China Mergers & Acquisitions Review

FULL YEAR 2020 | FINANCIAL & LEGAL ADVISORS China Mergers & Acquisitions Review Full Year 2020 | Financial & Legal Advisors

Deals Intelligence China Announced M&A China Announced M&A - Macro Industry Mergers & acquisitions (M&A) involving China totaled US$581.3 billion in the full year of 2020, up $900 8,000 30.1% from a year ago, making it the highest full year period since 2017. Number of announced Deal Value of Full Year (US$bil) deals fell to a two-year low, dropping 1.1% year-on-year. During the fourth quarter of 2020, overall # of Deals, Full Year China M&A picked up activity and reached US$167.6 billion, witnessing a 26.4% decrease from the $800 7,000 third quarter of 2020. $120.6 $700 583 Chinese outbound acquisitions totaled US$37.1 billion, down 15.1% compared to 2019. Chinese 6,000 $170.8 acquisitions along Belt & Road nations saw 113 deals worth US$8.3 billion in 2020, down 33.7% from a year ago, and accounted for 22.3% of the total Chinese outbound acquisitions. $600 5,000 Energy and Power 1,558 Foreign firms acquiring Chinese companies amounted to US$44.8 billion in the full year of 2020, a 2,886 High Technology $500 4.3% increase from the same period in 2019. This is the highest full year period for China inbound Industrials M&A activity in terms of value since 2018. Domestic activity stood at US$478.5 billion, a 38.8% 4,000 Financials increase from the comparative period of 2019, a 2.9% increase in deal count as well. $400 Real Estate 3,000 $97.4 Deal making activity involving China targeted the Energy and Power sector which captured 20.8% Others $300 market share and totaled US$120.6 billion, China Oil & Gas Pipeline Network Corp agreed to acquire $48.0 1,112 the entire share capital of PetroChina Co Ltd-Pipeline assets for US$49.1 billion in cash. The deal is 2,000 476 the biggest China M&A transaction in 2020. High Technology followed in second place with 16.8% $200 581 market share with US$97.4 billion, an 83.8% increase from 2019. Industrials was in the third place $57.6 with the market share of 15.0%. $86.9 $100 1,000

China International Capital Co led 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. Goldman Sachs & Co and UBS $0 - Outer Ring: Value (US$bil) Inner Ring: # of Deals were followed in second and third place, with the market shares of 12.5% and 10.2% respectively. 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Top China Announced M&A Transactions China Announced Cross-Border M&A China Announced Outbound M&A - Macro Industry

Rank Target Target Value Acquiror Acquiror $100 100% Date Name Region US$mil Name Region Inbound (US$bil) PetroChina Co-Pipeline Outbound (US$bil) 07/23/20 China 49,143.7 China Oil & Gas Pipeline China assets $90 Outbound as % of Cross-Border 90% China Gezhouba Group China Energy 10/27/20 China 14,440.6 China Co Ltd Engineering Corp $80 80% $8.4 07/23/20 Sinopec-Pipeline asts China 9,775.5 China Oil & Gas Pipeline China 77 $70 70% Sinopec Natural-Pipeline $11.8 07/23/20 China 9,467.0 China Oil & Gas Pipeline China asts $60 60% High Technology 07/23/20 China Oil & Gas Pipeline China 7,858.5 Investor Group China 16 Retail 04/02/20 58.com Inc China 6,656.7 Quantum Bloom Grp Ltd China $50 50% Energy and Power 26 Liaoning Zhongwang Grp 03/21/20 China 6,579.7 CRED Holding Co Ltd China 242 Media and Entertainment Co Ltd $40 40% 17 Bank of Jinzhou-Credit Beijing Chengfang Huida Financials 04/03/20 China 6,354.1 China assets Entrp $30 30% Others $5.9 PetroChina Beijing 12/22/20 China 6,245.3 China Oil & Gas Pipeline China Natural 65 $20 20% GCL Investment United United 12/09/20 6,225.0 Imola Merger Corp $3.3 Management Inc States States Sinopec Mktg Co- $10 10% 07/23/20 China 5,681.5 China Oil & Gas Pipeline China Pipeline asts $3.6 $4.0 China Everbright Bank China Everbright Group 05/23/20 China 5,393.8 China $0 0%

Co Ltd Ltd

2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q Outer Ring: Value (US$bil) 10/12/20 DouYu Intl Hldg Ltd China 5,279.2 HUYA Inc China 2015 2016 2017 2018 2019 2020 Inner Ring: # of Deals

