130630 AA 2013 Interim Review and Outlook E...An interim performance in terms of proceeds that was...

National Public Offering GroupDeloitte China

30 June 2013

Hong Kong and Chinese Mainland IPO Markets in 2013Interim Review and Outlook

In the 1H/2013, the capital market became volatile due to the following economic and political developments:

1 • Improved U.S. economic indicators

2 • Successful transition to new Mainland administration

3• Ripples of debt-riddled euro zone crisis continued to be felt and two

European biggest economies, Germany and France, were contracting

4 • Slower GDP growth in China

5 • Campaign to fight deflation and revive Japan’s economy

6 • Speculation over exit of Quantitative Easing (QE) 3

Hong Kong and Chinese Mainland IPO Markets in 2013 – Interim Review and Outlook

Hong Kong’s IPO market improved

22 new listings, raising HK$ 39.5 billion (↑28%)

(Jan – Jun 2012: 32 new listings, raising HK$30.8 billion)

An interim performance in terms of proceeds that was betterthan 2012 but has yet returned

to the level before the financial tsunami in 2008.

3 Hong Kong and Chinese Mainland IPO Markets in 2013 – Interim Review and Outlook

Source: HKEx, Deloitte Analysis; as of 30 June 2013

Blank entry for Chinese Mainland’s IPO market

NO new listing since early November 2012

(Jan – Jun 2012: 104 new listings, raising RMB72.6 billion)

A similar situation when IPO was suspendedfor three quarters since

Q4 of 2008.

Source: China Securities Regulatory Commission (CSRC), Deloitte Analysis

57.045.4 39.5

31.1 30.4 26.4 26.2 21.9 21.60

NYSE Brazil Nasdaq Hong Kong UK Tokyo Germany Mexico Thailand Singapore

Hong Kong is expected to remain one of the top five spots in 2013

Hong Kong ranked no. 4 in terms of funds raised globally,

behind those of New York Stock Exchange, Brazil and Nasdaq. Shanghai and Shenzhen were stagnant due to the unofficial moratorium on IPOs.

(HK$ billion) IPO Proceeds Raised from Key Global Exchanges in 1H/ 2013

44 Listings

Source: New York Stock Exchange, HKEx, Nasdaq, London Stock Exchange, Tokyo Stock Exchange, Borse Frankfurt, The Stock Exchange of Thailand, Singapore Exchange, Bloomberg, and Deloitte AnalysisExclude proceeds from close-end investment companies, close-end funds and special purpose acquisition companies (SPACs)

6 Listings

22 Listings

46 Listings

24 Listings

17 Listings

5 Listings

6 Listings

15 Listings

10 Listings

10%10%

NYSE Mexico ShanghaiSwitzerland Euronext/Amsterdam TokyoBrazil Hong Kong Malaysia

Hong Kong’s mega deal still topped among largest IPOs in the world

5.46.16.27.08.29.6

13.414.4

24.3124.3

020406080100120140

Allison Transission (NYSE)Alpek SA (Mexico)China Communications Construction (Shanghai)DKSH Holdings (Switzerland)Ziggo (Euronext/Amsterdam)Activia Properties (Tokyo)Banco BTG Pactual (Brazil)Haitong Securities (Hong Kong)FELDA Global Ventures (Malaysia)Facebook (Nasdaq)

IPO Proceeds

10%10%

Brazil NYSE Thailand Tokyo Hong Kong Frankfurt New Zeland Singapore Iraq

Sinopec Engineering

Source: New York Stock Exchange, HKEx, Nasdaq, Tokyo Stock Exchange, Borse Frankfurt, The Stock Exchange of Thailand, Singapore Exchange, Bloomberg and Deloitte Analysis; exclude proceeds from close-end investment companies, close-end funds and SPACs

9.910.611.211.312.1

13.914.3

16.720.0

0 10 20 30 40 50

Asiacell Communications (Iraq)Mapletree Greater China (Singapore)

Mighty River Power (New Zealand)ING US (NYSE)

LEG Immobilien (Frankfurt)Sinopec Engineering Group (Hong Kong)Nomura Real Estate Master Fund (Tokyo)

BTS Rail Mass Transit (Thailand)Zoetis (NYSE)

BB Seguridade (Brazil)

