China Equity Capital Markets Review

MANAGING UNDERWRITERS & LEGAL ADVISORS FULL YEAR 2019 China Equity Capital Markets Review Full Year 2019 | Overall Review

Deals Intelligence China Equity Capital Markets Issuance - Issue Type Composition

$200.0 950 CHINA EQUITY CAPITAL MARKET INCREASE 10.8% FROM 2018 900 Chinese equity and equity-related (ECM) proceeds in 2019 reached US$146.6 billion, a 10.8% increase compared with last year. Total $180.0 850 initial public offerings (IPOs) issued by China-domiciled companies raised an aggregate amount of US$65.9 billion, a 2.4% increase in 800 proceeds compared to 2018. Chinese convertibles, or equity-related issuance, saw a record in this year and raised US$49.2 billion, up $160.0 750 98.8% from last year. Companies in the Financial sector accounted for 24.1% of overall issuance in 2019, with a total value of US$35.3 700 billion, up 75.6% from a year ago. $140.0 650 600 $120.0 CHINESE A-SHARE ECM UP 53.7% FROM 2018 550 Chinese A-share ECM proceeds reached US$94.3 billion in 2019, up 53.7% compared to last year. IPOs issued in the A-share market 500 $100.0 raised a total amount of US$31.9billion, up 61.4% compared to 2018 (US$19.8 billion). A-Share convertibles in 2019 reached a history 450 400 high, with a total amount of US$45.9 billion, a 139.1% increase from 2018 (US$19.2 billion). Offerings from the Financial sector registered $80.0 a 155.1% increase compared to a year ago and accounted for 29.8% of overall A-share ECM activities in 2019, with a total value of 350 US$28.1 billion. $60.0 300 250 200 CHINESE OVERSEAS ECM FALLS 26.3% $40.0 150 Chinese overseas ECM proceeds totaled US$52.3 billion in 2019, a 26.3% decline compared to 2018 (US$70.9 billion). IPOs raised $20.0 100 through overseas markets totaled US$34.0 billion, down 23.7% compared to 2018 (US$44.6 billion). Total proceeds from convertibles 50 reached US$3.3 billion, a 40.8% decrease from 2018. Companies from the Retail sector raised US$15.2 billion in overseas ECM, up $0.0 0 113.0% compare to a year ago (US$7.1 billion). 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 IPO (US$bil) Follow-On (US$bil) Convertible (US$bil) # of Issues

Top China Equity & Equity-Related Deals China Equity Capital Markets - Macro Industry Composition Securities Listing Proceeds Issue Date Issuer Name Issue Type Macro Sector Stock Exchange (US$mil)

11/20/2019 Alibaba Group Holding Ltd Hong Kong 12,933.8 Follow-On Retail

Shanghai Pudong Development Bank Co 10/24/2019 Shanghai Main 7,073.8 Convertible Financials Ltd 36 $35.3 02/27/2019 China CITIC Bank Corp Ltd Shanghai Main 5,986.0 Convertible Financials $45.3 11/05/2019 Postal Savings Bank of China Co Ltd Shanghai Main 4,668.0 Follow-On Financials 128

01/16/2019 Ping An Bank Co Ltd Shenzhen Main 3,850.0 Convertible Financials Financials 268 High Technology 03/11/2019 Bank of Jiangsu Co Ltd Shanghai Main 2,975.5 Convertible Financials Retail 04/02/2019 China Three Gorges Corp None 2,975.2 Convertible Energy and Power Industrials 16 Healthcare 08/08/2019 CGN Power Co Ltd Shenzhen SME 1,785.1 Follow-On Energy and Power Others 10/22/2019 China Zheshang Bank Co Ltd Shanghai Main 1,780.2 Follow-On Financials $22.7 111 06/14/2019 Huatai Securities Co Ltd London 1,691.6 Follow-On Financials $12.8

