China & Hong Kong

Mergermarket trend report Q1 2017

Outbound

Industrials &

Private Equitybuyouts

Private equityexits

=total targeted activity

$16.7bn

$9.0bn

$3.7bn

91.1%

-18.5%

-69.7%

0.8%

-33.2%

-35.6%

Chemicals

Fact file - Q1 2017 VS. Q1 2016

Inbound

Domestic

$3.2bn

$67.0bn

$25.5bn

2China & Hong Kong trend report Q1 2017 www.mergermarket.com

China & Hong Kong

Quarterly M&A value Sector breakdown PE buyout and exit activity

0 5 10 15 20 25

Industrials & Chemicals

Technology

Financial Services

Real Estate

Consumer

Leisure

Transport

Other

Deal value (US$bn)Q1 2016 Q1 2017

7.4

3.6

13.0

7.7

16.2

12.3

16.7

41.4

45.1 46.2

9.0

1.1 1.2 4.5 4.46.7 5.5

15.212.8

24.2

32.7

3.70

20

40

60

80

100

120

140

0

5

10

15

20

25

30

35

40

45

50

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 YTD

Va

lue

of

de

als

(US$

bn

)

Private equity buyout value Private equity exit valuePrivate equity buyout deal count Private equity exit deal count

De

al c

ou

nt

26.2

39.0

29.7

63.1

126.4

83.9

70.2

31.0

37.2

47.7

92.6

141.6

105.6

51.0

39.0

59.0

80.7

118.1

116.4

39.0

39.6

57.5

101.3

221.0

101.8

2011

2012

2013

2014

2015

2016

2017

Value of deals (US$bn)Q1 Q2 Q3 Q4

China & Hong Kong regional activities had a slow start into 2017, following historical highs in the past two years in terms of both M&A deal value and volume. There were only US$ 70.2bn announced deals across 341 deals in the first three months, though still higher than any other Q1 between 2001 and 2015 on Mergermarket record.

The region recorded US$ 67bn domestic M&A deal value (including intra-regional activities between China and Hong Kong), a drop of 18.5% from US$ 82.2bn during Q1 2016. This was also the lowest quarter since Q1 2014, when US$ 54.8bn worth of transactions happened across 262 deals.

Inbound interest slowed down to the lowest quarter in over a decade by number of deals, with only 23 announced deals totaling US$ 3.2bn. This was the worst performing quarter since Q1 2004, when only 18 deals totaling US$ 2.2bn was recorded. Despite China’s open policy for foreign investment, capital outflow control imposed by Chinese regulators has also affected overseas investors’ appetite, especially when returning profits from China to overseas shareholders becomes a concern.

The decrease either by deal value or by deal count has been seen in almost all seventeen sectors covered by Mergermarket, with the exception of only three, amidst investors’ concerns over a weakening economy and tightening capital outflow control.

Despite all sluggish views of China’s economy, Industrials & Chemicals (I&C) is still backed by the State Council’s “Made in China 2025” plan that encourages domestic companies to move up the value chain. I&C regained the top position as the most active sector, accounting for 23.7% of total M&A deal value in China and Hong Kong. With US$ 16.7bn and 89 deals, the sector saw a mild flattening of 0.8% by value and nine less deals compared to the same period last year (US$ 16.5bn, 98 deals). With the support from government to upgrade business from low end manufacturing to high end manufacturing, the sector could provide a backbone to drive the region’s M&A growth. Technology, once the top sector in the past two years, slumped 42.1% by value to only US$ 11.2bn across 52 deals. The sector took a 15.9% share by value in China and Hong Kong targeted M&A deals. Koubei’s US$ 1.1bn funding round led by US-based investor Silverlake was the only Technology deal in the top ten deals in this quarter with a humble ranking of 9th.

Real Estate, Leisure and Agriculture are the only three sectors in China and Hong Kong M&A activities seeing both uptick in deal value and volume comparing with the same period last year, each recording US$ 10bn, US$ 4.4bn and US$ 311m respectively. Real Estate’s 14.3% share by value is largely backed by the top deal in the region – Shenzhen Metro’s US$ 5.4bn investment for 15.3% stake in Vanke. Even with the support of largest deal of the quarter, the sector’s deal value only retained 6.3% increase from Q1 2016 (US$ 9.4bn).