IPO Proceeds

Haitong Securities ranked

1H/2013

1H/2012

(HK$ billion)

Issuer Proceeds Raised (HK$ billion)

1H/2013

1. SINOPEC Engineering (Group) Co., Ltd.- H Shares 13.94

2. China Galaxy Securities Co., Ltd.- H Shares 8.52

3. Langham Hospitality Investments and Langham Hospitality Investments Limited 4.26

4. Chinalco Mining Corporation International 3.18

5. China Harmony Auto Holding Limited 1.671H/2012

1. Haitong Securities Co., Limited. - H Shares 14.38

2. Sunshine Oilsands Limited 4.49

3. Huadian Fuxin Energy Corporation Limited 2.68

4. China Nonferrous Mining Corporation Limited 1.96

5. Xiwang Special Steel Company Limited 1.33

Hong KongOverview of IPO Market – 1H/2013Top 5 IPOs expanded with more market liquidity

Source: HKEx, Deloitte Analysis; as of 30 June 2013

Q2 deal volume returned to the level before financial tsunami, down from 14 to 12 y-o-y (↓14%)

More listing applications accepted by HKEx in First 6 months

• 67 listing applications for the Main Board (MB) and Growth Enterprise Market (GEM) were received during the first half of 2013, substantially increased 20% y-o-y from 2012.

• 54 active applications are being processed, showing an upward trend from 45, a y-o-y rise of 20%.

Lapsed, rejected and withdrawal of listing applications reduced

• Between 1 January to 28 June 2013, 14 applications were lapsed, decreased from 25, or 44% y-o-y.

• 4 applications were rejected, dropped from 6, or 33% y-o-y.

• No application was withdrawn with figures fallen from 5, or 100 y-o-y.

10 11 7 5 7 713

13 1421

23 1826

1510 12 13 10 6

0 20 0 0 0

34 3 2

2008Q1

2008Q2

2008Q3

2008Q4

2009Q1

2009Q2

2009Q3

2009Q4

2010Q1

2010Q2

2010Q3

2010Q4

2011Q1

2011Q2

2011Q3

2011Q4

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

Proceeds RaisedN

HK MB IPOs HK GEM IPOs Proceeds from IPOs (HK$ billion)

Hong KongOverview of IPO Market – 1H/2013More potential issuers were positive about listing window in 2013

Hong Kong and Chinese Mainland IPO Markets in 2013 – Interim Review and OutlookSource: HKEx, Deloitte Analysis; as of 28 June 2013

50%50%

Number of IPOs byLocation of Issuer

Chinese Mainland Hong Kong

-40% 60% 160% 260%

Top 3 Best/ Worst Performers of HK IPO

China Harmony Auto

PanAsialum

Langham Hospitality Investments

PPS Int’l

Roma Group

Beijing Tong Ren Tang Chinese Medicine

Mainland Companies Took Heavier Weight

• 11 out of 22 deals were from the Chinese Mainland, down from 65.6% to 50% y-o-y

• The IPO volume of HK$33.1billion, representing a 83.9% (1H /2012: 81.0%) rise in the proceeds raised in the market.

• International listing has yet taken place in the first half.

P/E Multiples Jumped

• Only 7 deals or 32% of the new listings had single-digit P/E multiples.

• A record high P/E multiple of 73.7 times came from a GEM IPO issuer.

Average First Day Return Picked up by a Quarter

• Average first-day performance was +38.3% (MB:+8.3%, GEM:+103%), which was over 10 times higher than the inflation. On a y-o-y comparison, it has increased by 33 percentage points from +5.3% (MB:+5.2%, GEM:+5.3%).

• All of the top three best IPO performers came from GEM with the top one offered a first-day return of +237%. All of the top 3 worst IPOs came from the MB and the first-day return of the worst performer was -16.1%.

Hong KongOverview of IPO Market – 1H/2013More encouraging valuation and promising return

Source: HKEx, Deloitte Analysis

P/E Multiples

x < 5 times5 times < x < 10 timesx > 10 timesIntroduction/Loss

IPO Deal Size AnalysisTwo mega deals, which raised HK$22.5 billion proceeds, accounted for nearly 57% of total funds raised for the first half

Total funds raised: HK$50b

• China Railway Construction Corporation Ltd - H Shares

• Want Want China Holdings Limited

• China Zhongwang Holdings Limited

• United Company RUSAL Limited

Total funds raised: HK$187b• Hui Xian REIT• Shanghai

Pharmaceuticals Holding Company Limited – H Shares

• Glencore International Plc

• MGM China Holdings Limited

• Samsonite International S.A.

