China Equity Capital Markets Review

MANAGING UNDERWRITERS & LEGAL ADVISORS FIRST THREE QUARTERS 2020 China Equity Capital Markets Review First Three Quarters 2020 | Overall Review

Deals Intelligence China Equity Capital Markets Issuance - Issue Type Composition

Chinese equity and equity-linked (ECM) proceeds raised US$172.9 billion in the first three quarters of 2020, a 94.2% increase compared $200.0 900 to the same period last year, Number of equity issuances also grew by 92.4% year-on-year. 800 Total initial public offerings (IPOs), including first-time offerings, issued by China-domiciled companies raised an aggregate amount of US$85.1 billion, up 148.1% from the first three quarters of 2019, as number of IPOs increased 101.5% from a year ago. A-Share IPOs 700 $150.0 raised US$46.6 billion, up 126.6% from a year ago, alongside a 137.0% increase in number of A-Share issuances. Semiconductor Manufacturing International Corp raised US$7.6 billion via IPO in July, making it the biggest IPO in China for the first three quarters of 600 2020. 500 Follow-on offerings grew and raised US$59.9 billion in proceeds, up 184.4% year-on-year. Chinese convertibles, or equity-linked $100.0 issuance, totaled US$27.8 billion, a 17.3% decline compared with a year ago. Number of convertible offerings reached to 151, a 73.6% 400 increase compared with a year ago. 300 High Technology accounted for 18.8% of the China ECM proceeds worth US$32.5 billion, up 83.5% from a year ago. Healthcare captured $50.0 16.2% market share and raised US$28.0 billion, up 222.0% compared to the first three quarters of 2019. Industrials followed in the third 200 place with the market share of 12.6%. 100

CITIC currently leaded the rankings this year for China ECM underwriting, capturing 9.6% market share with US$16.6 billion in related $0.0 0 proceeds. China International Capital Co followed in second place with 9% market share worth US$15.5 billion in proceeds while Morgan 9M'11 9M'12 9M'13 9M'14 9M'15 9M'16 9M'17 9M'18 9M'19 9M'20 Stanley Huaxin Securities took third place with 8.8% market share. IPO (US$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 Stock Exchange (US$mil) Issue Type Macro Sector Semiconductor Manufacturing International 07/06/2020 Shanghai STAR 7,587.1 Follow-On High Technology Corp $32.5 06/11/2020 JD.com Inc Hong Kong 4,459.1 Follow-On Retail

Beijing-Shanghai High Speed Railway Co 01/02/2020 Shanghai Main 4,404.5 IPO Industrials 152 Ltd $53.9 213 06/07/2020 NetEase Inc Hong Kong 3,129.8 Follow-On High Technology

07/27/2020 Haitong Securities Co Ltd Shanghai Main 2,859.2 Follow-On Financials High Technology Healthcare 07/10/2020 Contemporary Amperex Technology Co Ltd Shenzhen ChiNext 2,814.7 Follow-On Energy and Power Industrials 09/04/2020 Yum China Holdings Inc Hong Kong 2,227.9 Follow-On Retail 111 Financials $28.0 08/12/2020 Ke Holdings Inc New York 2,120.0 IPO Real Estate Materials Others 07/10/2020 China Bohai Bank Co Ltd Hong Kong 2,050.7 IPO Financials 121

06/16/2020 China Pacific Insurance (Group) Co Ltd London 1,965.4 Follow-On Financials $15.5 35 148 09/24/2020 China Yangtze Power Co Ltd London 1,828.4 Follow-On Energy and Power $21.7 09/08/2020 Wuxi Apptec Co Ltd Shanghai Main 1,771.7 Follow-On Healthcare $21.1 Outer Ring: Proceeds (US$bil) 08/28/2020 NIO Inc New York 1,730.2 Follow-On Industrials Inner Ring: # of Issues

www.refinitiv.com/dealsintelligence China Equity Capital Markets Review First Three Quarters 2020 | 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