Outbound M&A from China and Hong Kong in Q1 2017 cooled down following a restraining policy for capital outflow since second half of 2016. Largely due to a change of environment of China’s outbound M&A, total value was cut down by more than two-thirds to only US$ 25.5bn from Q1 2016’s US$ 84.2bn, which includes ChemChina‘s US$ 45.9bn bid for Syngenta - the largest China outbound deal on Mergermarket record (since 2001). For more information about outbound analysis, please turn to Page 3.

Private Equity activities hit off to a sluggish start after consecutive increases in the last five years. Buyout activities amounted to US$ 9bn while exits totaled US$ 3.7bn. The number of buyouts deals almost halved to 21 and the total deal value was down by 33.2% compared to Q1 2016. Exit activities hit a wall and recorded only ten deals in the first three months, down by 16 deals and 35.6% in deal value year-on-year.

3China & Hong Kong trend report Q1 2017www.mergermarket.com

China & Hong Kong

Quarterly M&A value Cross-border activity Cross-border activity

19.3 22.611.8 12.4

29.7 25.6 21.2

39.7 36.321.5

3.223.235.0 32.1

57.6 63.8 60.768.0

59.6

85.1

213.6

25.5

217

182

138

190 191

164

181

217

162

141

23

88 88

98

131

177 170

225

269

358

461

89

0

50

100

150

200

250

300

350

400

450

500

0

50

100

150

200

250

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Va

lue

of

de

als

(U

S$

bn

)

Inbound value Outbound value Inbound deal count Outbound deal countD

ea

l co

un

t

0.00 0.50 1.00 1.50 2.00 2.50 3.00 3.50 4.00

Others

Consumer

Leisure

Financial Services

Pharma, Medical & Biotech

Industrials & Chemicals

Business Services

Technology

Energy, Mining & Utilities

Despite a continuous strong interest looking at overseas assets, Chinese companies’ outbound M&A activities have experienced a slump in the first three months this year compared with the rally in 2015 and 2016. Q1 2017 only saw US$ 25.5bn deal value across 89 deals, down by 69.7% by value and 25 by deal count compared to same period last year (US$ 84.2bn, 114 deals).

Since H2 2016, Chinese regulators have been tightening outbound M&A approvals concerning yuan depreciation and capital outflow. In line with this, the largest outbound deal from China so far this year was Ant Financial Services Group’s US$ 1.5bn acquisition of US-based MoneyGram. This was only a fraction of the largest deals in the first quarter of last two years, both led by ChemChina in their US$ 45.9bn Syngenta deal in Q1 2016 and US$ 8.8bn Pirelli deal in Q1 2015.

However, outbound M&A activities from Hong Kong stood out under current situation, reaching the highest on Mergermarket record since 2001. As an offshore financial centre with less influence from the capital outflow control imposed by Chinese regulators, Hong Kong continues to have a robust outbound appetite.

Hong Kong bidders totally poured US$ 15.5bn into non-Chinese targets across 23 deals, beating any other quarters by value on Mergermarket record by at least US$ 5bn. The top two deals led by Cheung Kong Infrastructure and Chow Tai Fook Enterprises accounted for 83.2% of total outbound value this quarter, with a combined US$ 12.9bn investment into Australia’s assets.

Looking ahead, 2017 is unlikely to replicate the extraordinary year of 2015 and 2016 for Chinese outbound M&A activities.

Requirements for Chinese bidders are now tightened to a healthier debt ratio below 70% and return-on-equity (ROE) above 5% according to Mergermarket Intelligence. The review on rationalizing outbound M&A strategy and whether an acquisition will add on to Chinese bidders’ core businesses is also in force. In terms of deal nature, deals below US$ 5bn would have higher chances of getting approved. Sectors on the watch list of regulators ranges from Real Estate to Leisure, such as property, hotel, cinema, entertainment and sports clubs.

It also remains an open question whether Hong Kong could serve an i ncreasingly important role as a platform to conduct overseas M&A deals when it comes to offshore financing.

Top Outbound deals

Deal value

(US$m) Deal details

9,818 AnnoucementDate: 16-Jan Target: Duet Group Bidder: Consortium led by Cheung Kong Property

3,074 Announcement date: 16-Mar Target: Alinta Energy Limited Bidder: Chow Tai Fook Enterprises Limited Seller: TPG Capital LP; Oaktree Capital Management LP; Anchorage Advisors LLC

2,116 Announcement date: 16-Mar Target: Reliance Home Comfort Limited Partnership Bidder: Cheung Kong Property Holdings Limited Seller: Alinda Capital Partners LLC

1,544 Announcement Date: 26-Jan Target: MoneyGram International Incorporated Bidder: Ant Financial Services Group Seller: Thomas H. Lee Partners, L.P.