02/08/2019 Pinduoduo Inc Nasdaq 1,581.3 Follow-On High Technology 72

09/19/2019 Chongqing Rural Commercial Bank Co Ltd Shanghai Main 1,407.5 Follow-On Financials $14.5 $16.1 Outer Ring: Proceeds (US$bil) 04/26/2019 Ningxia Baofeng Energy Group Co Ltd Shanghai Main 1,212.1 IPO Energy and Power Inner Ring: # of Issues

www.refinitiv.com/dealsintelligence China Equity Capital Markets Review Full Year 2019 | Chinese A-Share & Overseas

Chinese A-Share Equity & Equity-Related Volume Chinese A-Share Equity Capital Markets by Industry Top Chinese A-Share IPO Deals

$140 800 Issue Issuer IPO Listing Proceeds Issue Macro Date Name Exchange (US$mil) Type Sector Postal Savings Bank of Shanghai Follow- $120 700 11/05/19 $4,668.0 Financials $17.4 China Co Ltd Main On 15 Shenzhen Follow- 600 08/08/19 CGN Power Co Ltd $1,785.1 Energy and Power $100 $28.1 SME On China Zheshang Bank Co Shanghai Follow- 122 98 10/22/19 $1,780.2 Financials 500 Ltd Main On Financials $80 Chongqing Rural Shanghai Follow- High Technology 09/19/19 $1,407.5 Financials 400 Commercial Bank Co Ltd Main On $10.0 Industrials Ningxia Baofeng Energy Shanghai $60 04/26/19 $1,212.1 IPO Energy and Power Energy and Power 300 Group Co Ltd Main Materials CNOOC Energy Shanghai 06/12/19 $550.1 IPO Energy and Power $40 Others Technology & Services Ltd Main 200 Shenzhen Transsion Shanghai 77 95 09/17/19 $396.6 IPO Telecommunications Holdings Ltd STAR $20 $11.1 100 Shenzhen 29 $14.8 06/25/19 Bank of Suzhou Co Ltd $380.9 IPO Financials SME $0 0 Montage Technology Co Shanghai $12.8 07/04/19 $373.3 IPO High Technology 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Ltd STAR Outer Ring: Proceeds (US$bil) Nanjing Wondux Shanghai IPO (US$bil) Follow-On (US$bil) Convertible (US$bil) # of Issues Inner Ring: # of Issues 12/30/19 $338.8 IPO Energy and Power Environmental Technology STAR

Chinese Overseas Equity & Equity-Related Volume Chinese Overseas Equity Capital Markets by Industry Top Chinese Overseas IPO Deals

$80 250 Issue Issuer IPO Listing Proceeds Issue Macro Date Name Exchange (US$mil) Type Sector Follow- $70 11/20/19 Alibaba Group Holding Ltd Hong Kong $12,933.8 Retail On 200 $10.1 10 Follow- $60 06/14/19 Huatai Securities Co Ltd London $1,691.6 Financials $15.2 On 30 Shenwan Hongyuan Group Follow- 04/18/19 Hong Kong $1,158.5 Financials $50 Co Ltd On 150 73 Retail Hansoh Pharmaceutical 06/05/19 Hong Kong $1,152.9 IPO Healthcare $40 High Technology Group Co Ltd $4.5 Healthcare Topsports International 10/03/19 Hong Kong $1,148.8 IPO Retail 100 Holdings Ltd $30 Financials 26 Consumer Prod/Serv. 11/06/19 China Feihe Ltd Hong Kong $856.3 IPO Consumer Staples $20 Others Douyu International 50 07/16/19 Nasdaq $775.0 IPO High Technology Holdings Ltd $10 $7.2 21 $7.9 36 12/20/19 Bank of Guizhou Co Ltd Hong Kong $699.9 IPO Financials $0 0 Follow- 11/22/19 Pharmaron Beijing Co Ltd Hong Kong $676.5 Healthcare 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 $7.4 On Outer Ring: Proceeds (US$bil) IPO (US$bil) Follow-On (US$bil) Convertible (US$bil) # of Issues Inner Ring: # of Issues 05/16/19 Luckin Coffee Inc Nasdaq $645.2 IPO Retail

