China Review First Three Quarters 2020 中国投资银行业报告 2020前三季度 Refinitiv Deals Intelligence 路孚特 交易商情

1 报告 概览

投资银行费用 2020年前三季度，中国投行业务费用达147亿美元，比去年同期增长了32.5%，这是自2000年有记录以来同期最高值。债券市场承销费占全部投资银行 费用的56.3%，达83亿美元，以14.4%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 116.0%，总额达49亿美元。 已完成的并购交易咨询费较去年同期增长23.9%，达8.7亿美元。银团贷款费用总额为7.1亿美元，比去年同期下降22.5%。 中信以10亿美元的预估费用位居中国投行费用榜首，占费用总额的7.0%。

兼并与收购 2020年前三季度，由于境内并购趋于活跃，涉及中国的并购总额达4,072亿美元，同比增长33.8%。因受到监管障碍、地缘政治紧张局势、保护主义情绪 到最近的全球冠状病毒大流行影响，已公布的交易数量同比减少7.7%。 在第三季度里，中国并购活动总体跃升至2,184亿美元，较上一季度增长95.0%， 为2015年第四季度（2,823亿美元）以来第二高季度。中国企业“走出去”海外并购总额227亿美元，同比减少21.1%，为2007年（131亿美元）以来的三季 度最低。在全球跨境活动最活跃的收购国中，中国排名下滑至第九位。 今年，中国在“一带一路”沿线国家收购交易达81笔，达34亿美元，比一年前下降 了51.3%，占中国海外收购总额的15.0%。今年前三季度，外国公司收购中国企业达339亿美元，同比增长9.1%。然而，入境并购交易数量比一年前下降 了13.9%，是近十多年来的低谷期。尽管交易数量下降了4.8%，但境内活动达到五年高点，总计3,404亿美元，同比增长46.5%。

涉及中国的交易活动以能源与电力行业为主，占市场份额24.5%，总市场份额为998亿美元，同比增长366.0%。国家石油天然气管网集团有限公司以约 491亿美元收购了中国石油天然气股份有限公司的管道资产。这笔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。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瑞士先正达。同时，随着中国整 合油气管道，国家石油天然气管网集团有限公司还从中石化收购了其管道资产，共4笔交易，价值256亿美元。这使得国家石油天然气管网集团有限公司 收购中石油和中石化的油气管道资产合计达到 748 亿美元。高科技业以13.5%的市场份额紧随其后，金额达550亿美元，同比增长29.7%。在此期间，中 国国际金融股份有限公司以26.8%的市场份额和1,089亿美元的相关交易价值，领跑中国并购交易榜单。

2 报告 概览

股权资本市场 中国股权和股权挂钩收益创下历史新高，2020年前三季度融资达1,729亿美元，同比增长94.2%。股票发行数量同比增长92.4%。 包括二次上市在内的首 次公开发行（IPO）总额继续增长势头，共发行851亿美元，同比增长148.1%，超过去年26.3%。首次公开发行数量同比增长101.5%。 A股IPO和二次上 市融资达466亿美元，同比增长126.6%，其中A股发行数量增长137.0%。不包括二次上市，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收益的47.0%，总销售额为219亿美元，同比增长267.3%。 中国在香港 （主板和创业板）的IPO和二次上市数量同比增长177.0%，达到272亿美元，其中IPO数量增长39.2%。今年6月京东和网易在香港上市，融资总额达70 亿美元。 中国在美国发行的IPO总额为76亿美元，同比增长196.5%。 增发发行达到四年高点，收益599亿美元，同比增长184.4%。 中国可转换债券及 股票挂钩发行总计278亿美元，比去年创纪录高点下降17.3%，但可转换债券数量在今年较为活跃。

从各行业看，股票发行同比增长，其中高科技行业领头，市场份额占比18.8%，募集资金达325亿美元，同比增长83.5%。中芯国际集成电路制造有限公 司在上海科创板以76亿美元二次上市，是今年迄今为止中国最大的IPO。医疗保健业的市场份额为16.2%，筹集了280亿美元，是一年前筹集的三倍多。 工业和金融业分别占12.6%和12.2%的市场份额。中信目前在中国股权和股权挂钩交易承销业务中排名第一，以166亿美元的承销金额获得9.6%的市场份 额。中国国际金融股份有限公司以9.0%的市场份额紧随其后，承销金额为155亿美元，摩根士丹利华信证券以8.8%的市场份额位位排名第三。

