ASIFMA 2022
Asia-Pacific CapitalMarkets Survey

Disclaimer
The information and opinion commentary in this ASIFMA 2022 Asia-Pacific Capital Markets
Survey Report was prepared by the Asia Securities Industry and Financial Markets Association(ASIFMA) to reflect the views of who participated in the survey. ASIFMA believes that the
information in the Report, which has been obtained from multiple sources believed to bereliable, is reliable as of the date of publication. As estimates by individual sources may differ
from one another, estimates for similar types of data could vary within the Report. In no event,
however, does ASIFMA make any representation as to the accuracy or completeness of suchinformation. ASIFMA has no obligation to update, modify or amend the information in thisReport or to otherwise notify readers if any information in the Report becomes outdated
or inaccurate. ASIFMA will make every effort to include updated information as it becomes
available and in subsequent Report.

2About ASIFMAASIFMA is an independent, regional
trade association with over 150 member
firms comprising a diverse range ofleading financial institutions from boththe buy and sell side, including banks,
asset managers, law firms and market
infrastructure service providers.
Together, we harness the shared interestsof the financial industry to promote thedevelopment of liquid, deep and broad
capital markets in Asia. ASIFMA advocatesstable, innovative and competitive Asian
capital markets that are necessary tosupport the region’s economic growth.
We drive consensus, advocate solutions
and effect change around key issues
through the collective strength andclarity of one industry voice. Our many
initiatives include consultations withregulators and exchanges, development of
uniform industry standards, advocacy forenhanced markets through policy papers,
and lowering the cost of doing businessin the region. Through the GFMA alliancewith SIFMA in the US and AFME in Europe,
ASIFMA also provides insights on global
best practices and standards to benefit theregion.
www.asifma.org

3

Content
1. Survey background6

2. Summary of key findings

7

3. Survey participants breakdown
a. Place of origin

9b. Sell/buy side and products/services offered

10

4. Spread of participants’ market operations

11

5. Current market developmenta. Are firms increasing operations andinvestment and how?

12b. In what service/products are firms increasing
operations and investment?

13c. Where are firms increasing operations andinvestment?

14

d. Where are firms decreasing operations andinvestment, and how?

15

6. Participants’ views on the regulatory, market
development and operational challenges

4a. Ranking of markets based on average scores
across three factors

16

b. Changes in the past/next three years

17c. Heat map view18

7. Buy-side and sell-side sentiment analysisa. Ranking of markets based on average scores acrossthree factors

19

b. Heat map view showing changes in operating
across APAC markets in the past three years

20c. Heat map view showing changes in operating
across APAC markets in the next three years

21

8. Ranking of markets based on average scores acrossthree factors
a. Top market attractions under the three factors

22b. Top market impediments under the three factors

23

c. Jurisdictions mapping based on regulatoryenvironment

24

d. Jurisdictions mapping based on operating
environment

25

e. Jurisdictions mapping based on market development

26

9. Participants’ views on ASEAN market integration

27

Appendix A – Market-level view

28

Appendix B – List of participants

41

5

1

Survey background

Overview
ASIFMA has commissioned this survey on operations of industry participants from both the buy and sell sides in selected
APAC markets covering Australia, Mainland China, Hong Kong, India, Indonesia, Japan, Korea, Malaysia, the Philippines,
Singapore, Taiwan, Thailand and Vietnam.
Ernst & Young Advisory Services Ltd (“EY”) assisted ASIFMA to design the survey, collate and analyze the 40 participants’views and draft this Report. ASIFMA and the survey participants reviewed the Report, commented on it, and approved its
final content.
The purpose of the survey was to obtain information on how participant firms view the surveyed jurisdictions in the region
from market development, operational and regulatory environment perspectives.
The survey responses reflect the views of individual industry participants after consulting their group entities in the APAC
markets surveyed they operate in and collating those views at their regional headquarters levels.

The survey sought industry participants’ views on several topics:•

What is the spread of participants’ market operations in APAC onshore and offshore, and what type of product/service
lines do they offer•

Whether participants have expansion/exit plans across selected APAC markets in the coming three years•

How participants would rate these markets considering three factors: operating environment, regulatory environment,
and market development; and whether markets have improved/deteriorated/remained the same considering thesefactors in the past three years or projected to in the next three years•

What are the top attraction/impediment factors concerning the three factors for these markets•

Whether ASEAN1 had been a positive influence in ease of operation in these markets in the past five years and how
material it had been in that respect; whether participants see possibility of future market integration in ASEAN in thenext five years.

The industry participants who joined the survey are listed in Appendix B at the end of the report.

1. ASEAN participants surveyed are: Singapore, Indonesia, Malaysia, Thailand, Vietnam, the Philippines6

2

Summary of key findings

Overview
Overall, the results indicate an optimistic perception of the APAC region with the majority of respondents intending tocontinue to expand their business presence in the region. However, a limited number of operational, and regulatoryenvironment and market development headwinds are cited by respondents as emerging challenges over the next three
years, including in Hong Kong and Mainland China.

Business expansion in the next three years
The current state market perception is predominantly optimistic, with 62% of survey participants intending to expand in
APAC markets. Areas of expansion seem to match the predominant existing business profiles of survey respondents, i.e.,
capital market trading in particular equities and fixed income trading.

Ease of doing business across APAC jurisdictions
The survey suggests a perception that international financial centers (Hong Kong and Singapore) and mature APAC markets
such as Australia and Japan are easier to operate in compared to more emerging markets with a consistently strong
correlation between declining operating environment/market development/regulatory environment scores and the more
emerging or frontier nature of the market.
There is also a perception that the ease of operating in APAC capital markets has largely been stable historically (looking backthree years) and prospectively (looking forward three years).
There are four exceptions to this:•Hong Kong: noted as having a somewhat more challenging operating environment in the past three years and next three
years and a somewhat more challenging regulatory environment in the next three years.

•

Australia: perceived by half of the participants operating there as having a more challenging regulatory environment in
the past three years.

•

Mainland China: viewed as having a more challenging operating environment in the next three years and the regulatoryenvironment becoming more challenging in the past three years and also in the next three years, although market
development is perceived to have improved/improve over those same two periods.

•

India: market development is projected to improve in the next three years.

7

2

Summary of key findings

Market-specific findings•

Hong Kong is noted as having become somewhat more challenging to operate in over the past three years, but stillscores relatively high on operating environment.

•

Most respondents indicated plans to expand into Mainland China, however also projected that it would have a morechallenging operating and regulatory environment in the next three years.