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Any Chinese Any Chinese Any Chinese Involvement Announced Involvement Announced AD56 YoY Change ($) 30% QoQ Change ($) -26% Involvement Completed AF63 YoY Change ($) 12% QoQ Change ($) -45% Fairness Opinion YoY Change ($) 30% QoQ Change ($) -26% Rank Rank Value Market Mkt. # of Rank Rank Value Market Mkt. # of Rank Rank Value Market Mkt. # of Financial Advisor Financial Advisor Financial Advisor 2020 2019 US$mil Share Sh. Chg Deals 2020 2019 US$mil Share Sh. Chg Deals 2020 2019 US$mil Share Sh. Chg Deals China International Capital Co 1 2 153,903.5 26.5 17.7 84 China International Capital Co 1 3 114,825.7 29.9 23.6 54 CITIC 1 1 14,481.7 2.5 -4.0 56 Goldman Sachs & Co 2 6 72,766.3 12.5 9.7 24 Goldman Sachs & Co 2 4 58,440.7 15.2 9.6 13 China International Capital Co 2 11 8,103.6 1.4 0.6 13 UBS 3 22 59,386.8 10.2 9.1 15 China Securities Co Ltd 3 5 57,002.6 14.9 9.8 22 Houlihan Lokey 3 32 7,389.3 1.3 1.2 7 China Securities Co Ltd 4 5 54,017.4 9.3 4.8 17 UBS 4 19 56,373.2 14.7 12.9 8 Morgan Stanley Huaxin Securities 4 21 7,341.2 1.3 0.8 3 Morgan Stanley Huaxin Securities 5 10 44,134.4 7.6 5.3 15 CITIC 5 1 46,262.8 12.1 -4.3 68 Lianchu Securities Co Ltd 5 - 6,775.9 1.2 1.2 4 Guotai Junan Securities 6 21 32,953.5 5.7 4.6 30 Morgan Stanley Huaxin Securities 6 9 33,838.7 8.8 6.0 10 Minsheng Securities Co Ltd 6 60 6,705.5 1.2 1.2 4 CITIC 7 1 22,794.5 3.9 -9.7 101 Guotai Junan Securities 7 13 29,387.3 7.7 5.3 26 Guotai Junan Securities 7 9 6,695.3 1.2 0.2 20 JP Morgan 8 16 21,398.6 3.7 2.3 12 Huatai Securities Co Ltd 8 6 16,878.4 4.4 -0.4 27 Duff & Phelps 8 7 6,084.1 1.1 -0.1 11 Citi 9 18 18,428.5 3.2 1.9 17 BofA Securities Inc 9 40 12,177.3 3.2 2.6 10 Citi 9 - 5,279.2 0.9 0.9 1 Industrial & Comm Bank China 10 4 16,060.3 2.8 -2.0 92 Industrial & Comm Bank China 10 2 10,335.0 2.7 -8.7 100 Zheshang Securities Co Ltd 10 55 5,103.5 0.9 0.9 5 HSBC Holdings PLC 11 14 11,826.0 2.0 0.4 8 Somerley 11 12 9,494.5 2.5 0.0 21 Huatai Securities Co Ltd 11 3 4,455.1 0.8 -2.7 17 Somerley 12 7 10,665.5 1.8 -0.9 25 Shenwan Hongyuan (H.K.) Ltd 12 - 9,104.1 2.4 2.4 3 Somerley 12 6 4,136.9 0.7 -0.7 8 Houlihan Lokey 13 56 7,389.3 1.3 1.2 10 Shenwan Hongyuan Securities Co 13 30 8,357.4 2.2 1.2 14 Ping An Securities Ltd 13 37 3,044.5 0.5 0.4 2 Lianchu Securities Co Ltd 14 181* 6,775.9 1.2 1.2 4 JP Morgan 14 11 8,355.9 2.2 -0.3 10 China Securities Co Ltd 14 2 3,016.5 0.5 -3.7 9 Minsheng Securities Co Ltd 15 122 6,705.5 1.2 1.2 4 Citi 15 8 8,129.5 2.1 -0.9 9 Donvex Capital Ltd 15 64 2,740.6 0.5 0.5 2 Duff & Phelps 16 19 6,084.1 1.1 -0.1 11 Houlihan Lokey 16 179* 7,049.2 1.8 1.8 9 GF Securities 16 66 1,964.9 0.3 0.3 2 Zheshang Securities Co Ltd 17 82 5,104.7 0.9 0.8 7 Guosen Securities Co Ltd 17 23 6,413.6 1.7 0.3 5 Optima Capital Ltd 17 - 1,619.2 0.3 0.3 4 Huatai Securities Co Ltd 18 3 4,846.6 0.8 -4.4 20 Lazard 18 26 6,199.7 1.6 0.5 9 Gram Capital 18 17 1,617.9 0.3 -0.3 5 BNP Paribas SA 19 45 4,755.3 0.8 0.5 8 HSBC Holdings PLC 19 14 5,938.2 1.6 -0.5 5 Tianfeng Securities Co Ltd 19 5 1,285.7 0.2 -1.2 7 Jefferies LLC 20 86 4,695.2 0.8 0.7 8 Changjiang Securities Co Ltd 20 68 1,041.7 0.2 0.2 4 Industry Total 581,251.4 100.0 7,196 Industry Total 383,769.4 100.0 3,893 Industry Total 581,251.4 100.0 7,196

