Overview of

China International Capital Corporation Limited

September 2022

0
Leading Chinese Investment Bank with International Presence

Company Overview Balanced Business Mix and Diversified Source of Revenue 1

◼ As the first joint-venture investment bank in Mainland China, CICC was

Net Revenue Breakdown by Total Revenue and Other Income
established under strategic partnership among prestigious local Chinese and
Lines of Business (2021) Breakdown by Geography (2021)
international financial institutions.
◼ Since its inception in 1995, CICC is committed to deliver high quality and value-
added financial services to our clients. Leveraging on its strong research Others, Offshore,
capability, CICC offers a full spectrum of financial services covering 2% 24%
Wealth Investment
investment banking, equity sales and trading, fixed income, commodity and Management, Banking,
currency, wealth management and investment management. 25% 21%
◼ Headquartered in Beijing with branch offices in Shanghai and Shenzhen, CICC
has established a presence in 30 provinces / municipal cities / autonomous
regions in China and established offshore subsidiaries in 7 global financial Private
hubs (Hong Kong, New York, London, Singapore, San Francisco, Frankfurt Equity,
and Tokyo) to capture the opportunities of cross-border capital flows and the 8%
demand of international wealth allocation.
Asset Equity
◼ Further to its successful listing on the main board of the HKSE in 2015,
Management , Sales&Trading, Onshore,
CICC was subsequently listed on the Shanghai Stock Exchange on 2 Nov 2020; 28%
5% 76%
achieving the A+H listing status with the second listing further strengthening FICC,
its capital base. 11%

Accolades and Awards Highest Credit Ratings Among Peers

▪ 2016-2021
▪ 2013
Best Investment Bank in China
▪ 2004-2011
▪ 2000-2002 Moody’s Assigns Fitch Assigns CICC S&P Assigns CICC
CICC and CICC HK and CICC HK a and CICC HK a
▪ 2004-2021 Best Local Brokerage in China a Rating of “Baa1” Rating of “BBB+” Rating of “BBB+”
with Stable Outlook with Stable Outlook with Stable Outlook

▪ 2017-2019 The highest rating The highest rating

The highest rating
Most Honored Company in Asia Fitch has ever S&P has ever granted
Moody’s has ever
▪ 2021 granted to a PRC to a PRC non-bank
granted to a PRC
non-bank subsidiaries
non-bank
▪ 2020 Asia Bank of the Year subsidiaries
subsidiaries investment bank
investment bank
▪ 2019-2021 China Equity House investment bank

Note 1: Data is retrieved from CICC Year 2021 Annual Report

1
 A Remarkable Growth Path with Milestones

Since its inception, CICC has always been striving to be the best in the industry and continuously contributed to the
development and innovation of China's capital market by combining the best international investment banking
practices with local knowledge in China
Investment Banking Equities Fixed Income Investment Management Wealth Management Others 5%
3% 23%
24%
6% 20%
3%
9% Revenue
24% Revenue
28%
Revenue
~USD ~USD
45% 12%
Revenue ~USD 13%
3.4 bn 4.3 bn
~USD 51% 759.3 mn
57.3 mn 37% 11%
13%
21% 29%
23%
1999 2009 2020 2021
◼ Established our first ◼ Established the ◼ Established ◼ Obtained ◼ Completed acquisition of
overseas subsidiary, wealth CICC UK permission from 100% of the equity interest in ◼ Successfully listed
CICC Hong Kong management the SAC to conduct China Investment Securities on the Main Board
◼ Established the research department of SSE
OTC derivatives Company Limited
department
◼ The first securities business ◼ Announced the acquisition of a
◼ Completed our first ◼ Jinteng Technology,
overseas IPO project — firm in China to ◼ CICC Hong Kong majority stake in KraneShares
obtain QDII
a Fintech JV with
the IPO of China Telecom Asset Management ◼ Tencent as a strategic investor
qualification Limited obtained Tencent, opened for
(Hong Kong) Limited
(currently known as China ◼ Established CICC QFII qualification business
Mobile Limited) New York from the CSRC

1995 1997 1999 2002 2004 2007 2008 2009 2011 2013 2014 2015 2016 2017 2018 2019 2020