Note: Both top Chinese A-share and overseas IPO deals rankings include original IPOs and first-time listings which are technically classified as follow-on offers in Refinitiv database.

www.refinitiv.com/dealsintelligence China Equity Capital Markets Review Full Year 2019 | Managing Underwriters

All Chinese Chinese A-Share Chinese Overseas Equity & Equity-Related YoY Change ($) 11% QoQ Change ($) 162% Equity & Equity-Related YoY Change ($) 54% QoQ Change ($) 98% Equity & Equity-Related YoY Change ($) -26% QoQ Change ($) 391% Rank Rank Proceeds Market Mkt. # of Rank Rank Proceeds Market Mkt. # of Rank Rank Proceeds Market Mkt. # of Bookrunner Bookrunner Bookrunner 2019 2018 US$mil Share Sh. Chg Deals 2019 2018 US$mil Share Sh. Chg Deals 2019 2018 US$mil Share Sh. Chg Deals CITIC 1 5 15,259.3 10.4 4.7 69 CITIC 1 3 14,124.4 15.0 5.2 52 Morgan Stanley Huaxin Securities 1 2 7,427.3 14.2 2.5 42 China International Capital Co 2 2 13,682.2 9.3 1.9 62 China International Capital Co 2 1 9,342.7 9.9 -2.0 27 Goldman Sachs & Co 2 1 4,765.1 9.1 -2.9 27 Goldman Sachs & Co 3 1 8,512.7 5.8 -2.4 38 China Securities Co Ltd 3 2 7,100.9 7.5 -3.5 47 JP Morgan 3 5 4,387.2 8.4 3.0 17 Morgan Stanley Huaxin Securities 4 3 8,215.5 5.6 -0.9 48 Huatai Securities Co Ltd 4 4 6,010.0 6.4 -2.7 26 China International Capital Co 4 9 4,339.6 8.3 4.8 35 China Securities Co Ltd 5 4 7,443.5 5.1 -0.7 56 Guotai Junan Securities 5 5 4,537.8 4.8 -1.1 22 Credit Suisse 5 7 3,550.6 6.8 3.0 23 Huatai Securities Co Ltd 6 6 6,310.7 4.3 -0.4 36 China Merchants Securities Co 6 8 3,852.4 4.1 0.8 22 Citi 6 4 3,275.4 6.3 -0.7 25 Credit Suisse 7 13 5,275.0 3.6 1.3 31 Goldman Sachs & Co 7 6 3,747.6 4.0 0.1 11 HSBC Holdings PLC 7 12 2,977.6 5.7 3.0 11 Guotai Junan Securities 8 10 5,212.5 3.6 0.1 42 Haitong Securities Co Ltd 8 17 