Factors that survey participants find influential to rate them highly•

Singapore, Hong Kong, and Australia scored the highest across three factors, with the majority of respondents citing
workforce skills as the key attraction under operating environment and predictable and transparent regulatory policy as
the key attraction under regulatory environment.

•

Mainland China and India were identified as the most prominent target markets for expansion with the majority of
respondents citing workforce skills, growing customer base and wealth, and investor protection as the top attractions tooperate there.

Buy-side and sell-side analysis findings•

We broke down the analysis to see if there were possible differences in buy-side and sell-side views where there wassufficient participation to draw meaningful distinctions. Owing to fewer buy-side firms participating it was not always
possible to make meaningful comparisons.

•Slight changes are noted in the markets’ ranking between buy-side and sell-side participants and these are further
analyzed in the heat map views.

Perception of influence in ASEAN & views for future integration•

8

Most participants expressed positive views on ASEAN as a force for increasing the ease of operation in member markets,
citing the creation of more freedom in movements of goods, capital, and people. A majority of survey participants saw
greater market integration in ASEAN in the next five years.

3a. Survey participants breakdown – place of origin

Most survey respondents are headquartered in Western markets such as the US (22.50%), the EU (22.50%) and the UK(17.50%) with a small number of firms originating from within the region including Australia (10%), Japan (10%), andSingapore (5%). This is broadly reflective of the business profiles of industry participants.

EU

22.50%

US

22.50%

UK

17.50%

Australia

10.00%

Japan

10.00%

Switzerland

Singapore

7.50%

5.00%

India

2.50%

Hong Kong

2.50%

0.00%

10.00% 20.00% 30.00% 40.00% 50.00% 60.00% 70.00% 80.00% 90.00% 100.00%
Percentage

Note. Other markets have no survey participants headquartered there
Figure 1. Group headquarter locations

9b. Survey participants breakdown – sell/buy-side andproducts/services offered3

Most survey participants (70%) are supply side and work in capital markets trading (sell-side), including equities (65%), fixedincome (62.50%), and FX (55%). A high percentage of respondents have operations in asset management (52.50%) as manyof the sell-side firms have asset management arms though the buy-side only accounted for 30% of survey participants. A
high percentage also worked in a relatively new field – ESG & sustainable finance (57.50%), which could be explained by
the imperative of climate change and the recent regional push on ESG regulation across a number of APAC markets. Retailbanking is significantly less prominent among survey participants. Again, this is broadly reflective of the business profiles ofindustry participants.

70%

30%

Sell-side

Sell-side

Buy-side

Buy-sideFigure 2. Market-side analysis
100.00%90.00%
80.00%
70.00%

65.00%

62.50%

60.00%

57.50%

55.00%

52.50%

50.00%

50.00%

45.00%
37.50%

40.00%

35.00%
30.00%

30.00%

17.50%

20.00%
10.00%
0.00%
Equi�es

FixedincomeESG &sustainableﬁnanceFigure 3. Products/services analysis
10

FX

Asset
management

Investmentbanking

Commercial /corporate /ins�tu�onal
banking

Commodi�es

Wealthmanagement

Prime
brokerage

Retailbanking4

Spread of participants’ market operations

Almost all survey participants
operate in multiple markets in
APAC with most operating in
more than 10 markets or 6-9
markets (+75% in total).

Figure 4. Numberof APAC markets
participants havepresence inBelow 5 markets

21.05%

6-9 markets

31.57%

More than 10 markets

47.36%

0.00% 10.00% 20.00% 30.00% 40.00% 50.00%

Most survey participants operate in APAC markets onshore rather than offshore, though this becomes increasingly offshore
the more emerging the nature of the market but for the exception of Mainland China. This may possibly be owing toregulatory and operating environment issues e.g. lack of digital/physical infrastructure, currency controls, etc. that may makeit more challenging to operate onshore in more emerging jurisdictions.
More developed markets and Mainland China have a higher level of participation compared to more emerging markets.
Given that Hong Kong and Singapore are the key international financial centers in the region for regional headquarters – itis not surprising they are the most frequent markets for survey participants to operate in. Mainland China is among the top
markets to operate in presumably given the size of domestic market opportunities. Mature markets such as Taiwan, Japan,
Australia and Korea presumably attract participants with their stable operating and regulatory environment offering a fuller
spectrum of market development opportunities though with lower growth opportunities. Not far behind are the emerging
markets such as India and ASEAN markets potentially attracting participants with high growth rates, sizeable populations andemerging middle classes.

#

Market

Total

Count

OnshoreCount

OffshoreCount

1Hong Kong

97.50%

39

97.44%

38

25.64%

10

2

Singapore

95%

38

92.11%

35

34.21%

13

3

Mainland China

90%

36

83.33%

30

52.78%

19

4

Taiwan90%

3672.22%

26

52.78%

19

5

Japan

90%

36

88.89%

32

36.11%

13

6

Australia

87.50%

35

91.43%

32

37.14%

13

7

Korea

85%

34

67.65%

23

61.76%

21

8

India

72.50%

29

75.86%

22

48.28%

14

9

Malaysia

70%2846.43%

13

67.86%

19

10

Indonesia

62.50%

25

60%

15

64%

16

11

Thailand

62.50%

25

52%

13

72%

18

12

The Philippines

60%

24

41.67%

1070.83%

17

13

Vietnam32.50%

13

53.85%

7

61.54%

8

Figure 5. Percentage and number of survey participants operating in surveyed APAC markets
115

a. Current market development - are firms increasing
operations and investment and how?

The current market perception is predominantly optimistic, with 62% of survey participants intending to expand in APAC
markets.

62%

13%

Yes

Yes

No

No

26%

Not sure

Not sure

Figure 6. Expansionary views of participants

The majority of participants intend to expand the scale of existing business (36%) and product/service offerings(33%), rather than expanding via other means (e.g. investments and establishing presence in more markets).

Expansion of
investments
18%

Establishingpresence in moremarkets
13%

Expanding thescale of exis�ng
business
36%

Expansion of product/service oﬀerings
33%

Figure 7. Nature of expansion plans

125b. Current market development - in what service/products
are firms increasing operations and investment?

Areas of expansion seem to match with the predominant existing business profiles of survey participants, i.e. producttrading in particular equities and fixed income trading. The projected expansion of interest in ESG and sustainable financemay predominantly be due to external necessities, increasing business imperatives and the recent regulatory push in thisarea. The lack of intention to expand in commercial/corporate/institutional and retail banking may reflect saturation of
APAC markets in these fields by domestic firms.

