China Review Full Year 2019 中国投资银行业报告 2019年度 Refinitiv Deals Intelligence 路孚特 交易商情

1 报告 概览

投资银行费用 中国投资银行费用在2019年度共计142亿美元，相比去年增长19.8%，创下自2000年以来的最高值。债券承销费用占投资银行费用总额的 60.2%，总计85亿美元，较上年同期增长49.1%，创下新的记录。证券承销费用较2018年增长11.8%，总额达34亿美元。在并购领域，已完成 交易的顾问费用降至五年来最低点，达到8.7亿美元，同比下降28.1%。银团贷款费用总额为13亿美元，比2018年下降27.1%。中国银行以总 额11亿美元的估值费用（占总费用的7.9%）位居中国投资银行费用排行榜首位。

兼并与收购 由于监管缩紧、地缘政治局势紧张和保护主义情绪持续，中国并购市场自2015年创下历史新高以来，已连续第四年出现下滑。中国参与的并 购交易总额达4,471亿美元，较2018年下降19.2%，为2013年（2,771亿美元）以来的最低值。中国对外并购总额达413亿美元，同比下降 49.5%，为2009年（400亿美元）以来的最低水平。中国在2019年的跨境并购交易总额排名中跌至第八位。此前在2016年，中国曾是最大海外 资产收购国之一。

2019年，中国在“一带一路”参与国家中并购总额达126亿美元，较2018年下降30.0%，占中国境外并购总额的30.5%。就交易金额而言，秘鲁 在“一带一路”参与国家的并购中占据了28.5%的市场份额。新加坡的并购交易数量最多，共25笔已公布交易，总值28亿美元，占有22.2%的市 场份额。

外国企业收购中国企业在2019年总交易额达423亿美元，同比下降25.8%，但自2006年以来首次超过中国境外并购交易额。

工业在中国并购交易中占市场份额19.0%，总额达849亿美元，比去年下降5.3%。金融业位居第二，市场份额为18.4%，共计823亿美元。高 科技行业位列第三，市场份额为545亿美元，占市场份额12.2%。中信在同期公布的并购排行榜中，以12.7%的市场份额和567亿美元的交易额 领跑中国。中国国际金融有限公司以7.7%的市场份额位居第二，华泰证券以5.2%的市场份额位居第三。

2 报告 概览

股权资本市场 2019年，中国股权和股权挂钩交易收益达到1,466亿美元，比去年增长10.8%。包括首次上市在内的中国企业首次公开发行（IPO）总额创下 五年来新高，募集资金达659亿美元，较2018年增长2.4%。A股IPO融资319亿美元，同比增长61.4%。上海科创板于2019年7月启动，累计募 集资金96亿美元。中国在香港的首次公开募股（主板和创业板）同比下降16.7%，跌至293亿美元；在美国证交所的融资额同比下降62.8%， 至34亿美元。阿里巴巴集团在香港上市募集资金129亿美元，成为2019年亚太地区规模最大的发行。也是继沙特阿美（）创纪 录的256亿美元IPO之后的全球第二大上市发行。阿里巴巴集团去年在纽约发行的IPO融资达250亿美元。其股票增发降至7年低点，募集资金 314亿美元，同比下降27.2%。中国可转换债券（或股票挂钩发行）创下历史新高，筹资492亿美元，较去年增长98.8%。上海浦东发展银行发 行的可转换债券共募集资金71亿美元，是亚太地区有史以来发行的规模最大的可转换债券。中资银行通过发行可转换债券共筹集了199亿美 元。 来自其它行业的中债发行企业，如高科技、工业和能源，已开始涉足可转换债券市场。

中信证券目前在中国股权资本市场承销业务中排名第一，以153亿美元的收益占据了10.4%的市场份额。中国国际金融公司以9.3%的市场份额 紧随其后，高盛以5.8%的市场份额位居第三。