China Outbound Announced M&A YoY Change ($) -15% QoQ Change ($) 54% China Inbound Announced M&A YoY Change ($) 4% QoQ Change ($) -17% China Domestic Announced M&A YoY Change ($) 39% QoQ Change ($) -33% Rank Rank Value Market Mkt. # of Rank Rank Value Market Mkt. # of Rank Rank Value Market Mkt. # of Financial Advisor Financial Advisor Financial Advisor 2020 2019 US$mil Share Sh. Chg Deals 2020 2019 US$mil Share Sh. Chg Deals 2020 2019 US$mil Share Sh. Chg Deals China International Capital Co 1 10 8,468.4 22.8 18.0 6 Goldman Sachs & Co 1 2 5,796.3 12.9 5.7 7 China International Capital Co 1 2 136,086.9 28.4 18.0 67 Industrial & Comm Bank China 2 2 6,374.0 17.2 0.3 24 UBS 2 7 4,218.3 9.4 5.6 8 Goldman Sachs & Co 2 15 57,438.5 12.0 10.5 10 Somerley 3 4 4,968.3 13.4 2.5 6 Ballas Capital Ltd 3 52* 4,118.3 9.2 9.2 7 China Securities Co Ltd 3 4 54,017.4 11.3 5.6 17 Jefferies LLC 4 31 4,390.2 11.8 11.2 5 JP Morgan 4 16 2,533.5 5.7 4.8 4 UBS 4 45 50,876.1 10.6 10.4 5 HSBC Holdings PLC 5 24 4,378.0 11.8 10.4 2 China International Capital Co 5 8 2,452.3 5.5 3.4 8 Morgan Stanley Huaxin Securities 5 13 34,157.4 7.1 5.5 10 UBS 6 8 4,292.5 11.6 5.5 2 Industrial & Comm Bank China 6 9 2,302.9 5.1 3.4 9 Guotai Junan Securities 6 14 32,863.2 6.9 5.4 29 Citi 7 6 4,271.6 11.5 3.3 5 Citi 7 - 2,300.3 5.1 5.1 6 CITIC 7 1 21,224.2 4.4 -11.6 93 JP Morgan 8 18 4,168.7 11.2 8.9 2 Credit Suisse 8 55* 2,075.4 4.6 4.6 1 Citi 8 31 11,856.6 2.5 1.9 6 Platinum Securities Co Ltd 9* - 4,022.5 10.9 10.9 1 Somerley 9 21 1,027.2 2.3 1.6 2 Industrial & Comm Bank China 9 5 7,383.5 1.5 -2.0 59 Zheshang Securities Co Ltd 9* - 4,022.5 10.9 10.9 1 Halcyon Capital Ltd 10 - 875.2 2.0 2.0 1 Houlihan Lokey 10 67 7,374.3 1.5 1.4 6 BNP Paribas SA 11 19 3,815.4 10.3 8.1 3 Deutsche Bank 11* 55* 705.0 1.6 1.6 1 JP Morgan 11 28 6,888.2 1.4 0.7 4 Morgan Stanley Huaxin Securities 12 11 3,752.0 10.1 6.2 4 China Merchants Securities Co 11* - 705.0 1.6 1.6 1 Lianchu Securities Co Ltd 12 120* 6,736.2 1.4 1.4 3 Natixis 13* 77* 3,300.0 8.9 8.9 1 Ernst & Young LLP 13 22 668.6 1.5 1.0 4 Minsheng Securities Co Ltd 13 80 6,705.5 1.4 1.4 4 Credit Agricole CIB 13* 77* 3,300.0 8.9 8.9 1 DBS Group Holdings 14* 24 629.1 1.4 1.0 1 HSBC Holdings PLC 14 35 6,424.9 1.3 0.7 3 Societe Generale 13* 38 3,300.0 8.9 8.5 1 Lego Corporate Finance Ltd 14* - 629.1 1.4 1.4 1 Duff & Phelps 15 12 6,071.0 1.3 -0.3 8 BBVA 16* - 3,033.6 8.2 8.2 2 HSBC Holdings PLC 16 6 623.1 1.4 -2.8 2 Huatai Securities Co Ltd 16 3 4,643.1 1.0 -5.3 18 Santander Corp & Invest Bkg 16* 75* 3,033.6 8.2 8.2 3 BofA Securities Inc 17 20 400.0 0.9 0.2 2 Somerley 17 11 4,544.0 1.0 -0.7 14 Goldman Sachs & Co 18 5 1,548.0 4.2 -5.1 4 CITIC 18 4 353.5 0.8 -5.2 4 China Merchants Securities Co 18 8 3,573.4 0.8 -1.3 5 Optima Capital Ltd 19 32 1,499.0 4.0 3.5 2 Deloitte 19 23 171.3 0.4 0.0 1 Ping An Securities Ltd 19 50 3,044.5 0.6 0.4 2 BofA Securities Inc 20 3 1,407.1 3.8 -10.6 6 PricewaterhouseCoopers 20 27* 166.9 0.4 0.2 3 Donvex Capital Ltd 20 76 2,740.6 0.6 0.6 2 Industry Total 37,082.9 100.0 443 Industry Total 44,816.4 100.0 580 Industry Total 478,518.4 100.0 6,049 *Indicates a Tie