$120 700 Issue Issuer IPO Listing Proceeds Issue Macro Date Name Exchange (US$mil) Type Sector Semiconductor Manufacturing Shanghai Follow- 07/06/20 $7,587.1 High Technology 600 International Corp $100 STAR On $22.2 $23.8 Beijing-Shanghai High Shanghai 01/02/20 $4,404.5 IPO Industrials Speed Railway Co Ltd Main 500 122 126 Shanghai $80 07/30/20 Cathay Biotech Inc $793.5 IPO Healthcare STAR High Technology 400 Shanghai Follow- Industrials 07/29/20 CanSino Biologics Inc $742.8 Healthcare $60 STAR On Materials Shanghai Junshi Shanghai Follow- 300 07/01/20 $683.9 Healthcare 62 Biosciences Co Ltd STAR On $10.9 Financials $40 Beijing Roborock Shanghai Healthcare 02/10/20 $647.2 IPO Industrials 200 Technology Co Ltd STAR 21 135 $16.0 Others China Resources Shanghai 02/10/20 $617.7 IPO High Technology $20 Microelectronics Ltd STAR 100 Shenzhen 106 09/03/20 Winner Medical Co Ltd $542.9 IPO Consumer Staples $14.1 ChiNext $0 0 Shaanxi Beiyuan Chemical Shanghai $14.4 09/28/20 $539.2 IPO Materials 9M'11 9M'12 9M'13 9M'14 9M'15 9M'16 9M'17 9M'18 9M'19 9M'20 Industry Group Co Ltd Main Outer Ring: Proceeds (US$bil) Imeik Technology Shenzhen IPO (US$bil) Follow-On (US$bil) Convertible (US$bil) # of Issues Inner Ring: # of Issues 09/15/20 $526.8 IPO Healthcare Development Co Ltd ChiNext

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 06/07/20 JD.com Inc Hong Kong $4,459.1 Retail On 200 $17.2 Follow- $60 06/07/20 NetEase Inc Hong Kong $3,129.8 High Technology $20.3 On 49 Follow- 09/04/20 Yum China Holdings Inc Hong Kong $2,227.9 Retail $50 On 150 Healthcare 80 08/12/20 Ke Holdings Inc New York $2,120.0 IPO Real Estate $40 Retail High Technology 07/10/20 China Bohai Bank Co Ltd Hong Kong $2,050.7 IPO Financials 100 $30 Real Estate 17 China Pacific Insurance Follow- Financials 06/16/20 London $1,965.4 Financials (Group) Co Ltd On Others $20 $10.6 China Yangtze Power Co Follow- 50 09/24/20 London $1,828.4 Energy and Power $7.0 26 Ltd On $10 14 08/26/20 XPeng Inc New York $1,720.4 IPO Industrials 22 $0 0 Hangzhou Tigermed Follow- Consumer Products $7.6 07/31/20 Hong Kong $1,588.7 9M'11 9M'12 9M'13 9M'14 9M'15 9M'16 9M'17 9M'18 9M'19 9M'20 $8.7 Consulting Co Ltd On and Services Outer Ring: Proceeds (US$bil) Follow- Consumer Products IPO (US$bil) Follow-On (US$bil) Convertible (US$bil) # of Issues 09/22/20 ZTO Express (Cayman) Inc Hong Kong $1,265.9 Inner Ring: # of Issues On and Services

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 First Three Quarters 2020 | Managing Underwriters