债券资本市场 中国的一级市场债券发行势头持续增强，创下历史新高。2019年筹资1.8万亿美元，同比增长52.2%，超过2016年创下的1.6万亿美元之纪录。 中国投资级公司债券发行总额9,860亿美元，同比增长34.0%。高收益公司债券共发行520亿美元，同比增长103.4%。中国国债发行额占募集 资金的41.5%，达7,403亿美元，同比增长105.8%。 值得注意的是，中国各家银行在补充资本金需求时，还发行了840亿美元的永久债券。中 国市场永久债券发行总额达1,394亿美元，同比增长168.9%，创历史最高水平。

3 REPORT SUMMARY

Investment Banking Fees investment banking activity generated US$14.2 billion in fees during 2019, a 19.8% increase from last year, making it the highest-ever annual period since records began in 2000. DCM underwriting fees, which captured 60.2% of the total investment banking fees, reached record levels worth US$8.5 billion, up 49.1% from a year ago. ECM underwriting fees grew 11.8% from 2018 and totaled US$3.4 billion. Advisory fees for completed M&A deals fell to a five-year low and reached US$870.7 million, down 28.1% year-on-year. Syndicated lending fees totaled US$1.3 billion, down 27.1% from 2018. of China Ltd topped China’s investment banking fee league table with a total of US$1.1 billion in estimated fees or 7.9% share of the total fee pool.

Mergers & Acquisitions Mergers & acquisitions (M&A) involving China witnessed its fourth consecutive annual decline since it reached a record high in 2015, as regulatory hurdles, geopolitical tensions and protectionist sentiments continue. Overall China involvement M&A deals totaled US$447.1 billion in 2019, down 19.2% in value from a year ago, and the lowest annual period since 2013 (US$277.1 billion). Chinese outbound acquisitions totaled US$41.3 billion, down 49.5% compared to last year, making it the lowest annual period since 2009 (US$40.0 billion). China fell to eighth place on the top most acquisitive nations for global cross-border activity in 2019, after being one of the largest acquirers of overseas assets during its peak in 2016.

Chinese acquisitions along Belt & Road nations reached US$12.6 billion this year, down 30.0% from a year ago, and accounted for 30.5% of the total Chinese outbound acquisitions. Peru captured 28.5% market share of Chinese acquisitions along Belt & Road nations in terms of value, while Singapore saw the greatest number of acquisitions with 25 announced deals worth US$2.8 billion, or 22.2% market share.

Foreign firms acquiring Chinese companies amounted to US$42.3 billion in 2019, a 25.8% decline from the last year, but exceeding the value of Chinese outbound M&A activity for the first time since 2006.

Deal making activity involving China targeted the Industrials sector which captured 19.0% market share and totaled US$84.9 billion, down 5.3% from last year. Financials sector took second place, with 18.4% market share and US$82.3 billion in value. High rounded out the top three and accounted for 12.2% market share worth US$54.5 billion. CITIC leads the any China involvement announced M&A league table rankings this period, with 12.7% market share and US$56.7 billion in related deal value. China International Capital Co (CICC) follows in second place with 7.7% market share, while Co Ltd takes third spot with 5.2% market share.

4 REPORT SUMMARY

Equity Capital Markets Chinese equity and equity-linked (ECM) proceeds in 2019 reached US$146.6 billion, a 10.8% increase compared to last year. Total initial public offerings (IPOs), including first time listings, issued by China-domiciled companies reached a five-year high and raised an aggregate amount of US$65.9 billion, up 2.4% in proceeds from 2018. A-Share IPOs raised US$31.9 billion, up 61.4% from a year ago. Exchange’s STAR Market launched in July 2019 and raised US$9.6 billion in proceeds. Chinese IPOs and new listings in (Mainboard and GEM) dropped 16.7% from a strong period last year to US$29.3 billion, while proceeds raised in the United States stock exchanges dropped 62.8% from year ago to US$3.4 billion. ’s listing in Hong Kong raised US$12.9 billion in proceeds, making it the largest equity offering in Asia Pacific for 2019, and the second largest equity offering globally after Saudi Aramco’s record-breaking IPO worth US$25.6 billion. Previously, Alibaba Group raised US$25.0 billion from its original IPO in New York last 2014. Follow-on offerings fell to a seven-year low, raising US$31.4 billion in proceeds, down 27.2% year-on-year. Chinese convertibles, or equity-linked issuance, hit an all-time high and raised US$49.2 billion, up 98.8% from last year. A record convertible from Shanghai Pudong Development Bank raised US$7.1 billion in proceeds, making it the biggest-ever Asia Pacific convertible issuance. Chinese raised a total of US$19.9 billion from convertible offerings. Chinese borrowers from other sectors, such as High Technology, Industrials and Energy & Power, have emerged to tap the convertible bonds market.