◼ CICC was ◼ Commence ◼ Obtained ◼ Established ◼ Established ◼ Obtained approval from ◼ Established CICC ◼ Listed and ◼ Obtained Shenzhen-Hong ◼ The first UK cross- ◼ Haier became the
established as d securities approval from the fixed CICC the CSRC to engage in Fund Management traded on Kong Stock Connect border conversion second largest
a joint venture brokerage the CSRC to income, Singapore RQFII business Co., Ltd. the SEHK trading qualification institution for GDRs shareholder
by China business in conduct asset commodities ◼ The first securities firm ◼ Obtained main board ◼ Established CICC Genesis under SLSC ◼ Alibaba purchased
Construction Hong Kong management and to obtain approval from Shanghai-Hong Fund (CICC Genesis ◼ Qualified as first- stakes
Bank Corp. business currency the CSRC to raise and Kong Stock ◼ Completed 176
National Emerging class dealer for
department million shares of
and Morgan manage private equity Connect Industry Fund Of Fund) OTC option trading
private placement
Stanley funds qualification jointly with MOF and ◼ Opened an office in
NDRC Frankfurt

2
Based on the exchange rate of 1 USD = 6.98CNY/7.85HKD
Diverse Shareholders for a Better Future

• CICC has a balanced shareholder structure and market-oriented and international system and mechanism

Other Public Other Public

H-Shareholders A-Shareholders

2.64% 8.26% 4.49% 4.48% 30.75% 9.21%

40.17%

Connected Parties
Corporate 0.9% Others
Unrestricted Public Investors 2.2%
Float 3.9%
18.17% In 10,000 shares
Individual Investors
Strategic 8.2%
Placement Institutional
1.88% HKSCC Nominees Investors
Original 17.7% 45.2%
Shareholders
79.95%
H-share Tencent+Alibaba
190,371 22.0%
A-share 39%
292,354
Original shareholders include 61%
Central Huijin, Haier Financial Holdings, China
Jianyin Investment and China Investment Consulting

Note 1: Shareholding structure and shareholding ratio of A-share shareholders are as of November 2, 2021, and shareholding ratio of H-share
shareholders is as of July 30, 2021
Note 2: Haier holds CICC’ shares through Haier Group (Qingdao) Financial Holdings Ltd., its indirectly owned subsidiary, Tencent through Tencent Mobility
Limited, its wholly owned subsidiary, and Alibaba through Des Voeux Investment Company Limited, its indirectly wholly owned subsidiary
3
 Evolving Global Footprint

30 10 221 7
international
24%
revenue
200+
provinces /
branch securities Global 500
municipal cities / financial generated from
companies outlets clients of IB
autonomous regions centers overseas
2021/12/31 2021/12/31 2021/12/31 2021/12/31 2021

Established in 2009
The first ever Chinese
member firm of LSE
CPIC’s GDR issuance
Carlsberg’s restructuring of China brewery business
First batch of GDR cross-border conversion institutions

London

Established in 2020
Frankfurt Established in 2007
Tokyo Leading Chinese bank in
Established in 2018
New York US brokerage services
Haier’s D-share offering
Hong Kong San Francisco NIO’s US Follow-on offering

Pinduoduo’s US IPO
Established in 1997
Established in 2017
No. 1 by underwriting volume
of HK IPO in 2019 CICC Silicon Valley Fund
Singapore Alibaba’s HK IPO
China Tower’s H-share IPO
Established in 2008
Nongfu Spring’s H-share IPO
First Chinese investment bank to
participate in SG REIT IPO NetEase’s H-share IPO
Budweiser APAC’s HK IPO
Privatization of GLP
USD1.5bn financing of GO-JEK, an Indonesian company
NDB’s RMB5.0bn panda bond issuance

4
 CICC Provides a Full Spectrum of Financial Services
Fixed Income, Currency
Investment Banking and Commodities Research Equity
◼ No.1 underwriter for A-share IPOs ◼ The largest Chinese corporate ◼ Covered >1,000 listed companies at ◼ Substantial growth in revenue YOY
(1999-2021) bonds dealer home and abroad at home and abroad
◼ No.1 underwriter for Overseas IPOs ◼ In-depth fixed income research ◼ Covered > 40 industries, macro ◼ H-share transactions anchored mostly
by Chinese companies since 1997 ◼ Outstanding structured products
economy, equity, fixed income, by domestic funds and insurance
◼ No.1 underwriter for investment- offering and continued market commodities, quant and index companies with market share of > 10%
grade G3 bonds of Chinese issuers ◼ Multi-dimension and multi-field ◼ PB business in HK grew strongly;
leadership in ABS business
(2017-2021) research coverage enabled by transaction volumes on H-share and US
◼ Proprietary investment in IG/non-IG
◼ No.1 advisor for China M&As (1997- enhanced research capabilities and stock under the Shanghai and
and good liquidity fixed income
2021) cross-departmental cooperation Shenzhen Connects hit new high
instruments