100.00%90.00%
80.00%
70.00%

66.67%

66.67%
58.33%

60.00%

50.00%

50.00%

37.50%

40.00%

33.33%

30.00%

25.00%

25.00%

20.00%

20.83%

16.67%

10.00%

4.17%

0.00%
Equi�es

FixedincomeESG &sustainableﬁnanceFX

Assetmanagement

Wealthmanagement

Investmentbanking

Commodi�esCommercial /corporate /ins�tu�onal
bankingPrimebrokerage

Retailbanking

Figure 8. Expansion areas of survey participants

135

c. Current market development - where are firms increasing
operations and investment?

Mainland China and India are the most prominent target markets for expansion presumably as they have the largest
domestic markets in APAC with the most scope for commercial opportunity.
Not far behind as destination markets for expansion are Hong Kong, Singapore, Korea and Australia, all jurisdictions withmature market development, operating and regulatory environments. The attractiveness of markets for expansion thendeclines as the markets become more in the nature of emerging markets.

#

Market

Total

Count

OnshoreCount

OffshoreCount

1

Mainland China

87.50%

21

85.71%

18

33.33%

7

2

India

58.33%

1485.71%

12

35.71%

5

3

Hong Kong

54.17%

13

100%

13

15.38%

2

4

Singapore

50%

12

100%

12

8.33%

1

5

Korea

50%

12

75%

9

41.67%

5

6

Australia

50%

12

100%

12

0%

0

7

Japan

37.50%

977.78%

7

33.33%

3

8

Taiwan29.17%

771.43%

5

57.14%

4

9

Indonesia

25%

6

100%

6

16.67%

1

10

Malaysia

20.83%

5

60%

3

40%

2

11

Thailand

20.83%

5

60%

3

40%

2

12

Vietnam

16.67%

4

50%

2

75%

3

13

The Philippines

8.33%

2

100%

2

0%

0

Figure 9. Target markets for expansion

14

5

d. Current market development – where are firms decreasing
operations and investment, and how?

Limited market exit plans mirror the optimism suggested by expansion plans. Only a few survey respondents (5%) indicatedtheir plans to exit APAC markets. Given the small number of responses, it is hard to draw conclusions. Of those that did
indicate an intention to exit, areas of reduced presence were largely evenly cited as reducing presence and investment,
product offering and scale of business in certain markets such as Hong Kong and Malaysia.

72%

23%

No

Yes

Not sureNo

Not sure

Figure 10. Market exit plans
Firms are equally reducing their product/service offerings in commercial/corporate banking, investment banking, fixedincome, FX and asset management. Given a very small number of respondents reducing their operations/investment in APAC
markets and the even spread of services/products in which they are reducing their business, no consistent trend is evident
and determining causality is difficult.
Commercial /corporate /ins�tu�onal banking

50.00%

Investment banking

50.00%

Fixed income

50.00%

FX

50.00%

Asset management

50.00%

0.00%

10.00%

20.00%

30.00%

40.00%

50.00%

60.00%

70.00%

80.00%

90.00% 100.00%

Figure 11. Nature of exit plans

15

6

a. Participants’ views on the regulatory, market development andoperational challenges – ranking of markets based on average scores
across three factors

The survey suggests a perception that international financial centers, Hong Kong and Singapore, and mature APAC markets
such as Australia and Japan are easier to operate in compared to more emerging markets with a consistently strong
correlation between declining operating environment/market development/regulatory environment scores and the more
emerging nature of the market. However, only two markets scored minorly below 5 in relation to the same market factor(Mainland China and Vietnam - regulatory environment). (We note the survey did not cover the most frontier of APAC
markets (e.g. Bangladesh, Cambodia, Laos and Myanmar)).

Regulatory environment#

Market1

Singapore

7.87

7.71

7.74

7.77

2

Hong Kong

6.92

7.66

6.97

7.19

3

Australia

7.26

7.17

7

7.14

4

Japan

6.67

6.92

6.64

6.74

5

Thailand

6.3

6.4

6.3

6.33

6

Taiwan

6.35

6.38

5.62

6.12

7

Korea

5.97

6.5

5.25

5.91

8

Malaysia

5.87

5.87

5.52

5.75

9

Mainland China

5.31

6.47

4.86

5.55

10

India

5.48

5.74

5.04

5.42

11

Indonesia

5.35

5.43

5.18

5.32

12

The Philippines

5.45

5.05

5.18

5.23

13

Vietnam

5

5

4.83

4.94

Figure 12. Ranking of the markets
16

Market development

Average score (1-10; 1
being worst and 10 being
highest)Operatingenvironment

6b. Participants’ views on the regulatory, market
development and operational challenges – changes in the
past/next three years

The survey suggests there is a perception that the ease of operating in APAC capital markets has largely been stable both
historically (looking back three years) and prospectively (looking forward three years). There are four exceptions to this –Hong Kong, Australia, Mainland China and India. The next page provides a more targeted heat map view to analyze these
exceptions to the perception of a stable environment for ease of operations judged across the three parameters of operating
and regulatory environment and market development.

Operating environment past
three years

Operatingenvironment
next three
years

Operatingenvironment
average score

Market development past
three years

Market development next
three years

Marketdevelopment
average score

Regulatoryenvironment
past three
years

Regulatoryenvironment
next three
years

Regulatory environment average
score

#

MarketAveragescore

1

Singapore

7.77

Same (62.16%)

Same(51.35%)

7.87

Same
(76.32%)Same (71.05%)

7.71

Same
(45.95%)Same (48.65%)

7.74

2

Hong Kong

7.19

Harder(54.05%)Harder
(46.15%)

6.92

Same
(48.72%)Same (47.5%)

7.66

Same
(57.89%)Harder
(46.15%)

6.97

3

Australia

7.14

Same (81.08%)

Same(67.57%)

7.26

Same
(76.32%)Same (65.79%)

7.17

Harder (50%)

Same (41.67%)

7

4

Japan

6.74

Same (84.85%)

Same(71.43%)

6.67

Same
(94.12%)Same (77.78%)

6.92

Same (69.7%)

Same (60%)

6.64

5

Thailand

6.33

Same (64%)

Same (60%)

6.3

Same
(69.23%)Same (57.69%)

6.4

Same (56%)

Same (48%)

6.3

6

Taiwan

6.12

Same (75%)

Same(78.13%)

6.35

Same
(81.82%)Same (79.41%)

6.38

Same (69.7%)

Same (54.84%)

5.62

7

Korea

5.91

Same (67.74%)

Same(65.63%)

5.97

Same
(77.42%)Same (71.88%)

