3,674.3 9.7 -6.512 Goldman Sachs & Co 2 2 3,629.2 12.5 -1.3 17 China International Capital Co 3 2 5,434.9 8.1 -0.6 31 China Securities Co Ltd 3 2 3,198.4 8.5 -3.821 Credit Suisse 3 6 2,126.7 7.3 2.9 19 Morgan Stanley Huaxin Securities 4 3 3,848.3 5.8 -2.5 30 Bank of China Ltd 4 18 2,544.6 6.7 5.55 China International Capital Co 4 19 1,760.6 6.1 5.0 19 China Securities Co Ltd 5 5 3,839.7 5.8 -0.9 28 Goldman Sachs & Co 5 6 2,529.3 6.7 1.85 JP Morgan 5 5 1,467.9 5.1 0.1 10 Bank of China Ltd 6 18 2,733.3 4.1 2.7 12 China Merchants Securities Co 6 9 1,640.9 4.3 1.3 9 Haitong Securities Co Ltd 611 1,466.6 5.1 3.1 24 UBS 7 11 2,715.3 4.1 1.6 16 Guotai Junan Securities 7 5 1,436.0 3.8 -1.5 8 Citi 7 4 1,380.1 4.8 -6.0 20 Haitong Securities Co Ltd 8 15 2,344.3 3.5 1.9 29 UBS 8 24 1,383.2 3.7 3.0 3 UBS 8 7 1,332.0 4.6 0.3 13 Citi 9 6 2,276.1 3.4 -2.8 23 Citi 9 16 896.0 2.4 0.8 3 Bank of America Merrill Lynch 9 3 1,023.7 3.5 -8.4 6 Credit Suisse 10 14 2,126.7 3.2 0.9 19 Huatai Securities Co Ltd 10 4 887.4 2.4 -4.3 4 Huatai Securities Co Ltd 10 24 986.1 3.4 2.6 5 China Merchants Securities Co 11 13 1,948.8 2.9 0.5 13 Haitong Securities Co Ltd 11 17 877.7 2.3 1.16 CITIC 1112 973.8 3.4 1.4 9 Guotai Junan Securities 12 9 1,933.1 2.9 -0.5 18 Dongxing Securities 12 11 836.0 2.2 -0.310 HSBC Holdings PLC 12 9 944.1 3.3 1.0 7 Huatai Securities Co Ltd 13 8 1,873.5 2.8 -1.0 9 GF Securities 13 12 789.2 2.1 0.19 China Securities Co Ltd 13 21 641.3 2.2 1.2 7 JP Morgan 14 10 1,523.1 2.3 -0.3 11 Guosen Securities Co Ltd 14 8 767.9 2.0 -1.23 China Merchants Bank 14 8 555.1 1.9 -0.5 9 Ping An Securities Ltd 15 33 1,145.2 1.7 1.2 3 Changjiang Securities Co Ltd 15 26 763.4 2.0 1.4 5 Deutsche Bank 15 14 539.7 1.9 0.2 8 Bank of America Merrill Lynch 16 7 1,023.7 1.5 -4.4 6 Ping An Securities Ltd 16 25 641.7 1.7 1.0 1 Ping An Securities Ltd 16 34 503.5 1.7 1.4 2 HSBC Holdings PLC 17 23 944.1 1.4 0.2 7 China Galaxy Securities Co 17 13 615.3 1.6 -0.2 2 Guotai Junan Securities 17 16 497.1 1.7 0.1 10 Everbright Securities Co Ltd 18 - 919.1 1.4 1.4 7 Minsheng Securities Co Ltd 18 19 604.2 1.6 0.4 6 Everbright Securities Co Ltd 18 - 495.9 1.7 1.7 1 Dongxing Securities 19 20 836.0 1.3 0.0 10 Shenwan Hongyuan Securities Co 19 7 599.4 1.6 -3.23 China Renaissance Sec(HK)Ltd 19 39 368.4 1.3 1.2 3 GF Securities 20 26 789.2 1.2 0.1 9 Zhongtai Securities Co Ltd 20 15 446.4 1.2 -0.43 Agricultural Bank of China 20 18 355.8 1.2 0.0 13 Industry Total 66,807.8 100.0 280 Industry Total 37,804.2 100.0 168 Industry Total 29,003.6 100.0 113