CITIC currently leads the rankings this year for China ECM underwriting, capturing 10.4% of the market share with US$15.3 billion in related proceeds. China International Capital Co (CICC) followed behind in second place with 9.3% market share while took third place with 5.8% market share.

Debt Capital Markets Primary bond offerings from China-domiciled issuers continues to gain momentum and hits all-time high, raising US$1.8 trillion in 2019, up 52.2% from a year ago, after surpassing the record set in 2016 (US$1.6 trillion). Chinese investment grade corporate bond issuance totaled US$986.0 billion, up 34.0% from last year, while high yield corporate bond issuance raised US$52.0 billion, a 103.4% increase from 2018. Chinese government bond issuance accounted for 41.5% of the proceeds, raising US$740.3 billion, a 105.8% increase year-on-year. Notably, Chinese banks turned to issuing perpetual bonds raising US$84.0 billion in 2019, as they replenished capital requirements. In total, Chinese perpetual bond offerings amounted to US$139.4 billion, up 168.9% from a year ago, making it the highest-ever period.

Bank of China currently leads China bonds underwriting with US$157.2 billion in related proceeds or 8.8% market share. Industrial & Commercial (ICBC) follows in second place with 7.8% market share and rounded out the top three with 6.7% market share.

5 季度摘要 中国投资银行业务

摘要

并购费用 下降 -28% 并购财务顾问 今年迄今第一名 股权资本市场费用 增涨 12% 中信 债券资本市场费用 增涨 49% 股权资本发行承销商 今年迄今第一名 中信 贷款费用 下降 -27% 债券资本发行承销商 今年迄今第一名 中国参与并购 下降 -19% 中国银行

中国标的并购 下降 -12% 并购标的行业 第一名 股票资本发行金额 增涨 11% 工业 债券资本发行金额 增涨 52% 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 政府和相关机构 金融

6 QUARTERLY HIGHLIGHTS CHINA INVESTMENT BANKING ACTIVITY

HIGHLIGHTS

M&A FEES DOWN -28% M&A TOP FINANCIAL ADVISOR YTD CITIC ECM FEES UP 12% ECM TOP BOOK RUNNER YTD DCM FEES UP 49% CITIC LOAN FEES DOWN -27% DCM TOP BOOK RUNNER YTD ANY INV. M&A DOWN -19% Bank of China Ltd TARGET M&A DOWN -12% M&A TOP TARGETED INDUSTRY Industrials ECM PROCEEDS UP 11% DCM TOP ISSUING ECM TOP ISSUING DCM PROCEEDS UP 52% INDUSTRY INDUSTRY Click on any of the above arrows to go Government and straight to the analysis. Financials Agencies

7 BACK TO CHINA HIGHLIGHTS INVESTMENT BANKING FEES PAGE

INVESTMENT BANKING FEES VOLUMES TOP FEE PAYING INDUSTRIES (by Market Share) Annual Fees 16,000 • Outer Rim: YTD 14,000 • Inner Rim: YTDLY 12,000 10,000 23% 8,000 25%

6,000 US$ Million 4,000 26% 25% 2,000 0 09 10 11 12 13 14 15 16 17 18 19 7% INVESTMENT BANKING FEES BY ASSET CLASS 10% 16% BONDS EQUITY LOANS 12% 16,000 11% 11% 14,000 23% 12,000 10,000 11% 8,000

6,000 US$ Million 4,000 Financials Government and Agencies 2,000 Real Estate Industrials 0 09 10 11 12 13 14 15 16 17 18 19 High Technology Other