Investment Management CICC Capital Wealth Management

◼ AUM of over RMB700 billion ◼ Private equity investment in ◼ AUM of over RMB2.6 trillion from ~3.7
◼ ~700 products with a focus on active diverse strategies and industries million customers
management ◼ AUM of over RMB300 billion ◼ HNWI customer of >2.6 million with
◼ Cross-border products offering ◼ No.1 among PE subsidiaries of AUM per account >RMB26 million
including QDII, QFII, RQFII and FOF securities firms in AUM size ◼ Best Wealth Management Institution in
China Awards and Best Wealth
Management Brand by STCN

5
 CICC Provides A Full Spectrum of Services Throughout Business
Lifecycle

M&A M&A Services Business Lifecycle

◼ Assist enterprises in
developing M&A strategy
and implementation strategy:
horizontal / vertical Alternative
extension of business and Financing
geographical expansion Asset / Wealth
◼ Recommend acquisition Management
targets at different stages of
business growth Re- Financing Services
◼ Lead and organize Industry financing
Consolidation ◼ Diversified & flexible
transaction implementation Diversified
and tailor for enterprises financing products
M&A Financial
M&A financing plan to ◼ Customize for enterprises
Overseas Investment
minimize acquisition cost the most viable financing
M&A M&A
◼ Assist with post-transaction plan according to industry
Financing
business, financial and policies, market
management integration environment and their own
Listing on Domestic &
Asset Overseas Markets circumstances
Restructuring ◼ Lead the financing process
to help enterprises
Pre-IPO maximize financing
Investment efficiency
Investment & Other Value-added Services
◼ Provide enterprises professional financial investment and asset
management services
◼ Assist with the integrated planning of family wealth and provide
tailor-made financial products to preserve and enhance family wealth

Financing

6
 CICC Provides A Full Spectrum of Services throughout Business
Lifecycle——Case Study of China Unicom

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

Jun 2000 Sep 2002 Jun 2004 Aug 2017 Aug 2021
IPO A-share IPO A-share rights offering
◼ RMB 61.7 billion A ◼ Launch of
IPO / FO Listed on HKEx & Listed on SSE, Listed on SSE, with Share Non-public spin-off and
NYSE, with 2.828 with 5.0 billion 1.5 billion shares Offerings A-share
billion shares offered, shares offered, offered, raising ◼ RMB 75.0 billion share
listing of
raising US$5.65bn raising RMB11.5bn RMB4.5bn placement by Unicom
Red Chip Company
CUSC

Jul 2005 Aug 2005 Jun 2006 Sep 2010 Jun 2016 /
Debt Short-term financing bill Asset securitization Strategic investment & CB
Apr 2014
Jul 2016
Jun 2019
Financing / CB
China Unicom Set up China Unicom China Unicom entered Completed the Issued ◼ Issued ◼ Issued
Asset completed the issuance CDMA Network Rental into a strategic alliance issuance of RMB10.0bn RMB8.0bn RMB 2.0bn
Securitizati of RMB10.0bn short- Fee Plan, raising total framework agreement US$1.8388bn overseas RMB corporate
corporate
term financing bill proceeds of RMB9.9bn. with SK Telecom (South overseas RMB MTN bond /
on The plan is the first convertible program ◼ RMB10.0bn bond
Korea) and issued
enterprise asset US$1.0bn zero-coupon bond corporate bond
securitization in China CB to SK Telecom

Dec 2002 / Nov 2007 Sep 2008 Jan 2009 Nov 2011 Jun 2012 Aug 2017 Apr 2019
Dec 2003 Acquired fixed-line business
Acquired GSM Sold CDMA Strengthened Strategically ◼ RMB13.0 Bn
mobile business and of the group company in 21 increased 4.56% shares in ◼ Smart
Acquired GSM strategic
communications assets to China southern provinces for stakes in Unicom Red Unicom A-share Connection
mobile alliance with
assets and Telecom for RMB6.43bn, achieving full- Chip through transfer Company Technology
communications Telefonica
businesses and RMB110.0bn; service business across agreement, with total transferred by completed
assets and and increased
CDMA businesses Merged with China China consideration of China Unicom RMB470mm
M&A businesses and holdings of
of the Group Netcom for ~US$1.41bn Group financing and
CDMA businesses Sep 2009 US$500mm in
Company in US$32.0bn, the ◼ RMB 3.2 Bn of introduced
of the Group each other
Guizhou province largest M&A deal employee stock strategic
Company in nine ◼ Repurchased all shares Dec 2012 investors
provinces for for RMB880mm in Aisa Pacific in held by SK Telecom for ownership plan
RMB22.5bn and 2008 and the HK$10.0bn Acquired 100% of
RMB11.3bn, largest telecom ◼ Entered into a strategic Unicom Xinshikong
respectively M&A deal in the cooperation agreement Communications
world in 2008 with Telefonica and from China Unicom
invested US1.0bn in for RMB12.17bn
each other

