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HK000I5D8/27/2019HK000I5D_ML_ChinaOpportunities_0804.pptChinaIndustryPrimer[]August18,2004CONFIDENTIALHK000I5XHK000I5D8/27/2019HK000I5D_ML_ChinaOpportunities_0804.ppt0204060801999A2000A2001A2002A2003A2004E2005E2006E2007E2008ENo.ofPlayers05101520TotalProductionCapacity0204060801999A2000A2001A2002A2003A2004E2005E2006E2007E2008EUnitPrice05101520No.ofUnitSold1TotalMarketSizeandPerformanceNo.ofPlayers/TotalProductionCapacityUnitPrice/UnitsSoldIndustryPrimer–[]MarketOverview1.Breakdowntoprovince/regionandsubsectorasappropriate2.Includeasmuchdetailasappropriate/possible3.Footnoteallyoursources!!____________________Source:[]0501001502002501999A2000A2001A2002A2003A2004E2005E2006E2007E2008EUS$bn0%2%4%6%8%10%12%14%16%18%20%Subsector1Subsector2Subsector2GrowthRate[Datatocome][Datatocome][Datatocome]HK000I5D8/27/2019HK000I5D_ML_ChinaOpportunities_0804.ppt2IndustryPrimer–[]KeyIndustryCharacteristics[Fragmentedmarket][State-ownership][Importorexportdriven][Segmentationofmarketspace][Innovationdriven?][Cyclical?][Demographic-driven][Protectedsector][Lowpenetration][Lackingcertainexpertise][Scale-play][Brand-driven][Highbarrierofentry][HighR&D]RecentDevelopments[Introductionofcertaintechnology][Openingofcertainmarkets][Cuttingimporttariff]1.Relyonnewsrun,industrysectorreports,discussionsincompanyannualreportsHK000I5D8/27/2019HK000I5D_ML_ChinaOpportunities_0804.ppt3IndustryPrimer–[]KeyIndustryTrends[Certainproducttypepopular][Pricecuts][Intensifyingcompetition][Margincompression][Coupledwithfinancing–electronicsforexample][Domesticconsolidation][Diversificationofcustomerbase][Inter-provincialexpansion][Decliningimporttariff][Government'sstanceandposition][Funding–moreprivatesectorcapital][Shiftindistributionchannel]1.Relyonnewsrun,industrysectorreports,discussionsincompanyannualreportsHK000I5D8/27/2019HK000I5D_ML_ChinaOpportunities_0804.ppt4IndustryPrimer–[]KeyDrivers[Strongoveralleconomicperformance][Infrastructureexpansion][Increasingconsumerawareness][Increaseinconstructionwork][Increaseindisposalincome]TiebacktotheIndustryCharacteristicsandTrends____________________Source:[]051015201999A2000A2001A2002A2003A051015201999A2000A2001A2002A2003A051015201999A2000A2001A2002A2003A051015201999A2000A2001A2002A2003ADriver1Driver2Driver3Driver4Source:Industryreports,equityresearchonprofiledcompaniesHK000I5D8/27/2019HK000I5D_ML_ChinaOpportunities_0804.ppt5KeyPlayersandMarketShare70%60%50%40%30%20%10%5%10%20%30%40%50%60%0%10%20%30%40%50%60%70%80%ABCDEFGHIJKLMNO2003MarketShare2002MarketShareIndustryPrimer–[]CompetitiveLandscape____________________Source:[][Listkeydomesticorforeignplayersandrespectivemarketshare]Source:Industryreports,equityresearchonprofiledcompanies,newsrunsHK000I5D8/27/2019HK000I5D_ML_ChinaOpportunities_0804.ppt6IndustryPrimer–[]RegulatoryEnvironmentKeyRegulationsandLicensingRequirementsForeignOwnershipRestrictions[Currentsituation][WTOcommitments][FavorabletreatmentforHKcompanies?][Distribution?Manufacturing?Marketing?][Investmentrestrictions]KeyRegulatoryAgenciesRelevantTaxRegulations[Favorabletaxtreatmentforoperationincertainregion[Tocome]____________________Source:[]Source:Industryreports,equityresearchonprofiledcompanies,newsruns;lawyers’websitesHK000I5D8/27/2019HK000I5D_ML_ChinaOpportunities_0804.pptOverviewofMultinational’sPresence7IndustryPrimer–[]ForeignParticipationtodateState-ownedenterprisesPrivateenterprisesMultinationalsMarketShareBreakdown–[Year?]MultinationalExistingOperationinChinaInvestmentModeGeographicFocusFinancialPerformanceStrategicDirection/Aspiration[capitalinvested;JV;JVpartner][UNDERNOCIRCUMSTANCESSHOULDYOUCONTACTTHEREGIONALRM’s]____________________Source:[]Source:Industryreports,equityresearchonprofiledcompanies,newsruns;SDCM&ArunsHK000I5D8/27/2019HK000I5D_ML_ChinaOpportunities_0804.ppt8Cross-BorderedM&ADomesticM&AM&AActivitytoDateIndustryPrimer–[]____________________Source:[]020406080199920002001200220032004YTDTotalTransactionValueKeyTransactions020406080199920002001200220032004YTDTotalTransactionValue____________________(#)representno.ofdeals____________________(#)representno.ofdeals(10)(10)(10)(10)(10)(10)(10)(10)(10)(10)(10)(10)DateAcquiror/TargetTransactionValue[MultiplePaid]Comments[tocome][tocome][Sizable,notabletransactions]Source:SDCM&ArunsandnewsrunsHK000I5D8/27/2019HK000I5D_ML_ChinaOpportunities_0804.ppt9RankingbyROARankingbyROESummaryofPlayersIndustryPrimer–[]____________________Source:[]0.0%10.0%20.0%30.0%40.0%ABCDEFGHIJRoE[tocome][tocome]Source:SDCM&Arunsandnewsruns0.0%10.0%20.0%30.0%40.0%ABCDEFGHIJRoARankingbyValuationRankingbyEBITDAMargin0.0%10.0%20.0%30.0%40.0%ABCDEFGHIJEBITDAMargin[tocome][EV/EBITDAorP/EorP/B]0.0%10.0%20.0%30.0%40.0%ABCDEFGHIJ[]HK000I5D8/27/2019HK000I5D_ML_ChinaOpportunities_0804.ppt10CompanyProfile-[]StockMarketPerformanceRecentDevelopmentsBusinessOverviewKeyManagementIndustryPrimer–[][Tocome][No.ofemployees][Geographiccoverage][Productrange][Revenuebreakdown][Keybrands][Keystrategy]NamePositionCrendentials[