8 BACK TO CHINA HIGHLIGHTS MERGERS & ACQUISITIONS PAGE

ANY INVOLVEMENT M&A VOLUMES & NUMBER OF DEALS TOP TARGETED INDUSTRIES (Any Involvement) Annual Volumes #Deals 900 8,000 • Outer Rim: YTD 800 7,000 • Inner Rim: YTDLY 700 6,000 600 5,000 500 19% 4,000 400 3,000 29% US$ Billion 300 16% 200 2,000 30% 100 1,000 0 - 09 10 11 12 13 14 15 16 17 18 19 15%

TARGET M&A VOLUMES & NUMBER OF DEALS 19% Annual Volumes #Deals 11% 15% 700 7,000 10% 13% 600 6,000

500 5,000 11% 12% 400 4,000

300 3,000

US$ Billion 200 2,000 Industrials Financials High Technology 100 1,000 Real Estate Materials Other 0 - 09 10 11 12 13 14 15 16 17 18 19

9 BACK TO CHINA HIGHLIGHTS MERGERS & ACQUISITIONS PAGE

INBOUND M&A DOMESTIC M&A OUTBOUND M&A Inbound M&A fell 25.8% from YTD last year, Domestic M&A declined 10.1% from YTD last year, Outbound M&A is down 49.5% from YTD last year, amounting to US$42.3 billion so far this year. reaching US$347.6 billion so far this year. totaling US$41.3 billion so far this year. Annual Volumes #Deals Annual Volumes #Deals Annual Volumes #Deals 60 800 700 7,000 250 1,000 50 700 600 6,000 200 800 600 500 5,000 40 500 400 4,000 150 600 30 400 300 3,000 100 400

20 300

US$ US$ Billion US$ US$ Billion 200 200 2,000 US$ Billion 50 200 10 100 100 1,000 0 - 0 - 0 - 12 13 14 15 16 17 18 19 12 13 14 15 16 17 18 19 12 13 14 15 16 17 18 19 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 20% 21.8 26% 11.8 Hong Kong 16% Hong Kong 19.6 18.1 8.2 37% 3.6 Singapore Peru 2.0 14% 0.1 6.3 2.8 United States Singapore 19.1 10% 20% 3.2 16% 5% 1.8 2.6 Japan 12% United Kingdom 3.3 1.8 12% • Outer Rim: YTD 0.9 12% • Inner Rim: YTDLY 2.4 Taiwan Chile 1.2 5.2 Industrials Financials High Technology Materials Energy and Power Other

10 BACK TO CHINA HIGHLIGHTS BELT & ROAD ACQUISITIONS PAGE

CHINA OUTBOUND ACQUISITIONS TOP TARGETED INDUSTRIES

Total China Outbound % of BRI to China Outbound 8% 250,000 40% 8% 36.6% 37.1% 7% 35% 32% 200,000 8% Financials 30.5% 30% 29.0% 6% Energy and Power 25% 13% 40% 150,000 22.0% 5% Industrials 19.9% 20% High Technology 100,000 15% Materials US$ Million 10% 50,000 34% Other 8.6% 5% 15%

0 0% 24% • Outer Rim: YTD 13 14 15 16 17 18 19 • Inner Rim: YTDLY CHINESE ACQUISITIONS ALONG BELT & ROAD NATIONS* TOP TARGETED NATIONS / REGIONS US$ Million Annual Volumes #Deals 0 1,000 2,000 3,000 4,000 5,000 6,000 40,000 250 3,590 Peru 35,000 107 200 30,000 2,795 Singapore 3,168 25,000 150 2,388 20,000 Chile 5,152 100 15,000 1,681

US$ Million 10,000 1,101 50 627 5,000 Serbia 1,810 0 - 13 14 15 16 17 18 19 *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 Acquiror Ultimate Rank Value Target Acquiror Acquiror Ultimate Status Rank Date Target Name Target Industry Acquiror Name Parent (US$Mil) Nation/Region Nation/Region Parent Name Nation/Region

13,986.8 Pending 12/18/2019 Hengfeng Bank Co Ltd China Financials Investor Group China Investor Group China

Guangzhou Shipyard International 8,824.3 Pending 8/15/2019 China Industrials China CSSC Holdings Ltd China China State Shipbldg Corp Ltd China Co Ltd