All Chinese IPOs YoY Change ($) -30% QoQ Change ($) 121% Chinese A-Share IPOs YoY Change ($) -30% QoQ Change ($) 70% Chinese Overseas IPOs YoY Change ($) -30% QoQ Change ($) 183% Rank Rank Proceeds Market Mkt. # of Rank Rank Proceeds Market Mkt. # of Rank Rank Proceeds Market Mkt. # of Bookrunner Bookrunner Bookrunner 2019 2018 US$mil Share Sh. Chg Deals 2019 2018 US$mil Share Sh. Chg Deals 2019 2018 US$mil Share Sh. Chg Deals CITIC 1 2 2,392.3 12.2 5.7 15 CITIC 1 2 2,213.1 24.6 14.39 China International Capital Co 1 14 1,115.7 10.5 7.7 16 China International Capital Co 2 1 2,062.9 10.5 -7.5 22 China International Capital Co 2 1 947.3 10.5 -25.56 Morgan Stanley Huaxin Securities 2 6 1,014.0 9.6 5.0 11 China Merchants Securities Co 3 9 1,014.4 5.2 2.0 8 China Merchants Securities Co 3 6 706.4 7.8 3.94 Credit Suisse 3 1 743.1 7.0 -1.2 7 Morgan Stanley Huaxin Securities 4 13 1,014.0 5.2 2.5 11 China Securities Co Ltd 4 4 648.8 7.2 0.26 Haitong Securities Co Ltd 4 11 636.4 6.0 2.6 20 Haitong Securities Co Ltd 5 15 853.2 4.4 2.1 23 Changjiang Securities Co Ltd 5 32 517.6 5.8 5.43 HSBC Holdings PLC 5 15 543.2 5.1 2.4 4 China Securities Co Ltd 6 8 794.3 4.1 0.5 12 Dongxing Securities 6 15 463.1 5.1 4.14 Citi 6 16 465.7 4.4 1.7 9 Credit Suisse 7 5 743.1 3.8 -0.7 7 Soochow Securities Co Ltd 7 20* 372.9 4.1 3.52 JP Morgan 7 5 409.2 3.9 -0.9 3 Citi 8 16 617.8 3.2 1.3 11 Zhongtai Securities Co Ltd 8 - 360.5 4.0 4.02 Agricultural Bank of China 8 13 355.8 3.4 0.3 13 Guotai Junan Securities 9 7 545.8 2.8 -1.4 11 Guotai Junan Securities 9 5 250.9 2.8 -1.82 UBS 9 8 355.1 3.4 -0.6 5 HSBC Holdings PLC 10 22 543.2 2.8 1.3 4 Haitong Securities Co Ltd 10 16 216.9 2.4 1.43 Goldman Sachs & Co 10 3 310.0 2.9 -5.2 3 Changjiang Securities Co Ltd 11 48 517.6 2.6 2.4 3 Shenwan Hongyuan Securities Co 11 - 192.4 2.1 2.11 China Merchants Securities Co 11 17 307.9 2.9 0.2 4 JP Morgan 12 11 464.4 2.4 -0.4 4 Essence Securities Co Ltd 12 24 182.0 2.0 1.41 China Merchants Bank 12 7 306.5 2.9 -1.4 8 Dongxing Securities 13 33 463.1 2.4 1.9 4 Everbright Securities Co Ltd 13 - 181.6 2.0 2.03 Guotai Junan Securities 13 9 294.9 2.8 -1.1 9 UBS 14 12 457.0 2.3 -0.5 6 Huaxi Securities Co Ltd 14 - 172.9 1.9 1.91 Bank of Communications Co Ltd 14 49* 273.3 2.6 2.5 8 Zhongtai Securities Co Ltd 15 28 456.7 2.3 1.4 7 Northeast Securities Co Ltd 15 - 154.3 1.7 1.72 Industrial & Comm Bank China 15 10 262.0 2.5 -0.9 8 Soochow Securities Co Ltd 16 38* 372.9 1.9 1.6 2 GF Securities 16 8 152.6 1.7 -0.93 China Construction Bank 16 4 256.6 2.4 -3.3 8 Agricultural Bank of China 17 19 355.8 1.8 0.1 13 Citi 17 14 152.1 1.7 0.72 BNP Paribas SA 1721 228.3 2.2 0.2 2 Goldman Sachs & Co 18 3 310.0 1.6 -3.8 3 Sinolink Securities Co Ltd 18 31 123.7 1.4 1.0 1 China Everbright Ltd 18 - 224.7 2.1 2.1 7 China Merchants Bank 19 14 306.5 1.6 -0.8 8 Guosen Securities Co Ltd 19 - 112.6 1.3 1.31 Deutsche Bank 19 20 213.5 2.0 -0.3 4 Bank of China Ltd 20 24 290.5 1.5 0.2 8 Huatai Securities Co Ltd 20 22 192.2 1.8 0.0 3 Industry Total 19,619.9 100.0 120 Industry Total 9,007.4 100.0 65 Industry Total 10,612.5 100.0 55 *Indicates a Tie