3,573.3 3.8 2.1 16 Industrial & Comm Bank China 8 14* 2,548.3 4.9 2.3 18 Citi 9 8 5,162.2 3.5 -0.9 36 GF Securities 9 9 3,101.0 3.3 0.1 32 Bank of America Merrill Lynch 9 3 1,724.8 3.3 -5.0 13 Haitong Securities Co Ltd 10 14 5,117.2 3.5 1.3 59 Bank of China Ltd 10 13 2,723.2 2.9 1.0 6 Haitong Securities Co Ltd 10 14* 1,544.0 3.0 0.4 44 JP Morgan 11 9 4,638.3 3.2 -0.4 21 UBS 11 27 2,681.6 2.8 2.1 7 UBS 11 6 1,465.6 2.8 -1.7 17 China Merchants Securities Co 12 11 4,376.2 3.0 -0.1 28 Guosen Securities Co Ltd 12 7 2,178.3 2.3 -1.4 21 China Merchants Bank 12 8 1,419.2 2.7 -1.0 26 UBS 13 12 4,147.2 2.8 0.0 24 Essence Securities Co Ltd 13 22 2,020.4 2.1 1.0 11 CITIC 13 17 1,135.0 2.2 0.2 17 Bank of China Ltd 14 17 3,118.5 2.1 0.4 20 Citi 14 20 1,886.8 2.0 0.7 11 Agricultural Bank of China 14 11 1,024.3 2.0 -0.8 33 HSBC Holdings PLC 15 18 3,115.3 2.1 0.5 12 Dongxing Securities 15 16 1,732.1 1.8 0.1 20 China Construction Bank 15 13 683.3 1.3 -1.4 19 GF Securities 16 19 3,101.0 2.1 0.6 32 Credit Suisse 16 31 1,724.4 1.8 1.2 8 Guotai Junan Securities 16 20 674.6 1.3 -0.2 20 Industrial & Comm Bank China 17 23 2,548.3 1.7 0.3 18 Ping An Securities Ltd 17 30 1,639.3 1.7 1.1 5 AMTD Global Markets Ltd 17 22 618.1 1.2 -0.1 17 Guosen Securities Co Ltd 18 16 2,181.0 1.5 -0.2 22 Guoyuan Securities Co Ltd 18 38 1,497.8 1.6 1.2 11 China Renaissance Holdings Ltd 18 19 595.1 1.1 -0.4 7 Essence Securities Co Ltd 19 35 2,129.0 1.5 0.9 17 Changjiang Securities Co Ltd 19 23 1,474.8 1.6 0.6 13 China Merchants Securities Co 19 10 523.9 1.0 -1.9 6 Bank of America Merrill Lynch 20 7 2,068.5 1.4 -3.2 15 Minsheng Securities Co Ltd 20 11 1,461.5 1.6 -0.5 13 Bank of Communications Co Ltd 20 26 463.5 0.9 0.1 15 Industry Total 146,551.6 100.0 631 Industry Total 94,287.3 100.0 436 Industry Total 52,264.2 100.0 196