Gree Electric Appliances Inc Of 5,919.6 Pending 12/3/2019 China Industrials Zhuhai Mingjun Investment LP China Zhuhai Hillhouse Tiansheng Eq China Zhuhai

Beijing Easyhome Home New Wuhan Zhongnan Commercial Group 5,709.4 Completed 1/24/2019 China China Wuhan Zhongnan Coml Grp Co Ltd China Retailing Chain Group Co Ltd Co Ltd

4,788.1 Pending 8/31/2019 FAW Jiefang Automotive Co Ltd China Industrials Faw Car Co Ltd China China FAW Group Co Ltd China

Jiangyin Xingcheng Special Steel 4,546.1 Completed 1/2/2019 China Materials Daye Special Steel Co Ltd China Daye Special Steel Co Ltd China Works Co Ltd

3,887.6 Pending 9/13/2019 Bitauto Holdings Ltd China High Technology Investor Group China Investor Group China

3,801.6 Completed 4/9/2019 SPIC Capital Holdings Co Ltd China Financials SPIC Dongfang New Energy Corp China SPIC Dongfang New Energy Corp China

Xinneng Hong Kong Energy 3,667.0 Pending 11/22/2019 ENN Energy Holdings Ltd China Energy and Power Hong Kong ENN Ecological Holdings Co Ltd China Investment Ltd

China Yangtze Power International 3,590.0 Pending 9/30/2019 Peruvian Opportunity Co SAC Peru Financials Hong Kong China Three Gorges Corp China (Hong Kong) Co Ltd

12 BACK TO CHINA HIGHLIGHTS EQUITY CAPITAL MARKETS PAGE

ECM PROCEEDS TOP ISSUING INDUSTRIES Annual Proceeds No. of issues YTD Proceeds YTDLY Proceeds YoY Proceeds Change (%) 200 1000 180 900 60,000 120% 102% 100% 160 800 50,000 140 700 76% 80% 120 600 40,000 60% 100 500 30,000 40% 80 400 US$ Billion 20% 60 300 20,000 US$ Million 9% 40 200 0% -4% -6% 20 100 10,000 -22% -20% 0 0 09 10 11 12 13 14 15 16 17 18 19 0 -40% Financials High Retail Industrials Healthcare Other ECM PROCEEDS BY ISSUE TYPE Technology IPO* Follow-On Convertible 200 180 160 140 120 100 80 US$ Billion 60 40 20 0 09 10 11 12 13 14 15 16 17 18 19

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 Huatai Securities’ US$1.7 billion first time listing in London. BACK TO CHINA HIGHLIGHTS DEBT CAPITAL MARKETS PAGE

DCM PROCEEDS TOP ISSUING INDUSTRIES Annual Proceeds No. of issues YTD Proceeds YTDLY Proceeds YoY Proceeds Change (%) 2,000 6000 800,000 120% 1,800 5000 700,000 106% 1,600 100% 1,400 600,000 4000 80% 1,200 500,000 76% 1,000 3000 400,000 60% 800 US$ Billion US$ 2000 300,000

600 US$ Million 40% 200,000 33% 400 26% 1000 20% 200 100,000 15% 0 0 0 3% 0% 09 10 11 12 13 14 15 16 17 18 19 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 US$ 600 400 200 0 09 10 11 12 13 14 15 16 17 18 19

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 and Catalog 11/20/2019 12,933.8 Follow-On Alibaba Group Holding Ltd China Retail HONGK Retailing

10/24/2019 7,073.8 Convertible Shanghai Pudong Dvlp Bk China Financials Banks SHANG

2/27/2019 5,986.0 Convertible China CITIC Bank Corp Ltd China Financials Banks SHANG

11/5/2019 4,668.0 Follow-On Postal Svgs Bk of China Co China Financials Banks SHANG

1/16/2019 3,850.0 Convertible Co Ltd China Financials Banks SHENZ

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 8/15/2019 12,086.4 Investment Grade Corporate Agricultural Bank of China Ltd China Financials Banks Yuan

Chinese 7/24/2019 11,641.8 Investment Grade Corporate Ind & Coml Bk of China Ltd China Financials Banks Yuan