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Chinese A-Share Equity & Equity Chinese Overseas Equity & Equity Chinese Overseas Equity & Equity Related YoY Change (#) -5% QoQ Change (#) -17% Related YoY Change (#) 13% QoQ Change (#) 76% Related YoY Change (#) 13% QoQ Change (#) 76% Rank Rank # of Chg in # Proceeds Rank Rank Rank # of Chg in # Proceeds Rank Rank Rank # of Chg in # Proceeds Rank Issuer Legal Advisor Issuer Legal Advisor Manager Legal Advisor 2019 2018 Deals of Deals US$mil ($'19) 2019 2018 Deals of Deals US$mil ($'19) 2019 2018 Deals of Deals US$mil ($'19) Zhong Lun Law Firm 1419 8 2,906.5 4Conyers Dill & Pearman 14*20 12 3,404.2 4Jingtian & Gongcheng 18*11 7 3,329.0 2 Grandall Law Firm 21*16 -4 1,527.2 7Maples & Calder 2117 4 4,731.1 2Commerce & Finance Law Offices 24*10 4 1,273.2 9 King & Wood Mallesons 3311 -7 2,386.5 6Skadden 3314 4 6,754.5 1Latham & Watkins 3* 8*8 4 3,731.1 1 AllBright Law Offices 4* 8*9 2 767.7 12 Jingtian & Gongcheng 4211 -1 1,169.2 13Norton Rose Fulbright 3* 14* 8 6 860.6 14 Jia Yuan Law Offices 4* 13*9 5 2,636.5 5 King & Wood Mallesons 57*10 5 4,341.2 3Kirkland & Ellis 54*7 1 2,610.4 3 Grandway Law Offices 4* 1*9 -11 1,183.6 10 Commerce & Finance Law Offices 69*731,224.9 11JunHe LLP 6* 6* 6 1 1,447.4 7 Dentons 7 10*8 3 6,753.7 1 Appleby 7* 4*6 -2 704.3 19 Tian Yuan Law Firm 6* 8*621,458.3 6 Deheng Law Offices 8 10*6 1 677.0 14 Zhong Lun Law Firm 7* 30*6 5 498.5 24 Fangda Partners 8* 8* 5 1 1,502.9 5 Beijing Kangda Law Firm 9* 10*5 0 477.5 18 Clifford Chance 9* 18*5 3 3,042.0 5 Zhong Lun Law Firm 8* -5 5 581.6 17 Commerce & Finance Law Offices 9* 15*5 2 1,408.6 9 Fangda Partners 9* 13*521,738.9 7 Paul Hastings LLP 10* 21* 4 3 892.5 13 China Commercial Law Co 11* 18*4 2 428.2 19 Simpson Thacher & Bartlett 9* 9*5 1 865.0 17 Simpson Thacher & Bartlett 10* 21*4 3 570.7 18 GF Law Firm Shanghai 11* 18*4 2 396.6 20 Tian Yuan Law Firm 9* 13*5 2 1,496.4 8 Clifford Chance 12* 21* 3 2 1,422.5 8 JunHe LLP 11* 6*4 -4 573.9 17 Walkers 9* 65 -1 1,282.4 10 Davis Polk & Wardwell 12* 1*3 -5 2,169.6 4 Hai Run Law Firm 11* 18*4 2 261.0 25 Davis Polk & Wardwell 14* 7*4 -1 1,494.9 9 AllBright Law Offices 12* 21* 3 2 50.5 41 T & C Law Firm 11* 54 -5 598.2 16 Luk & Partners 14* 18*4 2 796.5 18 King & Wood Mallesons 12* 1*3 -5 908.7 12 Chengyi Law Firm 16* -3 3 620.0 15 Sidley Austin LLP 14* 9*4 0 288.5 34 Linklaters 12* 3 3 -4 272.3 26 C & T Partners 16* 6*3 -5 3,361.7 3 Sidley Austin LLP 12* 21*3 2 302.4 25 Jingtian & Gongcheng 16* -3 3 707.9 13 Wilson Sonsini Goodrich & Rosati 12* 14* 3 1 330.9 23 Tian Yuan Law Firm 16* 24*3 2 327.1 21 Shu Jin Law Firm 16* 8*3-4286.2 23 Industry Total 168 37,804.2 Industry Total 113 29,003.6 Industry Total 113 29,003.6