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Any Chinese Any Chinese Involvement Announced AE53 YoY Change ($) 30% QoQ Change ($) -26% Involvement Completed AG54 YoY Change ($) 12% QoQ Change ($) -45% China Domestic Announced M&A YoY Change ($) 39% QoQ Change ($) -33% Rank Rank Value Market Mkt. # of Rank Rank Value Market Mkt. # of Rank Rank Value Market Mkt. # of Legal Advisor Legal Advisor Legal Advisor 2020 2019 US$mil Share Sh. Chg Deals 2020 2019 US$mil Share Sh. Chg Deals 2020 2019 US$mil Share Sh. Chg Deals Sullivan & Cromwell 1 8 55,652.1 9.6 7.4 7 Sullivan & Cromwell 1 29 64,194.6 16.7 15.4 12 Freshfields Bruckhaus Deringer 1 46 51,113.0 10.7 10.6 7 Freshfields Bruckhaus Deringer 2 25 53,165.7 9.2 8.4 12 Freshfields Bruckhaus Deringer 2 11 60,858.2 15.9 13.7 20 Guantao Law Firm 2 75 49,601.2 10.4 10.4 8 Guantao Law Firm 3 135 49,761.0 8.6 8.6 11 Guantao Law Firm 3 100 49,761.0 13.0 12.9 11 Sullivan & Cromwell 3 15 49,512.7 10.4 9.3 2 Fangda Partners 4 2 41,026.4 7.1 -0.2 142 Clifford Chance 4 25 36,357.7 9.5 8.0 17 Fangda Partners 4 2 30,362.3 6.4 -2.0 120 Clifford Chance 5 31 39,358.3 6.8 6.1 20 Fangda Partners 5 2 30,638.9 8.0 -0.4 109 Herbert Smith Freehills 5 76 28,483.0 6.0 6.0 8 Herbert Smith Freehills 6 137 30,934.7 5.3 5.3 16 King & Wood Mallesons 6 1 29,599.8 7.7 -0.8 44 Clifford Chance 6 28 28,198.3 5.9 5.3 9 Davis Polk & Wardwell 7 30 26,491.6 4.6 3.9 18 Herbert Smith Freehills 7 24 29,372.5 7.7 6.2 14 Han Kun Law Offices 7 8 16,538.2 3.5 1.7 24 Skadden 8 7 19,852.8 3.4 1.1 17 Skadden 8 30 18,627.0 4.9 3.7 13 Kirkland & Ellis 8 10 14,174.4 3.0 1.4 7 Han Kun Law Offices 9 9 16,874.6 2.9 0.7 27 Paul, Weiss 9 8 18,190.9 4.7 2.5 13 Davis Polk & Wardwell 9 30 13,599.3 2.8 2.3 9 Weil Gotshal & Manges 10 32 14,981.5 2.6 1.9 10 Kirkland & Ellis 10 7 16,868.6 4.4 1.7 13 Skadden 10 12 13,506.9 2.8 1.5 10 King & Wood Mallesons 11 1 14,962.8 2.6 -5.7 26 Han Kun Law Offices 11 37 16,804.9 4.4 3.4 26 Weil Gotshal & Manges 11 19 12,685.8 2.7 1.9 3 Kirkland & Ellis 12 13 14,922.7 2.6 0.9 15 Jia Yuan Law Offices 12 3 13,370.8 3.5 -0.8 17 Jia Yuan Law Offices 12 3 9,227.9 1.9 -1.4 13 Latham & Watkins 13 12 12,605.1 2.2 0.3 31 Goodwin Procter LLP 13 82 12,380.9 3.2 3.0 10 King & Wood Mallesons 13 1 8,598.6 1.8 -8.5 17 Paul, Weiss 14 17 11,307.3 2.0 0.6 8 AllBright Law Offices 14 44 12,317.1 3.2 2.4 33 Wilson Sonsini Goodrich & Rosati 14 33* 8,175.3 1.7 1.3 4 Goodwin Procter LLP 15 26 9,905.0 1.7 0.9 9 Latham & Watkins 15 66 11,594.5 3.0 2.7 26 Latham & Watkins 15 11 7,897.5 1.7 0.4 12 Morgan Lewis & Bockius 16 69 9,348.3 1.6 1.4 5 Grandway Law Offices 16 61 11,152.6 2.9 2.5 8 Tian Yuan Law Firm 16 17 7,649.7 1.6 0.7 21 Jia Yuan Law Offices 17 4 9,227.9 1.6 -0.9 13 Tian Yuan Law Firm 17 23 9,986.1 2.6 1.1 17 Goodwin Procter LLP 17 82 7,500.6 1.6 1.6 4 Grandall Law Firm 18 37 8,241.3 1.4 0.8 59 Weil Gotshal & Manges 18 34 9,702.3 2.5 1.4 9 Grandall Law Firm 18 29 7,482.5 1.6 1.1 53 Wilson Sonsini Goodrich & Rosati 19 29 8,203.9 1.4 0.7 5 Grandall Law Firm 19 6 8,504.0 2.2 -0.6 45 Zhong Lun Law Firm 19 4 7,478.1 1.6 -1.7 27 Tian Yuan Law Firm 20 10 7,901.3 1.4 -0.6 25 Baker Mckenzie 20 28 8,352.9 2.2 0.9 11 Walkers 20 - 6,970.3 1.5 1.5 4 Industry Total 581,251.4 100.0 7,196 Industry Total 383,769.4 100.0 3,893 Industry Total 478,518.4 100.0 6,049