1,000 Announcement Date: 20-Jan Target: Outfit7 Investments Limited Bidder: Consortium led by Ou Yaping

Outbound Sector breakdown

4

Top deals

Deal value

(US$m)

Ann.date

Bidder company

Bidder country

Buy-side advisors

Target company

Target sector

Sellercompany Sell-side advisors

5,360 12-Jan-17 Shenzhen Metro Group Co Ltd China China Vanke Co Ltd (15.31% Stake)

Real Estate China Resources Co Ltd FA: China International Capital Corporation Limited

LA: Fangda Partners

4,980 02-Mar-17 Undisclosed bidder China JD Finance (68.6% Stake) Financial Services

JD.com Inc FA: China Renaissance Partners

LA: Skadden Arps Slate

Meagher & Flom

2,779 07-Mar-17 PAG Capital Hong Kong

FA: UBS Investment Bank

LA: Fangda Partners; Hogan Lovells International

(Advising FA)

Yingde Gases Group Company Limited

Industrials & Chemicals

FA: Morgan Stanley; Rothschild;

The Anglo Chinese Group

2,099 10-Jan-17 Alibaba Group Holding Ltd China FA: China International Capital Corporation Limited

LA: Fangda Partners; Slaughter and May

Intime Retail (Group) Company Limited (52.94% Stake)

Consumer FA: Somerley Capital Limited

LA: Davis Polk & Wardwell

2,080 09-Jan-17 The Carlyle Group; CITIC Limited; CITIC Capital Holdings Limited

Hong Kong

FA: CITIC CLSA Securities ; CITIC Securities Co Ltd; JPMorgan

LA: Kirkland & Ellis;

Zhong Lun Law Firm

McDonald's (China) Company Limited

Leisure McDonald's Corporation FA: Morgan Stanley

LA: Cleary Gottlieb Steen & Hamilton

China & Hong Kong

China & Hong Kong trend report Q1 2017www.mergermarket.com

5

China & Hong Kong legal advisor league table by deal count

Ranking Company name Q1 2017 Change

Q1 2017

Q1 2016

Value (US$m)

Deal count

Count change

1 1 King & Wood Mallesons 15,200 18 -11 2 4 Fangda Partners 14,482 12 -2 3 10 Grandway Law Offices 2,655 9 0 4 3 Grandall Law Firm 1,361 7 -14 5 14 Clifford Chance 3,850 6 -1 6 2 Zhong Lun Law Firm 2,464 6 -19 7 25 Latham & Watkins 2,011 6 1 8 33 JiaYuan Law Offices 1,721 6 2 9 55 Sullivan & Cromwell 2,284 5 3

10 8 Tian Yuan Law Firm 2,565 4 -6 11 29 Kirkland & Ellis 2,527 4 -1 12 59 Jincheng, Tongda & Neal 2,200 4 2 13 5 Simpson Thacher & Bartlett 2,173 4 -9 14 32 Sidley Austin 1,392 4 0 15 43 Linklaters 1,320 4 1

China & Hong Kong legal advisor league table by value

Ranking Company name Q1 2017 Change

Q1 2017

Q1 2016

Value (US$m)

Deal count

% Value change

1 1 King & Wood Mallesons 15,200 18 -77.4%2 3 Fangda Partners 14,482 12 -75.0%3 169 Allens 9,818 1 - 4 66 Hogan Lovells International 5,392 3 644.8%5 15 Skadden Arps Slate Meagher & Flom 5,077 2 -64.8%6 6 Clifford Chance 3,850 6 -92.3%7 82 Herbert Smith Freehills 3,276 3 683.7%8 113 Allen & Overy 3,074 1 1,883.2%9 - Osler, Hoskin & Harcourt 2,936 2 -

10 30 Grandway Law Offices 2,655 9 -27.0%11 4 Davis Polk & Wardwell 2,630 3 -95.4%12 29 Tian Yuan Law Firm 2,565 4 -36.8%13 65 Kirkland & Ellis 2,527 4 238.7%14 16 Zhong Lun Law Firm 2,464 6 -77.3%15 26 Sullivan & Cromwell 2,284 5 -55.2%

China & Hong Kong financial advisor league table by deal count

Ranking Company name Q1 2017 Change

Q1 2017

Q1 2016

Value (US$m)

