June 5, 2019 09:40 AM GMT

MORGAN STANLEY ASIA LIMITED+ Equity Strategy | Asia Pacific Jonathan F Garner EQUITY STRATEGIST [email protected] +852 2848-7288 The Rubio "Equitable Act" - Our Laura Wang EQUITY STRATEGIST [email protected] +852 2848-6853 First Thoughts Corey Ng, CFA EQUITY STRATEGIST [email protected] +852 2848-5523 Fran Chen, CFA A new bill sponsored by US Senator Marco Rubio has the EQUITY STRATEGIST potential to cause significant change in the listing domains of [email protected] +852 2848-7135 Chinese firms.

After the market close in the US yesterday 4th June the Wall Street Journal published an Op-Ed by US Senator Marco Rubio in which he announced that he intends to sponsor the “Equitable Act” – an acronym for Ensuring Quality Information and Transparency for Abroad-Based Listings on our Exchanges. At this time the text of the bill has not been published and we are seeking additional information about its contents and likelihood of passing. However, our early reaction is that this has the potential to cause significant changes in the domain for listings of Chinese firms going forward with the potential for de- listing of Chinese firms on US exchanges and re-listing elsewhere (most likely ). More generally we see this development as part of an increased escalation of tensions between China and the US on multiple fronts which should cap the valuation multiple for China equities, in particular in the offshore index constituents and US-listed parts of the universe. We provide a list of the potentially impacted China / HK names with either primary or secondary listings on Amex, NYSE or Nasdaq.

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Table of China / HK names potentially impacted by the Equitable Act which have either primary or secondary listing on Amex, NYSE or Nasdaq