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年前三季度筹集了1.8万亿美元，与去年同期相比增长了20.6%，债券发行数量使得2020年 前三季度成为历史迄今最繁忙前三季度。政府和相关机构发行以8,321亿美元占中国债券发行额的45.8%，较去年同期增长22.5%，成为有记录以来最繁 忙发行的前三季度。金融债券发行占据了31.4%的市场份额，总计5,708亿美元，较2019年同期增长22.5%，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2,774亿美元，较去年同期上涨20.5%。

中国银行目前以1,369.7亿美元相关发行总额或7.5%的市场份额领跑中国债券承销榜单，中国工商银行以7.1%的市场份额（1,293.5亿美元发行额）位居 第二，中信则以6.6%的市场份额（1,193.4亿美元）跻身前三。

3 REPORT SUMMARY

Investment Banking Fees China investment banking activity generated US$14.7 billion in fees during the first three quarters of 2020 and grew 32.5% year-on-year, making it the highest-ever first three- quarter period since records began in 2000. DCM underwriting fees, which captured 56.3% of the total investment banking fees, reached US$8.3 billion and surpassed last year’s record high by 14.4%. ECM underwriting fees also hit an all-time high with the biggest growth this year, up 116.0% from the same period last year and totaled US$4.9 billion. Advisory fees for completed M&A deals saw a 23.9% growth from a year ago and totaled US$874.7 million. Syndicated lending fees amounted to US$713.3 million, a 22.5% decline from the same period last year. CITIC topped China’s investment banking fee league table with a total of US$1.0 billion in estimated fees or 7.0% share of the total fee pool.

Mergers & Acquisitions Mergers & acquisitions (M&A) involving China totaled US$407.2 billion in the first three quarters of 2020, a 33.8% increase from a year ago, driven by domestic consolidations. Number of announced deals fell 7.7% year-on-year as headwinds continued to deter deal making activity - from regulatory hurdles, geopolitical tensions, protectionist sentiments to the recent global coronavirus pandemic. During the third quarter of 2020, overall China M&A activity jumped to US$218.4 billion, witnessing a 95.0% growth from the second quarter of 2020, making it the second highest quarterly period since fourth quarter of 2015 (US$282.3 billion). Chinese outbound acquisitions totaled US$22.7 billion, down 21.1% compared to a year ago, making it the lowest first three-quarter period since 2007 (US$13.1 billion). China slipped down the ranking to ninth 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 81 deals worth US$3.4 billion this year, down 51.3% from a year ago, and accounted for 15.0% of the total Chinese outbound acquisitions. Foreign firms acquiring Chinese companies amounted to US$33.9 billion in the first three quarters of this year, a 9.1% increase from the same period in 2019. However, the number of inbound deals fell 13.9% from a year ago and saw its slowest period in more than a decade. Domestic activity reached a five-year high and totaled US$340.4 billion, a 46.5% increase from the same period last year, despite a 4.8% drop in deal count.

Deal making activity involving China targeted the Energy & Power sector which captured 24.5% market share and totaled US$99.8 billion, up 366.0% from the same period 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. High Technology followed in second place with 13.5% market share worth US$55.0 billion, a 29.7% increase from a year ago. China International Capital Co (CICC) leads the any China involvement announced M&A league table during this period, with 26.8% market share and US$108.9 billion in related deal value.