7
 CICC Provides a Full Spectrum of Services throughout Business
Lifecycle——Case Study of Kunlun
◼ CICC assisted Kunlun in a number of capital market activities with total deal value exceeding USD 3.8 BN in the past nine years
Long-term and
all-around partnership
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
July. 2018
IPO on HKEX
Aug. 2011
Pre-IPO private Jan. 2015 Raising US$ 170 MM
Joint Sponsor Sep. 2019
equity funding A-share IPO Private Equity
Raising Joint Global Coordinator
IPO Raising RMB 217 MM Listed on SZSE ChiNext Oct. 2017
July. 2018
Funding
USD 1.82 BN1 CICC assisted Kunlun to bring in Huawei as strategic investor Raising RMB 1.421 BN IPO on NYSE Raising USD 120 MM
Sole Sponsor & IPO on
Raising US$ 1.04 BN NASDAQ Sole Financial Advisor
Sole Lead Underwriter
Joint Bookrunners
Raising US$ 180 MM2
Joint Bookrunners

Sep. 2019
Raising Mar. 2017
Follow-on A-share non-public offering
FO on NASDAQ
deal USD 176 MM Raising RMB 600 MM
Raising US$ 86 MM3
Joint Bookrunner
Sole Sponsor & Sole Lead Underwriter

May 2016
Issued corporate July. 2018
Raising bonds to qualified
Debt investors
Assist the Company as a sole rating advisor;
Issuer rated BB- by S&P;
financing USD 110 MM Raising RMB 730 MM
Best rating among Chinese game companies
Sole Lead Underwriter, Bond Trustee
and Bookrunner only second to Tencent;

October 2020
Jun. 2015 Nov. 2016 Increase shareholding
Nov. 2013
Acquisition of 20% Led to acquire Opera
Combined Sale of 62.5% interest Deal size: USD 80 MM
interest in browser and
Overseas in RaidCall to Sole Financial Advisor
LendInvest, mobile security
deal size: Changyou
M&As a P2P company in UK business March 2020
USD 1.37 BN Deal size: USD 50 MM Deal size: GBP 22 MM Sell Grindr
Sole Financial Advisor Deal size: USD 600 MM Deal size: USD 610 MM
Sole Financial Advisor
Joint Financial Advisor to Kunlun Joint Financial Advisor

Apr. 2015 Jan. 2017

Combined Acquisition of 25.7% Acquisition of 51%
Domestic interest in Qufenqi interest in Xianlaihuyu
deal size:
M&As Deal size: USD 62 MM Deal size: RMB 2 BN
USD 350 MM Sole Financial Advisor Sole Financial Advisor

1.8 2.1 2.5 3.2 4.1 5.3 10.0 10.1 13.0 49.9

Net profits attributable to shareholders

Source: Wind, Company annual report, as of Nov. 2019; the net profits for 2014 or early years exclude non-recurring gains of the parent company (RMB100 MM)
and losses, while the net profits for 2015 ~ 2017 is the numbers before deducting non-recurring gains and losses.
Note 1: Includes pre-IPO investment
Note 2: Including US$120 MM IPO (post-greenshoe) and US$60 MM concurrent private placement (CPP) 8
Note 3: Including the green shoes
 CICC Provides a Full Spectrum of Services for Alibaba’s Digital
Economy
——Nine years companion, more than USD 89BN transactions
Long term and comprehensive
strategic cooperation 2013 2014 2015 2016 2017 2018 2019 2020 2021
Accumulated Deal Size Sep 2014 Nov 2019
Alibaba NYSE IPO Alibaba secondary listing
Co-manage on HKEX
IPO USD 37.9BN USD 25BN Left-lead Joint Sponsor, JGC
USD 12.9BN