6.5

Same
(48.39%)Same (46.88%)

5.25

8

Malaysia

5.75

Same (60%)

Same(70.83%)

5.87

Same (56%)

Same (68%)

5.87

Same (52%)

Same (72%)

5.52

9

Mainland
China

5.55

Same (44.44%)

Harder
(37.14%)

5.31

Easier (50%)

Easier (50%)

6.47

Harder(42.86%)Harder
(37.14%)

4.86

10

India

5.42

Same (62.07%)

Same (30%)

5.48

Same
(43.33%)

Easier (35.48%)

5.74

Same
(36.67%)

Unsure(32.26%)

5.04

11Indonesia

5.32

Same (64%)

Same (60%)

5.35

Same
(57.69%)Same (53.85%)

5.43

Same (50%)

Same (50%)

5.18

12

The
Philippines

5.23

Same (62.50%)

Same(65.22%)

5.45

Same (64%)

Same (53.85%)

5.05

Same
(54.17%)Same (56%)

5.18

13

Vietnam

4.94

Same (45.45%)

Same(45.45%)5Same(45.45%)Same (43.48%)

5

Unsure(40.91%)

Unsure(45.45%)

4.83

Figure 13. Summary of occurred/anticipated operating changes in the past/next three years
176

c. Participants’ views on the regulatory, market development
and operational challenges – heat map view

Reasonable numbers of participants considered Hong Kong somewhat more challenging to operate in in terms of theoperating environment in the past three and next three years, which may reflect the political issues of the past few years
and COVID-19, and somewhat more challenging to operate in from a regulatory environment in the next three years, which
may reflect geopolitical tensions and anticipated legal changes from either Hong Kong, Mainland China or the US, although
it still scored high against other APAC markets. Half of the participants operating in Australia also consider the country had amore challenging regulatory environment in the past three years, which may reflect the impact of the post-Royal Commission
regulatory evolution. Some also perceive the operating environment in Mainland China as more challenging in the next
three years and the regulatory environment more challenging in the last three years and also in the next three years. This is
somewhat at odds with the perception that market development has improved over those same two periods. Lastly, somesaw improved market development in India in the next three years.

MarketMainlandJapan

Taiwan

Korea

Singapore

Australia

ThailandThe Philip-

Indonesia

Malaysia

Hong Kong

VietnamIndia

development

China (50%)(91.12%)(81.82%)(77.42%)(76.32%)(76.32%)(69.23%)pines (64%)(57.69%)(56%)(48.72%)(45.45%)(43.33%)OperatingJapan

Australia

Taiwan

Korea

Indonesia

ThailandSingapore

India

Malaysia

VietnamHong Kong

environment(84.85%)(81.08%)(75%)(67.74%)

(64%)

(64%)

(62.16%)(62.07%)(60%)(45.45%)(54.05%)

Regulatory

TaiwanJapan

Hong Kong

Thailand

Malaysia

Indonesia

Korea

Singapore

India

Australia

environment(69.7%)(69.7%)(57.89%)

(56%)

(52%)

(50%)

(48.39%)(45.95%)(36.67%)

(50%)

The
Philippines(54.17%)

The
Philippines(62.50%)MainlandChina(44.44%)MainlandChina(42.86%)

Vietnam(40.91%)Figure 14. Heat map chart showing changes in operating across APAC markets in the past three years

MarketMainlandIndia

Taiwan

Japan

Korea

Singapore

Malaysia

Australia

ThailandIndonesia

development

China (50%)(35.48%)(79.41%)(77.78%)(71.88%)(71.05%)(68%)(65.79%)(57.69%)(53.85%)

OperatingTaiwanJapan

Malaysia

Australia

Korea

Indonesia

ThailandSingapore

Vietnamenvironment(78.13%)(71.43%)(70.83%)(67.57%)(65.63%)

(60%)

(60%)

(51.35%)(45.45%)

Regulatory

Malaysia

TaiwanJapan

Indonesia

Singapore

Korea

ThailandAustralia

Hong Kong

environment(68%)(58.06%)(57.14%)(51.85%)(48.65%)(46.88%)(46.15%)(43.24%)(46.15%)

The
Philippines(57.69%)The
Philippines(65.22%)

The
Philippines(53.85%)

India (30%)

MainlandChina(37.14%)

Hong Kong

Vietnam(47.5%)(43.48%)Hong Kong(46.15%)18

Same

HarderUnsureChina(37.14%)

VietnamIndia(45.45%)(32.26%)

Figure 15. Heat map chart showing anticipated changes in operating across APAC markets in the next three years
EasierMainlanda. Buy-side and sell-side sentiment analysis – ranking of markets
based on average scores across three factors

7

The survey suggests that buy-side and sell-side rank markets in slightly different orders. However, there is a high degree ofconsistency among top rankings on both the buy and sell-side of the most international and/or mature APAC markets. The
rating order in the middle-ranked markets is somewhat different. Most significantly, the buy-side perceives the Philippines tohave a substantially higher ranking than the sell-side.

#

MarketAverage score (1-10; 1
being worst and 10 being
highest)1

Singapore

7.77

1Singapore

7.93

2Hong Kong

7.19

2

Australia

7.62

7.5

7.35

7.49

3

Australia

7.14

3

Hong Kong

7.3

7.93

7.22

7.48

4

Japan

6.74

4

Japan

6.96

7.12

6.65

6.91

5

Thailand

6.33

5

Taiwan

6.74

6.78

5.83

6.45

6

Taiwan6.12

6

Thailand

6.25

6.31

6.31

6.29

7

Korea

5.91

7

Korea

6.04

6.83

5.43

6.1

8

Malaysia

5.75

8

Malaysia

5.88

5.71

5.59

5.73

9

Mainland China

5.55

9

India

5.77

5.95

5.29

5.67

10

India

5.42

10

Mainland China

5.56

6.64

4.68

5.63

11

Indonesia

5.32

11

Indonesia

5.53

5.3

5.21

5.35

12

The Philippines

5.23

12

The Philippines

5.37

4.79

5.21

5.12

13

Vietnam

4.94

13

Vietnam

5.1

5.2

5

5.1

Figure 16. Overall ranking of the markets#

MarketOperatingenvironment

Marketdevelopment

Regulatoryenvironment

Average
score

7.71

7.68

7.77

Figure 17. Sell-side ranking of the markets#

MarketOperatingenvironment

Marketdevelopment

Regulatoryenvironment

Averagescore

1

Singapore

7.7

2

Hong Kong

6

7.7

7.9

7.77

7

6.36

6.45

3

Australia

6.22

6.22

6

6.15

4

Thailand

6.5

6.75

6.25

6.5

5

Japan

5.9

6.4

6.6

6.3

6

The Philippines

6

6.67

5

5.89

7

Malaysia

5.83

6.33

5.33

5.83

8

Taiwan

5.55

5.55

5.18

5.43

9

Korea

5.78

5.67

4.78

5.41

10

Mainland China

4.73

6.09

5.27

5.36

11

Indonesia

4.5

6.33

5

5.28

12

India

4.2

4.8

4

4.33

13

Vietnam

4.5

4

4

4.17

Figure 18. Buy-side ranking of the markets
19

7

b. Buy-side and sell-side sentiment analysis – heat map view
showing changes in operating across APAC markets in the past
three years