Any Chinese Involvement Announced Any Chinese Involvement Completed China Domestic Announced M&A AE53 (# of Deals) YoY Change (#) -1% QoQ Change (#) 1% AG54 (# of Deals) YoY Change (#) -2% QoQ Change (#) -6% (# of Deals) YoY Change (#) 3% QoQ Change (#) 2% Rank Rank # of Market Mkt. Value Rank Rank # of Market Mkt. Value Rank Rank # of Market Mkt. Value Legal Advisor Legal Advisor Legal Advisor 2020 2019 Deals Share Sh. Chg US$mil 2020 2019 Deals Share Sh. Chg US$mil 2020 2019 Deals Share Sh. Chg US$mil Fangda Partners 1 1 142 2.0 0.3 41,026.4 Fangda Partners 1 1 109 2.8 0.1 30,638.9 Fangda Partners 1 1 120 2.0 0.5 30,362.3 Grandall Law Firm 2 4 59 0.8 0.2 8,241.3 Jingtian & Gongcheng 2 8* 51 1.3 0.7 6,128.4 Grandall Law Firm 2 2 53 0.9 0.2 7,482.5 Jingtian & Gongcheng 3 7 52 0.7 0.3 5,765.1 Grandall Law Firm 3 2 45 1.2 -0.1 8,504.0 Jingtian & Gongcheng 3 7 39 0.6 0.2 5,505.2 Latham & Watkins 4 19 31 0.4 0.2 12,605.1 King & Wood Mallesons 4 5 44 1.1 0.0 29,599.8 Zhong Lun Law Firm 4 4 27 0.5 -0.2 7,478.1 Zhong Lun Law Firm 5 5 28 0.4 -0.2 7,831.6 AllBright Law Offices 5 6* 33 0.9 0.0 12,317.1 AllBright Law Offices 5* 6 24 0.4 -0.1 2,275.9 Han Kun Law Offices 6* 13 27 0.4 0.1 16,874.6 Han Kun Law Offices 6* 15* 26 0.7 0.3 16,804.9 Han Kun Law Offices 5* 10* 24 0.4 0.2 16,538.2 JunHe LLP 6* 24* 27 0.4 0.2 4,196.7 Latham & Watkins 6* 23 26 0.7 0.4 11,594.5 JunHe LLP 7* 15* 21 0.4 0.3 4,171.7 AllBright Law Offices 8* 6 26 0.4 -0.1 2,986.5 Zhong Lun Law Firm 8 4 23 0.6 -0.5 7,615.3 Tian Yuan Law Firm 7* 9 21 0.4 0.1 7,649.7 King & Wood Mallesons 8* 3 26 0.4 -0.3 14,962.8 JunHe LLP 9 13* 22 0.6 0.1 6,732.6 Yunnan Righteous Law Firm 9 - 18 0.3 0.3 1,441.9 Tian Yuan Law Firm 10 9 25 0.4 0.1 7,901.3 Freshfields Bruckhaus Deringer 10 20* 20 0.5 0.2 60,858.2 King & Wood Mallesons 10 5 17 0.3 -0.3 8,598.6 Clifford Chance 11 8 20 0.3 0.0 39,358.3 Clifford Chance 11* 10 17 0.4 -0.1 36,357.7 Jia Yuan Law Offices 11 13 13 0.2 0.0 9,227.9 Davis Polk & Wardwell 12* 22* 18 0.3 0.1 26,491.6 Tian Yuan Law Firm 11* 8* 17 0.4 -0.2 9,986.1 Latham & Watkins 12* 26* 12 0.2 0.1 7,897.5 Yunnan Righteous Law Firm 12* - 18 0.3 0.3 1,441.9 Jia Yuan Law Offices 11* 6* 17 0.4 -0.5 13,370.8 Deheng Law Offices 12* 12 12 0.2 0.0 654.4 Skadden 14 24* 17 0.2 0.0 19,852.8 Herbert Smith Freehills 14 33* 14 0.4 0.2 29,372.5 GFE Law Office 14 - 11 0.2 0.2 140.2 Herbert Smith Freehills 15 18 16 0.2 0.0 30,934.7 Linklaters 15* 11* 13 0.3 -0.2 1,718.0 Skadden 15 18* 10 0.2 0.1 13,506.9 Kirkland & Ellis 16 32* 15 0.2 0.1 14,922.7 Sidley Austin LLP 15* 24* 13 0.3 0.0 1,828.0 Clifford Chance 16* 18* 9 0.2 0.1 28,198.3 Dentons 17* 10 13 0.2 -0.1 1,712.2 Skadden 15* 18* 13 0.3 -0.1 18,627.0 Davis Polk & Wardwell 16* 21* 9 0.2 0.1 13,599.3 Jia Yuan Law Offices 17* 22* 13 0.2 0.0 9,227.9 Kirkland & Ellis 15* 26 13 0.3 0.0 16,868.6 Beijing Kangda Law Firm 18* 18* 8 0.1 0.0 2,181.1 Paul, Weiss 15* 33* 13 0.3 0.1 18,190.9 Guantao Law Firm 18* 26* 8 0.1 0.0 49,601.2 Sullivan & Cromwell 20 28* 12 0.3 0.1 64,194.6 Herbert Smith Freehills 18* 10* 8 0.1 -0.1 28,483.0 Industry Total 7,196 100.0 581,251.4 Industry Total 3,893 100.0 383,769.4 Industry Total 6,049 100.0 478,518.4 *Indicates a Tie