Exhibit 1: China / HK names potentially impacted by the Equitable Act

No. Bloomberg Code Stock Name No. Bloomberg Code Stock Name 1 YI US Equity 111 INC 101 GLG US Equity CHINA BAT GROUP INC 2 CSPCY US Equity 1SPC PHARMACEUTICAL-UNSPOADR 102 CNBI US Equity CHINA BCT PHARMA GROUP INC 3 VNET US Equity 21VIANET GROUP INC-ADR 103 CBPO US Equity CHINA BIOLOGIC PRODUCTS HOLD 4 QFIN US Equity 360 FINANCE INC -ADR 104 CBLUY US Equity CHINA BLUECHEMICAL-UNSP ADR 5 WBAI US Equity 500.COM LTD-CLASS A-ADR 105 CBPI US Equity CHINA BOTANIC PHARMACEUTICAL 6 JOBS US Equity 51JOB INC-ADR 106 CCCI US Equity CHINA CABLE & COMMUNICATION 7 WUBA US Equity 58.COM INC-ADR 107 CHGI US Equity CHINA CARBON GRAPHITE GROUP 8 AACAY US Equity AAC TECHNOLOGIES H-UNSPON AD 108 CCCL US Equity CHINA CERAMICS CO LTD 9 AAXT US Equity AAMAXAN TRANSPORT GROUP INC 109 CCGM US Equity CHINA CGAME INC 10 ABCR US Equity ABC RECORDS MANAGEMENT AND D 110 CHJI US Equity CHINA CHANGJIANG MINING & NE 11 ATV US Equity ACORN INTERNATIONAL INC-ADR 111 CHCC US Equity CHINA CHEMICAL CORP 12 ADMG US Equity ADAMANT DRI PROCESSING AND M 112 CHCJY US Equity CHINA CITIC BANK-UNSPON ADR 13 ADMV US Equity ADAMAS VENTURES INC 113 CCGY US Equity CHINA CLEAN ENERGY INC 14 ADGS US Equity ADGS ADVISORY INC 114 CCOZY US Equity CHINA COAL ENERGY-UNSPON ADR 15 ADVV US Equity ADVECO GROUP INC 115 CCCGY US Equity CHINA COMMUNICATI-UNSPON ADR 16 AGBAU US Equity AGBA ACQUISITION LTD 116 CICHY US Equity CHINA CONSTRUCT-UNSPON ADR 17 AGPYY US Equity AGILE GROUP HO-UNSPON ADR 117 CICOY US Equity CHINA COSCO HOLD-UNSPON ADR 18 AGMH US Equity AGM GROUP HOLDINGS INC 118 CCRC US Equity CHINA CUSTOMER RELATIONS CEN 19 ACGBY US Equity AGRICULTURAL BANK-UNSPON ADR 119 CDBT US Equity CHINA DASHENG BIOTECHNOLOGY 20 AAGIY US Equity AIA GROUP LTD-SP ADR 120 STVVY US Equity CHINA DIGITAL TV HOLDING-ADR 21 AIDA US Equity AIDA PHARMACEUTICALS INC 121 DL US Equity CHINA DISTANCE EDUCATION-ADR 22 AIRYY US Equity AIR CHINA LTD-SPONSORED-ADR 122 CDSG US Equity CHINA DONGSHENG INTERNATIONA 23 AMCN US Equity AIRMEDIA GROUP INC-ADR 123 CDGXY US Equity CHINA DONGXIANG GRP-UNSP ADR 24 AIVI US Equity AIVTECH INTERNATIONAL GROUP 124 CEA US Equity CHINA EASTERN AIRLINES-ADS 25 AJIA US Equity AJIA INNOGROUP HOLDINGS LTD 125 CEHD US Equity CHINA ELECTRONICS HOLDINGS 26 AJSCY US Equity AJISEN CHINA HLDS-UNSP ADR 126 CGYV US Equity CHINA ENERGY RECOVERY INC 27 ALAC US Equity ALBERTON ACQUISITION CORP 127 CSHEF US Equity CHINA ENTERPRISES LTD 28 BABA US Equity HOLDING-SP ADR 128 CHFFY US Equity CHINA EVERBRIGHT INTL-UN ADR 29 ALBBY US Equity ALIBABA HEALTH INFO-UNSP ADR 129 EGRNY US Equity CHINA EVERGRANDE GRP-UNS ADR 30 ALEDY US Equity ALLIED GROUP LTD-UNSP ADR 130 JRJC US Equity CHINA FINANCE ONLINE CO-ADR 31 WWIN US Equity ALLYME GROUP INC 131 CFOO US Equity CHINA FOODS HOLDINGS LTD-A 32 ACH US Equity ALUMINUM CORP OF CHINA-ADR 132 CHFHY US Equity CHINA FOODS LTD-UNSPON ADR 33 AMBO US Equity AMBOW EDUCATION HOLDING-ADR 133 CGXYY US Equity CHINA GALAXY SECURITIES-ADR 34 AOBI US Equity AMERICAN ORIENTAL BIOENGINEE 134 CGHLY US Equity CHINA GAS HOLDINGS LTD-ADR 35 SYUP US Equity ANBC INC 135 CHGS US Equity CHINA GENGSHENG MINERALS INC 36 AMCF US Equity ANDATEE CHINA MARINE FUEL SE 136 CHOPF US Equity CHINA GERUI ADVANCED MATERIA 37 ANNC US Equity ANNEC GREEN REFRACTORIES COR 137 CSNG US Equity CHINA GINSENG HOLDINGS INC 38 ANPFF US Equity ANPULO FOOD INC 138 CGA US Equity CHINA GREEN AGRICULTURE INC 39 ANPDY US Equity ANTA SPORTS PROD-UNSPON ADR 139 CHHE US Equity CHINA HEALTH INDUSTRIES HOLD 40 ATONY US Equity ANTON OILFIELD SERV-UNSP ADR 140 CHRI US Equity CHINA HEALTH RESOURCE INC-A 41 ASOE US Equity APOLLO SOLAR ENERGY INC 141 HGSH US Equity CHINA HGS REAL ESTATE INC 42 APM US Equity APTORUM GROUP LTD-CLASS A 142 CHSTY US Equity CHINA HIGH SPEED-UNSPON ADR 43 ALIF US Equity ARTIFICIAL LIFE INC 143 CHHQY US Equity CHINA HONGQIAO GR-UNSPON ADR 44 AEEX US Equity ASIA EQUITY EXCHANGE GROUP I 144 CIWT US Equity CHINA INDUSTRIAL WASTE MANAG 45 ATYM US Equity ASIA TIME CORP 145 CHNC US Equity CHINA INFRASTRUCTURE CONSTRU 46 ARMC US Equity ASIARIM CORP 146 IICN US Equity CHINA INTELLIGENCE INFORMATI 47 ASMVY US Equity ASM PACIFIC TECHNOL-UNSP ADR 147 CICC US Equity CHINA INTERNET CAFE HOLDINGS 48 ATAI US Equity ATA INC-ADR 148 CIFS US Equity CHINA INTERNET NATIONWIDE FI 49 ATIF US Equity ATIF HOLDINGS LTD 149 FRSHY US Equity HOLDIN-UNSP ADR 50 JG US Equity AURORA MOBILE LTD-ADR 150 CJJD US Equity CHINA