Given the smaller respondent pool, it is difficult to draw specific conclusions for the buy-side. Therefore, we marked jurisdictions that have less than
10 replies and less than 5 replies per category (easier/same/harder/unsure) as “NA” in the buy-side heat map below. Overall, the perceived operating,market, and regulatory environment over the past three years is largely consistent between buy-side and sell-side firms. Mainland China is consistently
perceived to have easier market development opportunities by buy-side and sell-side firms. A noted difference is a view on the buy-side that market
development opportunities in Hong Kong have been less favorable over the last three years, compared to the sell-side which views market development
opportunities in Hong Kong as unchanged over this period. The regulatory environment in Hong Kong is also perceived as more challenging by buy-side
firms. In addition, Australia is noted to have a more challenging regulatory environment by buy-side firms, whereas Singapore and India are noted tohave a more challenging regulatory environment by sell-side firms. We were unable to ascribe reliable reasons for these differences.

MarketMainlandJapan

Taiwan

Korea

Singapore

Australia

ThailandThe Philip-

Indonesia

Malaysia

Hong Kong

VietnamIndia

development

China (50%)(91.12%)(81.82%)(77.42%)(76.32%)(76.32%)(69.23%)pines (64%)(57.69%)(56%)(48.72%)(45.45%)(43.33%)OperatingJapan

Australia

Taiwan

Korea

Indonesia

ThailandSingapore

India

Malaysia

Vietnamenvironment(84.85%)(81.08%)(75%)(67.74%)

(64%)

(64%)

(62.16%)(62.07%)(60%)(45.45%)

Regulatory

TaiwanJapan

Hong Kong

Thailandenvironment(69.7%)(69.7%)(57.89%)

(56%)

The
Philippines(54.17%)

The
Philippines(62.50%)MainlandChina(44.44%)MainlandHong Kong(54.05%)

Malaysia

Indonesia

Korea

Singapore

India

Australia

(52%)

(50%)

(48.39%)(45.95%)(36.67%)(50%)

TaiwanAustralia

Singapore

Indonesia

Malaysia

VietnamHong Kong

(82%)

(78%)

(75%)

(75%)

(61%)

(53%)

(52%)

Indonesia

Malaysia

Singapore

Mainland

VietnamHong Kong

(68%)

(61%)

(59%)

China (52%)

(47%)

(52%)

Vietnam

MainlandSingapore(47%)

China (46%)

(44%)

India

Indonesia

India

Indonesia

India

Indonesia

China(42.86%)

Vietnam(40.91%)Figure 19. Overall viewMarketMainlanddevelopment

China (52%)

OperatingAustralia

environment(88%)

Regulatory

Taiwanenvironment(76%)

Japan (92%)

Japan (87%)

Thailand(85%)

Thailand(79%)

The
Philippines

Japan (70%)

(72%)

The
Philippines

Korea (82%)(84%)

Korea (76%)

The

TaiwanPhilippines

(76%)

(72%)

Hong Kong

ThailandIndonesia

Malaysia

Australia

(69%)

(68%)

(58%)

(56%)

(54%)

India (61%)

Korea (52%)

India (46%)

India (39%)

Figure 20. Sell-side viewMarketMainlandJapan

TaiwanSingapore

Australia

development

China (45%)(100%)

(82%)

(80%)

(73%)

TaiwanSingapore

Australia

Malaysia

(73%)

(70%)

(64%)

(57%)

Singapore

TaiwanAustralia

Hong Kong

Mainland

(60%)

(55%)

(70%)

(67%)

China (36%)

Operatingenvironment

Regulatoryenvironment

Japan (80%)

Japan (70%)

Korea (67%)

Korea (50%)

Figure 21. Buy-side view
Easier20

Same

HarderUnsureNA

Hong Kong(42%)

Hong Kong(58%)

ThailandThailandThailand

Korea

Malaysia

MainlandChina

Malaysia

The
Philippines

The
Philippines

The
Philippines

VietnamVietnamVietnam7c. Buy-side and sell-side sentiment analysis – heat map view
showing anticipated changes in operating across APAC markets
in the next three years

Overall, the perception of the operating, market, and regulatory environment over the next three years is largely consistent between buy-side andsell-side firms. Both sell-side and buy-side participants noted they expect Mainland China to present easier market development opportunities in thenext three years. Conversely, sell-side firms expect Mainland China to have a more challenging operating and regulatory environment in the next three
years. It was noted by both sell-side and buy-side firms that the operating environment in Hong Kong is also expected to present a challenge over the
next three years. Buy-side firms also noted they expect a more challenging regulatory environment in Hong Kong in the next three years. In addition, thebuy-side expects the regulatory environment in Australia and sell-side in India to become more challenging in the next three years. Finally, as with thesell-side responses, there is more optimism over expected market development and operating environment in India over the next three years.