4 REPORT SUMMARY

Equity Capital Markets Chinese equity and equity-linked (ECM) proceeds witnessed record issuances, raising US$172.9 billion in the first three quarters of 2020, up 94.2% from the same period last year. Number of equity issuances also saw the busiest first three-quarter period and grew 92.4% year-on-year. Total initial public offerings (IPOs), including secondary listings, issued by China-domiciled companies continued to gain momentum and raised a total of US$85.1 billion, up 148.1% from a year ago, surpassing annual ECM proceeds last year by 26.3%. Number of IPOs jumped 101.5% from a year ago. A-Share IPO and secondary listings raised US$46.6 billion, up 126.6% from a year ago, with a 137.0% increase in number of A-Share issuances. 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 47.0% of the A-Share IPO proceeds and totaled US$21.9 billion, up 267.3% year- on-year. Chinese IPOs and secondary listings in Hong Kong (Mainboard and GEM) grew 177.0% from last year to US$27.2 billion, with a 39.2% 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. Chinese IPOs in the United States saw US$7.6 billion in proceeds, a 196.5% increase from a year ago. Follow-on offerings hit a four-year high and raised US$59.9 billion in proceeds, up 184.4% year-on-year. Chinese convertibles, or equity-linked issuance, totaled US$27.8 billion, a 17.3% decline after last year’s record high, but 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 18.8% of the China ECM proceeds worth US$32.5 billion, up 83.5% compared to the first three quarters of 2019. Semiconductor Manufacturing International Corp’s (SMIC) US$7.6 billion secondary listing in Shanghai’s STAR Market is the largest Chinese equity offering so far this year. Healthcare captured 16.2% market share and raised US$28.0 billion, more than triple the amount raised a year ago. Industrials and Financials represented 12.6% and 12.2% market share, respectively. CITIC currently leads the rankings this year for China ECM underwriting, capturing 9.6% market share with US$16.6 billion in related proceeds. China International Capital Co (CICC) followed in second place with 9.0% market share worth US$15.5 billion in proceeds while took third place with 8.8% market share.

Debt Capital Markets Primary bond offerings from China-domiciled issuers remained strong and continued to break records, raising US$1.8 trillion during the first three quarters of 2020, a 20.6% increase from the same period last year, as number of bond offerings saw its busiest-ever first three-quarter period in 2020. Government & Agencies accounted for 45.8% of China’s bond proceeds with US$832.1 billion, up 22.5% from the same period last year and making it the best-ever first three-quarter period on record. Financials captured 31.4% market share and raised US$570.8 billion, up 22.5% year-on-year. This was driven by three jumbo issuances: Agricultural 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 raised US$277.4 billion, up 20.5% from a year ago as they replenished capital requirements. Bank of China currently leads China bonds underwriting with US$136.97 billion in related proceeds or 7.5% market share. Industrial & Commercial Bank of China (ICBC) follows in second place with 7.1% market share or US$129.35 billion in proceeds. CITIC rounded out the top three with 6.6% market share worth US$119.34 billion.

5 季度摘要 中国投资银行业务

摘要

并购费用 增涨 24% 并购财务顾问 今年迄今第一名 股权资本市场费用 增涨 116% 中金公司

债券资本市场费用 增涨 14% 股权资本发行承销商 今年迄今第一名 中信 贷款费用 下降 -22% 债券资本发行承销商 今年迄今第一名 中国参与并购 增涨 34% 中国银行 中国标的并购 增涨 42% 并购标的行业 第一名 股票资本发行金额 增涨 94% 能源和电力 债券资本发行金额 增涨 21% 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 24% M&A TOP FINANCIAL ADVISOR YTD China International Capital Co ECM FEES UP 116% ECM TOP BOOK RUNNER YTD DCM FEES UP 14% CITIC LOAN FEES DOWN -22% DCM TOP BOOK RUNNER YTD ANY INV. M&A UP 34% Bank of China Ltd TARGET M&A UP 42% M&A TOP TARGETED INDUSTRY Energy and Power ECM PROCEEDS UP 94% DCM TOP ISSUING ECM TOP ISSUING DCM PROCEEDS UP 21% 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) YTD Fees 16,000 • Outer Rim: YTD 14,000 • Inner Rim: YTDLY 12,000 10,000

8,000 25% 25% 6,000 US$ Million US$ 20% 4,000 27% 2,000 0 11 12 13 14 15 16 17 18 19 20 11% INVESTMENT BANKING FEES BY ASSET CLASS 8% 6% BONDS EQUITY LOANS MA 27% 16,000 9% 23% 14,000 9% 12,000 10% 10,000 8,000

6,000 US$ Million US$ 4,000 Government and Agencies Financials 2,000 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

600 6,000 • Outer Rim: YTD • Inner Rim: YTDLY 500 5,000

400 4,000

300 3,000 25%

US$ Billion US$ 200 2,000 30% 7% 14% 100 1,000 32% 0 - 11 12 13 14 15 16 17 18 19 20