JO-JO DRUGSTORES INC 51 ATHM US Equity AUTOHOME INC-ADR 151 CLDC US Equity CHINA LENDING CORP 52 BCCMY US Equity BAIC MOTOR CORP LTD-UNS ADR 152 LFC US Equity CHINA LIFE INSURANCE CO-ADR 53 BIDU US Equity INC - SPON ADR 153 CTXIF US Equity CHINA LINEN TEXTILE INDUSTRY 54 BCNN US Equity BALINCAN USA INC 154 CHLLY US Equity CHINA LITERATURE LTD - ADR 55 BKEAY US Equity BANK EAST ASIA LTD-SPONS ADR 155 CHLO US Equity CHINA LOGISTICS GROUP INC 56 BACHY US Equity BANK OF CHINA-UNSPN ADR 156 CGYG US Equity CHINA LONGYI GROUP INTERNATI 57 BCMXY US Equity BANK OF COMMUN-UNSPON ADR 157 CLPXY US Equity CHINA LONGYUAN POWER-ADR 58 BKJZY US Equity BANK OF JINZHOU CO LTD-UNSP 158 CMYYY US Equity CHINA MACHY ENGR CORP -UNSP 59 CMHZ US Equity BANNY COSMIC INTERNATIONAL H 159 CMFO US Equity CHINA MARINE FOOD GROUP LTD 60 BZUN US Equity BAOZUN INC-SPN ADR 160 CHND US Equity CHINA MEDIA INC 61 BBMPY US Equity BBMG CORPORATION - UNSPN ADR 161 CHSY US Equity CHINA MEDICAL SYSTEMS INC 62 BGNE US Equity BEIGENE LTD-ADR 162 CHME US Equity CHINA MEDICINE CORP 63 BJCHY US Equity CAPITAL-UNSPON ADR 163 CIADY US Equity CHINA MENGNIU-UNSPON ADR 64 BJWTY US Equity BEIJING ENTERPRISES-UNSP ADR 164 CNMMY US Equity CHINA MERCHANTS-UNSP ADR 65 BEST US Equity BEST INC - ADR 165 CMAKY US Equity CHINA MINSHENG BANKING-ADR 66 BILI US Equity BILIBILI INC-SPONSORED ADR 166 CHL US Equity CHINA MOBILE LTD-SPON ADR 67 BSPM US Equity BIOSTAR PHARMACEUTICALS INC 167 CMCI US Equity CHINA MODERN AGRICULTURAL IN 68 BIQI US Equity BIQI INTERNATIONAL HOLDINGS 168 CBUMY US Equity CHINA NATL BDG-UNSPON ADR 69 BITA US Equity BITAUTO HOLDINGS LTD-ADR 169 CHNGQ US Equity CHINA NATURAL GAS INC 70 BHKLY US Equity BOC HONG KONG HLDS-SPONS ADR 170 CHNR US Equity CHINA NATURAL RESOURCES INC 71 BNSO US Equity BONSO ELECTRONICS INTL INC 171 BORN US Equity CHINA NEW BORUN CORP-ADR 72 BRNE US Equity BORNEO RESOURCE INVESTMENTS 172 CNER US Equity CHINA NEW ENERGY GROUP CO 73 BRQS US Equity BORQS TECHNOLOGIES INC 173 COE US Equity CHINA ONLINE EDUCATION-ADR 74 BSDGY US Equity BOSIDENG INTL HLDGS-UNS ADR 174 CUGCY US Equity CHINA ORIENTAL-UNSPON ADR 75 BRZV US Equity BREEZER VENTURES INC 175 CAOVY US Equity CHINA OVERSEAS LAN-UNSPN ADR 76 BEDU US Equity BRIGHT SCHOLAR EDUCATION-ADR 176 CHPXY US Equity CHINA PACIFIC INS-UNSPON ADR 77 BCAUY US Equity BRILLIANCE CHINA AUTOMOT-ADR 177 CPDU US Equity CHINA PEDIATRIC PHARMACEUTIC 78 BYDDY US Equity BYD CO LTD-UNSPONSORED ADR 178 SNP US Equity CHINA PETROLEUM & CHEM-ADR 79 BYDIY US Equity BYD ELECTRONIC INTL-UNSP ADR 179 CPHI US Equity CHINA PHARMA HOLDINGS INC 80 BYLG US Equity BYLOG GROUP CORP 180 CPQQ US Equity CHINA POWER EQUIPMENT INC 81 CFCGY US Equity CAFE DE CORAL HOLDINGS-ADR 181 CWYCY US Equity CHINA RAILWAY CONS-UNSPN ADR 82 TXCB US Equity CANG BAO TIAN XIA INTERNATIO 182 CRWOY US Equity CHINA RAILWAY GROUP-UNSP ADR 83 CANG US Equity CANGO INC/KY - ADR 183 CRYCY US Equity CHINA RAILWAY SIGNAL-UNSPADR 84 CRRYY US Equity INC - UNSPONSORED ADR 184 XRF US Equity CHINA RAPID FINANCE LTD-ADR 85 CATN US Equity CAT9 GROUP INC 185 CREG US Equity CHINA RECYCLING ENERGY CORP 86 CPCAY US Equity CATHAY PAC AIRWAYS-SPONS ADR 186 CHRNY US Equity CHINA REINS GROUP CORP-UNADR 87 CBAT US Equity CBAK ENERGY TECHNOLOGY INC 187 CRHKY US Equity CHINA RESOURCES BEER-SP ADR 88 CUBG US Equity C-CUBE GENETICS INC 188 CARCY US Equity CHINA RESOURCES CEMENT-ADR 89 CTOP US Equity CEETOP INC 189 CGASY US Equity CHINA RESOURCES GAS GRP-ADR 90 CIHD US Equity CHANGDA INTERNATIONAL HOLDIN 190 CRBJY US Equity -UNS ADR 91 CMIM US Equity CHANGMING INDUSTRIAL MANAGEM 191 CRPJY US Equity CHINA RESOURCES-UNSPON ADR 92 CYOU US Equity CHANGYOU.COM LTD-ADR 192 CRJI US Equity CHINA RUNJI CEMENT INC 93 CMGHY US Equity CHAODA MODERN-UNSPON ADR 193 CHYL US Equity CHINA SENIOR LIVING INDUSTRY 94 ECRP US Equity CHEE CORP 194 CSCGY US Equity CHINA SHANSHUI-USPON ADR 95 CMCM US Equity CHEETAH MOBILE INC - ADR 195 CSUAY US Equity CHINA SHENHUA-UNSPON ADR 96 CADC US Equity CHINA ADVANCED CONSTRUCTION 196 CSAY US Equity CHINA SHESAYS MEDICAL COSMET 97 CHBU US Equity CHINA AGRI-BUSINESS INC 197 SAYC US Equity CHINA SHIANYUN GROUP CORP LT 98 CIDHY US Equity CHINA AGRI-INDUSTRIES-UN ADR 198 CSWYY US Equity CHINA SHINEWAY PH-UNSPON ADR 99 CALI US Equity CHINA AUTO LOGISTICS INC 199 CITAY US Equity CHINA SHIPPING CONT-UNSP ADR 100 CAAS US Equity CHINA AUTOMOTIVE SYSTEMS INC 200 CHSH US Equity CHINA SHOE HOLDINGS INC Source: Bloomberg, Morgan Stanley Research