MarketMainlandIndia

Taiwan

Japan

Korea

Singapore

Malaysia

Australia

ThailandIndonesia

development

China (50%)(35.48%)(79.41%)(77.78%)(71.88%)(71.05%)(68%)(65.79%)(57.69%)(53.85%)

OperatingTaiwanJapan

Malaysia

Australia

Korea

Indonesia

ThailandSingapore

Vietnamenvironment(78.13%)(71.43%)(70.83%)(67.57%)(65.63%)

(60%)

(60%)

(51.35%)(45.45%)

Regulatory

Malaysia

Taiwanenvironment(68%)(58.06%)

The

The
Philippines(65.22%)Japan

Indonesia

Singapore

Korea

ThailandAustralia

Hong Kong(57.14%)(51.85%)(48.65%)(46.88%)(46.15%)(43.24%)(46.15%)Singapore

Malaysia

Thailand

(79%)

(78%)

(75%)

Korea (73%)

Japan (72%)

Indonesia

Taiwan

(63%)

(60%)

TaiwanHong Kong

Singapore

(64%)

(50%)

(50%)

Japan (70%)

Korea (50%)

TaiwanHong Kong

Australia

(45%)

(75%)

(55%)

Philippines(57.69%)The
Philippines(53.85%)

India (30%)

MainlandHong Kong

Vietnam(47.5%)(43.48%)Hong Kong(46.15%)MainlandChina(37.14%)

VietnamIndia(45.45%)(32.26%)

Indonesia

VietnamHong Kong

(65%)

(59%)

(46%)

China
(37.14%)

Figure 22. Overall viewMarketMainlanddevelopment

China (50%)

Operatingenvironment

India (35%)

Regulatory

Malaysia

environment(78%)

India (46%)

Taiwan(87%)

Australia

Taiwan

(77%)

(76%)

The
Philippines

Japan (64%)(72%)

Korea (82%)

The
Philippines

The
Philippines(74%)

Australia(74%)

Japan (73%)

Malaysia

ThailandIndonesia

Singapore

VietnamHong Kong

Mainland

(71%)

(68%)

(63%)

(59%)

(47%)

(41%)

China (36%)

ThailandAustralia

Singapore

VietnamHong Kong

Mainland

(58%)

(56%)

(52%)

(47%)

(37%)

China (36%)

Malaysia

Indonesia(76%)

Korea (50%)

India (29%)

Figure 23. Sell-side viewMarketMainlanddevelopment

China (50%)

OperatingTaiwan

Malaysia

environment

(82%)

(71%)

Regulatoryenvironment

Japan (50%)

Japan (90%)

Korea (50%)

Australia

Hong Kong

(45%)

(58%)

India (86%)

Singapore

Australia

India (86%)

ThailandIndia (71%)

Singapore

ThailandThailand

Korea

Malaysia(45%)

Mainland
China

MainlandChina

Indonesia

Indonesia

The
Philippines

The
Philippines

The
Philippines

VietnamVietnamVietnamFigure 24. Buy-side view
EasierSame

HarderUnsureNA21

8a. APAC market outlook - top market attractions under thethree factors

The most common factors that make markets attractive are workforce skills under operating environment, growing
customer base and wealth under market development, and predictable and transparent regulatory policy under regulatoryenvironment.
#

MarketAverage score

Operating environment

Market development

Regulatory environment

1

Singapore

7.77

Workforce skills

Fintech development

Predictable and transparent
regulatory policy

2

Hong Kong

7.19

Workforce skills

Clearing and settlement
infrastructure

Tax environment

3Australia

7.14

Workforce skills

Transparency of market
information

Predictable and transparent
regulatory policy

4

Japan

6.74

Physical infrastructureMarket liquidity and depth

Predictable and transparent
regulatory policy

5

Thailand6.33

Cost of doing business

Growing customer base andwealthOther foreign investment
regulations
Restrictions on product/service
offerings
Licensing requirements
Outsourcing regulations

6

Taiwan

6.12

Workforce skills

Clearing and settlement
infrastructure

Predictable and transparent
regulatory policy
Foreign ownership regulations

7

Korea

5.91

Digital infrastructure

Transparency of market
information

Quality of anti-bribery andcorruption framework

8

Malaysia

5.75

Language skills

Growing customer base andwealthInvestor protection

9

Mainland China

5.55

Digital infrastructure
Workforce skills

Growing customer base andwealthLicensing requirements
Investor protection

10

India

5.42

Workforce skills

Growing customer base andwealthInvestor protection

11

Indonesia

5.32

Competitive landscapeGrowing customer base andwealthForeign ownership regulations

12

The Philippines

5.23

Workforce skills

Growing customer base andwealthOutsourcing regulations

13

Vietnam

4.94

Political situation

Growing customer base andwealthEconomic growth rate

Other foreign investment
regulations
Tax environment

Figure 25. Summary of top attractions to operate in APAC markets
228b. APAC market outlook - top market impediments under thethree factors

The factors that make markets least attractive are political situation under operating environment, currency convertibility
and lack of market liquidity and depth under market development, and currency controls under regulatory environment.

#

MarketAverage score

Operating environment

Market development

Regulatory environment

1

Singapore

7.77

Immigration law

Market liquidity and depth

Outsourcing regulations

2

Hong Kong

7.19

Political situation

Economic growth rate

International sanctions

3

Australia

7.14

Immigration law

Regional integration

Tax environment

4

Japan

6.74

Language skills

Economic growth rate

Tax environment

5

Thailand

6.33

Political situation

Availability of stock borrowing& lending and short-selling

Currency controls

6

Taiwan

6.12

Political situation

Range of product/service
offerings

Restrictions on product/service
offerings

7

Korea

5.91

Language skills

Availability of stock borrowing& lending and short-selling

Licensing requirements

8

Malaysia

5.75

Political situation

Currency convertibility

Currency controls

9Mainland China

5.55

Barriers to entry

Currency convertibility

Currency controls

10

India

5.42

Physical infrastructure

Currency convertibility

Currency controls

11

Indonesia

5.32

Fairness in law enforcement

Market liquidity and depth

Data localization requirements

12

The Philippines

5.23

Physical infrastructureMarket liquidity and depth

Tax environment

4.94

Language skills
Digital infrastructure
Physical infrastructure
Availability of professional
service support

Transparency of market
information
Range of product/service
offerings

Currency controls

13

VietnamFigure 26. Summary of top impediments to operate in APAC markets
23

c. APAC market outlook – jurisdictions mapping based on
regulatory environment

8

Average regulatory environment score

The following bubble charts show jurisdiction mapping based on the most common regulatory environment attraction/
impediment such as predictable and transparent regulatory policy/currency controls. The bubble size indicates how many
survey participants operate per jurisdiction, the y-axis shows the average regulatory environment score, and the x-axis showsthe % of participants selecting the given factor as one of the top five attractions/impediments of a particular jurisdiction.

8

7

JP

6

ML

Average regulatory environment score

TW

5.5
ID
VN

4.5
4

The graph illustrates that market
participants tend to rate a predictable
and transparent regulatory system as
the key attraction for the regulatoryenvironment in Australia, Singapore,
Japan and Hong Kong, which would
generally be perceived as the mostsophisticated markets in the region.
Thailand is an interesting outlier.