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China Targeting BRI Nations Chinese Acquisitions in Belt & Road Nations Top Targeted Industries YoY Change ($) -34% QoQ Change ($) 707% Announced M&A Rank Rank Value Market Mkt. # of $40 250 Financial Advisor Deal Value of Full Year (US$bil) 2020 2019 US$mil Share Sh. Chg Deals # of Deals, Full Year $996.1 Industrial & Comm Bank China 1 3 4,977.4 60.2 27.8 11 $35 Citi 2 4 3,071.6 37.1 8.3 3 11 BBVA 3* - 3,033.6 36.7 36.7 1 200 Santander Corp & Invest Bkg 3* - 3,033.6 36.7 36.7 1 $30 Zhongtian Guofu Sec Co Ltd $791.8 5* - 770.4 9.3 9.3 1 11 HSBC Holdings PLC 5* 23* 770.4 9.3 9.3 1 $25 Energy and Power BNP Paribas SA 7 15 515.4 6.2 4.7 1 150 46 $3,487.9 Consumer Prod. & Serv. Barclays 8 16 394.0 4.8 3.9 1 China Merchants Bank 9* - 325.3 3.9 3.9 1 Industrials $20 $798.5 Essence Securities Co Ltd 9* - 325.3 3.9 3.9 1 Materials Deloitte 11 9* 197.7 2.4 -0.8 4 100 Healthcare Goldman Sachs & Co 12 5 145.1 1.8 -19.7 1 $15 26 Others Rothschild & Co 13 20 126.0 1.5 1.3 1 Jefferies LLC 14 - 110.2 1.3 1.3 2 $10 Ballas Capital Ltd 15 - 68.4 0.8 0.8 2 $889.2 50 8 11 Ernst & Young LLP 16 23* 15.2 0.2 0.2 1 KPMG 17 6 4.6 0.1 -19.9 3 $5 CITIC 18 - 2.8 0.0 0.0 1 $1,306.4