Jun 2015 Apr 2016 Mar 2017 Jun 2018

Ant Financial Ant Financial Meizu Ant Financial
Series A Financing Series B Financing Series B Financing Series C Financing
USD 4.5BN RMB 0.8BN USD 14BN
Strategic RMB 12BN+
USD 21.7BN Jul 2016 Aug 2017 Aug 2018
Financing Jul 2015
Taobao as cornerstone-
PSBC Strategic Financing Qudian Strategic investment
Ant Financial Investment Pre-IPO Financing China Unicom investor
RMB 1.8BN RMB 3BN RMB 4.33BN for China Tower
Around USD 100MM
Apr 2017 Nov 2019
Equity Oct 2016 Youon A-share IPO 36Kr NASDAQ IPO
Operation Jul 2013 Backdoor Listing RMB 0.6BN USD 20MM
USD 4.3BN SINOSOFT HKEX IPO of YTO Expess
April 2020
of Invested Oct 2017 In execution Raycloud
USD 62MM RMB 21BN
Company Qudian NYSE IPO STAR Market IPO
USD 1.04BN Estimated RMB 349MM

Dec 2018
2015 May 2017
YTO Expess
Debt Ant Micro-lending YTO Expess Jun 2021
USD 6.4BN 7th ABS Issuance Non-public offering of EB
Public issuance of Alibaba offshore USD
Financing convertible bonds bond offering
RMB 5.5BN RMB 0.5BN
RMB 3.65BN USD 5.0BN

May 2017
Alibaba-led consortium
Privatization of Intime Retail
Feb 2014 Aug 2015 Nov 2016 USD 1.87BN
Oct 2020 Jul 2021
M&A Rongxin acquisition Alibaba Group and Alibaba Group May 2019 Alibaba increased Clear Media privatization
USD 16BN 100% equity of SUNING acquisition of Alibaba increased its stake in Sun Art HKD 3.9BN
Investment Hang Seng group mutual strategic Sanjiang shopping its stake in Alibaba HKD 28.0BN
Nov 2017
RMB 3.4BN investment 32% shares Health
Alibaba Investment
USD 7BN RMB 2.15BN
into Sun Art for 36% Equity HKD 2.27BN
HKD 22.4BN

Jul 2018 Sep 2019

Acquired equity stake Decreased its Stake
Other in Focus Media and providing in Enlight Media
USD 2.5BN TRS arrangement Market value of
Service RMB 15BN the shares held
RMB 2.28BN2
345 525 762 1,011 1,583 2,503 3,768 5,097 7,173

Total Revenue1(RMB 100 million)

Sources: Dealogic, annual reports, public information as of November 2019; Based on the exchange rate of 1 USD = 7.0075 CNY/7.8261HKD
Note1: Alibaba Group’s fiscal year ends on March 31 of the year and Alibaba Group’s financials from FY2013 to FY2019 is shown above
Note2: Calculated based on Enlight Media’s closing price of RMB8.84 on the announcement day (September 3, 2019) 9
 Unparalleled China Investment Banking Expertise

Top Investment Bank with A Full Spectrum of

Chinese Roots and
Services
International Reach

ASIAMONEY
Finance Asia

Securities Times
IFR Asia

Best Investment Bank Best Local Brokerage

（2004-2011, 2013, 2016-2021 ） （2004-2021 ）
Best M&A House Best for Cross Border M&A in
（2018-2019 ） China
（2021 ）
Best ECM House Asian Bank of the Year Best Full-Service Investment Bank
（2020-2021 ） Best for Cross Border Debt
（2020 ） （2012, 2014-2016, 2019-2021 ）
Capital Markets in China
Best ECM House（HK, China） Best China Equity House （ 2021 ） Best M&A Investment Bank
（2019-2021 ）
（2019-2020 ） Most Innovative Bank on ABS （2010-2014, 2016-2017, 2019 ）
（ 2018-2019, 2021 ） Best Investment Bank for SSE STAR
Market （2020-2021）

10
 No. 1 Chinese Investment Bank in Singapore
We are currently the most influential Chinese investment bank in Singapore, with a leading
position in IPO underwriting and equity follow-on transactions
2016 SGX Mainboard IPO Underwriting 2018 SGX Mainboard IPO Underwriting
Notable Projects
League Table League Table
No of % Share Deal Value % Share No of % Share Deal Value % Share
Rank Bank Rank Bank
Deals (Deal no.) (USD mn) (Deal Value) Deals (Deal no.) (USD mn) (Deal Value)

