Outcomes of the reforms Non-tradable Share Reform in Chinese Capital markets o Market cap grew from RMB 3 trn. To 9 trn o IPOs(BOC, ICBC), newly raised fund RMB 280 bn o Securities Companies walked out of shadow o Institutional Investors: 30% of total market cap o More diversified structure of listed companies representing Chinese economy o Impact on Chinese economy and society OR INTERNAL USE ONLY this communication may be reproduced or redistributed ②FOR INTERNAL USE ONLY – No portion of this communication may be reproduced or redistributed. Non-tradable Share Reform in Chinese Capital markets Market cap grew from RMB 3 trn. To 9 trn. IPO’s (BOC, ICBC), newly raised fund RMB 280 bn Securities Companies walked out of shadow Institutional Investors: 30% of total market cap. More diversified structure of listed companies, representing Chinese economy Impact on Chinese economy and society Outcomes of the Reforms Outcomes of the Reforms