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Industry Overview

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Industry Overview THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. INDUSTRY OVERVIEW The information and statistics set out in this section have been extracted and derived from various official government publications, publicly available sources, private publications and from the market research report prepared by JLL, which was commissioned by us, unless otherwise indicated. We believe that the sources of this information and statistics are appropriate sources for such information and statistics and reasonable care has been exercised by our Directors in extracting and reproducing such information and statistics. We have no reason to believe that such information and statistics are false or misleading in any material respect or that any fact has been omitted that would render such information false or misleading in any material respect. None of our Company, the Joint Sponsors, the [REDACTED] or our or their respective Directors, officers, employee's, representatives, agents, affiliates or advisers have independently verified such information and statistics. Accordingly, none of our Company, the Joint Sponsors, the [REDACTED],the [REDACTED], the [REDACTED], or our or their respective Directors, officers, employee's, representatives, agents, affiliates or advisers or any other parties involved in the [REDACTED] makes any representation as to the accuracy and completeness of such information and statistics. Certain information and statistics included, including those excerpted from official and government publications and sources in China, may not be consistent with other information and statistics compiled within or outside China by third parties. As such, the official and non-official sources contained herein should not be unduly relied upon. Furthermore, due to the inherent time-lag involved in collecting any industry and economic data, some of the data contained in this section may only represent the state of affairs at the time such data were collected. As such, you should also take into account subsequent movements in the industry and the economy in the PRC and elsewhere when you evaluate the information contained in this section. SOURCES OF INFORMATION In connection with the [REDACTED], we commissioned JLL, an Independent Third Party, to prepare the industry research report with necessary information on the manufacturing industrial park development and operation market in China and the regions in which we operate. JLL has charged us a total fee of approximately RMB435,000 for the preparation of the industry research report, which we believe is in line with the market rate for similar reports. JLL is an international professional services and investment management firm offering specialised real estate services to clients seeking increased value by owning, occupying and investing in real estate. JLL has more than 330 corporate offices, operates in more than 80 countries and has a global workforce of more than 91,000 as of December 31, 2020. This section was prepared primarily by JLL’s designated market research team based on the information and statistics collected from various government publications, site visits and interviews, recognised research institutions, and the proprietary database of JLL. The information and statistics are considered reliable. The following sets out the main reasons for JLL to adopt the above sources of information and consider them as reliable: it is a general market practice to adopt official data and announcements from various Chinese government agencies, and JLL understands the data collection methodology and data source of its proprietary database and the subscribed database from CEIC (a macroeconomic database founded in 1992) and CREIS (a Chinese property research database operated by China Index Academy). While preparing this section and the JLL Report, JLL has relied on the assumptions listed below: (i) all documents provided by our Group are true and correct; (ii) all published data by –95– THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. INDUSTRY OVERVIEW the relevant Chinese local governments are true and correct; and (iii) where subscribed data is obtained from recognised research and public institutions, JLL will rely upon the apparent integrity and expertise of such institutions. JLL makes no warranty or representation that these forecasts will be achieved considering the uncertainties involved in the manufacturing industrial park development and operation market. JLL will not take any responsibility to predict or warrant the future conditions of manufacturing industrial park development and operation market. Our Directors confirm that, as of the Latest Practicable Date, after making reasonable enquiries, there is no material adverse change in the market information since the date of JLL Report or the date of the relevant data contained in the JLL Report which may qualify, contradict or have an impact on the information in this section. OVERVIEW OF THE MACRO ECONOMY AND MANUFACTURING MARKET IN THE PRC The nominal gross domestic product (GDP) of the PRC has grown from RMB68,886 billion in 2015 to RMB101,599 billion in 2020. In 2019, the real GDP growth rate of the PRC was 6.1% and fell to 2.3% in 2020 due to severe impacts of the COVID-19 pandemic. According to the Report on the Work of the Government 2021 (“2021 政府工作報告“), the GDP growth rate of the PRC is forecasted to reach 6.0% or above in 2021. Accelerating the building of a new development pattern and promoting high-quality development will become the major goal and task of PRC economic development. As one of the major components in the industry sector, the manufacturing industry contributed a GDP of RMB2,659.4 billion in 2020, accounting for 26.2% of the GDP and 84.9% of the industry sector in the PRC. According to the National Statistics of the PRC, the PRC manufacturing industry has consecutively ranked first among the other countries’ manufacturing industries across the world for 11 years in terms of manufacturing GDP. Therefore, the manufacturing industry is an important driver for the PRC economic growth. To ensure the modernization and securitization of the PRC manufacturing industry in the internal and external industrial supply chain system, promoting the high-quality growth of the manufacturing industry becomes a major strategic goal in the PRC “New Development Pattern” stage (中國”新發展格局”階段). OVERVIEW OF MANUFACTURING INDUSTRIAL PARK DEVELOPMENT AND OPERATION MARKET IN THE PRC Overview of Industrial Park Development in the PRC According to the definition of the United Nations Environment Programme (UNEP), an industrial park refers to a region where, through various means such as administration or marketization, the government of a country or region delimits a zone, formulates development plans and policies, constructs and improves various environments suitable for industrial enterprise agglomeration, and makes the industrial park a modern industrial zone and an effective carrier for industrialization and cooperation with high degree of industrial agglomeration, distinctive industrial characteristics, obvious cluster advantages and complete functional layout. There are over 59,000 industrial parks with a total GFA of over 2.9 billion sq.m. in the PRC by the end of 2020 according to the JLL Report. It is anticipated that the total GFA of industrial park market will reach 4.4 billion sq.m. in 2025 driven by continued economic growth of the PRC –96– THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. INDUSTRY OVERVIEW and strong demand for industrial agglomeration and standard facilities. The entire industrial park market of the PRC comprises of manufacturing industrial parks and other functional parks. Considering various characteristics and features of the PRC industrial park market, there are significant differences in definitions and business models among manufacturing industrial park developers and operators and other industrial park participants. Definition of Manufacturing Industrial Park Developer and Operator Manufacturing industrial park developer and operator is defined as an individual entity who acquires industrial land for developing and operating plants and standard factories with the characteristics of manufacturing agglomeration. The developers and operators mainly engage in industry research and planning, industrial park development, marketing and sales of industrial parks as well as comprehensive industrial park operational services. Business Model of the PRC Manufacturing Industrial Park Development and Operation Market The objective of manufacturing industrial park developers and operators is to set up parks with manufacturing clusters to meet the development needs of manufacturing enterprises. Manufacturing enterprises, particularly technology intensive enterprises, can gain benefits such as technology spillover through cluster effect. Moreover, for manufacturing enterprises (especially small- to mid-sized enterprises which accounted for 96.6% of total number of manufacturing enterprises) in the PRC, the increased difficulties in the cycle of land purchasing and plant self-building significantly affect their industrial agglomeration
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