2 Exhibit 2: China / HK names potentially impacted by the Equitable Act (cont'd)

No. Bloomberg Code Stock Name No. Bloomberg Code Stock Name 201 CHSO US Equity CHINA SHOUGUAN MINING CORP 301 FRGHY US Equity FORGAME HOLDINGS LTD-ADR 202 CSKD US Equity CHINA SKYRISE DIGITAL SERVIC 302 FOSUY US Equity FOSUN INTERNATIONAL-UNSP ADR 203 CNRQ US Equity CHINA SOAR INFORMATION TECHN 303 FOSHY US Equity FOUNTAIN SET HLDGS - ADR 204 CSOL US Equity CHINA SOLAR & CLEAN ENERGY S 304 FEDU US Equity FOUR SEASONS EDUCATION CAYMA 205 ZNH US Equity CHINA SOUTHERN AIR-SPONS ADR 305 FORK US Equity FULING GLOBAL INC 206 CCOHY US Equity CHINA STATE CONS-UNSP ADR 306 FHL US Equity FUTU HOLDINGS LTD-ADR 207 CSGH US Equity CHINA SUN GROUP HIGH-TECH CO 307 FTFT US Equity FUTURE FINTECH GROUP INC 208 CSUNY US Equity CHINA SUNERGY CO LTD-ADR 308 FIGM US Equity FUTURE INTERNATIONAL GROUP C 209 SXTC US Equity CHINA SXT PHARMACEUTICALS IN 309 FFHL US Equity FUWEI FILMS HOLDINGS CO LTD 210 CTIHY US Equity CHINA TAIPING INS-UNSPON ADR 310 FYGGY US Equity FUYAO GLASS INDUSTRY - ADR 211 CNTF US Equity CHINA TECHFAITH WIRELESS-ADR 311 GXYYY US Equity GALAXY ENTERTAINMEN-UNSP ADR 212 CHA US Equity CHINA TELECOM CORP LTD-ADR 312 GCHT US Equity GC CHINA TURBINE CORP 213 CNCT US Equity CHINA TELETECH HOLDING INC 313 GCPEY US Equity GCL-POLY ENERGY HOLD-UN ADR 214 DFEL US Equity CHINA TMK BATTERY SYSTEMS IN 314 GDS US Equity GDS HOLDINGS LTD - ADR 215 CGSXF US Equity CHINA TOPREACH INC 315 GELYY US Equity AUTOMOBILE-UNSPON ADR 216 CTOWY US Equity CHINA TOWER CORP L- UNSP ADR 316 GSIH US Equity GENERAL STEEL HOLDINGS INC 217 CTVZ US Equity CHINA TRAVEL RESORT HOLDINGS 317 GENX US Equity GENEX PHARMACEUTICAL INC 218 CHU US Equity CHINA UNICOM HONG KONG-ADR 318 GBCMY US Equity GLOBAL BIO-CHEM-UNSPON ADR 219 CHVKY US Equity CHINA CO LTD-UNSPONADR 319 CO US Equity GLOBAL CORD BLOOD CORP 220 CVTV US Equity CHINA VTV LTD 320 GPHG US Equity GLOBAL PHARM HOLDINGS GROUP 221 CXDC US Equity CHINA XD PLASTICS CO LTD 321 GNTW US Equity GLOBE NET WIRELESS CORP 222 CXGP US Equity CHINA XINGBANG INDUSTRY GROU 322 GLROY US Equity GLORIOUS PROPERTY HOLD-ADR 223 CXEE US Equity CHINA XUEFENG ENVIRONMENTAL 323 GMEV US Equity GME INNOTAINMENT INC 224 CBGH US Equity CHINA YIBAI UNITED GUARANTEE 324 GNCP US Equity GNCC CAPITAL INC 225 ZXAIY US Equity CHINA ZENIX AUTO INTERNA-ADR 325 DNJR US Equity GOLDEN BULL LTD 226 CCIH US Equity CHINACACHE INTERNAT-SPON ADR 326 GDNEY US Equity GOLDEN EAGLE RET-UNSPON ADR 227 CNET US Equity CHINANET ONLINE HOLDINGS INC 327 GMDTY US Equity GOLDEN MEDITECH HO-UNSP ADR 228 CHWE US Equity CHINAWE.COM INC 328 GTNM US Equity GOLDEN TIME NETWORK MARKETIN 229 CESTY US Equity CHINESE ESTATES HL-UNSP ADR 329 GMELY US Equity GOME RETAIL HOLD-UNSP ADRR 230 CRCBY US Equity CHONGQUING RURAL - UNSPN ADR 330 GWPD US Equity GP SOLUTIONS INC 231 CJEWY US Equity CHOW TAI FOOK JEWEL-UNSP ADR 331 GBXXY US Equity GRAND BAOXIN AUTO - UNSP ADR 232 CTPCY US Equity CITIC LTD - ADR 332 SGBH US Equity GRAND CHINA ENERGY GROUP LTD 233 CTJHY US Equity CITIC RESOURCES HOLDINGS-ADR 333 GWON US Equity GRANDWON CORP 234 CIIHY US Equity CITIC SECURITIES CO-UNSP ADR 334 GWLLY US Equity GREAT WALL MOTOR CO-UNS ADR 235 CNGKY US Equity CK ASSET HOLDINGS LTD-ADR 335 GLACU US Equity GREENLAND ACQUISITION CORP 236 CKHUY US Equity CK HUTCHISON HOLDIN-UNSP ADR 336 GRNQ US Equity GREENPRO CAPITAL CORP 237 CKISY US Equity CK INFRASTRUCTURE - UNSP ADR 337 GREN US Equity GREENSMART CORP 238 CLPHY US Equity CLP HOLDINGS LTD-SPONS ADR 338 GHG US Equity GREENTREE HOSPITALITY GR-ADR 239 CLPS US Equity CLPS INC 339 GSUM US Equity GRIDSUM HOLDING INC-ADR 240 CNF US Equity CNFINANCE HOLDINGS LTD 340 GGDVY US Equity INVESTM-UNSPON ADR 241 CEO US Equity CNOOC LTD-SPON ADR 341 GSH US Equity GUANGSHEN RAILWAY-SPONS ADR 242 KLYCY US Equity CNPC HONG KONG LTD-UNSP ADR 342 GNZUY US Equity AUTOMOBILE-UNS ADR 243 KJFI US Equity COMJOYFUL INTERNATIONAL CO 343 GZUHY US Equity GUANGZHOU R&F PROP-H-UNS ADR 244 AHCHY US Equity CONCH CEMENT-H-UNS ADR 344 GPRC US Equity GUANWEI RECYCLING CORP 245 CCM US Equity CONCORD MEDICAL - SPON ADR 345 GURE US Equity GULF RESOURCES INC 246 CTK US Equity COOTEK CAYMAN INC-ADR 346 GULRY US Equity GUOCO GROUP LTD-UNSPON ADR 247 CSPKY US Equity COSCO PACIFIC LTD-UNSP ADR 347 GJJSY US Equity GUOTAI JUNAN INTL-UNSPON ADR 248 COSG US Equity COSMOS GROUP HOLDINGS INC 348 GSHN US Equity GUSHEN INC 249 CTRYY US Equity HOLD-UNSP ADR 349 HRELY US Equity ELECTRONICS-UNSP ADR 250 CPKPY US Equity CP