All Chinese Chinese A-Share Chinese Overseas IPOs YoY Change ($) 2% QoQ Change ($) 144% IPOs YoY Change ($) 61% QoQ Change ($) 20% IPOs YoY Change ($) -24% QoQ Change ($) 571% Rank Rank Proceeds Market Mkt. # of Rank Rank Proceeds Market Mkt. # of Rank Rank Proceeds Market Mkt. # of Bookrunner Bookrunner Bookrunner 2019 2018 US$mil Share Sh. Chg Deals 2019 2018 US$mil Share Sh. Chg Deals 2019 2018 US$mil Share Sh. Chg Deals China International Capital Co 1 1 8,290.6 12.6 1.4 47 CITIC 1 3 5,611.0 17.6 7.0 25 China International Capital Co 1 4 3,476.7 10.2 5.1 30 CITIC 2 3 6,287.0 9.5 4.4 38 China International Capital Co 2 1 4,813.9 15.1 -9.8 17 Morgan Stanley Huaxin Securities 2 2 3,460.7 10.2 4.0 21 Morgan Stanley Huaxin Securities 3 5 3,460.7 5.3 0.9 21 China Securities Co Ltd 3 4 2,946.1 9.2 2.9 20 Credit Suisse 3 5 2,910.5 8.6 3.7 14 China Securities Co Ltd 4 11 3,288.7 5.0 1.7 29 China Merchants Securities Co 4 5 1,701.0 5.3 -0.3 11 JP Morgan 4 10 2,671.4 7.9 3.7 7 Credit Suisse 5 9 2,910.5 4.4 1.0 14 GF Securities 5 8 1,431.0 4.5 1.6 18 HSBC Holdings PLC 5 17 2,576.7 7.6 5.1 8 JP Morgan 6 13 2,726.6 4.1 1.1 8 Guosen Securities Co Ltd 6 17 1,079.1 3.4 2.1 12 Industrial & Comm Bank China 6 11 2,548.3 7.5 3.4 18 Citi 7 18 2,681.9 4.1 1.8 18 Changjiang Securities Co Ltd 7 19 1,060.5 3.3 2.2 8 Citi 7 14 2,454.6 7.2 4.5 15 HSBC Holdings PLC 8 21 2,576.7 3.9 2.2 8 UBS 8 24 1,056.5 3.3 2.4 3 China Merchants Bank 8 6 1,170.6 3.4 -1.4 25 Industrial & Comm Bank China 9 16 2,548.3 3.9 1.1 18 Dongxing Securities 9 27 965.5 3.0 2.3 9 Haitong Securities Co Ltd 9 13 1,137.7 3.3 -0.2 40 China Merchants Securities Co 10 4 2,224.8 3.4 -1.2 17 Guotai Junan Securities 10 7 922.9 2.9 -0.1 9 Agricultural Bank of China 10 8 1,024.3 3.0 -1.5 33 Haitong Securities Co Ltd 11 15 1,632.9 2.5 -0.4 45 Huatai Securities Co Ltd 11 2 908.9 2.9 -8.2 6 Goldman Sachs & Co 11 1 752.1 2.2 -6.3 7 UBS 12 8 1,499.2 2.3 -1.2 11 Minsheng Securities Co Ltd 12 23 884.4 2.8 1.9 7 China Construction Bank 12 9 683.3 2.0 -2.3 19 GF Securities 13 27 1,431.0 2.2 1.2 18 China Post Securities 13 - 761.1 2.4 2.4 1 CITIC 13 15 676.0 2.0 -0.6 13 Guotai Junan Securities 14 19 1,395.4 2.1 -0.1 28 Zhongtai Securities Co Ltd 14 26 731.9 2.3 1.6 7 China Merchants Securities Co 14 12 523.9 1.5 -2.6 6 China Merchants Bank 15 10 1,170.6 1.8 -1.5 25 Essence Securities Co Ltd 15 21 626.6 2.0 1.0 7 AMTD Global Markets Ltd 15 21 509.2 1.5 -0.6 15 Huatai Securities Co Ltd 16 6 1,134.6 1.7 -2.6 15 Haitong Securities Co Ltd 16 13 495.2 1.6 0.0 5 Guotai Junan Securities 16 23 472.5 1.4 -0.5 19 Guosen Securities Co Ltd 17 36 1,081.7 1.6 1.2 13 Huaxi Securities Co Ltd 17 - 454.2 1.4 1.4 3 Bank of Communications Co Ltd 17 25 463.5 1.4 0.2 15 Changjiang Securities Co Ltd 18 38 1,060.5 1.6 1.3 8 China Dvlp Bank Sec Co Ltd 18 - 446.3 1.4 1.4 1 UBS 18 7 442.7 1.3 -3.4 8 Agricultural Bank of China 19 12 1,024.3 1.6 -1.5 33 Shenwan Hongyuan Securities Co 19 - 444.2 1.4 1.4 3 Bank of China Ltd 19 18 395.3 1.2 -1.2 14 Dongxing Securities 20 44 973.5 1.5 1.3 10 Soochow Securities Co Ltd 20 16 435.6 1.4 0.1 3 Bank of America Merrill Lynch 20 3 377.9 1.1 -4.5 5 Industry Total 65,904.6 100.0 321 Industry Total 31,874.8 100.0 201 Industry Total 34,029.8 100.0 120 *Indicates a Tie