Chinese A-Share IPOs YoY Change (#) 14% QoQ Change (#) 41% Chinese Overseas IPOs YoY Change (#) 31% QoQ Change (#) 29% Chinese Overseas IPOs YoY Change (#) 31% QoQ Change (#) 29% Rank Rank # of Chg in # Proceeds Rank Rank Rank # of Chg in # Proceeds Rank Rank Rank # of Chg in # Proceeds Rank Issuer Legal Advisor Issuer Legal Advisor Manager Legal Advisor 2019 2018 Deals of Deals US$mil ($'19) 2019 2018 Deals of Deals US$mil ($'19) 2019 2018 Deals of Deals US$mil ($'19) Zhong Lun Law Firm 16*9 6 965.3 3Conyers Dill & Pearman 15*19 13 2,944.2 2Commerce & Finance Law Offices 1* 29 3 1,043.2 7 Grandall Law Firm 217 -1 521.5 5Jingtian & Gongcheng 2* 110 -2 1,040.0 7 Jingtian & Gongcheng 1* 4* 9 5 1,647.7 1 Jia Yuan Law Offices 3* -6 6 2,043.5 1 Maples & Calder 2* 210 0 2,090.4 4 Norton Rose Fulbright 3 10*8 6 860.6 9 King & Wood Mallesons 3* 26 0 1,115.8 2 King & Wood Mallesons 47*7 3 2,200.0 3JunHe LLP 4* 17* 5 4 1,382.4 3 AllBright Law Offices 5* 6*4 1 342.4 8 Appleby 53*6 -2 704.3 13Tian Yuan Law Firm 4* 7*5 2 1,347.8 4 Hai Run Law Firm 5* 14*4 3 261.0 10 Commerce & Finance Law Offices 6* 7*5 1 672.8 14 Paul Hastings LLP 6* 17* 4 3 892.5 8 Grandway Law Offices 5* 4*4 0 450.0 6 Clifford Chance 6* 15*5 3 3,042.0 1 Zhong Lun Law Firm 6* -4 4 491.6 14 Dentons 8* 11*3 1 251.6 11 Luk & Partners 8* 15*4 2 796.5 10 Clifford Chance 8* 17* 3 2 1,422.5 2 GF Law Firm Shanghai 8* 14*3 2 209.9 13 Skadden 8* 3* 4 -4 751.2 11 AllBright Law Offices 8* 17*3 2 50.5 39 C & T Partners 10* 6*2 -1 386.2 7 Zhong Lun Law Firm 8* 24*4 3 191.1 31 Sidley Austin LLP 8* 17* 3 2 302.4 18 Tian Yuan Law Firm 10* -2 2 320.2 9 Sidley Austin LLP 8* 9*4 1 288.5 28 Simpson Thacher & Bartlett 8* 17*3 2 340.7 16 Shu Jin Law Firm 10* 6*2 -1 228.8 12 Jia Yuan Law Offices 12* - 2 2 534.9 12 Commerce & Finance Law Offices 10* -2 2 732.6 4 Latham & Watkins 12* 7*2 -1 1,283.5 5 Mei & Mark LLP 12* 17* 2 1 21.9 44 Shearman & Sterling LLP 12* -2 2 384.7 15 Sullivan & Cromwell 12* - 2 2 737.5 10 Wilson Sonsini Goodrich & Rosati 12* 10*2 0 230.9 22