$0 - Outer Ring: Value (US$mil) 2013 2014 2015 2016 2017 2018 2019 2020 Inner Ring: # of Deals Industry Total 8,269.7 100.0 113

China Targeting BRI Nations China Targeting BRI Nations China Targeting BRI Nations Completed M&A YoY Change ($) 11% QoQ Change ($) -43% Completed M&A YoY Change ($) 11% QoQ Change ($) -43% Announced M&A YoY Change ($) -34% QoQ Change ($) 707% Rank Rank Value Market Mkt. # of Rank Rank Value Market Mkt. # of Rank Rank Value Market Mkt. # of Financial Advisor Legal Advisor Legal Advisor 2020 2019 US$mil Share Sh. Chg Deals 2020 2019 US$mil Share Sh. Chg Deals 2020 2019 US$mil Share Sh. Chg Deals Lazard 1* 1 5,978.4 66.9 47.5 4 White & Case LLP 1 3 5,980.1 66.9 48.9 5 Davis Polk & Wardwell 1* 11* 3,033.6 36.7 34.3 2 BofA Securities Inc 1* 4* 5,978.4 66.9 49.4 4 Sullivan & Cromwell 2 4* 5,978.4 66.9 49.4 4 Paul, Weiss 1* 5* 3,033.6 36.7 17.5 1 Industrial & Comm Bank China 3 2 4,186.0 46.8 28.5 4 Baker Mckenzie 3 15 3,700.2 41.4 36.4 2 Bae Kim & Lee 3 - 770.4 9.3 9.3 1 Citi 4 - 3,590.0 40.2 40.2 2 Tian Yuan Law Firm 4 29 3,657.0 40.9 40.5 2 Allen & Gledhill 4 30* 588.9 7.1 7.1 3 KPMG 5 29 2,481.4 27.8 27.7 3 Carey & Cia 5* - 2,388.4 26.7 26.7 2 Rajah & Tann LLP 5 15 519.8 6.3 4.0 2 Goldman Sachs & Co 6 9* 2,388.4 26.7 17.6 3 Paul, Weiss 5* - 2,388.4 26.7 26.7 2 Hiswara Bunjamin & Tandjung 6 - 394.0 4.8 4.8 1 BNP Paribas SA 7 20 515.4 5.8 4.5 1 Rajah & Tann LLP 7 22 519.8 5.8 4.8 2 Baker Mckenzie 7 4 378.2 4.6 -24.2 3 Barclays 8 - 509.1 5.7 5.7 2 Allen & Gledhill 8 25 515.4 5.8 5.0 1 Sidley Austin LLP 8* - 325.3 3.9 3.9 1 China Merchants Bank 9* - 325.3 3.6 3.6 1 Hiswara Bunjamin & Tandjung 9 - 394.0 4.4 4.4 1 Fangda Partners 8* 30* 325.3 3.9 3.9 2 Essence Securities Co Ltd 9* - 325.3 3.6 3.6 1 Sidley Austin LLP 10* - 325.3 3.6 3.6 1 Linklaters 10 - 233.7 2.8 2.8 1 Deloitte 11 12* 197.7 2.2 -2.8 3 Fangda Partners 10* - 325.3 3.6 3.6 2 Herbert Smith Freehills 11 - 145.1 1.8 1.8 1 Rothschild & Co 12 26 126.0 1.4 1.0 1 Linklaters 12 19 233.7 2.6 0.4 1 Jones Day 12* - 126.0 1.5 1.5 1 Jefferies LLC 13 - 110.2 1.2 1.2 2 Jones Day 13* - 126.0 1.4 1.4 1 DLA Piper LLP 12* 7 126.0 1.5 -10.5 2 IEG-Investment Banking 14 - 93.0 1.0 1.0 1 DLA Piper LLP 13* 1 126.0 1.4 -18.6 2 CMS 14 27 111.2 1.3 1.2 2 Ballas Capital Ltd 15 - 68.4 0.8 0.8 2 CMS 15 4* 111.2 1.2 -16.3 2 Cleary Gottlieb Steen & Hamilton 15 30* 110.2 1.3 1.3 1 United Overseas Bank Ltd 16 - 28.1 0.3 0.3 1 Cleary Gottlieb Steen & Hamilton 16 10* 110.2 1.2 -7.9 1 HWL Ebsworth Lawyers 16 - 105.0 1.3 1.3 1 finnCap Ltd 17 - 17.3 0.2 0.2 1 GF Law Firm Shanghai 17 - 93.0 1.0 1.0 1 Lee & Ko 17 - 79.9 1.0 1.0 5 Ernst & Young LLP 18 30* 15.2 0.2 0.2 1 Allen & Overy 18 13* 80.6 0.9 -4.1 2 Tian Yuan Law Firm 18 3 67.0 0.8 -28.2 1 Lee & Ko 19 21 79.9 0.9 -0.7 5 Shin & Kim 19 22 57.4 0.7 0.5 3 Grandall Law Firm 20 7* 47.8 0.5 -12.2 1 Grandall Law Firm 20 - 47.8 0.6 0.6 1 Industry Total 8,942.1 100.0 87 Industry Total 8,942.1 100.0 87 Industry Total 8,269.7 100.0 113 *Indicates a Tie