Deal count

Count change

1 11 Haitong Securities Co 2,793 12 5 2 18 Goldman Sachs 6,129 11 6 3 7 China Securities Co 2,082 9 1 4 17 Somerley Capital 14,226 8 2 5 1 China International Capital Corporation 9,433 7 -7 6 3 Morgan Stanley 16,230 6 -4 7 15 CITIC Securities 3,847 6 0 8 2 Huatai Securities Co 1,304 6 -6 9 16 China Renaissance Partners 6,645 5 -1

10 40 Guotai Junan Securities 2,410 5 3 11 23 China Merchants Securities Co 1,063 5 1 12 4 UBS Investment Bank 4,888 4 -5 13 5 GF Securities Co 2,064 4 -5 14 14 Citi 2,045 4 -2 15 145 Veda Capital 1,680 4 3

China & Hong Kong financial advisor league table by value

Ranking Company name Q1 2017 Change

Q1 2017

Q1 2016

Value (US$m)

Deal count

% Value change

1 4 Morgan Stanley 16,230 6 -70.8%2 26 Somerley Capital 14,226 8 291.6%3 - Macquarie Group 10,071 2 - 4 55 Platinum Securities Company 10,022 3 2,014.3%5 45 KPMG 9,923 3 1,348.6%6 - Gresham Advisory Partners 9,818 1 - 7 1 China International Capital Corporation 9,433 7 -87.2%8 20 China Renaissance Partners 6,645 5 14.6%9 3 Goldman Sachs 6,129 11 -89.1%

10 2 UBS Investment Bank 4,888 4 -92.2%11 27 Rothschild 4,511 3 41.7%12 16 CITIC Securities 3,847 6 -47.7%13 15 Lazard 3,503 2 -54.7%14 - Highbury Partnership 3,074 1 - 15 17 Haitong Securities Co 2,793 12 -60.8%

China & Hong Kong

China & Hong Kong trend report Q1 2017www.mergermarket.com

6

China legal advisor league table by deal count

Ranking Company name Q1 2017 Change

Q1 2017

Q1 2016

Value (US$m)

Deal count

Count change

1 1 King & Wood Mallesons 5,219 16 -11 2 5 Fangda Partners 11,703 11 -2 3 10 Grandway Law Offices 2,655 9 0 4 3 Grandall Law Firm 1,361 7 -13 5 2 Zhong Lun Law Firm 2,464 6 -18 6 37 Latham & Watkins 2,011 6 3 7 27 JiaYuan Law Offices 1,721 6 2 8 49 Sullivan & Cromwell 2,284 5 3 9 16 Clifford Chance 2,680 4 -2

10 8 Tian Yuan Law Firm 2,565 4 -6 11 32 Kirkland & Ellis 2,527 4 0 12 51 Jincheng, Tongda & Neal 2,200 4 2 13 4 Simpson Thacher & Bartlett 2,173 4 -9 14 6 Haiwen & Partners 848 4 -9 15 9 AllBright Law Offices 558 4 -6

China legal advisor league table by value

Ranking Company name Q1 2017 Change

Q1 2017

Q1 2016

Value (US$m)

Deal count

% Value change

1 3 Fangda Partners 11,703 11 -79.8%2 1 King & Wood Mallesons 5,219 16 -92.2%3 15 Skadden Arps Slate Meagher & Flom 5,077 2 -64.8%4 7 Clifford Chance 2,680 4 -94.5%5 30 Grandway Law Offices 2,655 9 -27.0%6 4 Davis Polk & Wardwell 2,630 3 -95.4%7 70 Hogan Lovells International 2,613 2 452.4%8 29 Tian Yuan Law Firm 2,565 4 -36.8%9 60 Kirkland & Ellis 2,527 4 331.2%

10 16 Zhong Lun Law Firm 2,464 6 -77.1%11 26 Sullivan & Cromwell 2,284 5 -55.2%12 102 Slaughter and May 2,242 2 1,073.8%13 22 Weil Gotshal & Manges 2,227 3 -63.3%14 37 Jincheng, Tongda & Neal 2,200 4 44.8%15 2 Simpson Thacher & Bartlett 2,173 4 -96.4%

China financial advisor league table by deal count

Ranking Company name Q1 2017 Change

Q1 2017

Q1 2016

Value (US$m)