Industry Total 65 9,007.4 Industry Total 55 10,612.5 Industry Total 55 10,612.5 *Indicates a Tie

Note: All legal advisor rankings are based on number of deals.

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If you would like to participate in the MANAGING UNDERWRITERS submission process, receive quarterly press releases, or have All league tables are based on deal proceeds (total issue amount or number of shares multiplied by the issue price) unless otherwise stated. All data for the questions about our full league table periods shown are as reflected in Refinitiv databases as of 5:00am EDT on July 4, 2019. Full credit is given to the bookrunner, equal if joint books. In cases of criteria please contact: underwriter consolidation, credit is given to the surviving/parent firm.

CHINA Transactions must be received within 5 business days of pricing. (Rule 144a transactions sold exclusively in the US market, MBS, ABS transactions in all markets Bill Feng and all Federal Credit Agency transactions must be received within 5 business days of settlement.) Transactions not received by the applicable deadline are Tel: +86 (10) 6267 4786 entered into the database but classified as rank ineligible and are not included in league tables for the current calendar year. [email protected] Database coverage includes domestic and international placements of equity offerings in addition to domestic and international equity-related transactions. This includes IPOs, follow-on offerings, accelerated bookbuilds and block trades (with certain restrictions) and convertible bonds.

Convertible Bonds with a minimum life of less than 360 days are excluded. Minimum life defined as the difference between the settlement date and the earliest maturity date or first call/put option.

LEGAL ADVISORS

Non-US dollar denominated transactions are converted to the US dollar equivalent at the time of pricing.

All current data and previous year's data is as of 5:00am EDT on July 4, 2019. Full credit is given to the issuer’s legal counsel and manager’s legal counsel. All rankings exclude General Counsel. Rankings are accumulated based on number of transactions per advisor. Rankings based on proceeds are available on product.

Time periods for league tables will be based upon pricing/launch date.

Where applicable, all league tables include Rule 144a transactions. All league tables exclude pure private placements.

Initial Public Offering league tables include original IPO and first-time listings which are technically classified as follow-on offerings in Refinitiv database.

Standard league table exclusions: best efforts offerings, non-underwritten transactions and direct placements, rights offerings, transactions that mature or are callable/puttable less than 360 days after settlement, CD's , Deposit Notes & Bank Notes, Federal Credit Agency transactions (US Only), exchange offers, and offerings by closed-end funds/trusts. Federal Credit Agency issuance is excluded in all regional and global league table rankings.

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