TARGET M&A VOLUMES & NUMBER OF DEALS 18% YTD Volumes #Deals 14% 13% 450 6,000 8% 400 16% 5,000 350 300 4,000 11% 12% 250 3,000 200

US$ Billion US$ 150 2,000 100 Energy and Power High Technology Industrials 1,000 50 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 9.1% from YTD last year, amounting Domestic M&A up 46.5% from YTD last year, Outbound M&A is down 21.1% from YTD last year, to US$33.9 billion so far this year. reaching US$340.4 billion so far this year. totaling US$22.7 billion so far this year. YTD Volumes #Deals YTD Volumes #Deals YTD Volumes #Deals 45 700 400 5,000 180 800 40 600 350 160 700 35 4,000 140 500 300 600 30 120 250 3,000 500 25 400 100 200 400 20 300 80 150 2,000

15 60 300

US$ BillionUS$ US$ BillionUS$ 200 100 BillionUS$ 10 1,000 40 200 5 100 50 20 100 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 0 2 4 6 8 10

18.3 25% 9.3 Hong Kong 7% 28% Hong Kong 18.5 8.0 30% 5.0 20% 6.7 Singapore United States 5.2 2.0 4.2 1.2 United States Singapore 9% 1.8 14% 2.0 12% 2.3 1.2 Germany 17% 13% Australia 0.0 1.0 12% • Outer Rim: YTD 1.3 0.9 Japan 13% • Inner Rim: YTDLY South Korea 1.8 0.1

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 7% 180,000 45% 23% 40.9% 41.9% Healthcare 160,000 40% 13% 3% 140,000 35% Industrials 32.2% 120,000 30% 38% Consumer Products and Services 100,000 24.2% 24.3% 25% 21.3% Financials 80,000 20% 18% 55% Energy and Power 60,000 15.0% 15% US$ Million US$ 20% 40,000 10% 2% Other 20,000 6.9% 5% 0 0% 19% • 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 35,000 250 1,198 Singapore 30,000 2,020 200 869 25,000 South Korea 72 150 20,000 350 Italy 166 15,000 100 268 US$ Million US$ Sri Lanka 10,000 0 50 234 5,000 Nigeria 50 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

China Petroleum & Chemical Corp- China Oil & Gas Pipeline Network 9,775.5 Pending 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

6,659.8 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

Sinopec Marketing Co Ltd-Pipeline China Oil & Gas Pipeline Network 5,681.5 Pending 7/23/2020 China Energy and Power China China Oil & Gas Pipeline China Assets Corp

5,393.8 Pending 5/23/2020 Co Ltd China Financials China Everbright Group Ltd China Peoples Republic of China China

Hebei CP Livestock Co 4,118.3 Pending 9/14/2020 Ltd,Qinhuangdao CP Swine China Consumer Staples Chia Tai Investment Co Ltd China CP Pokphand Co Ltd Hong Kong Business Co Ltd,Lanzhou Chia Tai Food Co ,Shaanxi Food Co ,CP

12 BACK TO CHINA HIGHLIGHTS EQUITY CAPITAL MARKETS PAGE

ECM PROCEEDS TOP ISSUING INDUSTRIES YTD Proceeds No. of Issues 200 900 YTD Proceeds YTDLY Proceeds YoY Proceeds Change (%) 180 800 60,000 250% 160 222% 700 50,000 198% 200% 140 600 120 40,000 150% 500 140% 100 400 30,000 105% 100% 80 84% US$ Billion US$ 300

60 20,000 50% US$ Million US$ 40 200 10,000 0% 20 100 -4% 0 0 0 -50% 11 12 13 14 15 16 17 18 19 20 High Healthcare Industrials Financials Materials Other ECM PROCEEDS BY ISSUE TYPE Technology IPO* Follow-On Convertible 200 180 160 140 120 100

80 US$ Billion US$ 60 40 20 0 11 12 13 14 15 16 17 18 19 20 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 stock13 exchanges, such as Alibaba Group’s US$12.9 billion new listing in Hong Kong and ’ US$1.7 billion first time listing in London. 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 (%) 2,000 6000 900,000 30% 1,800 800,000 25% 25% 5000 1,600 22% 22% 700,000 21% 20% 1,400 4000 600,000 1,200 15% 500,000 12% 1,000 3000 10% 800 400,000 US$Billion 5%