www.refinitiv.com/dealsintelligence China Equity Capital Markets Review Full Year 2019 | Legal Advisors

Chinese A-Share Chinese Overseas Chinese Overseas Equity & Equity Related YoY Change (#) 45% QoQ Change (#) 56% Equity & Equity Related YoY Change (#) 1% QoQ Change (#) 191% Equity & Equity Related YoY Change (#) 1% QoQ Change (#) 191% Rank Rank # of Chg in # Proceeds Rank Rank Rank # of Chg in # Proceeds Rank Rank Rank # of Chg in # Proceeds Rank Issuer Legal Advisor Issuer Legal Advisor Manager Legal Advisor 2019 2018 Deals of Deals US$mil ($'19) 2019 2018 Deals of Deals US$mil ($'19) 2019 2018 Deals of Deals US$mil ($'19) Grandall Law Firm 1 1 49 13 5,519.7 6 Maples & Calder 1 1 40 -3 22,496.8 1 Commerce & Finance Law Offices 1* 1 21 4 3,306.2 7 Zhong Lun Law Firm 2 4 40 19 6,125.0 5 Conyers Dill & Pearman 2 3* 33 14 4,825.3 6 Jingtian & Gongcheng 1* 4* 21 9 5,604.6 4 AllBright Law Offices 3 5 35 20 10,865.3 1 Jingtian & Gongcheng 3 3* 27 8 4,156.1 8 Norton Rose Fulbright 3 13* 15 9 1,485.2 17 King & Wood Mallesons 4 3 29 3 6,368.2 4 King & Wood Mallesons 4 7* 20 7 6,963.1 5 JunHe LLP 4* 9* 14 5 3,667.8 5 Grandway Law Offices 5 2 25 -4 3,167.5 11 Skadden 5 2 18 -8 6,963.2 4 Latham & Watkins 4* 17* 14 9 6,167.3 3 JunHe LLP 6 9 18 8 4,846.6 7 Commerce & Finance Law Offices 6 7* 17 4 3,301.7 9 Tian Yuan Law Firm 6 9* 12 3 2,038.1 10 Deheng Law Offices 7 7* 17 6 4,681.3 8 Appleby 7 6 12 -2 939.4 24 King & Wood Mallesons 7 3 10 -4 14,553.0 2 Beijing Kangda Law Firm 8 10* 15 6 2,182.1 14 Tian Yuan Law Firm 8* 12* 11 2 2,099.8 12 Fangda Partners 8* 12 8 1 2,175.0 9 Dentons 9* 13 14 7 7,201.4 2 Walkers 8* 5 11 -5 1,902.7 13 Jia Yuan Law Offices 8* 13* 8 2 1,764.5 14 Jia Yuan Law Offices 9* 10* 14 5 3,037.5 12 Sidley Austin LLP 8* 10 11 0 1,505.2 16 Linklaters 8* 4* 8 -4 3,575.6 6 Tian Yuan Law Firm 11* 14* 12 6 1,666.8 18 Simpson Thacher & Bartlett 11 11 10 0 14,647.0 3 Zhong Lun Law Firm 8* 22* 8 4 785.5 24 T & C Law Firm 11* 6 12 0 3,634.1 10 Clifford Chance 12* 18* 9 4 4,357.7 7 Simpson Thacher & Bartlett 8* 7* 8 -2 1,045.6 21 Shu Jin Law Firm 11* 10* 12 3 1,171.7 20 Davis Polk & Wardwell 12* 9 9 -3 3,089.1 10 Clifford Chance 13* 17* 6 1 1,990.7 11 Jincheng Tongda & Neal Law Firm 14 19* 9 5 1,122.7 22 Zhong Lun Law Firm 14 25* 8 5 1,265.2 19 Davis Polk & Wardwell 13* 4* 6 -6 1,814.0 13 C & T Partners 15 7* 8 -3 3,741.8 9 Fangda Partners 15* 15 7 0 15,031.2 2 Haiwen & Partners 13* 17* 6 1 1,918.2 12 Jingtian & Gongcheng 16* - 7 7 1,047.4 23 Han Kun Law Offices 15* 12* 7 -2 579.1 30 Freshfields Bruckhaus Deringer 13* 11 6 -2 14,988.6 1 LLinks Law Offices 16* 19* 7 3 1,731.1 16 JunHe LLP 15* 14 7 -1 1,845.6 14 Kirkland & Ellis 13* 2 6 -10 2,525.4 8 Tianhe Law Firm 16* 30* 7 6 1,148.7 21 AllBright Law Offices 18* 36* 6 4 155.3 51 Allen & Overy 18* 22* 5 1 1,529.6 15 Cleary Gottlieb Steen & Hamilton 18* 36* 6 4 2,881.3 11 Sidley Austin LLP 18* 13* 5 -1 1,143.5 19 O'Melveny & Myers 18* 48* 6 5 1,360.7 18 Industry Total 436 94,287.3 Industry Total 196 52,264.2 Industry Total 196 52,264.2

