Investor Presentaiton

Foreword Despite overall market sentiment and investor confidence this year being driven by COVID-19 as well as political, social and economic concerns, global IPO markets have shown resilience, recovering after a slower first half and expected to end strong by recording an increase of more than 23 percent in terms of proceeds by the end of 2020, compared with last year. This increase is mainly due to a surge in fundraising in the leading stock markets in Mainland China, Hong Kong and the US, especially the Mainland China and Hong Kong stock exchanges, which are -set to record their most active year since 2011 in terms of proceeds. The Shanghai Stock Exchange is expected to rank among the global top three exchanges in terms of total funds raised, boosted by the continuing popularity of the STAR Market. The A-share market is up 82 percent in terms of funds raised compared with last year. On the back of the STAR Market's success, China has deepened its capital markets reform with the expansion of registration-based IPOs in the ChiNext market during the year. The STAR and ChiNext board focus on supporting innovative growth companies and start-ups, further facilitating the growth of multi-layered capital markets, and enhancing liquidity and investments in the A-share market. 85 Hong Kong's market has continued to attract up-and-coming companies from around the world, with a number of homecoming listings. During the period, nine US-listed Chinese-based companies completed secondary listings in Hong Kong, raising a total of HKD131.3 billion, representing approximately 34 percent of funds raised. The trend of secondary listings has highlighted Hong Kong's solid fundamentals and its importance as an international capital-raising venue with a growing ecosystem for innovation and new economy companies. GE Despite prevailing uncertainties marked by the COVID-19 outbreak as well as political, social and economic concerns, the global IPO markets remained resilient and ended strong in 2020. As businesses gradually adapt to the new normal and with the rollout of COVID-19 vaccines, there is a good chance for the global economy as well as the capital markets to rebound in the coming year. Paul Lau Partner Head of Capital Markets/ Professional Practice KPMG China Note: All analysis is based on data as at 6 December 2020, adjusted to numbers of confirmed listings up to 31 December 2020, unless otherwise stated. KPMG © 2020 KPMG, a Hong Kong partnership and a member firm of the KPMG global organisation of independent member firms affiliated with KPMG International Limited ("KPMG International"), a private English company limited by guarantee. All rights reserved. 1

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