1 DBS 4 80 1,451 91 1 DBS 2 67 360 89 ◼ February 2022 – CICC assisted J&T Express, a unicorn in
the logistics industry in Southeast Asia to complete the
2 3 60 877 55 issuance of a USD 1bn in USD bond as the Joint Arranger
2 1 33 306 76
3 Citi 1 20 683 43 and Joint Bookrunner
2 Bank of China 1 33 306 76
3 UOB 1 20 683 43
3 OCBC 1 20 683 43 2 Citi 1 33 306 76

3 Morgan Stanley 1 20 683 43 2 Credit Suisse 1 33 306 76 ◼ Mar 2019 – CICC acted as the exclusive Co-Manager for
7 Credit Suisse 1 20 483 30 Sea Ltd, a NYSE-listed and Southeast Asia’s largest
2 Haitong 1 33 306 76 internet company engaged in e-commerce, gaming and
7 Deutsche Bank 1 20 483 30 payment businesses, in a USD 1.552bn follow-on offering
2 Maybank 1 33 306 76 (post-greenshoe)
8 Bank of China 1 20 257 16
8 Maybank 1 20 257 16 8 UOB Kay Hian 1 33 44 11

SGX IPO Listings and Equity Follow-on Transactions Led by CICC

China Jinjiang Environment

Pegasus Asia SPAC Elite Commercial REIT Prime US REIT Sasseur REIT EC World REIT
SGX Mainboard IPO
SGX Mainboard IPO SGX Mainboard IPO SGX Mainboard IPO SGX Mainboard IPO c. USD 197mn (post-greenshoe) SGX Mainboard IPO
SGD 170mn (post-greenshoe) c. GBP 135mn (post-greenshoe) c. USD 653mn (post-greenshoe) c. USD 422mn (post-greenshoe) Sole Issue Manager, Sole Global c. USD 372mn (post-greenshoe)
Joint Bookrunner, Joint Lead Joint Bookrunner, Joint Lead Joint Bookrunner, Joint Lead Joint Bookrunner, Joint Lead Coordinator, Sole Bookrunner, Sole Lead Joint Bookrunner, Joint Lead
Underwriter Underwriter Underwriter Underwriter Underwriter Underwriter

Jan 2022 Feb 2020 Jul 2019 Mar 2018 Aug 2016 Jul 2016

GLP
Manulife US REIT BHG Retail REIT GLP SGX Mainboard IPO CapitaLand Retail China Trust
SGX Mainboard IPO SGX Mainboard IPO Equity Follow-on Offering USD 3bn (post-greenshoe) SGX Mainboard IPO
USD 493mn (post-greenshoe) SGD 276mn (post-greenshoe) USD 339mn (post-greenshoe) Joint Bookrunner, Joint Lead Manager SGD 251mn (post-greenshoe)
Joint Bookrunner, Joint Lead Joint Bookrunner, Joint Lead Joint Bookrunner, Joint Placement Solely responsible for introducing Joint Bookrunner, Joint Lead
Underwriter Underwriter Agent Chinese cornerstone investors Underwriter

May 2016 Dec 2015 Nov 2012 Oct 2010 Nov 2006

11
No. 1 Chinese Investment Bank in Singapore
CICC has been consistently top ranked top on Singapore and Southeast Asia’s M&A league
tables, with extensive experience in advising international cross-border transactions
Cross-border M&A and Southeast Asia Private Fundraising
2018 Singapore M&A League Table
Transactions Completed by CICC
Deal Value
Rank Bank Deal No.
(USD mn)
1 Citi 16,307 7
2 Morgan Stanley 14,927 4
3 14,113 2 Whirlpool Corporation
ShopUp GOGOX
Sale of Whirlpool Corporation’s
4 Deutsche Bank 14,000 2 Series B Fundraise Pre-IPO Fundraise 31% stake in Whirlpool (China) to
Galanz
5 JPMorgan 6,595 3 USD 75mn USD 100mn
RMB 1.2bn
Financial Advisor Financial Advisor
6 Rothschild & Co 4,672 7 Sell-side Financial Advisor
Sep 2021 Jul 2021 May 2021
7 Lazard 4,452 3
8 Evercore Inc 3,945 3
9 Credit Agricole 3,527 1
10 Natixis SA 3,527 1