• PRADA S.p.A.

• Haitong Securities Company Limited – H shares

• China Galaxy Securities Company Limited – H Shares

• SINOPEC Engineering (Group) Company Limited – H Shares

0%10%20%

30%40%50%60%70%80%

90%100%

1H/2008 1H/2009 1H/2010 1H/2011 1H/2012 1H/2013

Deal Size of HK MB IPOsMega (>US$1b) Large (US$1b>x>US$0.5b) Medium (US$0.2b>x>US$0.5b) Small (<US$0.2b)

Hong Kong

2 IPOs raised HK$28.4b

6 IPOs raised HK$148b

1 IPO raised HK$14.4b

2 IPO raised HK$22.5b

Hong Kong and Chinese Mainland IPO Markets in 2013 – Interim Review and OutlookSource: HKEx, Deloitte Analysis

1H/2008 1H/2009 1H/2010 1H/2011 1H/2012 1H/2013

Average Proceeds Raised

Deal Size of HK MB New IPOs (excluding US$1 billion mega-deals)

Large (US$1b>x>US$0.5b) Medium (US$0.2b>x>US$0.5b) Small (<US$0.2b) Average

(HK$ billion) (HK$ billion)

eals • HK$

21.8billion 11

ls • HK$

7.8billion 24

ls • HK$

32.9 billion 24

ls • HK$

38.4billion 23

ls • HK$

15.7 billion 13

ls • HK$

16.1 billion

IPO Deal Size AnalysisAverage deal size for Main Board expanded by 82% to HK$1.24 billion while that for GEM was HK$158 million

Hong Kong

Hong KongIPO Valuation AnalysisNearly half were priced above mid-point with nearly one-third of IPO at the top of indicative range

39%29%

IPO Pricing(1H/2012)

Top of the IndicativeRange

Above the Mid-Point ofthe Indicative Range

At and Below the Mid-Point of the IndicativeRange

Bottom of theIndicative Range

Fixed Price

19%29%

IPO Pricing (1H/2013)

Hong Kong Market liquidity fueled greater appetite for IPOs

93% MB IPOs wereover-subscribed.

For the over-subscribed ones,

86 % of themwere over-subscribed for

more than 10 times.

1H/20131H/2012

Best-received IPOs in terms of Over-subscription Rate

1,086x

(1H/2012: 58%)

(1H/2012: 14%)

Perfect ShapeOi Wah

Pawnshop Credit

3%25%9%

1H/2012Energy & Resources

Financial Services

Health Care &Pharmaceutical

Manufacturing

Property

Retail & ConsumerBusiness

Technology, Media &Telecommunications (TMT)

Others

1H/2013

Hong Kong

Number of IPOs by IndustryManufacturing sector took lead followed by property businesses

6.9%1.7%

Energy & Resources Financial Services Health Care & Pharmaceutical Manufacturing Property Retail & Consumer Business TMT Others

0.7%9.5%

1.3%3.5%

0 5 10 15 20

Energy & Resources

Financial Services

Health Care & Pharmaceutical

Manufacturing

Property

Retail & Consumer Business

Others

1H/2013

Hong KongNearly half of the market’s proceeds came from manufacturing sector

0 5 10 15 20

Energy & Resources

Financial Services

Manufacturing

Property

Retail & Consumer Business

Others1H/2012

(HK$ billion)

SINOPEC Engineering Drove Most

Proceeds for Manufacturing

Sector

Financial Services Led with Haitong Securities’

Offering

Source: HKEx, Deloitte AnalysisHong Kong and Chinese Mainland IPO Markets in 2013 – Interim Review and Outlook

Jittered performance of global stock markets since late May has deterred some issuers from launching their marketing roadshows or offerings

Hong Kong

Hopewell HK

Properties

NW Hotel Investments

Mando China

Macau Legend

CAA Resources

Source: Deloitte Analysis

Nonetheless, other companies, such as Jin Cai, KVB Kunlun, New Century REIT, Modern Land, S. Culture Int’l, Sinosoft Technology and others decided to still GO AHEAD with their listings