TH

PH

IN

CN
KR

0%

10%
20%
30%
40%
50%
60%
70%
% of participants per market viewing predictable and transparent regulatory policy as one of
the top five attractions

8

Figure 28. Currency controls

SG

7.5

AU

7
JP

6.5

HK
TH

6

TW

5.5
ID

5

KR

ML
PH

IN

CN

VN

4.5
4

24

AU

HK

6.5

5

Figure 27. Predictable and transparent
regulatory policy

SG

7.5

0%

10%
20%
30%
40%
50%
60%
% of participants per market viewing currency controls as one of the top five impediments

70%

For most emerging markets such as
Vietnam, India, and Mainland China,
currency controls are viewed as the
top impediment under the regulatoryenvironment. Currency controls are notseen as a material impediment froma regulatory environment perspective
for Australia, Japan, Hong Kong andSingapore.

d. APAC market outlook – jurisdictions mapping based on
operating environment

8

The following bubble charts show jurisdiction mapping based on the most common operating environment attraction/
impediment such as workforce skills/political situation. The bubble size indicates how many survey participants operate per
jurisdiction, the y-axis shows the average operating environment score, and the x-axis shows the % of participants selecting
the given factor as one of the top five attractions/impediments of a particular jurisdiction.

Average operating environment score

8.5

Figure 29. Workforce skills

8

SG

7.5

AU

7
JP

6.5

HK

TW

6

TH

KR

ML

5.5
5
4.5

VN
20%

IN

PH

ID

CN

25%
30%
35%
40%
45%
50%
55%
% of participants per market viewing workforce skills as one of the top five attractions

60%

Average operating environment score

8.5

Figure 30. Political situation

8

SG

7.5
7
6.5

AU

HK

JP

TW

6

KR

5.5

IN

5 VN

ID

TH

ML
PH

CN

4.5
4

Surprisingly, workforce skills in a numberof emerging markets (India, Thailand,
the Philippines and Vietnam) scorehigher as attractions than in some moremature markets like Japan, Taiwan and
Korea.

0%

10%
20%
30%
40%
50%
60%
% of participants per market viewing political situation as one of the top five impediments

Most participants view the politicalsituation as the top impediment
under operating environment inemerging markets and Hong Kong.
The only exception was Vietnam; asno survey participants operating there
view the political situation as oneof the impediments (0%), which we
possibly attribute to perceptions of theVietnamese government’s program
to make the country a more attractive
capital market.

25

e. APAC market outlook – jurisdictions mapping based onmarket development

8

Average market development score

Average market development score

The following bubble charts show jurisdiction mapping based on the most common market development attraction/
impediment such as growing customer base & wealth/market liquidity & depth. The bubble size indicates how many survey
participants operate per jurisdiction, the y-axis shows the average market development score, and the x-axis shows the % ofparticipants selecting the given factor as one of the top five attractions/impediments of a particular jurisdiction.

26

8
HK

7.5
7

AU

JP

6.5

Figure 31. Growing customer base &wealth

SG

KR

TH

TW

CN

6

IN

ML

5.5

ID
PH

5
4.5

15%

VN

20%
25%
30%
35%
40%
45%
50%
55%
% of participants per market viewing growing customer base & wealth as one of the top five
attractions

60%

8.5

Figure 32. Market liquidity & depth

8

SG

HK

7.5
7

JP

6.5
6

AU
KR

CN
IN

5.5
5
4.5

Despite Mainland China being the top
market for business expansion among
survey participants, not all survey
participants view the growing customer
base & wealth as the top attraction in
relation to market development. The
other attractions cited for Mainland
China were the economic growth rate(56%), fintech development (36%) andtrading and exchange infrastructure(36%).

TH
TW

ML
VN

0%

PH

5%
10%
15%
20%
25%
30%
35%
% of participants per market viewing market liquidity and depth as one of the top five
impediments

ID

40%

Despite having slower economic growth
rates as the top impediment for market
development, both Hong Kong andJapan are still attractive markets forbusiness due to their market liquidityand depth.

9Participants’ views on ASEAN market integration

Most participants expressed positive views regarding ASEAN market integration, including creation of more freedom inmovements of goods, capital and people, and suggest greater alignment of regulations and greater market transparency inorder to have greater ASEAN market integration in the future.

49%

23%

EasierEasierHarderHarder28%

Not sure

Not sure

Figure 33. Current business operating outlook in ASEAN for participants

A majority of survey participants also see greater ASEAN market integration in the next 5 years (~50%).

Signiﬁcantly greater [3%]Somewhat greater [44%]Not sure [18%]Less integra�on [13%]No diﬀerence [23%]Figure 34. Participants’ views on ASEAN market integration in the next 5 years
27Appendix A

Market-level view

Australia
Participants’ view of Australia (1 being lowest, 10 being highest)

Marketdevelopment

7.17

Opera�ng
environment

7.26

Regulatoryenvironment

7
0

1

3

2

4

5

6

7

8

Average Score (1-10)

28

Operating environment

Market development

Regulatory environment

Attractions

Workforce skills

Transparency of market
information

Predictable andtransparent regulatory
policyImpediments

Immigration law

Regional integration

Tax environment

Appendix A

Market-level viewHong Kong
Participants’ view of Hong Kong (1 being lowest, 10 being highest)

Marketdevelopment

7.66

Opera�ng
environment

6.92

Regulatoryenvironment

6.97
0

1

3

2

4

5

6

7

8

Average Score (1-10)

Operating environment

Market development

Regulatory environment

Attractions

Workforce skills

Clearing and settlement
infrastructure

Tax environment

Impediments

Political situation

Economic growth rate

International sanctions

29

Appendix A

Market-level view

India
Participants’ view of India (1 being lowest, 10 being highest)

Marketdevelopment

5.74

Opera�ng
environment

5.48

Regulatoryenvironment

5.04
0

0.5

1

1.5

2

2.5

3

5.5

4

4.5

5

5.5

6

6.5

Average Score (1-10)30

Operating environment

Market development

Regulatory environment

Attractions

Workforce skills

Growing customer baseand wealthInvestor protection

Impediments

Physical infrastructure

Currency convertibility

Currency controls

Appendix A

Market-level view

Indonesia
Participants’ view of Indonesia (1 being lowest, 10 being highest)

Marketdevelopment

5.43

Opera�ng
environment

5.35

Regulatoryenvironment

5.18
0

0.5

1

1.5

2

2.5

3

5.5

4

4.5

5

5.5

6

Average Score (1-10)

Operating environment

Market development

Regulatory environment

Attractions

Competitive landscapeGrowing customer baseand wealthForeign ownershipregulations

Impediments

Fairness in law
enforcement

Market liquidity and depth Data localization
requirements

31

Appendix A

Market-level view

Japan
Participants’ view of Japan (1 being lowest, 10 being highest)