2018 Southeast Asia M&A League Table Royal Golden Eagle Go-Jek HNA Group
RGE Singapore’s strategic Series E fundraising led by HNA Group’s tender offer and
investment in Botare Tencent, JD.com and others privatization of Singapore-listed
Deal Value company CWT Limited
Rank Bank Deal No. RMB 284mn USD 1.5bn
(USD mn) Sole Financial Advisor Sole Financial Advisor USD 1.7bn
to the Acquiror for Greater China Joint Financial Advisor
1 Citi 24,624 11
Apr 2021 Feb 2018 Nov 2017
2 Morgan Stanley 21,662 10
3 Deutsche Bank 19,869 8
4 14,406 3
5 JPMorgan 9,016 6
6 HSBC 8,061 6 Chinese Consortium JCET Global China Mobile Limited
7 Bank of America 7,608 10 Vanke, HOPU, Hillhouse, GLP’s JCET Global’s tender offer and Acquisition of 18% stake in
CEO and Bank of China’s privatization of Thailand telecommunications
8 Evercore Inc 7,236 6 privatisation of GLP STATS ChipPAC company True Corp
SGD 16.1bn USD 1.8bn USD 879mn
9 Credit Suisse 7,120 13 Joint Financial Advisor Joint Financial Advisor Sole Financial Advisor
10 Rothschild & Co 6,531 15 Jul 2017 Oct 2015 Jun 2014

Source: MergerMarket

12
 Full License across Domestic and International Markets with
Diverse Offering of Fixed Income Products
Full license for domestic and overseas bond underwriting
➢ Corporate Bonds
Domestic Exchange Market ➢ Enterprise Bonds
Onshore

➢ Debt Instrument for Non-financial Enterprise

➢ Exchangeable Bonds
China

➢ Financial Bonds
➢ Convertible Bonds
➢ Tier-2 Capital Bonds / Perpetual Bonds /
➢ Asset-Backed Securitization
Capital Supplementary Bonds
➢ REIT / Preferred Stock, etc.
➢ Collateralized Loan Obligation Domestic Interbank
➢ Government-backed Agency Bonds Market
➢ Policy Bank Bonds
➢ Local Government Bonds

International
Market
Fixed & Floating Rate Bonds Financial Bonds and Capital Securities by
Banks/Financial Institutions
International

Fixed rate bonds pay a fixed coupon

rate. Floating rate bonds have variable Senior unsecured bonds (fixed/floating notes)
coupon rate and period coupon rate and capital securities (such as Tier-2 , AT-1
adjustments. notes) issued by banks / financial
institutions.

Convertible & Exchangeable Corporate Hybrid Capital

Green & Sustainability (ESG)
Bonds Securities
Themed Bonds Asset Backed Securities
Convertible bonds give investors Hybrid capital securities
ESG bonds are debt securities in Asset backed securities are
an option to convert bonds into are a type of security that
which capital raised are used for bonds or notes backed by a
shares of the issuer while has both equity and debt
new and existing projects with specified pool of underlying
exchangeable bonds provides an features, for example,
environmental benefits based on assets.
option to convert into shares of a perpetual bonds.
voluntary process and issuance
company other than the issuer.
guidelines.

13
 Ranking Top across Domestic and Overseas Bond Markets

Participated >RMB1tn of Ranking No. 5 by Domestic Ranking No. 1 by Overseas Underwriting Ranking No.2 by ABS Underwriting
Bond Financing in Domestic Underwriting Volume Volume of Investment-grade Bonds Volume
RMB100mm USD mm RMB100mm
RMB100mm Issue Size
Market Share 3,150
44,119 15,626 21,003
39,651 14,086
2,220 2,135
32,677
27,876 9,314 8,902 1,788 1,693
8,327
12% 12% 12% 8,748 8,366 8,114
10%
10,062 3,655
5%

2017 2018 2019 2020 2021 CITICS CSC Huatai Guotai CICC CICC CITICS Haitong Guotai CSC CITICS CICC Ping An CSC CMS
Securities Junan Securities Junan Securities
Source: Bloomberg, 2017-2021, overseas G3 currency
Source：Wind Source：Wind，2021 Source：Wind，2021
(USD, EUR, JPY) bonds

No. 1 by Issue Size of All Central No. 1 by Issue Size of Large-scale No. 1 by Issue Size of Large-scale No. 1 by Issue Size of Financial
Enterprise Bonds Corporate Bonds of Central Enterprises MTNs Institutions Perpetual Bonds
RMB100mm RMB100mm RMB100mm RMB100mm
3,427 3,395 2,806 2,671 14,686
12,789
2,182 1,573 1,560 10,782 10,663
2,445 10,112
1,750 1,594 1,503
1,205 780