NexteerAutomotive

Hong KongOutlook - challenges that may hinder Hong Kong’s market leadership

Gradual withdrawal from QE3 China’s A-

Share market reform

China’s economic outlook

Renewed Eurozone

crisisIntensified

competition from other

bourses

• Weak statistics showing economy is losing steam

• Liquidity crunch exposes banking and credit issues

• When and how new urbanization measures play out to stimulate the slowing down economy

• Vital economic reforms have not yet been seen as Europe slips further into the mire

• Larger deals happening in other relatively smaller IPO venues

HK IPO Market

• When and how new listings will be launched• How market liquidity will be affected

• How the retreat of “hot money” impacts the market at this part of the world

The Chinese MainlandOutlook - challenges overcasting the market

A-Share IPO

Market

Economic reform plan

and direction to

be endorsed by CCCPC*

Weakening economy

Timing of IPO

resumption

Continuous IPO reform

Liquidity pressure

due to long IPO

pipeline

Hong Kong and Chinese Mainland IPO Markets in 2013 – Interim Review and Outlook* The Third Plenary Meeting of the 18th Central Committee of Communist Party of China

Narrowed valuation gap to spur more new listings from Chinese Mainland companies

2009Q1

2009Q2

2009Q3

2009Q4

2010Q1

2010Q2

2010Q3

2010Q4

2011Q1

2011Q2

2011Q3

2011Q4

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2*

HKEx - MB 9 13 16 18 17 15 16 17 12 12 9 10 10 9 9 11 11 10HKEx - GEM 13 34 33 39 43 29 33 31 26 24 20 22 18 17 17 18 27 34SH MB 19 25 24 29 28 18 20 22 23 16 14 13 14 12 11 12 12 10SZ SME 25 36 35 47 41 32 40 45 36 31 27 23 23 23 21 22 24 23

Source: HKEx, *as of 28 June 2013

Hong Kong

Among 371 companies* that are under initial review and responding to the CSRC enquiries for A-share listing, some of them are revisiting the possibility of listing in Hong Kong

0 20 40 60 80 100 120 140 160

Energy and Resources

Financial Services

Manufacturing

Retail and Consumer Business

Real Estates

OthersSH MB SZ SME

17 32%

12 22%

Retail and Consumer Business

Clothing & textiles, cosmetics and jewelry Agriculture, Fishery and ForestryFood and Beverage Furniture & UtensilsShopping Malls and Tourism Others

Financial Services

Banking Other Financial Institutions

Stages Banks

InitialReview

§ Bank of Shanghai§ Bank of Guiyang§ Bank of Chengdu§ Shengjin Bank§ Bank of Jiangsu§ Bank of Jinzhou§ Huishang Bank§ Changshu Rural Commercial Bank§ Wuxi Rural Commmercial Bank

Responding to CSRC Enquiries

§ Bank of Hangzhou§ Bank of Dongguan§ Wujiang Rural Commercial Bank§ Bank of Chongqing§ Rural Commercial Bank of Zhangjiagang § Jiangyin Rural Commercial Bank

Source: CSRC, Deloitte analysis; as at 20 June 2013* Only applies to companies that are planning to be listed on the Shanghai Main Board and Shenzhen Small and Medium Enterprise Board

(no. of companies)

Hong KongOutlook – key listing trends

‘Go Global’ Strategy of

Chinese Companies under 12th

Five-Year Plan

Reverse Takeover

Listing of Local

Brands

HKEx’s Strategic

Plan(2013-2015)

Support outbound M&A

activities• H-share offering of

Chinese SMEs and A-share companies• B-share companies

to convert listings to H-shares• Free circulation of

domestic shares for H-share issuers

Chinese real estate companies

• Stronger re-financing capability• Lower financing

costs• Take advantage of

RMB appreciation against debt denominated in US$

Home-grown family business

• Spin-off of business for new listing• Family business

expansion for greater brand awareness and wealth management

LME Acquisition

• RMB-denominated IPO along with the expansion of RMB-denominated products• Stimulate

international listing and streamlining of secondary listing procedures

The Chinese MainlandOutlook – key listing trends

“New Third Board” －over-the-counter market

Western region development

Strategic emerging sectors like energy efficiency and environmental protection, hi-end manufacturing, life science and healthcare, and IT