Chinese 3/21/2019 7,468.1 Investment Grade Corporate Shanghai Pudong Dvlp Bk China Financials Banks Yuan

Chinese 3/12/2019 7,454.9 Investment Grade Corporate Agricultural Bank of China Ltd China Financials Banks Yuan

Agency, Supranational, Government and Chinese 4/2/2019 7,140.4 Peoples Republic of China China National Government Sovereign Agencies Yuan

15 BACK TO CHINA HIGHLIGHTS INVESTMENT BANKING FEE LEAGUE TABLES PAGE

INVESTMENT BANKING FEES LEAGUE TABLE Bank of China Ltd CITIC Industrial & Comm Bank China Co Ltd China Construction Bank China International Capital Co Agricultural Bank of China Co Ltd CSC Financial Co Ltd 1,400 1,200 7.9% 1,000 6.6% 800 5.4% 600 4.0% 3.8% 3.7% 3.3% 400 2.7% 2.7% 2.2% Fees in US$ millionsUS$ in Fees 200 0 0 1 2 3 4 5 6 7 8 9 10 11 Rank INVESTMENT BANKING FEES LEAGUE TABLE (US$MIL)

FEES FEES YOY SHARE YOY #DEALS YOY FY 2019 FY 2018 BANK NAME SHARE (%) #DEALS (US$Mil) CHANGE (%) CHANGE (%) CHANGE (%)

1 1 Bank of China Ltd $ 1,125.9 -16.9% 7.9% -3.5% 2191 74.2% 2 2 CITIC $ 940.8 27.4% 6.6% 0.4% 1588 51.5% 3 3 Industrial & Comm Bank China $ 762.5 28.4% 5.4% 0.4% 2037 74.0% 4 12 Bank of Communications Co Ltd $ 569.9 141.2% 4.0% 2.0% 1644 116.0% 5 7 China Construction Bank $ 537.2 48.0% 3.8% 0.7% 1928 88.6% 6 4 China International Capital Co $ 527.3 19.9% 3.7% 0.0% 512 46.7% 7 5 Agricultural Bank of China $ 472.4 19.4% 3.3% 0.0% 1320 66.5% 8 8 Guotai Junan Securities $ 388.5 20.9% 2.7% 0.0% 713 65.4% 9 9 Haitong Securities Co Ltd $ 381.2 25.1% 2.7% 0.1% 623 43.5% 10 11 CSC Financial Co Ltd $ 318.3 19.0% 2.2% 0.0% 827 58.1% TOTAL $ 14,184.4 19.8% 10394 22.6%

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ANY INVOLVEMENT M&A LEAGUE TABLE (US$MIL) RANK VALUE RANK VALUE SHARE YOY #DEALS YOY FY 2019 FY 2018 BANK NAME YOY CHANGE SHARE (%) #DEALS (US$ Mil) CHANGE (%) CHANGE (%) (%) 1 2 CITIC $ 56,654.0 13% 13% 40% 83 -30% 2 1 China International Capital Co $ 34,393.7 -35% 8% -20% 63 -6% 3 8 Huatai Securities Co Ltd $ 23,008.4 5% 5% 30% 41 -15% 4 12 China Securities Co Ltd $ 17,286.4 48% 4% 86% 21 -22% 5 7 Goldman Sachs & Co $ 12,502.7 -53% 3% -43% 17 -60% 6 4 Industrial & Comm Bank China $ 11,797.2 -67% 3% -59% 159 -42% 7 3 Huaxin Securities $ 11,629.1 -69% 3% -61% 14 0% 8 19 Somerley $ 11,580.6 83% 3% 136% 26 18% 9 44 Bank of Communications Co Ltd $ 10,991.8 563% 3% 733% 38 660% 10 - Shenwan Hongyuan (H.K.) Ltd $ 8,824.3 - 2% - 2 - TOTAL $ 447,063.7 -19% 7140 6%

