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Year 2004 Review ( Estimate up to 31 December 2004 )

首次上市集資 新聞簡報會 2004年回顧與200 5 年預測 IPO Press Briefing PwC IPO Market Year End Review for 2004 and Outlook for 2005 孫寶源 先生 / 陳朝光先生 Richard Sun / Edmond Chan 30-12- 2004. Year 2004 Review ( Estimate up to 31 December 2004 ). Number of Listed Companies. Main Board. Growth Enterprise Market.

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Year 2004 Review ( Estimate up to 31 December 2004 )

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  1. 首次上市集資新聞簡報會2004年回顧與2005年預測IPO Press Briefing PwC IPO Market Year End Review for 2004 and Outlook for 2005孫寶源先生 / 陳朝光先生Richard Sun / Edmond Chan30-12-2004

  2. Year 2004 Review (Estimate up to 31 December 2004)

  3. Number of Listed Companies Main Board Growth Enterprise Market No. of companies No. of companies Year Year

  4. Number of Newly Listed Companies Main Board : HK/Others H-Shares Growth Enterprise Market : HK/Others H-Shares 60 57 57 49 47 46 43 31 27 No. of companies No. of companies 21 Year Year Growth Enterprise Market Main Board

  5. Number of New Listings – by month No. of IPOs vs Index 10 8 7 5 No. of IPOs Index 4 4 4 4 3 3 3 2 2 2 2 2 1 1 1 1 1 Month Main Board GEM Hang Seng Index GEM Index(x5) * Hang Seng Index and GEM Index as at 21 December 2004

  6. Number of New Listings – by quarter Main Board Growth Enterprise Market 9 17 8 15 15 15 7 7 6 5 5 9 9 No. of companies 8 No. of companies 7 1 Month Month H-Shares 2003: 2004: H-Shares 2003: 2004: HK/Others HK/Others HK/Others HK/Others H-Shares H-Shares

  7. IPO vs Other Equity Funds Raised Main Board : Other Equity Funds Raised IPO Funds Raised Growth Enterprise Market : Other Equity Funds Raised IPO Funds Raised 451 16 * 261 HK$ billion HK$ billion 9 209 6 5 * 5 101 59 Year Year Main Board Growth Enterprise Market * Total equity funds raised for 2004 was up to 15 December 2004

  8. IPO Funds Raised * Funds raised Total market turnover HK$ billion 132 95 52 26 59 Year * Total market turnover of 2004 was up to 15 December 2004

  9. IPO Funds Raised – further analysis Year 2004 GEM 2.7 HK/Others H-Shares Year 2004 92.7 Main Board HK/Others H-Shares Year 2003 GEM 2 HK/Others H-Shares Year 2003 57 Main Board HK/Others H-Shares HK$ billion

  10. Average Deal Size of New Listings * Year 2004 * Year 2003 HK$ million * Excluding introductions which did not raise funds: Year 2004 – Main Board: 3, GEM: N/A ; Year 2003 – Main Board: 7, GEM: 1

  11. Average Deal Size of New Listings – excluding H-Shares * Year 2004 * Year 2003 HK$ million * Excluding introductions which did not raise funds: Year 2004 – Main Board: 3 , GEM: N/A ; Year 2003 – Main Board: 7, GEM: 1

  12. Average Deal Size of New Listings – excluding highest IPO funds raised candidates # * Year 2004 ^ # * ^ Year 2003 HK$ million ^ Excluding companies that raised funds of more than HK$ 10 billion: Year 2004 – Ping An Insurance , SMIC and China Netcom ; Year 2003 – China Life # Excluding companies that raised funds of more than HK$ 1 billion: Year 2004 – TOM Online; Year 2003 – N/A * Excluding introductions which did not raise funds: Year 2004 – Main Board: 3 , GEM: N/A ; Year 2003 – Main Board: 7, GEM: 1

  13. Profitability Year 2004 Year 2003 * Investment companies

  14. P/E Multiple – Fully Diluted Main Board 15 11 8 HK/Others H Shares 5 No. of companies 4 3 2 1 6-7.99 8-9.99 No Profit 20-29.99 10-14.99 15-19.99 Introduction Investment Company P/E Multiple

  15. P/E Multiple – Fully Diluted Growth Enterprise Market 8 HK/Others H Shares 5 4 No. of companies 1 1 1 1 1 8-9.99 >100 6-7.99 No Profit 10-14.99 30-39.99 15-19.99 P/E Multiple

  16. Year 2005 Forecast

  17. Forecast of Year 2005 Year 2005 (estimated) Number of new listings Year 2004 No. of companies Year 2005 (estimated) Funds raised Year 2004 HK$ billion

  18. Forecast of Year 2005 Main Board • Number of new listings ：55 • Funds to be raised : HK$135 billion • Projected average P/E : 10 - 15

  19. Forecast of Year 2005 Growth Enterprise Market • Number of new listings ：25 • Funds to be raised ：HK$3 billion • Projected average P/E ：10 - 15

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