All Chinese Chinese A-Share Chinese Overseas Equity & Equity-Related YoY Change ($) 94% QoQ Change ($) 96% Equity & Equity-Related YoY Change ($) 68% QoQ Change ($) 141% Equity & Equity-Related YoY Change ($) 149% QoQ Change ($) 51% Rank Rank Proceeds Market Mkt. # of Rank Rank Proceeds Market Mkt. # of Rank Rank Proceeds Market Mkt. # of Bookrunner Bookrunner Bookrunner 2020 2019 US$mil Share Sh. Chg Deals 2020 2019 US$mil Share Sh. Chg Deals 2020 2019 US$mil Share Sh. Chg Deals CITIC 1 1 16,624.2 9.6 -1.9 92 CITIC 1 1 13,584.9 13.4 -2.6 72 Morgan Stanley Huaxin Securities 1 2 12,787.2 17.9 4.1 50 China International Capital Co 2 3 15,548.6 9.0 0.8 78 China Securities Co Ltd 2 2 13,376.2 13.2 4.0 55 China International Capital Co 2 4 6,742.4 9.5 2.9 43 Morgan Stanley Huaxin Securities 3 5 15,210.4 8.8 3.8 58 China International Capital Co 3 3 8,806.2 8.7 -0.2 35 Goldman Sachs & Co 3 1 5,661.5 7.9 -6.1 34 China Securities Co Ltd 4 4 13,459.8 7.8 1.4 58 Guotai Junan Securities 4 8 6,726.7 6.6 3.2 42 Citi 4 7 4,718.4 6.6 1.8 23 Guotai Junan Securities 5 10 7,644.3 4.4 1.5 56 Huatai Securities Co Ltd 5 7 5,726.8 5.6 1.7 37 BofA Securities Inc 5 9 4,542.0 6.4 2.4 19 Huatai Securities Co Ltd 6 11 7,536.2 4.4 1.5 51 Haitong Securities Co Ltd 6 9 4,095.1 4.0 1.1 30 UBS 6 6 4,271.4 6.0 1.1 23 Haitong Securities Co Ltd 7 9 6,132.0 3.6 0.3 65 China Merchants Securities Co 7 5 3,139.3 3.1 -1.5 20 JP Morgan 7 3 4,110.9 5.8 -2.1 23 Goldman Sachs & Co 8 2 6,043.3 3.5 -5.1 37 Minsheng Securities Co Ltd 8 13 2,786.9 2.8 0.7 32 Credit Suisse 8 5 3,424.2 4.8 -0.1 23 Citi 9 15 4,718.4 2.7 0.9 23 Sinolink Securities Co Ltd 9 39 2,726.2 2.7 2.3 26 CITIC 9 14 3,039.3 4.3 2.4 20 JP