POKPHAND-SPONS ADR 350 HLG US Equity HAILIANG EDUCATION GROUP-ADR 251 CRCCY US Equity CRRC CORP LTD ADR-UNSPONSOR 351 HAITY US Equity HAITONG SECURITIES CO-UN ADR 252 CTRP US Equity CTRIP.COM INTERNATIONAL-ADR 352 HNLGY US Equity HANG LUNG GROUP LTD-SP ADR 253 CXKJ US Equity CX NETWORK GROUP INC 353 HLPPY US Equity HANG LUNG PROPERTIES-SP ADR 254 CYDI US Equity CYBRDI INC 354 HSNGY US Equity HANG SENG BANK-SPONSORED ADR 255 DAHCY US Equity DAH CHONG HONG - ADR 355 HEBT US Equity HEBRON TECHNOLOGY CO LTD - A 256 DSFGY US Equity DAH SING FINANCIA-UNSPON ADR 356 HDVTY US Equity HENDERSON INV LTD-SPON ADR 257 DHUA US Equity DAHUA INC 357 HLDCY US Equity HENDERSON LAND DEV-SPON ADR 258 DFIHY US Equity DAIRY FARM INTL-UNSPON ADR 358 HEGIY US Equity HENGAN INTL GROUP-UNSPON ADR 259 DPNEY US Equity DAPHNE INTER-UNSPON ADR 359 HENGY US Equity HENGDELI HOLDINGS-UNSPON ADR 260 DQ US Equity DAQO NEW ENERGY CORP-ADR 360 HYIG US Equity HENGYI INTERNATIONAL INDUSTR 261 DIPGY US Equity DATANG INTL POWER GEN CO-ADR 361 HX US Equity HEXINDAI INC-ADR 262 DBUB US Equity DBUB GROUP INC 362 HHBT US Equity HH BIOTECHNOLOGY HOLDINGS CO 263 DRCR US Equity DEAR CASHMERE HOLDING CO 363 HIIDY US Equity HIDILI INDUSTRY-UNSPON ADR 264 DEER US Equity DEER CONSUMER PRODUCTS INC 364 HPJ US Equity HIGHPOWER INTERNATIONAL INC 265 DLHLY US Equity DELONG HOLDINGS LTD-UNSP ADR 365 HIHO US Equity HIGHWAY HOLDINGS LTD 266 DCHIY US Equity DIGITAL CHINA HD LTD-UNP ADR 366 HIGR US Equity HI-GREAT GROUP HOLDING CO 267 DGNG US Equity DIGUANG INTERNATIONAL DEVELO 367 HNKLY US Equity KELON EL HLD-UNS ADR 268 DION US Equity DIONICS INC 368 HKVTY US Equity HK ELECTRIC INVESTME-SP ADR 269 DOGZ US Equity DOGNESS INTERNATIONAL CORP-A 369 HKBNY US Equity HKBN LTD - UNSPON ADR 270 DNFGY US Equity DONGFENG MOTOR GRP-H-UNS ADR 370 HKHDY US Equity HKC HOLDINGS LTD-UNSP ADR 271 DRGV US Equity DRAGON CAPITAL GROUP CORP 371 HKTTY US Equity HKT TRUST AND HKT-UNSP ADR 272 DGJI US Equity DRAGON JADE INTL LTD 372 HOLI US Equity HOLLYSYS AUTOMATION TECHNOLO 273 LYL US Equity DRAGON VICTORY INTERNATIONAL 373 HOKCY US Equity HONG KONG & CHINA GAS-SP ADR 274 BKCT US Equity DTS8 COFFEE CO LTD 374 HKXCY US Equity HONG KONG EXCHANGES-UNSP ADR 275 DXF US Equity DUNXIN FINANCIAL HOLDING-ADR 375 HKTVY US Equity HONG KONG TELEVISION NE-ADR 276 EKKH US Equity EASON EDUCATION KINGDOM HOLD 376 HKWO US Equity HONG KONG WINALITE GROUP INC 277 ESYL US Equity EASYLINK SOLUTIONS CORP 377 HKSHY US Equity HONGKONG & -UNSP ADR 278 EAWC US Equity ECCO AUTO WORLD CORP 378 HNGKY US Equity HONGKONG LAND HLDGS-UNSP ADR 279 EYTH US Equity ECO ENERGY TECH ASIA LTD 379 HSEN US Equity HONSEN ENERGY & RESOURCES IN 280 EMEXF US Equity EMERALD PLANTATION HOLDINGS 380 HHILY US Equity HOPEWELL HIGHWAY INFRAST-ADR 281 NUVI US Equity EMO CAPITAL CORP 381 HUIHY US Equity HUABAO INTERNAT-UNSPON ADR 282 ENHD US Equity ENERGROUP HOLDINGS CORP 382 HUADY US Equity HUADIAN FUXIN ENG-UNSP ADR 283 XNGSY US Equity ENN ENERGY HOLDINGS-UNSP ADR 383 HPIFY US Equity HUADIAN POWER INTL-UNSP ADR 284 ESPGY US Equity ESPRIT HOLDINGS LTD-SPON ADR 384 HHEG US Equity HUAHUI EDUCATION GROUP CORP 285 CLWT US Equity EURO TECH HOLDINGS CO LTD 385 HYAS US Equity HUALE ACOUSTICS CORP 286 EVK US Equity EVER-GLORY INTERNATIONAL GRO 386 HMI US Equity HUAMI CORP - ADR 287 EDSFF US Equity EXCEED CO LTD 387 HNP US Equity HUANENG POWER INTL-SPONS ADR 288 SFUN US Equity FANG HOLDINGS LTD - ADR 388 HTHT US Equity HUAZHU GROUP LTD-ADR 289 FANH US Equity FANHUA INC-SPONSORED ADR 389 SFHD US Equity HUI YING FINANCIAL HOLDINGS 290 FEHZY US Equity FAR EAST HORIZON LT-UNSP ADR 390 HCM US Equity HUTCHISON CHINA MEDITECH-ADR 291 FEPTY US Equity FAR EAST PHARMACEUTICAL-ADR 391 HUPHY US Equity HUTCHISON PORT HOLDINGS-ADR 292 FEWP US Equity FAR EAST WIND POWER CORP 392 HUTCY US Equity HUTCHISON TELECOMM-UNSP ADR 293 FAMI US Equity FARMMI INC 393 HUYA US Equity HUYA INC-ADR 294 FERN US Equity FERNHILL CORP 394 HYSNY US Equity HYSAN DEVELOPMENT LTD-SP ADR 295 FXCNY US Equity FIH MOBILE LTD -UNSP ADR 395 ICABY US Equity I-CABLE COMMUNICATIONS-ADR 296 YUANF US Equity FINCERA INC 396 ICLK US Equity ICLICK INTERACTIVE ASIA-ADR 297 FNGR US Equity FINGERMOTION INC 397 IDEX US Equity IDEANOMICS INC 298 FAHLF US Equity FIRST ASIA HOLDINGS LTD 398 IGSC US Equity IGS CAPITAL GROUP LTD 299 FPAFY US Equity FIRST PACIFIC CO LTD-SP ADR 399 ICGL US Equity IMAGE CHAIN GROUP LIMITED IN 300 FIRRY US Equity FIRST TRACTOR CO-UNSP ADR 400 IMNG US Equity IMING CORP Source: Bloomberg, Morgan Stanley Research

