Chinese Mainland and Hong Kong IPO Markets Q1 2023 Review

A-share IPO market: 2023 Q1 highlights . • Modest start to the year for A-share market A-share IPOs slowed down considerably in 2023 Q1 after a record breaking year, posting decreases in deals and funds raised compared to 2022 Q1, largely due to the lingering effects of the pandemic on the economy and the lack of a mega-deal akin to China Mobile's RMB56 billion offering in 2022 Q1. ⚫ The Shanghai Stock Exchange and Shenzhen Stock Exchange continue to outperform their global peers, ranking 1st and 2nd among the global stock exchanges in terms of funds raised. Registration-based system reform Emboldened by the success of the registration-based system on the STAR & ChiNext markets, on 17 February 2023, the China Securities Regulatory Commission expanded the registration-based system to cover all national securities exchanges and public offerings. A-share IPO activity in 2023 Q1 RMB 78.3B ~ 55% 73 Deals ~ 15% compared to 2022 Q1 compared to 2022 Q1 Advantages of the registration-based system Q Transparency Market Driven Note: All analysis is based on WIND data and included REIT deals as of 23 March 2023, adjusted to number of confirmed listings up to 31 March 2023, unless otherwise stated KPMG © 2023 KPMG, a Hong Kong (SAR) partnership, are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved Chinese Mainland and Hong Kong IPO markets | 8

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