Confidential and for internal use only1 Hong Kong Stock Exchange : The Whole World Not Beyond Reach.

Confidential and for internal use only 1

Hong Kong Stock Exchange : The Whole World Not Beyond Reach

Highlight of Listed Companies in HK


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Case study –

NagaCorp Ltd. (Stock code: 3918)

Confidential and for internal use only

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Principal Activities:

Management and operation of a hotel and casino complex in Cambodia

Background: NagaCorp Ltd. is the largest hotel, gaming and leisure operator in Cambodia. NagaCorp became the first company with operations in Cambodia to become a public listed entity, as well as the first gaming-related company traded on the Stock Exchange.

Fund Raised: HK$ 822.25 million

IPO Subscription Price (HK$)

HK$1.43

Date of listing 19 Oct 2006

Market Capitalisation:

HK$ 14.309 billion(Up to 20 Jul 2015)

Case Study – NagaCorp Ltd. (Stock code: 3918)


335%

Date of listing vs now

Profit US$136,086K

1995 2000 2006 2011 2013

In May 1995, the casino license was assigned to NagaWorld Limited and it began its gaming operations.

NagaCorp was granted an area of around 14,160 m2 for the construction of an entertainment and hotel complex to be named NagaWorld.

The proposal for connected acquisition of Naga2-collectively comprising NagaCity Walk, Tourist Garden and the TSCLK complex with the issuance of convertible shares / bonds was announced.

Raised HK$ 1.2 billion through the issuance of 200 million new shares at HK$ 6.05 to expand the Group’s overseas high-premium direct-players program and to develop its profit sharing formula junket business with trusted third parties.

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On 19th Oct 2006, the company was listed on the Main Board of the Hong Kong Stock Exchange (HKSE: 3918), raising HK$822 million.

Overview of the Company’s development history


6

Case study –

Link Holdings Ltd.(Stock code: 8237)


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Principal Activities:

Operations of Link Hotel in Singapore.

Background: Link Hotel is a four-story boutique-style hotel in two blocks spanning across Tiong Bahru Road, Singapore. The Link Hotel was retrofitted from 2 conservative public housing buildings, known as "red flat", whose existing structure and reddish style were preserved and retained.

Fund raised: HK$ 122.50 millionIPO Subscription Price (HK$)

HK$ 1.750

Date of listing 07 Jul 2014


HK$ 3.360 billion (Up to 20 Jul 2015)

Case Study – Link Holdings Ltd.(Stock code: 8237)


586%

Date of listing vs now

Loss (HK$2,204K)

2007 2014.06 2014.07 2015

It commenced operations of its hotel business in Singapore with the opening of Link Hotel in 2007.

In June 2014, the Company completed the acquisition of Bintan Assets. The Bintan Assets. Which is in Indonesia, comprises 62 parcels of land in a total area of approximately 425,497 sq.m.

In April, the company signed MOU for acquiring China tourism project.

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Link Holdings Limited( "the Company"), stock code: 8237, is listed on the Growth Enterprise Market of the Stock Exchange of Hong Kong Limited on 7 July 2014.


In May, the company established a joint venture in Indonesia which is mainly engaged in the provision of accommodation.


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Case study –

C. P. Pokphand Co. Ltd. (Stock code: 43)


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Principal Activities: Manufacture and sale of animal feed products; breeding, farming and sale of livestock, aquatic animals and value-added processed food products, chlortetracycline products, motorcycles and automotive parts, trading of Caterpillar machinery.

Background: Thailand's largest private company, and is one of Asia's largest conglomerates with investment in over 20 countries.

Date of listing 28 Apr 1988


HK$ 25.757 Billion (Up to 16 Jul 2015)

Case study – C. P. Pokphand Co. Ltd. (Stock code: 43)


93%

1 year ago vs nowProfit US$ 251,425K

1921 1987 1988 2014 2015

The Chinese immigrant brothers Chia Ek Chor and Chia Siew Whooy started a seed store named in Bangkok

Charoen Pokphand Enterprise (Taiwan) Co., Ltd., founded in 1977, was listed in Taiwan in 1987 (1215. tw).

On 24 July 2014, an aggregate of HK$6.017 billion Ordinary Shares was transferred by CPF and CPF Investment Limited to ITOCHU Corporation .