TARGET M&A LEAGUE TABLE (US$MIL) RANK VALUE RANK VALUE SHARE YOY #DEALS YOY FY 2019 FY 2018 BANK NAME YOY CHANGE SHARE (%) #DEALS (US$ Mil) CHANGE (%) CHANGE (%) (%) 1 2 CITIC $ 54,953.2 60% 14% 83% 80 -22% 2 1 China International Capital Co $ 31,694.8 -29% 8% -20% 55 -5% 3 7 Huatai Securities Co Ltd $ 22,213.7 26% 6% 43% 37 -16% 4 10 China Securities Co Ltd $ 17,115.2 50% 4% 69% 20 -20% 5 31 Bank of Communications Co Ltd $ 10,991.8 563% 3% 600% 38 660% 6 3 Industrial & Comm Bank China $ 9,415.1 -66% 2% -61% 136 -44% 7 9 Morgan Stanley $ 9,414.4 -34% 2% -25% 4 33% 8 - Shenwan Hongyuan (H.K.) Ltd $ 8,824.3 - 2% - 2 - 9 6 Goldman Sachs & Co $ 8,334.8 -55% 2% -49% 9 -61% 10 35 China Merchants Securities Co $ 7,287.4 371% 2% 375% 10 25% TOTAL $ 389,991.5 -12% 6430 10%

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ECM LEAGUE TABLE (US$MIL) PROCEEDS PROCEEDS SHARE YOY #DEALS YOY FY 2019 FY 2018 BANK NAME YOY CHANGE SHARE (%) #DEALS (US$ Mil) CHANGE (%) CHANGE (%) (%) 1 5 CITIC $ 15,259.6 104% 10% 82% 69 53% 2 2 China International Capital Co $ 13,682.2 40% 9% 26% 62 68% 3 1 Goldman Sachs & Co $ 8,512.7 -22% 6% -29% 38 -22% 4 3 Morgan Stanley Huaxin Securities $ 8,215.5 -4% 6% -14% 48 26% 5 4 China Securities Co Ltd $ 7,444.2 -3% 5% -12% 56 44% 6 6 Huatai Securities Co Ltd $ 6,311.3 2% 4% -9% 36 24% 7 13 $ 5,275.0 75% 4% 57% 31 29% 8 10 Guotai Junan Securities $ 5,212.5 12% 4% 3% 42 24% 9 8 Citi $ 5,162.2 -10% 4% -20% 36 9% 10 14 Haitong Securities Co Ltd $ 5,117.2 80% 4% 59% 59 28% TOTAL $ 146,554.0 11% 631 27%

DCM LEAGUE TABLE (US$MIL) PROCEEDS PROCEEDS SHARE YOY #DEALS YOY FY 2019 FY 2018 BANK NAME YOY CHANGE SHARE (%) #DEALS (US$ Mil) CHANGE (%) CHANGE (%) (%) 1 1 Bank of China Ltd $ 157,168.8 60% 9% 5% 1574 104% 2 3 Industrial & Comm Bank China $ 138,502.5 71% 8% 13% 1450 114% 3 4 China Construction Bank $ 120,154.7 64% 7% 6% 1463 111% 4 6 Bank of Communications Co Ltd $ 103,530.9 81% 6% 18% 1253 135% 5 2 CITIC $ 101,576.8 15% 6% -25% 1147 69% 6 5 Agricultural Bank of China $ 89,643.0 35% 5% -12% 1033 85% 7 7 CSC Financial Co Ltd $ 74,285.6 54% 4% 2% 685 73% 8 8 Co Ltd $ 56,121.6 44% 3% -3% 820 93% 9 12 Guotai Junan Securities $ 49,682.1 75% 3% 17% 562 85% 10 10 China International Capital Co $ 47,855.1 58% 3% 4% 355 70% TOTAL $ 1,782,285.9 52% 5037 45%

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ABOUT REFINITIV MERGERS & ACQUISITIONS Refinitiv, formerly the Financial & Risk business of Thomson , 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 Peter Miao I +1 646 223 6338 I [email protected] and Globally, Asset Backed Securities, Mortgage Backed Securities, Collateralized Debt Obligations (CDOs), MTN takedowns and Certificate of Deposits, except in UK. Primary offerings only. All league tables are based on deal EMEA proceeds (total issue amount multiplied by the issue price) unless otherwise stated. Full credit is given to the book Lucille Jones l +44 207 542 5204 l [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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