Chinese A-Share Chinese Overseas Chinese Overseas IPOs YoY Change (#) 99% QoQ Change (#) 25% IPOs YoY Change (#) 2% QoQ Change (#) 271% IPOs YoY Change (#) 2% QoQ Change (#) 271% Rank Rank # of Chg in # Proceeds Rank Rank Rank # of Chg in # Proceeds Rank Rank Rank # of Chg in # Proceeds Rank Issuer Legal Advisor Issuer Legal Advisor Manager Legal Advisor 2019 2018 Deals of Deals US$mil ($'19) 2019 2018 Deals of Deals US$mil ($'19) 2019 2018 Deals of Deals US$mil ($'19) Grandall Law Firm 1 1 28 15 2,763.8 4 Maples & Calder 1 1 32 -8 18,833.3 1 Commerce & Finance Law Offices 1 1 20 4 3,076.2 5 Zhong Lun Law Firm 2 5 20 14 1,708.4 8 Conyers Dill & Pearman 2 4 31 14 4,077.8 6 Jingtian & Gongcheng 2 4 18 6 2,915.3 6 AllBright Law Offices 3 6* 17 12 2,164.0 5 Jingtian & Gongcheng 3 3 25 6 2,826.9 7 Norton Rose Fulbright 3 10* 15 9 1,485.2 12 King & Wood Mallesons 4 2 15 5 3,826.9 1 King & Wood Mallesons 4 8 16 4 4,370.4 4 JunHe LLP 4 14* 12 7 3,482.9 3 JunHe LLP 5 8* 12 8 3,025.1 3 Commerce & Finance Law Offices 5 7 14 1 1,741.6 11 Tian Yuan Law Firm 5 7* 11 3 1,927.6 9 Grandway Law Offices 6 3* 10 3 1,118.5 9 Appleby 6 6 12 -2 939.4 22 Latham & Watkins 6 20* 8 4 3,449.2 4 Deheng Law Offices 7 6* 9 4 783.6 14 Sidley Austin LLP 7 9* 10 0 1,363.9 12 Jia Yuan Law Offices 7* 10* 7 1 1,464.5 13 Shu Jin Law Firm 8 12* 8 5 946.6 11 Clifford Chance 8* 17* 9 4 4,357.7 5 King & Wood Mallesons 7* 2* 7 -7 13,392.9 2 Jia Yuan Law Offices 9* 21* 7 6 2,112.4 6 Walkers 8* 5 9 -7 1,030.1 19 Zhong Lun Law Firm 7* 20* 7 3 695.5 22 Jincheng Tongda & Neal Law Firm 9* 21* 7 6 828.6 12 Tian Yuan Law Firm 10 11* 8 -1 937.4 23 Simpson Thacher & Bartlett 7* 5* 7 -3 815.6 19 Dentons 11* 15* 6 4 489.3 17 Davis Polk & Wardwell 11* 9* 7 -3 2,535.7 9 Clifford Chance 11* 14* 6 1 1,990.7 8 Hai Run Law Firm 11* 15* 6 4 369.1 20 JunHe LLP 11* 13* 7 0 1,845.6 10 Haiwen & Partners 11* 14* 6 1 1,918.2 10 C & T Partners 13* 8* 5 1 659.3 15 Simpson Thacher & Bartlett 11* 13* 7 0 13,799.5 2 Freshfields Bruckhaus Deringer 11* 9 6 -1 14,988.6 1 Beijing Kangda Law Firm 13* 8* 5 1 482.4 18 Skadden 11* 2 7 -18 995.5 20 Sidley Austin LLP 14 10* 5 -1 1,143.5 14 Tian Yuan Law Firm 13* 15* 5 3 799.8 13 AllBright Law Offices 15* 30* 6 4 155.3 48 Davis Polk & Wardwell 15* 7* 4 -4 309.8 26 LLinks Law Offices 16 15* 4 2 493.8 16 Han Kun Law Offices 15* 11* 6 -3 489.1 30 Paul Hastings LLP 15* 25* 4 2 951.0 18 Fangda Partners 17* 8* 3 -1 470.3 19 O'Melveny & Myers 15* 40* 6 5 1,360.7 13 GF Law Firm Shanghai 17* 12* 3 0 209.9 21 Zhong Lun Law Firm 15* 23* 6 3 957.8 21 Commerce & Finance Law Offices 17* 21* 3 2 1,057.3 10 Cleary Gottlieb Steen & Hamilton 19* 40* 5 4 2,816.3 8 T & C Law Firm 17* 3* 3 -4 1,973.7 7 Hogan Lovells 19* 30* 5 3 240.2 39 Industry Total 201 31,874.8 Industry Total 120 34,029.8 Industry Total 120 34,029.8 *Indicates a Tie