Priority development of cultural, and agricultural, forestry, fishing and livestock industries

State policy driven processAlign with State development

Areas where government funding will flow, and where

private funding is expected and priority business sectors will

advance

TMT Conventional and Hi-end Manufacturing

Life Science and Healthcare

Resources and Energy Efficiency

Retail and Consumer Business New Materials Others

The Chinese MainlandOutlook - sector allocation for IPOTMT, manufacturing, and life science and healthcare companies comprised around two-third of the 83* IPO candidates that are awaiting CSRC’s final listing clearance

23 18 14 10

9 4 5Source: CSRC, Deloitte Analysis, *as of 20 June 2013

(No. of IPO candidates)

Hong KongOutlook - sector allocation for IPOMajority of proceeds will come from financial services, property, and retail & consumer sectors

Financial Services – provincial banks

• Expand business and service coverage nationally• Meet regulatory

requirement on capital reserve and liquidity ratio• Accelerate growth from

expansion of QFII/ RQFII quota

Property– real estate developers

• Focus on 3rd and 4th tiers cities in China• Benefit from infrastructure

investment and new urbanization initiatives• Strong funding needs for

project development• Improved long-term cost of

funding to stay competitive

Retail & Consumer – renowned brands and service providers• Income re-distribution

initiative to even and increase average income per capita• Nationwide implementation

of VAT reform expects to fatten earnings of service industry• Reap from new

urbanization initiative

About 65-75 companies will be listed by the end of 2013,

raising approximately HK$100-130 billion.

Outlook of Hong Kong’s IPO Market in 2H/2013 to be driven by Chinese economic measures

(2012: HK$89.8 billion, ↑11.4-44.8%)

Measures announced before, during or after the 3rd Plenary Session of the 18th CPCCC in October and the performance of the Chinese economy will be crucial in determining the wideness of the window for launching the fully stocked IPO pipeline in the second half of the year.

New measures, in particularly those related to the new urbanization and infrastructure projects, will help boost market sentiment.

(2012: 62 new listings, ↑ 4.8%-20.9%)

Source: HKEx, Deloitte Estimate

2 2 1 0 0 0 4 5 101 6 9 11 12 9 6 5 11 8 1

20 34 17 0 0 024

52 5846

4835 26

1918 15

2925 33 30 43

1 020406080100120140160180

0102030405060708090

2008Q1

2008Q2

2008Q3

2008Q4

2009Q1

2009Q2

2009Q3

2009Q4

2010Q1

2010Q2

2010Q3

2010Q4

2011Q1

2011Q2

2011Q3

2011Q4

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

Proceeds RaisedN

SH MB IPO SZ SME IPO ChiNext IPO Proceeds from IPOs (RMB billion)

Around30-40 companies will be listed by 2013,

raising approximately RMB25-35 billion.

Chinese Mainland’s IPO Market in 2H/2013

Source: CSRC, Deloitte Estimate and Analysis

IPOs are expected to be launched in the third quarter following the consultation on IPO reform. 83 companies, mainly in small and medium-size, are awaiting to take off upon receiving the CSRC’s listing clearance.

(2012: 154 new listings, ↓74.0-80.5%)

(2012: RMB103.4 billion, ↓66.2-75.8%)

Deloitte –Leader of HK IPO Services

Deloitte’s Market Share in Hong Kong IPO To Date in 2013

40%60%

Deloitte Non-Deloitte

Number of IPOs IPO Proceeds Raised

38%62%

Deloitte Non-Deloitte

Source: HKEx, Deloitte Analysis; for new listings on Main Board only

Deloitte is their reporting accountantMajor deals completed in Hong Kong in 1H/2013

Golden Wheel Tiandi Holdings Co. Ltd.

The company is an integrated commercial and residential property developer, owner and operator focusing on developing projects in Jiangsu and Hunan provinces of China.

Time Watch Investments Ltd.

It is a leading manufacturer, brand-owner and retailer of watches in China's national brand watch market.

Xinchen China Power Holdings Ltd.