Morgan 10 13 4,689.4 2.7 -0.1 26 Guosen Securities Co Ltd 10 12 2,441.5 2.4 -0.1 19 China Merchants Bank 10 11 2,249.7 3.2 0.0 34 BofA Securities Inc 11 17 4,542.0 2.6 0.9 19 Morgan Stanley Huaxin Securities 11 26 2,423.2 2.4 1.5 8 Haitong Securities Co Ltd 11 8 2,036.9 2.9 -1.2 35 UBS 12 7 4,361.4 2.5 -1.0 24 Dongxing Securities 12 14 2,098.9 2.1 0.1 18 Huatai Securities Co Ltd 12 25 1,809.4 2.5 1.7 14 China Merchants Securities Co 13 6 3,741.0 2.2 -1.3 31 Industrial Securities Co Ltd 13 37 1,948.4 1.9 1.5 20 HSBC Holdings PLC 13 10 1,642.7 2.3 -1.0 10 Credit Suisse 14 12 3,609.1 2.1 -0.8 25 Essence Securities Co Ltd 14 23 1,834.0 1.8 0.6 17 Industrial & Comm Bank China 14 15 1,238.2 1.7 0.1 14 Minsheng Securities Co Ltd 15 18 2,786.9 1.6 0.2 32 Everbright Securities Co Ltd 15 18 1,739.4 1.7 0.2 20 Bank of China Ltd 15 23 1,129.1 1.6 0.7 11 Sinolink Securities Co Ltd 16 51 2,726.2 1.6 1.3 26 Orient Securities Co Ltd 16 20 1,645.9 1.6 0.1 13 Agricultural Bank of China 16 13 1,061.1 1.5 -0.4 17 Guosen Securities Co Ltd 17 16 2,486.3 1.4 -0.3 25 Shenwan Hongyuan Securities Co 17 21 1,523.7 1.5 0.1 12 China Renaissance Holdings Ltd 17 17 1,026.7 1.4 0.1 5 China Merchants Bank 18 26 2,249.7 1.3 0.3 34 Ping An Securities Ltd 18 16 1,251.4 1.2 -0.7 9 China Construction Bank 18 16 939.0 1.3 0.0 15 HSBC Holdings PLC 19 22 2,119.2 1.2 0.1 11 China Galaxy Securities Co 19 24 1,230.6 1.2 0.0 7 Guotai Junan Securities 19 12 917.6 1.3 -0.7 14 Dongxing Securities 20 19 2,110.1 1.2 -0.2 20 China Dvlp Bank Sec Co Ltd 20 25 1,191.3 1.2 0.3 2 Jefferies LLC 20 28 883.7 1.2 0.6 7 Industry Total 172,855.6 100.0 781 Industry Total 101,473.0 100.0 572 Industry Total 71,382.6 100.0 209