Proposed spin-off and separate listing of Chia Tai Enterprises International Limited on the main board of the stock exchange

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C. P. Pokphand Co. Ltd. was listed on the Stock Exchange of Hong Kong Limited (HKSE: 0043)



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Why Choose Hong Kong for Listing?

Gateway to China

Leveraging on China growth

Well-established legal system

Recognized international accounting standards

Good regulatory framework

Free flow of capital and information

Accessibility to global funding and strategic investors


What is HKEx?

• The world’s fourth largest stock exchange by market capitalization of US$3.4 trillion on 10 July 2015

• Ten times of the market capitalization of stock exchange of Thailand

• The world’s second highest IPO fund raised stock exchange in 2014 (only lower than NYSE)

• IPO fund raised for 2014 = US$ 30 billion


Main Board & GEM Board

The two platforms for listing in HKEx are the Main Board and the Growth Enterprise Market (GEM).

• Main Board: Serving large and mature enterprises

• GEM Board: Serving emerging enterprises with lower requirements to fulfill

• GEM Board is another stepping stone to the Main Board


Requirements: Main Board and GEM Board

Main Board GEM Board

Trading record 3 financial years 2 financial years

Management continuity

3 financial years 2 financial years

Ownership continuity

At least the most recent audited financial year

At least the most recent audited financial year

Minimum market capitalisation

>/= HK$200 million

>/= HK$ 100 million

Minimum public float

>/= HK$ 50 million

>/=HK$ 30 million


HKEx Important Figures

Main Board GEM

Number of listed companies 1,593 213

Total market capitalization (billion USD) US$ 3,451 US$ 33.5

Average P/E ratio 15 80

Source: HKEx Last update: 10th July 2015


2014 Hong Kong IPO industries classification

In 2014, total of 122 companies new listed in Hong Kong

(103 in Main board, 19 in GEM board)

Industries Funds Raised %

Financial (6) US$ 3,095,000,000 10.44%

Services and retail consumer goods (54)

US$ 9,805,000,000 33.07%

Raw materials and energy (8)

US$ 978,000,000 3.30%

Properties & Construction (20)

US$ 5,103,000,000 17.22%

Information Technology (15)

US$ 1,673,000,000 5.64%

Other {Industry (9), Utilities (8) and

Telecommunications (2)}

US$ 8,989,000,000 30.33%

Total Funds Raised US$ 29,645,000,000 100%


HKEX: Mainly for SME

Range of IPO funds raised in 2014

20

31

20 20

8 3 4 3 -

5 10 15 20 25 30

Less than100M

100M-500M 500M-1B 1B-2B 2B-5B 5B-10B 10B-20B More than20B

No. of companies

In 2014, total of 122 companies new listed in Hong Kong (excluding 13 companies of board transfer and listing by Introduction cases), about 80% are small and medium enterprises, funds raised between 100 million – 20 billion.

> 80% < 20%


IPO Roadmap in HKEx

Around 2 months (Banking: 4 months) Around 1 month (Banking: 2 months)

Assign Corporate Advisor IPO Feasibility Study IPO Decision

Around 6 months

Shareholding RestructureBusiness ModelingAccounting Compliance

Around 2 months Around 1 month

Introduce Private Equity Funds / Strategic

Investor

Strengthen corporate management and recruit

high caliber talents

Assign the listing execution team including： auditor,

solicitor and investment bank as sponsor and lead

underwriter and kick off the first full team meeting


IPO Roadmap in HKEx

Around 6 months

Financial Auditing Prospectus

Drafting

Legal Opinion Drafting

Submit IPO application to

HKEX and HKSFC

ApplicationAccepted

Roadshow

Pricing of the Stock Complete Placing and

Public Offering

Listed on HKEX

Around 1 month Around 3 months

Around 1 month

Depending on the company’s actual situation， to complete the IPO roadmap normally needs 2 years


HKEx: Gateway to China



• 60% of Chinese outbound investment was aimed at, or channeled through, Hong Kong.

• Hong Kong plays a crucial role functioning as cross-border deals and partnerships for Chinese enterprises to the world.

• China state-owned enterprise listed in HKEx: H-Shares.

Source: Ministry of Commerce PRC


• Shanghai-Hong Kong Stock Connect as a pilot program for institutional and retail investors in Hong Kong to invest A-Shares listed in Shanghai Stock Exchange.