www.refinitiv.com/dealsintelligence Mergers & Acquisitions Criteria Full Year 2020 | Financial & Legal Advisors

If you would like to participate in the Announced league tables include all deals that were announced between January 1, 2020 and December 31, 2020 and of which Refinitiv was made aware. All submission process, receive current data and previous year's data is as of 10.25pm Beijing (China) Time on December 31, 2020. quarterly press releases, or have questions about our full league table League tables include rank eligible mergers, acquisitions, repurchases, spin-offs, self-tenders, minority stake purchases and debt restructurings. criteria please contact: A tender/merger transaction is considered to be effective at the time of consummation of the merger or the date on which it is declared wholly unconditional. CHINA Bill Feng Deals with undisclosed dollar values are rank eligible but with no corresponding Rank Value. Non-US dollar denominated transactions are converted to the US Tel: +86 186 0019 6600 dollar equivalent at the time of announcement of terms. [email protected] Financial and legal advisors receive full credit for each deal on which they provide financial or legal advisory services, unless they represent minority sellers or advise on only a portion of the transaction or Refinitiv has not been made aware of their participation in that transaction. For pending transactions, advisors to targets of multiple bids receive credit for the transaction agreed to or, in the absence of an agreement, the value of the highest offer.

Any Involvement league tables include deals where the target, acquiror, or either ultimate parent are domiciled (nation of headquarters) in the specified region or nation. Any involvement league tables also include the nation of the seller and seller ultimate parent on privately negotiated stake purchases

League tables, commentary, and charts citing announced activity are based on Rank Date and include intended, pending, partially complete, completed, pending regulatory, and unconditional transactions. Rank Date is defined as the earliest public announcement of when a value can be applied to a transaction.

BRI countries (excl. China) based on country list from Belt & Road Portal website (as of 12 April 2019, http://www.yidaiyilu.gov.cn/xwzx/roll/77298.htm).

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