All Chinese Chinese A-Share Chinese Overseas IPOs YoY Change ($) 148% QoQ Change ($) 136% IPOs YoY Change ($) 127% QoQ Change ($) 244% IPOs YoY Change ($) 180% QoQ Change ($) 69% Rank Rank Proceeds Market Mkt. # of Rank Rank Proceeds Market Mkt. # of Rank Rank Proceeds Market Mkt. # of Bookrunner Bookrunner Bookrunner 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 1 9,857.8 11.6 0.2 50 China Securities Co Ltd 1 3 6,504.5 14.0 2.0 28 China International Capital Co 1 2 3,487.1 9.1 0.0 23 CITIC 2 2 7,104.6 8.4 -2.6 41 China International Capital Co 2 2 6,370.7 13.7 0.7 27 Morgan Stanley Huaxin Securities 2 1 2,474.1 6.4 -2.8 15 China Securities Co Ltd 3 3 6,529.6 7.7 0.1 30 CITIC 3 1 5,083.7 10.9 -6.4 28 UBS 3 11 2,471.4 6.4 3.4 14 Haitong Securities Co Ltd 4 6 4,646.2 5.5 1.6 49 Haitong Securities Co Ltd 4 13 3,214.2 6.9 4.5 19 Goldman Sachs & Co 4 15 2,302.1 6.0 3.6 13 Huatai Securities Co Ltd 5 12 3,999.0 4.7 2.5 30 Huatai Securities Co Ltd 5 9 2,685.3 5.8 3.0 18 JP Morgan 5 6 2,204.6 5.7 1.3 10 Guotai Junan Securities 6 7 3,451.3 4.1 1.4 32 Guotai Junan Securities 6 11 2,533.8 5.4 2.7 18 CITIC 6 22 2,020.9 5.3 3.6 13 Morgan Stanley Huaxin Securities 7 5 3,279.8 3.9 -0.3 17 Sinolink Securities Co Ltd 7 21 2,147.1 4.6 3.7 18 China Merchants Bank 7 5 1,840.1 4.8 0.0 31 UBS 8 24 2,471.4 2.9 1.4 14 Minsheng Securities Co Ltd 8 8 1,339.0 2.9 -0.7 18 Citi 8 7 1,825.8 4.7 0.7 12 Goldman Sachs & Co 9 23 2,302.1 2.7 1.2 13 Everbright Securities Co Ltd 9 22 1,316.5 2.8 1.9 15 BofA Securities Inc 9 20 1,655.0 4.3 2.5 8 JP Morgan 10 15 2,204.6 2.6 0.7 10 China Merchants Securities Co 10 4 1,195.1 2.6 -3.0 10 Credit Suisse 10 3 1,653.0 4.3 -2.0 10 Sinolink Securities Co Ltd 11 40 2,147.1 2.5 2.0 18 Industrial Securities Co Ltd 11 29 1,078.4 2.3 1.6 11 Haitong Securities Co Ltd 11 4 1,432.0 3.7 -2.5 30 China Merchants Bank 12 14 1,840.1 2.2 0.3 31 Dongxing Securities 12 6 924.5 2.0 -1.7 9 Huatai Securities Co Ltd 12 26 1,313.8 3.4 2.3 12 Citi 13 18 1,825.8 2.2 0.6 12 Essence Securities Co Ltd 13 14 816.0 1.8 -0.6 9 Industrial & Comm Bank China 13 10 1,238.2 3.2 -0.1 14 China Merchants Securities Co 14 4 1,796.8 2.1 -2.3 21 Guosen Securities Co Ltd 14 10 808.4 1.7 -1.1 9 Bank of China Ltd 14 18 1,112.4 2.9 1.0 10 Credit Suisse 15 8 1,722.9 2.0 -0.5 11 Morgan Stanley Huaxin Securities 15 23* 805.7 1.7 0.8 2 Agricultural Bank of China 15 8 1,031.7 2.7 -1.3 16 BofA Securities Inc 16 36 1,655.0 1.9 1.2 8 GF Securities 16 7 765.8 1.6 -2.0 10 China Renaissance Holdings Ltd 16 39 1,026.7 2.7 2.3 5 Everbright Securities Co Ltd 17 41 1,346.5 1.6 1.1 16 China Dvlp Bank Sec Co Ltd 17 15 714.7 1.5 -0.7 1 China Construction Bank 17 12 939.0 2.4 -0.4 15 Minsheng Securities Co Ltd 18 13 1,339.0 1.6 -0.5 18 Orient Securities Co Ltd 18 27 618.9 1.3 0.6 7 Guotai Junan Securities 18 13 917.6 2.4 -0.3 14 Bank of China Ltd 19 21 1,290.1 1.5 -0.1 12 Guoyuan Securities Co Ltd 19 30 601.4 1.3 0.7 7 HSBC Holdings PLC 19 9 773.0 2.0 -2.0 3 Industrial & Comm Bank China 20 25 1,238.2 1.5 0.2 14 Soochow Securities Co Ltd 20 17 532.7 1.1 -0.7 6 Jefferies LLC 20 - 748.5 1.9 1.9 6 Industry Total 85,099.7 100.0 395 Industry Total 46,588.9 100.0 301 Industry Total 38,510.8 100.0 94 *Indicates a Tie