It is a leading automotive engine manufacturers in the independent branded segment of China’s passenger vehicle.

Wing Lee Property Investments Ltd.

The company is engaged in the business of property investment, principally, leasing of completed commercial and residential properties in Hong Kong.

China Galaxy Securities Co., Ltd.

The company is a leading integrated financial services provider in China's securities industry. It is the second largest IPO in the first half of 2013, raising HK$8.5 billion.

Langham Hospitality Investments and Langham Hospitality Investments Ltd.

It is the first fixed single investment trust in Hong Kong with a focus on the hospitality industry. Its IPO raised HK$4.2 billion.

Deloitte is their reporting accountantMajor deals completed in Hong Kong in 2012

Sunshine Oilsands Ltd.

The company is the largest holder of non-partnered oil sands leases by area in the Athabasca oil sands region and Canada. It is the largest international listing in 2012 on HKEx, raising HK$4.5 billion.

Jiangnan Group Ltd.

It is a leading manufacturer of wires and cables for power transmission, distribution systems and electrical equipment in China.

Haitong Securities Co., Ltd.

It is a leading full-service securities firm in China with an integrated business platform, extensive branch network and substantial customer base. It raised HK$14.4 billion proceeds through its H-share listing.

Wonderful Sky Financial Group Holdings Ltd.

The company is principally engaged in the provision of financial public relations services in Hong Kong.

Christine International Holdings Ltd.

The company is a leading bakery chain operator in China. It offers a range of bakery products through an expansive multi-channel retail network, including 898 retail outlets in 22 cities.

Trigiant Group Ltd.

The group is one of the leading manufacturers engaged in research, development, sales of RF coaxial cables series and other related accessories for use in mobile communications andtelecommunications equipment in China.

Deloitte is their reporting accountantMajor deals completed in Hong Kong in 2012

China Nonferrous Mining Corporation Ltd.

The company is a leading fast growing and vertically integrated copper producer that focuses on mining, ore processing, leaching, smelting and sale of copper. It is based in Zambia.

China Yongda Automobiles Services Holdings Ltd.

It is a leading passenger vehicle retailer and comprehensive service provider in China. It focuses on offering automobiles from luxury and ultra-luxury brands.

Wanguo International Mining Group Ltd

The company is principally engaged in the business of mining, ore processing and sale of the concentrates products in China.

CIFI Holdings (Group) Co. Ltd.

The company is engaged in the property development, property investment and property management business in China.

Casablanca Group Ltd.

The company is one of the leading branded bedding products companies in China and Hong Kong.

Zhengzhou Coal Mining Machinery Group Company Ltd.

It is a leading comprehensive coal mining and excavating equipment manufacturer in China. Its H-share IPO raised HK$2.3 billion.

Deloitte is their reporting accountantRecently completed A-share listings

China Molybdenum Co., Ltd.

It is specialized in mining, dressing, smelting and processing of molybdenum and tungsten.

Universal Scientific Industrial (Shanghai) Company Ltd.

It is a global leader in providing services and solutions in electronic product design and manufacturing.

Beijing Cuiwei Tower Company Ltd.

The company is principally engaged in the development and operation of department store chain on the Chinese Mainland.

Agricultural Bank of China Ltd.

It is one of the four state-owned banks in China. Its IPO was the largest in the A-share market in 2009, raising RMB59.6 billion.

Great Wall Motor Company Limited

The company is engaged in the repair of motor vehicles, development and research, manufacturing and sales of vehicle parts.

Shandong Molong Petroleum Machinery Company Ltd.

The company is specialised in the design, research and development, processing, manufacturing and sales in China and petroleum machinery export.

Deloitte China at a Glance

Our China Practice• Over 10,000 people in 16 offices

• Serving one-third of all companies listed on the Hong Kong Stock Exchange

• Leading position in public offering services in key capital markets and was the reporting accountant for the global largest IPOs in both 2010 (Agriculture Bank of China) and 2011 (Glencore International Plc)

• Advising the Ministry of Finance in the Chinese Mainland on the development of international accounting standards and tax systems since 1993

• Leading the IPO services for Hong Kong for four consecutive years since 2009

We have achieved many industry firsts:• The first to co-sponsor a GEM listing on the