Note: All legal advisor rankings are based on number of deals.

www.refinitiv.com/dealsintelligence Ranking Criteria Summary Full Year 2019 | Managing Underwriters & Legal Advisors

If you would like to participate in the MANAGING UNDERWRITERS submission process, receive quarterly press releases, or have All league tables are based on deal proceeds (total issue amount or number of shares multiplied by the issue price) unless otherwise stated. All data for the questions about our full league table periods shown are as reflected in Refinitiv databases as of 10.30pm Beijing (China) Time on December 31, 2019. Full credit is given to the bookrunner, equal if criteria please contact: joint books. In cases of underwriter consolidation, credit is given to the surviving/parent firm.

CHINA Transactions must be received within 5 business days of pricing. (Rule 144a transactions sold exclusively in the US market, MBS, ABS transactions in all markets Bill Feng and all Federal Credit Agency transactions must be received within 5 business days of settlement.) Transactions not received by the applicable deadline are Tel: +86 (10) 6267 4786 entered into the database but classified as rank ineligible and are not included in league tables for the current calendar year. [email protected] Database coverage includes domestic and international placements of equity offerings in addition to domestic and international equity-related transactions. This includes IPOs, follow-on offerings, accelerated bookbuilds and block trades (with certain restrictions) and convertible bonds.

Convertible Bonds with a minimum life of less than 360 days are excluded. Minimum life defined as the difference between the settlement date and the earliest maturity date or first call/put option.

LEGAL ADVISORS

Non-US dollar denominated transactions are converted to the US dollar equivalent at the time of pricing.

All current data and previous year's data is as of 10.30pm Beijing (China) Time on December 31, 2019. Full credit is given tothe issuer’s legal counsel and manager’s legal counsel. All rankings exclude General Counsel. Rankings are accumulated based on number of transactions per advisor. Rankings based on proceeds are available on product.

Time periods for league tables will be based upon pricing/launch date.

Where applicable, all league tables include Rule 144a transactions. All league tables exclude pure private placements.

Initial Public Offering league tables include original IPO and first-time listings which are technically classified as follow-on offerings in Refinitiv database.

Standard league table exclusions: best efforts offerings, non-underwritten transactions and direct placements, rights offerings, transactions that mature or are callable/puttable less than 360 days after settlement, CD's , Deposit Notes & Bank Notes, Federal Credit Agency transactions (US Only), exchange offers, and offerings by closed-end funds/trusts. Federal Credit Agency issuance is excluded in all regional and global league table rankings.

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