Deal count

Count change

1 15 Haitong Securities Co 2,345 10 5 2 6 China Securities Co 2,082 9 1 3 12 Goldman Sachs 2,099 8 3 4 1 China International Capital Corporation 9,433 7 -7 5 17 Somerley Capital 4,314 6 1 6 9 CITIC Securities 3,847 6 0 7 2 Huatai Securities Co 1,304 6 -6 8 11 China Renaissance Partners 6,645 5 -1 9 20 China Merchants Securities Co 1,063 5 1

10 8 Morgan Stanley 3,633 4 -3 11 34 Guotai Junan Securities 2,330 4 2 12 3 GF Securities Co 2,064 4 -5 13 14 Citi 2,045 4 -1 14 37 Deutsche Bank 1,171 4 2 15 21 Shenwan Hongyuan Group Co 446 4 0

China financial advisor league table by value

Ranking Company name Q1 2017 Change

Q1 2017

Q1 2016

Value (US$m)

Deal count

% Value change

1 1 China International Capital Corporation 9,433 7 -87.2%2 20 China Renaissance Partners 6,645 5 14.6%3 37 Somerley Capital 4,314 6 379.3%4 15 CITIC Securities 3,847 6 -47.7%5 4 Morgan Stanley 3,633 4 -93.2%6 17 Haitong Securities Co 2,345 10 -66.4%7 33 Guotai Junan Securities 2,330 4 112.6%8 2 UBS Investment Bank 2,109 3 -96.6%9 3 Goldman Sachs 2,099 8 -96.3%

10 25 China Securities Co 2,082 9 -50.9%11 7 JPMorgan 2,080 1 -95.5%12 16 GF Securities Co 2,064 4 -70.7%13 14 Citi 2,045 4 -72.7%14 88 DBS Bank 1,793 1 1,218.4%15 26 Rothschild 1,732 2 -45.6%

China & Hong Kong

China & Hong Kong trend report Q1 2017www.mergermarket.com

7

Hong Kong legal advisor league table by deal count

Ranking Company name Q1 2017 Change

Q1 2017

Q1 2016

Value (US$m)

Deal count

Count change

1 11 Clifford Chance 1,696 4 2 2 9 King & Wood Mallesons 10,084 3 0 3 14 Fangda Partners 3,017 3 1 4 46 Linklaters 920 3 2 5 3 Zhong Lun Law Firm 1,573 2 -1 6 - Ropes & Gray 384 2 -7 73 Sidley Austin 142 2 1 8 31 Sullivan & Cromwell 129 2 1 9 - O'Melveny & Myers 47 2 -

10 70 Kim & Chang 29 2 1 11 - Allens 9,818 1 -

12= - Allen & Overy 3,074 1 -12= - Herbert Smith Freehills 3,074 1 -14 19 Hogan Lovells International 2,779 1 -1

15= - Osler, Hoskin & Harcourt 2,116 1 -15= - Torys 2,116 1 -

Hong Kong legal advisor league table by value

Ranking Company name Q1 2017 Change

Q1 2017

Q1 2016

Value (US$m)

Deal count

% Value change

1 32 King & Wood Mallesons 10,084 3 2,814.5%2 - Allens 9,818 1 -

3= - Allen & Overy 3,074 1 - 3= - Herbert Smith Freehills 3,074 1 - 5 12 Fangda Partners 3,017 3 76.2%6 26 Hogan Lovells International 2,779 1 378.3%

7= - Osler, Hoskin & Harcourt 2,116 1 - 7= - Torys 2,116 1 - 9= - Cleary Gottlieb Steen & Hamilton 2,080 1 - 9= 29 Kirkland & Ellis 2,080 1 365.3%11 5 Clifford Chance 1,696 4 -39.3%12 8 Zhong Lun Law Firm 1,573 2 -27.0%

13= - Odvetniki Selih & partnerji o.p., d.n.o. 1,000 1 - 13= - Taylor Wessing 1,000 1 - 15 40 Linklaters 920 3 266.5%

Hong Kong financial advisor league table by deal count

Ranking Company name Q1 2017 Change

Q1 2017

Q1 2016

Value (US$m)

Deal count

Count change

1 6 Somerley Capital 10,044 5 2 2 26 Goldman Sachs 4,425 5 4 3 1 Morgan Stanley 14,677 3 -1 4 51 Optima Capital 1,774 3 2 5 7 Haitong Securities Co 646 3 0 6 66 Gram Capital 214 3 2 7 11 Platinum Securities Company 10,016 2 0 8 - CITIC CLSA Securities 1,996 2 -9 19 CITIC Securities 1,926 2 1