3 Exhibit 3: China / HK names potentially impacted by the Equitable Act (cont'd)

No. Bloomberg Code Stock Name No. Bloomberg Code Stock Name 401 IDCBY US Equity IND & COMM BK OF-UNSPON ADR 501 NTP US Equity NAM TAI PROPERTY INC 402 INCM US Equity INNOCOM TECHNOLOGY HOLDINGS 502 NANHY US Equity NAN HAI CORP LTD-UNSP ADR 403 IVBIY US Equity INNOVENT BIOLOGICS INC-ADR 503 NBIO US Equity NASCENT BIOTECH INC 404 IVHI US Equity INVECH HOLDINGS INC 504 NDES US Equity NATURAL DESTINY INC 405 IQ US Equity IQIYI INC-ADR 505 NDWTY US Equity NETDRAGON WEBSOFT-UNSPON ADR 406 PPPS US Equity ISOCIALY INC 506 NTES US Equity NETEASE INC-ADR 407 ITP US Equity IT TECH PACKAGING INC 507 NWCN US Equity NETWORK CN INC 408 ITNS US Equity ITONIS INC 508 EBODF US Equity NEW ENERGY EXCHANGE LTD 409 JADA US Equity JADE ART GROUP INC 509 NFC US Equity NEW FRONTIER CORP - A 410 JMHLY US Equity JARDINE MATHESON HD-UNSP ADR 510 EDU US Equity NEW ORIENTAL EDUCATIO-SP ADR 411 JSHLY US Equity JARDINE STRATEGIC-UNSPON ADR 511 NOEC US Equity NEW ORIENTAL ENERGY & CHEMIC 412 JBZY US Equity JB&ZJMY HOLDING CO INC 512 NWRLY US Equity NEW WORLD DEPT ST-UNSPON ADR 413 JDID US Equity JD INTERNATIONAL LTD 513 NDVLY US Equity NEW WORLD DEVELOP -SPONS ADR 414 JD US Equity JD.COM INC-ADR 514 NEWA US Equity NEWATER TECHNOLOGY INC 415 RZZN US Equity JIALIJIA GROUP CORP LTD 515 NWTNY US Equity NEWTON RESOURCES LT-UNSP ADR 416 JGLMY US Equity CORP-B ADR 516 NXMR US Equity NEXTMART INC 417 JEXYY US Equity EXPRESS CO-SPONS ADR 517 BIMI US Equity NF ENERGY SAVING CORP 418 JIXAY US Equity JIANGXI COPPER CO-SPONS ADR 518 JMKJ US Equity NINE ALLIANCE SCIENCE & TECH 419 JT US Equity JIANPU TECHNOLOGY INC- ADR 519 NDGPY US Equity NINE DRAGONS PAPER-UNSP ADR 420 JFIN US Equity JIAYIN GROUP INC-ADR 520 NIO US Equity NIO INC - ADR 421 JWHI US Equity JIN WAN HONG INTERNATIONAL 521 NIU US Equity NIU TECHNOLOGIES-SPONS ADR 422 JKS US Equity JINKOSOLAR HOLDING CO-ADR 522 NOAH US Equity NOAH HOLDINGS LTD-SPON ADS 423 JCTG US Equity JIUCAITONG GROUP LTD 523 NOBGY US Equity NOBLE GROUP LTD-UNSPON ADR 424 JMU US Equity JMU LTD-SPON ADR 524 NWSGY US Equity NWS HOLDINGS LTD-SPON ADR 425 JNBBY US Equity JNBY DESIGN LTD -UNSPON ADR 525 OGLH US Equity OGL HOLDINGS LTD 426 JEHLY US Equity JOHNSON ELEC HLDG -UNSP ADR 526 ONE US Equity ONESMART INTERNATIONAL -ADR 427 GTVI US Equity JOWAY HEALTH INDUSTRIES GROU 527 ONETY US Equity O-NET TECHNOLOGIES GR LT-ADR 428 JRSS US Equity JRSIS HEALTH CARE CORP 528 OROVY US Equity ORIENT OVERSEAS-UNSPON ADR 429 JFIL US Equity JUBILANT FLAME INTERNATIONAL 529 SEED US Equity ORIGIN AGRITECH LTD 430 CNJG US Equity JUFEEL INTERNATIONAL GROUP 530 ORSX US Equity ORSUS XELENT TECHNOLOGIES IN 431 JMEI US Equity JUMEI INTERNATIONAL-ADR 531 OSN US Equity OSSEN INNOVATION CO-SPON ADR 432 JP US Equity JUPAI HOLDINGS LTD-ADR 532 PCFBY US Equity PACIFIC BASIN SHIP-UNSP ADR 433 JUTOY US Equity JUTAL OFFSHORE OIL-UNSP ADR 533 PBEP US Equity PACIFIC BEPURE INDUSTRY INC 434 KXIN US Equity KAIXIN AUTO HOLDINGS 534 PAOC US Equity PAN OCEAN CONTAINER SUPPLIES 435 KALY US Equity KALI INC 535 PKSGY US Equity PARKSON RETAIL-UNSPON ADR 436 KAMX US Equity KAMA RESOURCES INC 536 PYCT US Equity PAYCHEST INC 437 KNDI US Equity KANDI TECHNOLOGIES GROUP INC 537 PCCWY US Equity PCCW LTD-ADR 438 KBSF US Equity KBS FASHION GROUP LTD 538 PINXY US Equity PEOPLE'S INSURANCE -UNSP ADR 439 KLGSY US Equity KERRY LOGISTICS NETWORK-ADR 539 PTR US Equity PETROCHINA CO LTD -ADR 440 KRYPY US Equity KERRY PROPERTIES-UNSPON ADR 540 FENG US Equity PHOENIX NEW MEDIA LTD -ADR 441 KBDCY US Equity KINGBOARD HOLDINGS-UNSPN ADR 541 PPCCY US Equity PICC PROPERTY & CAS-UNSP ADR 442 KGBLY US Equity KINGBOARD LAMINATE-UNSP ADR 542 PDD US Equity PINDUODUO INC-ADR 443 KGDEY US Equity KINGDEE INTERNAT-UNSPON ADR 543 PIAHY US Equity PING AN HEALTHCARE & TE-ADR 444 KGJI US Equity KINGOLD JEWELRY INC 544 PNGAY US Equity PING AN INSURANCE-ADR 445 KWLDY US Equity KOWLOON DEVELOPMENT-UNSP ADR 545 PME US Equity PINGTAN MARINE ENTERPRISE LT 446 LNGHY US Equity LAI FUND HOLDINGS LTD-SP ADR 546 PT US Equity PINTEC TECHNOLOGY HOLDINGS L 447 LSNVY US Equity LAI SUN DEVELOPMENT-SPON ADR 547 PLAG US Equity PLANET GREEN HOLDINGS CORP 448 LGRTY US Equity LAI SUN GARMENT INTL-SP ADR 548 PLTYF US Equity PLASTEC TECHNOLOGIES LTD 449 LAIX US Equity LAIX INC - ADR 549 POYN US Equity PO YUEN CULTURAL HOLDINGS (H 450 HGII US Equity LANSDOWNE SECURITY INC 550 ULNV US Equity PORTER HOLDING INTERNATIONAL 451 LEIC US Equity LEAD INNOVATION CORP 551 PSTVY US Equity POSTAL SAVINGS BANK-UNSP ADR 452 LHIL US Equity LEADER HILL CORP 552 PSHGY US Equity POU SHENG INTL HOL-UNSP ADR 453 LMPMY US Equity LEE & MAN PAPER MANU-SP ADR 553 HGKGY US Equity POWER ASSETS HLDGS-SPON ADR 454 LEGE US Equity LEGEND MEDIA INC 554 PBTS US Equity POWERBRIDGE TECHNOLOGIES CO 455 LEJU US Equity LEJU HOLDINGS LTD-ADR 555 PPDF US Equity PPDAI GROUP INC-ADR 456 LNVGY US Equity GROUP LTD-ADR 556 PRTR US Equity PRECICION TRIM INC 457 LASLY US Equity LENTUO INTERNATI-SPON ADS 557 PACQF US Equity PRIME ACQUISITION CORP 458 LX US Equity LEXINFINTECH HOLDINGS L-ADR 558 PUDA US Equity PUDA COAL INC 459 LFUGY US Equity LI & FUNG LTD-UNSP ADR 559 PHCF US Equity PUHUI WEALTH INVESTMENT MANA 460 LNNGY US Equity LI NING CO LTD-UNSPON ADR 560 NEW US Equity PUXIN LTD-ADR 461 LNDT US Equity LIANDI CLEAN TECHNOLOGY INC 561 PUYI US Equity PUYI INC - ADR 462 LHUAY US Equity LIANHUA SUPERMARKET-UNSP ADR 562 QING US Equity FOOTWEAR INC 463 LLIT US Equity LIANLUO LTD 563 QKLS US Equity QKL STORES INC 464 LFSYY US Equity LIFESTYLE INTL-UNSPON ADR 564 QMIS US Equity QMIS FINANCE SECURITIES CORP 465 LITB US Equity LIGHTINTHEBOX HOLDING-ADR 565 QLIS US Equity QUALIS INNOVATIONS INC 466 LTSC US Equity LIGHTSCAPE TECHNOLOGIES INC 566 QD US Equity QUDIAN INC-SPON ADR 467 LTDH US Equity LIVING 3D HOLDINGS LTD 567 QTT US Equity QUTOUTIAO INC-ADR 468 LZENF US Equity LIZHAN ENVIRONMENTAL CORP 568 RCON US Equity RECON TECHNOLOGY LTD 469 LNGB US Equity LONGBAU GROUP INC 569 RTAS US Equity REDTONE ASIA INC 470 LOAC US Equity LONGEVITY ACQUISITION CORP 570 RCIT US Equity REELCAUSE INC 471 LGFRY US Equity LONGFOR GROUP HOLDINGS-ADR 571 SOL US Equity RENESOLA LTD-ADR 472 LKHLY US Equity LONKING HOLDINGS LTD-UNS ADR 572 RENN US Equity RENREN INC-ADR 473 LTUS US Equity LOTUS PHARMACEUTICALS INC 573 RETO US Equity RETO ECO-SOLUTIONS INC 474 LOVV US Equity LOVE INTERNATIONAL GROUP INC 574 RINO US Equity RINO INTERNATIONAL CORP 475 LUCC US Equity LUCA INC 575 REDU US Equity RISE EDUCATION CAYMAN - ADR 476 LK US Equity LUCKIN COFFEE INC - ADR 576 RTTO US Equity RITO GROUP CORP 477 LKSGY US Equity LUKS GROUP VIETNAM-UNS ADR 577 RKGXY US Equity ROAD KING INFRASTRU-UNSP ADR 478 LKCO US Equity LUOKUNG TECHNOLOGY CORP 578 RNFU US Equity RONGFU AQUACULTURE INC 479 LVYN US Equity LVYUAN GREEN BUILDING MATERI 579 RUHN US Equity RUHNN HOLDING LTD-ADR 480 MGGI US Equity MAGICSTEM GROUP CORP 580 RYB US Equity RYB EDUCATION INC-ADR 481 MSAH US Equity MAN SHING AGRICULTURAL HOLD 581 SAXJY US Equity SA SA INTL HLDGS-UNSP ADR 482 MAWHY US Equity MAN WAH HOLDINGS LTD-UNS ADR 582 STIE US Equity SANTARO INTERACTIVE ENTERTAI 483 MNOIY US Equity MANDARIN ORIENT-UNSPON ADR 583 SSW US Equity SEASPAN CORP 484 MNSF US Equity MANSFELDER METALS LTD 584 SECO US Equity SECOO HOLDING LTD - ADR 485 MAXAF US Equity MAXCLEAN HOLDINGS LTD 585 SMI US Equity SEMICONDUCTOR MANUFACT-ADR 486 MDJH US Equity MDJM LTD 586 AIHS US Equity SENMIAO TECHNOLOGY LTD 487 MDCE US Equity MEDICAL CARE TECHNOLOGIES 587 SDTC US Equity SENTAIDA TIRE CO LTD 488 MEIUY US Equity INC- UNSP ADR 588 SGOC US Equity SGOCO GROUP LTD 489 MPNGY US Equity MEITUAN DIANPING-UNSP ADR 589 SHANY US Equity MOLONG PET-UNSP ADR 490 MLCO US Equity MELCO RESORTS & ENTERT-ADR 590 SHWGY US Equity SHANDONG WEIGAO GP-UNSP ADR 491 MLLUY US Equity METALLURGICAL CORP OF CH-ADR 591 SHNXY US Equity SHANDONG XINHUA PHARMA- ADR 492 MIGT US Equity MI1 GLOBAL TELCO INC 592 SZSN US Equity SHANDONG ZHOUYUAN SEED AND N 493 MNTHY US Equity MINTH GROUP LTD - UNSPON ADR 593 SIELY US Equity SHANGHAI ELECTRIC-UNSP ADR 494 MTC US Equity MMTEC INC 594 SFDMY US Equity SHANGHAI FUDAN MICROELEC-ADR 495 MOGU US Equity MOGU INC-ADR 595 SGHIY US Equity SHANGHAI INDUSTRIAL HLDG-ADR 496 MOMO US Equity MOMO INC-SPON ADR 596 SJJIY US Equity SHANGHAI JIN JIANG-UNSPN ADR 497 MOAEY US Equity MONGOLIA ENERGY CO-UNSP ADR 597 SHPMY US Equity SHANGHAI PHARMACEUTICALS-ADR 498 MOXC US Equity MOXIAN INC 598 SHALY US Equity SHANGRI-LA ASIA LTD SPON ADR 499 MTCPY US Equity MTR CORP LTD-UNSPONSORED ADR 599 SEII US Equity SHARING ECONOMY INTERNATIONA 500 MULG US Equity MULIANG AGRITECH INC 600 VALV US Equity SHENGKAI INNOVATIONS INC Source: Bloomberg, Morgan Stanley Research