Marketdevelopment

6.92

Opera�ng
environment

6.67

Regulatoryenvironment

6.64

0

1

3

2

4

5

6

7

Average Score (1-10)

32

Operating environment

Market development

Regulatory environment

Attractions

Physical infrastructureMarket liquidity and depth Predictable andtransparent regulatory
policyImpediments

Language skills

Economic growth rate

Tax environment

Appendix A

Market-level view

Korea
Participants’ view of Korea (1 being lowest, 10 being highest)

Marketdevelopment

6.5

Opera�ng
environment

5.97

Regulatoryenvironment

5.25
0

1

3

2

4

5

6

7

Average Score (1-10)

Operating environment

Market development

Regulatory environment

Attractions

Digital infrastructure

Transparency of market
information

Quality of anti-bribery andcorruption framework

Impediments

Language skills

Availability of stock
borrowing & lending andshort-selling

Licensing requirements

33

Appendix A

Market-level view

Mainland China
Participants’ view of Mainland China (1 being lowest, 10 being highest)

Marketdevelopment

6.47

Opera�ng
environment

5.31

Regulatoryenvironment

4.86
0

1

3

2

4

5

6

7

Average Score (1-10)

34

Operating environment

Market development

Regulatory environment

Attractions

Digital infrastructure
Workforce skills

Growing customer baseand wealth

Licensing requirements
Investor protection

Impediments

Barriers to entry

Currency convertibility

Currency controls

Appendix A

Market-level view

Malaysia
Participants’ view of Malaysia (1 being lowest, 10 being highest)

Marketdevelopment

5.87

Opera�ng
environment

5.87

Regulatoryenvironment

5.52
0

0.5

1

1.5

2

2.5

3

5.5

4

4.5

5

5.5

6

6.5

Average Score (1-10)

Operating environment

Market development

Regulatory environment

Attractions

Language skills

Growing customer baseand wealthInvestor protection

Impediments

Political situation

Currency convertibility

Currency controls

35Appendix A

Market-level view

The Philippines
Participants’ view of the Philippines (1 being lowest, 10 being highest)

Marketdevelopment

5.05

Opera�ng
environment

5.45

Regulatoryenvironment

5.18
0

0.5

1

1.5

2

2.5

3

5.5

4

4.5

5

5.5

6

Average Score (1-10)

36

Operating environment

Market development

Regulatory environment

Attractions

Workforce skills

Growing customer baseand wealthOutsourcing regulations

Impediments

Physical infrastructureMarket liquidity and depth Tax environment

Appendix A

Market-level viewSingapore
Participants’ view of Singapore (1 being lowest, 10 being highest)

Marketdevelopment

7.71

Opera�ng
environment

7.87

Regulatoryenvironment

7.74
0

1

3

2

4

5

6

7

8

9

Average Score (1-10)

Operating environment

Market development

Regulatory environment

Attractions

Workforce skills

Fintech development

Predictable andtransparent regulatory
policyImpediments

Immigration law

Market liquidity and depth Outsourcing regulations

37

Appendix A

Market-level view

TaiwanParticipants’ view of Taiwan (1 being lowest, 10 being highest)

Marketdevelopment

6.38

Opera�ng
environment

6.35

Regulatoryenvironment

5.62
0

1

3

2

4

5

6

7

Average Score (1-10)

38

Operating environment

Market development

Regulatory environment

Attractions

Workforce skills

Clearing and settlement
infrastructure

Impediments

Political situation

Range of product/service
offerings

Predictable andtransparent regulatory
policyForeign ownershipregulations
Restrictions on product/
service offerings

Appendix A

Market-level view

ThailandParticipants’ view of Thailand (1 being lowest, 10 being highest)

Marketdevelopment

6.4

Opera�ng
environment

6.3

Regulatoryenvironment

6.3
0

1

3

2

4

5

6

7

Average Score (1-10)

Operating environment

Market development

Regulatory environment

Attractions

Cost of doing business

Growing customer baseand wealth

Other foreign investment
regulations
Restrictions on product/
service offerings
Licensing requirements
Outsourcing regulations

Impediments

Political situation

Availability of stock
borrowing & lending andshort-selling

Currency controls

39Appendix A

Market-level view

VietnamParticipants’ view of Vietnam (1 being lowest, 10 being highest)

Marketdevelopment

5

Opera�ng
environment

5

Regulatoryenvironment

4.83
0

0.5

1

1.5

2

2.5

3

5.5

4

4.5

5

5.5

Average Score (1-10)40

Operating environment

Market development

Regulatory environment

Attractions

Political situation

Growing customer baseand wealth
Economic growth rate

Other foreign investment
regulations
Tax environment

Impediments

Language skills
Digital infrastructure
Physical infrastructure
Availability of professional
service support

Transparency of market
information
Range of product/service
offerings

Currency controls

Appendix B

List of participants

1. ABN AMRO Clearing Bank NV
Branch)(Singapore

2. AllianceBernstein L.P.
3. Allianz Global Investors
4. Amundi Hong Kong Limited
5. ANZ Banking Group Limited

25. Mizuho Securities Asia Limited
26. Natixis Hong Kong
27. Nomura International (HK) Limited
28. Nomura Asset Management Hong Kong Limited
29. The Northern Trust Company

6. BNP Paribas

30. Schroders Investment Management (Hong Kong)
Limited7. The Bank of New York Mellon

31. SMBC Nikko Securities (Hong Kong) Ltd.

8. Citadel Securities (Hong Kong) Limited

32. Société Générale

9. Commerzbank AG Singapore Branch

33. Standard Chartered Bank Hong Kong Limited

10. Crédit Agricole

34. State Street Corporation

11. Credit Suisse (Hong Kong) Limited

35. Susquehanna Pacific Pty Ltd

12. Daiwa Capital Markets Hong Kong Limited

36. T. Rowe Price Group, Inc

13. DBS Bank Ltd

37. UBS AG

14. Eastspring Investments (Hong Kong) Limited

38. UBS Asset Management (Hong Kong) Limited

15. Edelweiss Custodial Services Limited*2 more participants participated but requested not tobe named

16. First Sentier Investors (Hong Kong) Limited
17. The Hongkong and Shanghai Banking Corporation
Limited18. ING Bank N. V.
19. Investec Capital Services (India) Private Limited
20. Janus Henderson Group Plc
21. J. P. Morgan Chase Bank N.A
22. Liquidnet Asia Limited
23. Macquarie Bank Limited
24. Man Group Investment Managers

41

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