10 20 Nomura Holdings 1,185 2 1 11 - The Anglo Chinese Group 845 2 -12 55 Akron Corporate Finance 621 2 1 13 - Octal Capital 219 2 -14 43 Alliance Capital Partners 206 2 1 15 - RHB Investment Bank 194 2 -

Hong Kong financial advisor league table by value

Ranking Company name Q1 2017 Change

Q1 2017

Q1 2016

Value (US$m)

Deal count

% Value change

1 6 Morgan Stanley 14,677 3 356.7%2 8 Somerley Capital 10,044 5 234.5%3 18 Platinum Securities Company 10,016 2 2,448.6%

4= - Gresham Advisory Partners 9,818 1 - 4= 27 KPMG 9,818 1 5,094.7%4= - Macquarie Group 9,818 1 - 7 17 Goldman Sachs 4,425 5 263.9%

8= - Highbury Partnership 3,074 1 - 8= 7 Lazard 3,074 1 -3.2%

10= 11 Rothschild 2,779 1 73.7%10= 4 UBS Investment Bank 2,779 1 -39.9%12= - Barclays 2,116 1 - 12= - CIBC World Markets 2,116 1 - 14 37 JPMorgan 2,080 1 1,919.4%15 - CITIC CLSA Securities 1,996 2 -

China & Hong Kong

China & Hong Kong trend report Q1 2017 www.mergermarket.com

8

China & Hong Kong

China & Hong Kong trend report Q1 2017www.mergermarket.com

About Mergermarket

Mergermarket is a mergers & acquisitions (M&A) intelligence service.

Mergermarket is part of The Mergermarket Group which has nearly 1000 employees worldwide and regional head offices in New York, London and Hong Kong.

In any market, the life blood of advisors is deal flow. Mergermarket is unique in the provision of origination intelligence to the investment banking, legal, private equity, acquisition finance, public relations (PR) and corporate markets.

With an unrivalled network of analysts covering M&A in the Americas, Europe, Middle-East, Africa and Asia-Pacific, Mergermarket generates proprietary intelligence and delivers it together with daily aggregated content, on its Mergermarket.com platform and by real-time email alerts to subscribers.

This wealth of intelligence, together with a series of deal databases, individual and house league tables, profiles and editorial have proven time and time again that this product can and does generate real revenues for clients. This is apparent when you see that Mergermarket is used by over 1,500 of the world’s foremost advisory firms to assist in their origination process.

Commercial contactsAjay NarangT: +852 2158 9764

PR contactsSu-Chin Zhang T: +852 2158 9710

Deal submission contacts (China)Yinan LyuT: +86 21 3857 7027

Production contactsAnalyst: Susie XiaoT: +852 2158 9733

Global research editor: Katharine DennysT: +44 20 3741 1279

Trend report criteria

All data is based on transactions over US$ 5m and is based on Mergermarket’s M&A deals database. Deals with undisclosed deal values are included where the target’s turnover exceeds US$10m.Deals where the stake acquired is less than 30% will only be included if the value is greater than US$100m.

M&A Trends correct as of 9am (GMT), 03-Apr-2017. Cut off date 31-Mar-2017.League tables and Top Deals correct as of 9am (GMT), 05-Apr-2017. Cut off date 31-Mar-2017. All values are in US$.

M&A trend: Based on the dominant geography of the target company being China & Hong Kong. All trend data excludes lapsed and withdrawn bids.

Cross-border M&A: Inbound refers to the dominant geography of the target company being China & Hong Kong, and the dominant geography of the bidder being any other country excluding China & Hong Kong. Outbound refers to the dominant geography of the bidder company being China & Hong Kong, and the dominant geography of the target being any other country excluding China & Hong Kong. Excludes lapsed and withdrawn bids.

Top deals: Based on the dominant geography of the target company being China & Hong Kong. FA refers to financial advisor and LA refers to legal advisor. Excludes lapsed and withdrawn bids.

Industry analysis: Based on the dominant sector and geography of the target company. Excludes lapsed and withdrawn bids.

League tables: Based on the dominant geography of the target, bidder or seller company being China & Hong Kong. Financial advisor tables exclude lapsed and withdrawn bids. Legal advisor tables include lapsed and withdrawn bids. Deal submission contacts (Hong Kong)

Gwyneth LauT: +852 2158 9648