www.refinitiv.com/dealsintelligence China Equity Capital Markets Review First Three Quarters 2020 | Legal Advisors

Chinese A-Share Chinese Overseas Chinese Overseas Equity & Equity Related YoY Change (#) 106% QoQ Change (#) 56% Equity & Equity Related YoY Change (#) 61% QoQ Change (#) 45% Equity & Equity Related YoY Change (#) 61% QoQ Change (#) 45% 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 2020 2019 Deals of Deals US$mil ($'19) 2020 2019 Deals of Deals US$mil ($'19) 2020 2019 Deals of Deals US$mil ($'19) Grandall Law Firm 1 1 77 46 13,133.1 1 Conyers Dill & Pearman 1 2 30 9 6,262.7 5 Commerce & Finance Law Offices 1 2 18 6 7,903.6 4 Zhong Lun Law Firm 2 2 56 31 9,087.9 3 Maples & Calder 2 1 28 5 19,356.6 1 Jingtian & Gongcheng 2 1 16 0 6,294.8 6 AllBright Law Offices 3 4 42 26 8,863.4 4 Jingtian & Gongcheng 3 4 19 5 4,920.9 10 Tian Yuan Law Firm 3 8* 15 9 4,591.6 9 King & Wood Mallesons 4 3 38 17 9,507.4 2 Commerce & Finance Law Offices 4 6 17 7 5,429.9 6 Freshfields Bruckhaus Deringer 4* 30* 12 11 10,032.4 3 Deheng Law Offices 5 7* 34 23 4,511.7 7 Skadden 5 3 16 1 16,347.0 2 Latham & Watkins 4* 4* 12 4 5,952.1 7 Grandway Law Offices 6 5 30 15 3,007.0 10 Sidley Austin LLP 6 10* 15 9 5,021.1 8 King & Wood Mallesons 6 13* 10 6 2,281.5 16 Jia Yuan Law Offices 7* 9* 20 10 3,387.0 9 Davis Polk & Wardwell 7 16 13 8 6,351.9 4 Linklaters 7* 6* 9 2 3,833.2 11 Beijing Kangda Law Firm 7* 7* 20 9 1,745.4 16 King & Wood Mallesons 8* 5 11 -1 2,012.2 18 Zhong Lun Law Firm 7* 11* 9 4 3,011.7 14 Tian Yuan Law Firm 7* 13* 20 15 5,694.7 5 Tian Yuan Law Firm 8* 7* 11 4 2,649.2 14 Kirkland & Ellis 9 8* 8 2 3,161.0 13 Shu Jin Law Firm 10 11 16 9 1,892.6 15 Han Kun Law Offices 10* 10* 9 3 6,774.6 3 Clifford Chance 10* 17* 7 4 10,621.6 2 Hai Run Law Firm 11 17* 15 11 2,209.8 13 Zhong Lun Law Firm 10* 10* 9 3 4,796.5 11 Davis Polk & Wardwell 10* 17* 7 4 10,740.0 1 JunHe LLP 12 9* 14 4 4,530.6 6 Fangda Partners 12 10* 8 2 5,284.8 7 Fangda Partners 10* 6* 7 0 3,547.6 12 C & T Partners 13 22* 13 10 2,302.1 12 Appleby 13* 10* 7 1 133.7 52 Simpson Thacher & Bartlett 10* 13* 7 3 4,229.0 10 T & C Law Firm 14 12 12 6 1,024.7 23 Campbells 13* 25* 7 5 1,117.8 27 Allen & Overy 14 13* 6 2 1,591.6 17 Hunan Qiyuan Law Firm 15 27* 11 9 1,220.0 18 Harney Westwood & Riegels 13* 25* 7 5 2,750.3 13 Grandall Law Firm 15* 30* 5 4 643.9 23 China Commercial Law Co 16* 13* 10 5 1,085.5 21 Ogier & Le Massurier 16* 25* 6 4 518.1 38 Haiwen & Partners 15* 23* 5 3 2,663.0 15 Jingtian & Gongcheng 16* 13* 10 5 1,734.9 17 Walkers 16* 7* 6 -1 1,041.3 29 JunHe LLP 15* 4* 5 -3 6,487.0 5 Chengyi Law Firm 18 22* 9 6 1,160.6 19 Norton Rose Fulbright 15* 3 5 -5 461.8 25 Commerce & Finance Law Offices 19 13* 8 3 1,912.8 14 Herbert Smith Freehills 19* 30* 4 3 668.7 22 Wilson Sonsini Goodrich & Rosati 19* 17* 4 1 552.5 24 Industry Total 572 101,473.0 Industry Total 209 71,382.6 Industry Total 209 71,382.6