4 Exhibit 4: China / HK names potentially impacted by the Equitable Act (cont'd)

No. Bloomberg Code Stock Name No. Bloomberg Code Stock Name 601 SGTI US Equity SHENGTAI PHARMACEUTICAL INC 701 TWSI US Equity TRISTAR WELLNESS SOLUTIONS I 602 SHGXY US Equity SHENGUAN HOLDINGS-UNSP ADR 702 TRITF US Equity TRI-TECH HOLDING INC 603 SHZNY US Equity EXPRESSWAY-UNSP ADR 703 TRUHY US Equity TRULY INTL HLDGS-SPONS A 604 SZNTY US Equity SHENZHEN INV LTD-UNSP ADR 704 TMHTY US Equity TSIM SHA TSUI-UNSPON ADR 605 SHZHY US Equity SHENZHOU INTERNATI-UNSP ADR 705 TSGTY US Equity TSINGTAO BREWERY-SPONS ADR 606 SHMAY US Equity HOL-UNSP ADR 706 TC US Equity TUANCHE LTD-ADR 607 TYHT US Equity SHINECO INC 707 TOUR US Equity TUNIU CORP-SPON ADR 608 UECN US Equity SHINER INTERNATIONAL INC 708 UBIA US Equity UBI BLOCKCHAIN INTERNET LTD 609 SCGEY US Equity SHOUGANG CONCORD-UNSPON ADR 709 RGLG US Equity UHF LOGISTICS GROUP INC 610 SHOUY US Equity SHOUGANG FUSHAN RESOURC-ADR 710 UIBGF US Equity UIB GROUP LTD 611 SOLLY US Equity LTD-UNSPON ADR 711 UCHC US Equity UNI CORE HOLDINGS CORP 612 SHPHY US Equity SIHUAN PHARMACEUTIC-UNSP ADR 712 UIFD US Equity UNIFUNDS LIMITED 613 SINA US Equity SINA CORP 713 UGHL US Equity UNION BRIDGE HOLDINGS LTD 614 SIAF US Equity SINO AGRO FOOD INC 714 UPCHY US Equity UNI-PRESIDENT CHINA-UNSP ADR 615 SNAS US Equity SINO ASSURANCE INC 715 ULIHY US Equity UNITED LABORATORI-UNSPON ADR 616 SBHMY US Equity SINO BIOPHARMACEUTICAL-UNADR 716 URYL US Equity UNITED ROYALE HOLDINGS CORP 617 SGLA US Equity SINO GREEN LAND CORP 717 UNSS US Equity UNIVERSAL SOLAR TECHNOLOGY 618 SNLAY US Equity SINO LAND COMPANY LTD-SP ADR 718 UOLI US Equity UONLIVE CORP 619 SNFRY US Equity SINOFERT HOLDINGS-UNSP ADR 719 TIGR US Equity UP FINTECH HOLDING LTD - ADR 620 SIOLY US Equity SINO-OCEAN GROUP-UNSP ADR 720 MYT US Equity URBAN TEA INC 621 SNPRY US Equity SINOPEC ENGINRING GRP-H ADR 721 UTSI US Equity UTSTARCOM HOLDINGS CORP 622 SPKOY US Equity SINOPEC KANTONS-UNSPON ADR 722 UXIN US Equity UXIN LTD - ADR 623 SHI US Equity SINOPEC SHANGHAI-SPONS ADR 723 VLBI US Equity VALENTINE BEAUTY INC 624 SHTDY US Equity SINOPHARM GROUP CO-UNSP ADR 724 VEII US Equity VALUE EXCHANGE INTERNATIONAL 625 SHKLY US Equity HONG KONG-UNSPN ADR 725 VENV US Equity VENTURE VANADIUM INC 626 SVA US Equity SINOVAC BIOTECH LTD 726 VRDR US Equity VERDE RESOURCES INC 627 SITIY US Equity SITC INTERNATIONAL-UNSP ADR 727 VBBV US Equity VIBE VENTURES INC 628 SJMHY US Equity SJM HOLDINGS LTD - ADR 728 VIEWF US Equity VIEWTRAN GROUP INC 629 SKYI US Equity SKY CENTURY INVESTMENT INC 729 VDAHY US Equity VINDA INTERNATIONAL-UNSP ADR 630 SKYL US Equity SKY RESORT INTERNATIONAL LTD 730 VIOT US Equity VIOMI TECHNOLOGY CO LTD-ADR 631 SKYS US Equity SKY SOLAR HOLDINGS-SPON ADR 731 VIPS US Equity VIPSHOP HOLDINGS LTD - ADR 632 SWDHY US Equity DIGITAL -UNSPON ADR 732 VCOR US Equity VISIBER57 CORP 633 SLPA US Equity SLEEPAID HOLDING CO 733 VSTHY US Equity VST HOLDINGS LTD-SPON ADR 634 HEAT US Equity SMARTHEAT INC 734 VTKLY US Equity VTECH HOLDINGS LTD-UNSP ADR 635 STTFY US Equity SMARTONE TELECOMM HLDGS-ADR 735 WAFU US Equity WAH FU EDUCATION GROUP LTD 636 SOGO US Equity SOGOU INC-ADR 736 WWNTY US Equity WANT WANT CHINA-UNSPON ADR 637 SOHU US Equity SOHU.COM LTD-ADR 737 HHHHU US Equity WEALTHBRIDGE ACQUISITION LTD 638 SORL US Equity SORL AUTO PARTS INC 738 HHHH US Equity WEALTHBRIDGE ACQUISITION LTD 639 SOUG US Equity SOU 300 GROUP HOLDING CO 739 HHHHR US Equity WEALTHBRIDGE ACQUISITION-RTS 640 SY US Equity SO-YOUNG INTERNATIONAL-ADR 740 WB US Equity WEIBO CORP-SPON ADR 641 SPI US Equity SPI ENERGY CO LTD 741 WEICY US Equity CO-UNSP ADR 642 CYIG US Equity SPRING PHARMACEUTICAL GROUP 742 WEI US Equity WEIDAI LTD-ADR 643 SPRHY US Equity SPRINGLAND INTERNATIO-UN ADR 743 WEYL US Equity WEYLAND TECH INC 644 SEGYY US Equity SPT ENERGY GROUP INC-UNS ADR 744 WHGLY US Equity WH GROUP LTD - SPON ADR 645 SQCC US Equity SQUARE CHAIN CORP 745 WARFY US Equity WHARF HOLDINGS-UNSPON ADR 646 YGTY US Equity SSLJ.COM LTD - A 746 WHLKY US Equity WHEELOCK & CO LTD-UNSPON ADR 647 SLSC US Equity STARLIGHT SUPPLY CHAIN MANAG 747 WINH US Equity WINHA INTERNATIONAL GROUP LT 648 SLNLY US Equity STELLA INTL-UNSPON ADR 748 WLOLQ US Equity WINLAND OCEAN SHIPPING CORP 649 MSC US Equity STUDIO CITY INTERNATIONA-ADR 749 WINS US Equity WINS FINANCE HOLDINGS INC 650 SBAY US Equity SUBAYE INC 750 WISM US Equity WISEMAN GLOBAL LTD 651 SMTNY US Equity SUMMIT ASCENT HOLDING-UN ADR 751 WHHT US Equity WONHE HIGH-TECH INTERNATIONA 652 SURRY US Equity SUN ART RETAIL GROUP-UNS ADR 752 WFHG US Equity WORLD FINANCIAL HOLDING GROU 653 SHGKY US Equity SUN HUNG KAI CO-UNSPON ADR 753 BWOWF US Equity WOWJOINT HOLDINGS LTD 654 SUHJY US Equity SUN HUNG KAI PROP LTD-SP ADR 754 WUHN US Equity GENERAL GROUP CHINA IN 655 SNCHY US Equity CHINA HOLDINGS-UNS ADR 755 WUMSY US Equity WUMART STORES INC-ADR 656 SGIL US Equity SUNBURST ACQUISITIONS V INC 756 AITA US Equity WUNONG ASIA PACIFIC CO LTD 657 STG US Equity SUNLANDS TECHNOLOGY GROUP 757 WUXAY US Equity WUXI APPTEC CO LTD-UNSP ADR 658 SOTGY US Equity SUNNY OPTICAL TECH-UNSP ADR 758 WXXWY US Equity WUXI BIOLOGICS CAYMAN - ADR 659 SRRE US Equity SUNRISE REAL ESTATE GROUP 759 XYF US Equity X FINANCIAL-ADR 660 SUWN US Equity SUNWIN STEVIA INTERNATIONAL 760 LTGJ US Equity LUTONG INTERNATIONAL 661 SWRBY US Equity SWIRE PACIFIC LTD-ADR B 761 XIACY US Equity CORP - UNSP ADR 662 SWRAY US Equity SWIRE PACIFIC LTD-SP ADR A 762 XHUA US Equity XINHUA CHINA LTD 663 SWROY US Equity SWIRE PROPERTIES LTD 763 XNJJY US Equity XINJIANG GOLDWIND-UNSP ADR 664 TKAT US Equity TAKUNG ART CO LTD 764 XYIGY US Equity XINYI GLASS HOLDI-UNSP ADR 665 TAL US Equity TAL EDUCATION GROUP- ADR 765 XNYH US Equity XINYINHAI TECHNOLOGY LTD 666 TNBI US Equity TANKE BIOSCIENCES CORP 766 XIN US Equity CO L-ADR 667 TANH US Equity TANTECH HOLDINGS LTD 767 XTEG US Equity XT ENERGY GROUP INC 668 TAOHY US Equity TAO HEUNG HOLDINGS-UNSP ADR 768 XTEPY US Equity XTEP INTERNATIONAL-UNSP ADR 669 TAOP US Equity TAOPING INC 769 XNWU US Equity XUAN WU INTL GROUP HLDS INC 670 TEDU US Equity TARENA INTERNATIONAL INC-ADR 770 XNET US Equity XUNLEI LTD-ADR 671 PETZ US Equity TDH HOLDINGS INC 771 XYN US Equity XYNOMIC PHARMACEUTICALS HOLD 672 TEHG US Equity TECHNOVATIVE GROUP INC 772 YSYB US Equity YANGLIN SOYBEAN INC 673 TTNDY US Equity TECHTRONIC INDUSTRIES-SP ADR 773 YZCAY US Equity YANZHOU COAL MINING-SP ADR 674 TVBCY US Equity TELEVISION BROADCASTS-SP ADR 774 HERB US Equity YASHENG GROUP 675 TLDN US Equity TELIDYNE INC 775 YJGJ US Equity YIJIA GROUP CORP 676 TCEHY US Equity HOLDINGS LTD-UNS ADR 776 ELRE US Equity YINFU GOLD CORP 677 TME US Equity TENCENT MUSIC ENTERTAINM-ADR 777 YGEHY US Equity YINGLI GREEN ENERGY HOLD-ADR 678 TOTAR US Equity TENHAM ACQUISITION I - RTS 778 YITD US Equity YINHANG INTERNET TECHNOLOGIE 679 TXWHY US Equity TEXWINCA HOLDINGS LTD -ADR 779 YIN US Equity YINTECH INVESTMENT HOLD-ADR 680 TGSI US Equity TGS INTERNATIONAL LTD 780 YRD US Equity YIRENDAI LTD - ADR 681 NCTY US Equity THE9 LTD-ADR 781 YHDT US Equity YOU HAN DATA TECH CO LTD 682 THTI US Equity THT HEAT TRANSFER TECHNOLOGY 782 YUEIY US Equity YUE YUEN INDUSTRIAL-UNSP ADR 683 TNPH US Equity TIAN'AN PHARMACEUTICAL CO LT 783 YUII US Equity YUHE INTERNATIONAL INC 684 CIIT US Equity TIANCI INTERNATIONAL INC 784 YECOF US Equity YULONG ECO-MATERIALS LTD 685 TJIPY US Equity PORT DVLP-UNSPON ADR 785 YUMC US Equity YUM CHINA HOLDINGS INC 686 TPIY US Equity TIANYIN PHARMACEUTICAL CO IN 786 YJ US Equity YUNJI INC-ADR 687 TBET US Equity TIBET PHARMACEUTICALS INC 787 YUSG US Equity YUS INTERNATIONAL GROUP LTD 688 TNCP US Equity TIBURON INTERNATIONAL TRADIN 788 YY US Equity YY INC-ADR 689 TCYMY US Equity TINGYI CAYMAN ISLN-SPON ADR 789 ZLAB US Equity ZAI LAB LTD-ADR 690 TCYQY US Equity TINGYI CAYMAN-SP 144A ADR 790 ZHYLF US Equity ZHAOHENG HYDROPOWER LTD 691 TTNUF US Equity TITANIUM GROUP LTD 791 ZHAOY US Equity ZHAOJIN MINING INDUS-UNS ADR 692 TKKS US Equity TKK SYMPHONY ACQUISITION COR 792 ZHHJY US Equity SHIBAO CO-UNSP ADR 693 TMSR US Equity TMSR HOLDING CO LTD 793 ZZHGY US Equity ZHONGAN ONLINE P&C INS-ADR 694 TONJ US Equity TONGJI HEALTHCARE GROUP INC 794 ZSHGY US Equity -UNSP ADR 695 TOTA US Equity TOTTENHAM ACQUISITION I LTD 795 ZNNGY US Equity ZHONGYUAN BANK CO LTD - ADR 696 TGASY US Equity TOWNGAS CHINA CO LTD-UNS ADR 796 ZHUZY US Equity ZHUZHOU CSR TIMES ELECTR-ADR 697 TPVTY US Equity TPV TECHNOLOGY LTD-UNSP ADR 797 ZIJMY US Equity ZIJIN MINING GROUP-UNSP ADR 698 TAKD US Equity TRANSAKT LTD 798 ZKIN US Equity ZK INTERNATIONAL GROUP CO LT 699 TSYHY US Equity TRAVELSKY TECHNOLOGY-ADR H 799 ZOOM US Equity ZOOM TECHNOLOGIES INC 700 TRHF US Equity TRHF CO LTD INC 800 ZLIOY US Equity ZOOMLION HEAVY INDUS-UNS ADR Source: Bloomberg, Morgan Stanley Research