2000 Million US$ 600 300,000 0% 400 200,000 1000 200 100,000 -5% -7% 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 2,000 1,800 1,600 1,400 1,200 1,000

800 US$Billion 600 400 200 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

7/6/2020 7,587.1 Follow-On Semiconductor Mnfg Intl Corp China High Technology Semiconductors SSES

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

6/7/2020 3,129.8 Follow-On NetEase Inc China High Technology Software HONGK

7/27/2020 2,859.2 Follow-On Co Ltd China Financials Brokerage SHANG

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 Chinese 3/16/2020 11,442.8 Investment Grade Corporate Postal Svgs Bk of China Co China Financials Banks Yuan Chinese 9/17/2020 11,090.1 Investment Grade Corporate Bank Of China Ltd China Financials Banks Yuan Agency, Supranational, Government and National Chinese 7/8/2020 9,994.1 Peoples Republic of China China Sovereign Agencies Government Yuan Agency, Supranational, Government and National Chinese 6/16/2020 9,879.5 Peoples Republic of China China Sovereign Agencies Government Yuan

15 BACK TO CHINA HIGHLIGHTS INVESTMENT BANKING FEE LEAGUE TABLES PAGE

INVESTMENTCITIC BANKING FEES LEAGUEBank TABLE of China Ltd China International Capital Co Industrial & Comm Bank China China Construction Bank Haitong Securities Co Ltd Huatai Securities Co Ltd Agricultural Bank of China China Securities Co Ltd 1,400

1,200

1,000 7.0% 6.2% 800 4.7% 600 3.9% 3.3% 3.2% 3.2% 3.2% 400 2.7% 2.6%

Fees in US$ Fees US$ in millions 200

0 0 1 2 3 4 5 6 7 8 9 10 11 INVESTMENT BANKING FEES LEAGUE TABLE (US$MIL) Rank FEES YOY SHARE YOY FEES #DEALS YOY 3Q 2020 3Q 2019 BANK NAME CHANGE SHARE (%) CHANGE #DEALS (US$Mil) CHANGE (%) (%) (%) 1 2 CITIC $ 1,031.6 34.0% 7.0% 0.1% 2256 64.1% 2 1 Bank of China Ltd $ 916.2 3.5% 6.2% -1.7% 2480 31.9% 3 7 China International Capital Co $ 687.5 83.7% 4.7% 1.3% 548 42.3% 4 3 Industrial & Comm Bank China $ 580.6 -12.2% 3.9% -2.0% 2179 21.2% 5 9 Guotai Junan Securities $ 490.2 63.5% 3.3% 0.6% 994 72.6% 6 5 China Construction Bank $ 472.6 7.3% 3.2% -0.8% 2211 33.8% 7 8 Haitong Securities Co Ltd $ 468.9 50.8% 3.2% 0.4% 667 42.8% 8 13 Huatai Securities Co Ltd $ 465.0 130.3% 3.2% 1.3% 713 133.0% 9 6 Agricultural Bank of China $ 400.6 3.7% 2.7% -0.8% 1745 45.9% 10 22 China Securities Co Ltd $ 388.5 179.3% 2.6% 1.4% 98 44.1% TOTAL $ 14,734.7 32.5% 11363 33.1% 16 BACK TO CHINA HIGHLIGHTS INVESTMENT BANKING LEAGUE TABLES PAGE