CICC CITICS China CMS BOCI CICC CITICS CSC CMS BOCI CICC CITICS Other Head CICC CITICS Guotai CSC BOCI
Galaxy Brokers Junan
Source：Wind，2009-2021，Issue Size
Source：Wind，2007-2021 Source：Wind，2010-2021，Issue Size ≥RMB4.0bn Source：Wind，2019-2021
>RMB5.5bn

No. 1 by Issue Size of High Grade No. 3 by Issue Size of Offshore

No. 1 by Underwriting Size of NPL No. 1 by Issue Size of CMBS
Convertible Bonds Convertible Bonds
RMB100mm RMB100mm RMB100mm
RMB100mm
4,182 79 58 55 579
4,001
485 473
3,139 53 48 406
2,147 2,116 35 33 31 29
33
216

CICC CITICS Guotai CSC Huatai GS MS CICC J.P.Morgan UBS CICC CMS Cinda CITICS Guotai CICC CITICS CSC Haitong CMS
Junan Securities
Securities Junan Securities
Source：Wind，1997-2021，Rated AA+ and Source：dealogic，2021 Source：Wind，2021，Credit ABSs supervised
above by the CBIRC Source：Wind，2017-2021

14
Bloomberg League Tables

Asia ex-Japan G3 Currency Bond (7M2022) Offshore China Bonds (7M2022)

Deal Value No of Deal Value
Rank Bank No of Deals Table Share (%) Rank Bank Table Share (%)
(USD mn) Deals (USD mn)
1 Citi 105 9,051 7.1%
1 Bank of China 82 3,584 5.9%
2 Standard Chartered Bank 109 8,455 6.6%
3 HSBC 94 7,650 6.0% 2 102 2,981 4.9%
4 JP Morgan 61 5,906 4.6%
5 BNP Paribas 66 5,518 4.3% 3 Industrial Bank 115 2,973 4.9%
6 Mizuho Financial 70 4,401 3.5% 4 CITIC Securities 84 2,851 4.7%
7 Credit Agricole CIB 68 4,057 3.2%
8 BofA Securities 56 3,951 3.1% 5 Agricultural Bank of China 67 2,265 3.7%
9 Bank of China 89 3.936 3.1% 6 Bank of Communications 68 2,151 3.5%
10 Industrial Bank 117 3,003 2.4%
7 China Citic Bank 76 2,066 3.4%
11 103 2,999 2.4%
8 China Merchants Bank 75 1,999 3.3%
12 UBS 36 2,898 2.3%
13 Deutsche Bank 26 2,895 2.3% 9 Standard Chartered Bank 51 1,957 3.2%
14 CITIC Securities 84 2,865 2.3%
15 Goldman Sachs 19 2,609 2.1% 10 Industrial & Comm Bank of China 58 1,849 3.0%

Asia ex-Japan G3 Currency Bond (2021) Offshore China Bonds (2021)

Deal Value No of Deal Value Table Share
Rank Bank No of Deals Table Share (%) Rank Bank
(USD mn) Deals (USD mn) (%)
1 HSBC 305 25,256 7.4% 1 Bank of China 222 9,348 5.6%
2 Citi 221 21,258 6.3%
3 JP Morgan 178 18,654 5.5% 2 179 7,904 4.7%
4 Standard Chartered Bank 260 17,618 5.2%
5 BofA Securities 151 13,004 3.8% 3 Industrial & Comm Bank of China 162 7,497 4.5%
6 Bank of China 241 11,595 3.4%
4 HSBC 138 6,244 3.7%
7 BNP Paribas 155 11,311 3.3%
8 Credit Agricole CIB 139 10,708 3.2% 5 JP Morgan 78 5,932 3.5%
9 UBS 132 9,757 2.9%
10 Deutsche Bank 115 9,718 2.9% 6 Bank of Communications 168 5,909 3.5%

198 8,711 2.6% 7 Standard Chartered Bank 142 5,356 3.2%

12 DBS Group 147 8,485 2.5% 8 Citi 92 5,287 3.2%
13 Morgan Stanley 76 8,312 2.4%
Industrial & Comm Bank of 9 China Minsheng Banking Corp 169 5,267 3.1%
14 171 8,128 2.4%
China
15 Mizuho Financial 129 7,913 2.3% 10 China Citic Bank 173 5,085 3.0%

15
Source: Bloomberg, as at 22 Aug 2022
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