Stock Exchange of Hong Kong

• The first to sponsor a Hong Kong Main Board listing

• The first to pioneer the listing of RMB-denominated REIT (Hui Xian REIT)

• The first to bridge the gap between Japanese Generally Accepted Accounting Principles and the IFRS and assisted the Hong Kong IPO of the first Japanese company (SBI Holdings, Inc.) on the Hong Kong Stock Exchange

Our China Practice• Over 10,000 people in 16 offices

• Serving one-third of all companies listed on the Hong Kong Stock Exchange

• Leading position in public offering services in key capital markets and was the reporting accountant for the global largest IPOs in both 2010 (Agriculture Bank of China) and 2011 (Glencore International Plc)

• Advising the Ministry of Finance in the Chinese Mainland on the development of international accounting standards and tax systems since 1993

• Leading the IPO services for Hong Kong for four consecutive years since 2009

We have achieved many industry firsts:• The first to co-sponsor a GEM listing on the

Stock Exchange of Hong Kong

• The first to sponsor a Hong Kong Main Board listing

• The first to pioneer the listing of RMB-denominated REIT (Hui Xian REIT)

• The first to bridge the gap between Japanese Generally Accepted Accounting Principles and the IFRS and assisted the Hong Kong IPO of the first Japanese company (SBI Holdings, Inc.) on the Hong Kong Stock Exchange

Deloitte China National Public Offering GroupYour Winning Team for Listing on Capital Markets

Deloitte offices

Beijing

Dalian

Tianjin

Shanghai

Suzhou

Hangzhou

Xiamen

Hong Kong

MacauGuangzhou

Xingjiang

TibetQinghai

Sichuan

YunnanGuangxi Guangdong

FujianJiangxi

HunanGuizhou

Chongqing

Hubei Anhui

Zhejiang

Jiangsu

Shandong

HenanShaanxiGansu

Shanxi

Inner Mongolia

Liaoning

Heilongjiang

Taiwan

Hainan

HebeiNanjing

Chongqing

Ji’nan

ShenzhenWuhan

Harbin

About DeloitteDeloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity. Please see www.deloitte.com/cn/en/about for a detailed description of the legal structure of Deloitte Touche Tohmatsu Limited and its member firms.

Deloitte provides audit, tax, consulting, and financial advisory services to public and private clients spanning multiple industries. With a globally connected network of member firms in more than 150 countries, Deloitte brings world-class capabilities and high-quality service to clients, delivering the insights they need to address their most complex business challenges. Deloitte has in the region of 200,000 professionals, all committed to becoming the standard of excellence.

About Deloitte in Greater ChinaWe are one of the leading professional services providers with 21 offices in Beijing, Hong Kong, Shanghai, Taipei, Chongqing, Dalian, Guangzhou, Hangzhou, Harbin, Hsinchu, Jinan, Kaohsiung, Macau, Nanjing, Shenzhen, Suzhou, Taichung, Tainan, Tianjin, Wuhan and Xiamen in Greater China. We have nearly 13,500 people working on a collaborative basis to serve clients, subject to local applicable laws.

About Deloitte ChinaIn the Chinese Mainland, Hong Kong and Macau, services are provided by Deloitte Touche Tohmatsu, its affiliates, including Deloitte Touche Tohmatsu Certified Public Accountants LLP, and their respective subsidiaries and affiliates. Deloitte Touche Tohmatsu is a member firm of Deloitte Touche Tohmatsu Limited (DTTL).

As early as 1917, we opened an office in Shanghai. Backed by our global network, we deliver a full range of audit, tax, consulting and financial advisory services to national, multinational and growth enterprise clients in China.

We have considerable experience in China and have been a significant contributor to the development of China's accounting standards, taxation system and local professional accountants. We provide services to around one-third of all companies listed on the Stock Exchange of Hong Kong.

This publication contains general information only, and none of Deloitte Touche Tohmatsu Limited, its member firms, or their related entities (collectively the “Deloitte Network”) is, by means of this publication, rendering professional advice or services. Before making any decision or taking any action that may affect your finances or your business, you should consult a qualified professional adviser. No entity in the Deloitte Network shall be responsible for any loss whatsoever sustained by any person who relies on this publication.

130630 AA 2013 Interim Review and Outlook E...An interim performance in terms of proceeds that was...

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