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haracteristics and Trends ____________________ Source: [ ] 051015201999A 2020A 2020A 2020A 2020A051015201999A 2020A 2020A 2020A 2020A051015201999A 2020A 2020A 2020A 2020A051015201999A 2020A 2020A 2020A 2020ADriver 1 Driver 2 Driver 3 Driver 4 Source: Industry reports, equity research on profiled panies HK000I5D 9/13/2020 5 Key Players and Market Share 70%60%50%40%30%20%10%5%10%20%30%40%50%60%0%10%20%30%40%50%60%70%80%A B C D E F G H I J K L M N O2 0 0 3 M a r k e t S h a r e 2 0 0 2 M a r k e t S h a r eIndustry Primer – [ ] Competitive Landscape ____________________ Source: [ ] [List key domestic or foreign players and respective market share] Source: Industry reports, equity research on profiled panies, news runs HK000I5D 9/13/2020 6 Industry Primer – [ ] Regulatory Environment Key Regulations and Licensing Requirements Foreign Ownership Restrictions ? [Current situation] ? [WTO mitments] ? [Favorable treatment for HK panies?] ? [Distribution? Manufacturing? Marketing?] ? [Investment restrictions] Key Regulatory Agencies Relevant Tax Regulations ? [Favorable tax treatment for operation in certain region ? [To e] ____________________ Source: [ ] Source: Industry reports, equity research on profiled panies, news runs。HK000I5D 9/13/2020 China Industry Primer [ ] August 18, 20