5 Exhibit 5: China / HK names potentially impacted by the Equitable Act (cont'd) No. Bloomberg Code Stock Name No. Bloomberg Code Stock Name 801 ZSTN US Equity ZST DIGITAL NETWORKS INC 802 ZTCOY US Equity ZTE CORP-UNSPON ADR 803 ZTO US Equity ZTO EXPRESS CAYMAN INC-ADR 804 ZZLL US Equity ZZLL INFORMATION TECHNOLOGY Source: Bloomberg, Morgan Stanley Research

2./ Link to the text of the Wall St Journal Op-Ed by Senator Rubio:

3./ Link to the US - China Economic and Security Review Commission cited by Senator Rubio.

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7 COVERAGE UNIVERSE INVESTMENT BANKING CLIENTS (IBC) OTHER MATERIAL INVESTMENT SERVICES CLIENTS (MISC) STOCK RATING COUNT % OF COUNT % OF % OF COUNT % OF CATEGORY TOTAL TOTAL IBC RATING TOTAL CATEGORY OTHER MISC Overweight/Buy 1110 36% 293 44% 26% 523 38% Equal-weight/Hold 1364 44% 299 45% 22% 637 46% Not-Rated/Hold 42 1% 5 1% 12% 6 0% Underweight/Sell 570 18% 73 11% 13% 225 16% TOTAL 3,086 670 1391

Data include common stock and ADRs currently assigned ratings. Investment Banking Clients are companies from whom Morgan Stanley received investment banking compensation in the last 12 months. Due to rounding off of decimals, the percentages provided in the "% of total" column may not add up to exactly 100 percent. Analyst Stock Ratings Overweight (O). The stock's total return is expected to exceed the average total return of the analyst's industry (or industry team's) coverage universe, on a risk-adjusted basis, over the next 12-18 months. Equal-weight (E). The stock's total return is expected to be in line with the average total return of the analyst's industry (or industry team's) coverage universe, on a risk-adjusted basis, over the next 12-18 months. Not-Rated (NR). Currently the analyst does not have adequate conviction about the stock's total return relative to the average total return of the analyst's industry (or industry team's) coverage universe, on a risk-adjusted basis, over the next 12-18 months. Underweight (U). The stock's total return is expected to be below the average total return of the analyst's industry (or industry team's) coverage universe, on a risk-adjusted basis, over the next 12-18 months. Unless otherwise specified, the time frame for price targets included in Morgan Stanley Research is 12 to 18 months. Analyst Industry Views Attractive (A): The analyst expects the performance of his or her industry coverage universe over the next 12-18 months to be attractive vs. the relevant broad market benchmark, as indicated below. In-Line (I): The analyst expects the performance of his or her industry coverage universe over the next 12-18 months to be in line with the relevant broad market benchmark, as indicated below. Cautious (C): The analyst views the performance of his or her industry coverage universe over the next 12-18 months with caution vs. the relevant broad market benchmark, as indicated below. Benchmarks for each region are as follows: North America - S&P 500; Latin America - relevant MSCI country index or MSCI Latin America Index; Europe - MSCI Europe; Japan - TOPIX; Asia - relevant MSCI country index or MSCI sub-regional index or MSCI AC Asia Pacific ex Japan Index. Important Disclosures for Morgan Stanley Smith Barney LLC Customers Important disclosures regarding the relationship between the companies that are the subject of Morgan Stanley Research and Morgan Stanley Smith Barney LLC or Morgan Stanley or any of their affiliates, are available on the Morgan Stanley Wealth Management disclosure website at www.morganstanley.com/online/researchdisclosures. For Morgan Stanley specific disclosures, you may refer to www.morganstanley.com/researchdisclosures. 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