Investor Presentaiton

Average Daily Turnover Sep-19 Oct-19 40.0 Stock Connect ☐ Hong Kong Stock Exchange reached an agreement with the Shanghai Stock Exchange and the Shenzhen Stock Exchange on the Stock Connect inclusion arrangements for eligible pre-revenue biotech companies listed in Hong Kong, as well as for eligible A-shares listed on the STAR Market. This points to the regulators' continuing efforts to enhance the mutual market access programme, ensuring the continued healthy development of the capital markets of Mainland China and Hong Kong. Northbound investments have remained active, highlighting a heightened interest in Chinese securities, as well as confidence in the resilience of the Chinese capital markets amid global uncertainties. In addition, the FTSE Russell began including A-shares in its index; MSCI completed its previously announced phased weighting increase of China A-shares, or yuan-denominated mainland Chinese stocks. These moves are expected to further stimulate northbound trading. The Southbound Trading Investor Identification Regime was successfully rolled out in January 2020, facilitating enhanced orderly operation and regulation of Stock Connect. Southbound investment: average daily turnover HKD billion Northbound investment: average daily turnover RMB billion 35.0 30.0 25.0 12.1 20.0 15.0 9.8 9.4 9.2 10.0 5.7 5.1 16.1 16.6 5.0 10.8 11.3 6.3 7.1 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 April-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Southbound sell trades Oct-20 Dec-20 Nov-20 Average Daily Turnover Sep-19 Oct-19 Nov-19 160.0 140.0 120.0 100.0 80.0 60.0 45.9 45.1 43.9 27.1 40.0 20.8 19.8 50.8 20.0 40.8 40.5 43.6 24.0 23.7 Southbound buy trades * Analysis is based on data as at 6 December 2020 KPMG Nouthbound buy trades Nouthbound sell trades Source: HKEX 25 © 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. Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Sep-20 Aug-20 Oct-20 Nov-20 Dec-20

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