ANY INVOLVEMENT M&A LEAGUE TABLE (US$MIL) RANK VALUE RANK VALUE SHARE YOY #DEALS YOY 3Q 2020 3Q 2019 BANK NAME YOY CHANGE SHARE (%) #DEALS (US$ Mil) CHANGE (%) CHANGE (%) (%) 1 5 China International Capital Co $ 108,910.2 763% 27% 538% 51 -2% 2 27 UBS $ 59,016.8 2038% 15% 1511% 13 160% 3 21 & Co $ 57,492.3 1559% 14% 1182% 14 75% 4 2 China Securities Co Ltd $ 51,833.0 184% 13% 112% 12 -14% 5 35 Morgan Stanley $ 32,091.1 1574% 8% 1217% 15 114% 6 15 Guotai Junan Securities $ 30,722.9 642% 8% 436% 27 29% 7 1 CITIC $ 15,887.7 -65% 4% -74% 76 12% 8 7 Somerley $ 9,647.7 10% 2% -17% 19 27% 9 22 JP Morgan $ 7,972.5 131% 2% 82% 6 -45% 10 102 Minsheng Securities Co Ltd $ 6,689.5 6395% 2% - 3 200% TOTAL $ 407,199.2 34% 4996 -8% TARGET M&A LEAGUE TABLE (US$MIL) RANK VALUE RANK VALUE SHARE YOY #DEALS YOY 3Q 2020 3Q 2019 BANK NAME YOY CHANGE SHARE (%) #DEALS (US$ Mil) CHANGE (%) CHANGE (%) (%) 1 4 China International Capital Co $ 104,216.9 830% 28% 547% 48 2% 2 77 UBS $ 54,994.3 53137% 15% - 12 500% 3 27 Goldman Sachs & Co $ 54,506.3 2648% 15% 1725% 10 150% 4 2 China Securities Co Ltd $ 51,833.0 184% 14% 101% 12 -14% 5 12 Guotai Junan Securities $ 30,722.9 642% 8% 413% 27 29% 6 - Morgan Stanley $ 28,378.2 - 8% - 11 - 7 1 CITIC $ 15,815.2 -65% 4% -75% 73 9% 8 78 Minsheng Securities Co Ltd $ 6,689.5 6395% 2% - 3 200% 9 - (China) Ltd $ 6,659.8 - 2% - 2 - 10 119* Lianchu Securities Co Ltd $ 6,624.9 228345% 2% - 2 100% TOTAL $ 374,296.6 42% 4587 -6%

17 BACK TO CHINA HIGHLIGHTS INVESTMENT BANKING LEAGUE TABLES PAGE

ECM LEAGUE TABLE (US$MIL) PROCEEDS PROCEEDS SHARE YOY #DEALS YOY 3Q 2020 3Q 2019 BANK NAME YOY CHANGE SHARE (%) #DEALS (US$ Mil) CHANGE (%) CHANGE (%) (%) 1 1 CITIC $ 16,624.2 63% 10% -17% 92 92% 2 3 China International Capital Co $ 15,548.6 113% 9% 10% 78 90% 3 5 Morgan Stanley $ 15,210.4 239% 9% 76% 58 66% 4 4 China Securities Co Ltd $ 13,459.8 136% 8% 22% 58 57% 5 10 Guotai Junan Securities $ 7,644.3 193% 4% 52% 56 115% 6 11 Huatai Securities Co Ltd $ 7,536.2 190% 4% 52% 51 183% 7 9 Haitong Securities Co Ltd $ 6,132.0 108% 4% 9% 65 67% 8 2 Goldman Sachs & Co $ 6,043.3 -21% 4% -59% 37 23% 9 15 Citi $ 4,718.4 201% 3% 50% 23 0% 10 13 JP Morgan $ 4,689.4 88% 3% -4% 26 53% TOTAL $ 172,855.6 94% 781 92% DCM LEAGUE TABLE (US$MIL) PROCEEDS PROCEEDS SHARE YOY #DEALS YOY 3Q 2020 3Q 2019 BANK NAME YOY CHANGE SHARE (%) #DEALS (US$ Mil) CHANGE (%) CHANGE (%) (%) 1 1 Bank of China Ltd $ 136,972.3 -1% 8% -18% 1829 29% 2 2 Industrial & Comm Bank China $ 129,351.6 6% 7% -12% 1715 30% 3 5 CITIC $ 119,348.2 42% 7% 18% 1582 65% 4 3 China Construction Bank $ 115,458.4 10% 6% -9% 1771 34% 5 4 Bank of Communications Co Ltd $ 97,049.1 3% 5% -16% 1461 28% 6 6 Agricultural Bank of China $ 92,424.8 15% 5% -6% 1408 50% 7 7 CSC Financial Co Ltd $ 79,022.9 36% 4% 13% 1020 92% 8 8 Industrial Bank Co Ltd $ 60,900.9 23% 3% 3% 990 38% 9 9 Guotai Junan Securities $ 54,059.2 31% 3% 11% 771 65% 10 10 China Merchants Bank $ 46,823.5 21% 3% 0% 658 28% TOTAL $ 1,817,382.7 21% 5508 31%

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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 securi ties for or by any person in connection with this document.

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