Chinese A-Share Chinese Overseas Chinese Overseas IPOs YoY Change (#) 137% QoQ Change (#) 131% IPOs YoY Change (#) 36% QoQ Change (#) 100% IPOs YoY Change (#) 36% QoQ Change (#) 100% 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 2020 2019 Deals of Deals US$mil ($'19) 2020 2019 Deals of Deals US$mil ($'19) 2020 2019 Deals of Deals US$mil ($'19) Grandall Law Firm 1 1 39 21 4,361.0 4 Conyers Dill & Pearman 1 1 27 7 4,057.9 9 Commerce & Finance Law Offices 1* 2 14 3 5,441.1 5 Zhong Lun Law Firm 2 2 34 21 5,459.9 2 Maples & Calder 2 2 23 7 16,358.0 1 Jingtian & Gongcheng 1* 1 14 1 4,599.1 7 AllBright Law Offices 3* 4 20 11 6,382.0 1 Jingtian & Gongcheng 3 3 18 6 4,859.1 5 Tian Yuan Law Firm 1* 5* 14 9 3,762.7 8 Deheng Law Offices 3* 9* 20 15 2,156.9 6 Commerce & Finance Law Offices 4 5 16 9 4,313.8 7 King & Wood Mallesons 4 16* 10 8 2,281.5 14 King & Wood Mallesons 3* 3 20 8 5,351.8 3 Skadden 5 6* 12 6 13,369.4 2 Zhong Lun Law Firm 5 8* 9 5 3,011.7 10 Grandway Law Offices 6 6* 17 11 1,700.2 8 Davis Polk & Wardwell 6* 14* 9 5 4,886.9 4 Clifford Chance 6* 10* 7 4 10,621.6 1 Tian Yuan Law Firm 7 13* 11 8 3,160.3 5 Tian Yuan Law Firm 6* 9* 9 4 1,830.2 17 Kirkland & Ellis 6* 28* 7 6 2,651.9 13 Beijing Kangda Law Firm 8* 11* 10 6 743.6 17 King & Wood Mallesons 8* 4 8 0 293.1 38 Davis Polk & Wardwell 8* 16* 6 4 10,436.7 2 Shu Jin Law Firm 8* 6* 10 4 1,113.4 12 Zhong Lun Law Firm 8* 14* 8 4 4,511.5 6 Freshfields Bruckhaus Deringer 8* 28* 6 5 7,089.7 3 Jia Yuan Law Offices 10* 6* 9 3 1,778.7 7 Appleby 10* 6* 7 1 133.7 49 Haiwen & Partners 10* 16* 5 3 2,663.0 12 T & C Law Firm 10* - 9 9 818.1 16 Campbells 10* 24* 7 5 1,117.8 23 Fangda Partners 10* 10* 5 2 2,741.9 11 Hai Run Law Firm 12* 11* 8 4 1,300.6 10 Harney Westwood & Riegels 10* 24* 7 5 2,750.3 12 JunHe LLP 10* 4 5 -1 6,487.0 4 JunHe LLP 12* 5 8 1 1,591.5 9 Sidley Austin LLP 10* 9* 7 2 3,489.7 10 Simpson Thacher & Bartlett 10* 10* 5 2 3,571.4 9 C & T Partners 14* 15* 7 5 881.3 14 Han Kun Law Offices 14* 9* 6 1 4,210.4 8 Grandall Law Firm 14* 28* 4 3 271.3 25 Hunan Qiyuan Law Firm 14* - 7 7 845.1 15 Ogier & Le Massurier 14* 24* 6 4 518.1 35 Herbert Smith Freehills 14* 28* 4 3 668.7 19 Jingtian & Gongcheng 14* - 7 7 1,123.2 11 Walkers 14* 9* 6 1 1,041.3 25 Norton Rose Fulbright 14* 3 4 -6 231.2 27 Chengyi Law Firm 17 - 6 6 616.5 18 Dentons 17* 24* 5 3 560.8 31 Wilson Sonsini Goodrich & Rosati 14* 16* 4 2 552.5 20 Fangda Partners 18 15* 5 3 909.6 13 Hogan Lovells 17* - 5 5 880.4 27 O'Melveny & Myers 17* 18* 5 2 1,336.9 19

Industry Total 301 46,588.9 Industry Total 94 38,510.8 Industry Total 94 38,510.8 *Indicates a Tie

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

www.refinitiv.com/dealsintelligence Ranking Criteria Summary First Three Quarters 2020 | 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 7.30am Beijing (China) Time on October 1, 2020. Full credit is given to the bookrunner, equal if joint criteria please contact: 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 7.30am Beijing (China) Time on October 1, 2020. Full credit is given to the 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 ranking s.

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