• Shenzhen-Hong Kong Stock Connect is expected to be launched in 4Q15, it would be another leap forward to foster the cooperation between Hong Kong and mainland.



HKEx: The Whole World Not Beyond Reach


World Class Fund Raising


Hong Kong IPO Funds Raised and Global Rankings

Year IPO Funds raised (US$) Global Rankings

2009 32,023,000,000 1

2010 57,987,000,000 1

2011 33,515,000,000 1

2012 11,616,000,000 4

2013 21,797,000,000 2

2014 29,645,000,000 2

Comparison of funds raising

Hong Kong: Strong funds raising capability after IPO

Hong Kong China PRCShenzhen

China PRC Shanghai

Sing-apore

Thai-land

Malaysia

In Billion Dollars

Main Board

GEM A Share

B Share

A Share

B Share

SGX SET Bursa Malaysia

Total Market Capitalization

HKD 24,892

(USD 3,210)

HKD 179

(USD 23.09)

RMB 12,772(USD

2,059.7)

RMB 85

(USD 13.7)

RMB 24,310(USD

3,920.5)

RMB 87

(USD 14.03)

SGD988

(USD 734.8)

THB 14,711

(USD 435.8)

MYR1,722(USD

455.9)

No. of Listed Companies

1,548 204 1,606 51 986 53 770 603 904

IPO Fund Raised

USD 30

USD 7.2

USD 5.5

USD 1.8

USD 2.6

USD 1.3

Other Equity Funds Raised

USD 91.3

USD 62.4

USD 58.8

USD 4.3

USD 1.7

USD 5.5

Shares Trading

USD 120

USD 551

USD 513

USD 16 USD 30 USD 12


World-Class Marketing Management &

Operation Improvement


Global PR & Marketing Benefits• HKEx = well-known globally as leading stock exchange. • World-class leading corporations listed there.

Listing a company in HKEx then helps with PR & Marketing as• World-class publicity: raise public profile and visibility beyond

Chinese market to the global level enhance products and services to global awareness.

Easier for a listed company to find world-class business partners or clients

PR & Marketing


Management and Operation Improvement• Having to adhere to HKEx regulations

need to uplift their standard of corporate governance, internal control, etc. to international level.

• To remain as competitive as other listed peers need to maintain its performance and always be innovative.

Operation and Management Improvement


APPENDIX


Appendix : Requirements for Main Board & GEM Board

Main Board GEM

- Trading record of not less than three financial year- Management continuity for at lease the three preceding year

- Trading record of not less than two financial year- Substantially the same management throughout the 2 full financial years

Ownership continuity and control for at lease the most recent audited financial year

A continuity of ownership and control throughout the full financial year immediately preceding the issue of the listing document.

Three tests:*(1)Profit test(2)Market capitalisation/revenue test(3)Market

capitalisation/revenue/cashflow test* Please see Appendix

(1) No profit requirement(2) Positive cashflow generated from

operating activities of at least HK$20 million in aggregate for the two preceding financial years


Main Board GEM

Minimum Market capitalisation:Market capitalisation of at least HK$200 million at the time of listing

Minimum Market capitalisation:Market capitalisation of at least HK$100 million at the time of listing

Minimum public float:Market capitalisation of at least HK$50 million held by the public at the time of listing

Minimum public float:Market capitalisation of at least HK$30 million held by the public at the time of listing

Spread of Shareholders:(1)Market

capitalisation/revenue/cashflow test: 300 persons

(2)Market capitalisation/revenue test: 1,000 persons

(3)Not more than 50% of the securities in public hands at the time of listing can be beneficially owned by the three largest public shareholders.

Spread of Shareholders:The equity securities in the hands of the public should be held among at least 100 persons.

Appendix : Requirements for Main Board & GEM Board


Appendix : Main Board Financial Performance

Profit testMarket capitalisation/

revenue test

Market capitalisation/revenue/cashflow

test Profits of HK$20 million for

the most recent year and of aggregate of HK$30 million for the first two years

Market capitalisation of at least HK$200 million at the time of listing

Revenue of at least HK$500 million for the most recent audited financial year

Market capitalisation of at least HK$4 billion at the time of listing

Revenue of at least HK$500 million for the most recent audited financial year

Positive cashflow from operating activities of at least HK$100 million in aggregate for the three preceding financial years

Market capitalisation of at least HK$2 billion at the time of listing


Thank you

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