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About ASIFMA’s 8th China Capital Markets Conference in 2018 Further to the success of the past seven annual editions of China’s Capital Markets Conference in Asia, the 2018 conference again received valuable support from a number of key stakeholders in the region. The conference attracted over 350 participants from 200 organizations, including 18% buy side, 6% policy maker/public official, 4% corporate treasurer and 12% media. Among over 70 senior speakers we had senior representatives of the region from sell side, institutional investors, corporate treasurers, market influencers and many other leading financial organizations.

This industry-wide conference has become a significant platform in the region for the industry to convene and discuss key topics on the development of the China capital markets.

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We specially thank the valuable support from 13 sponsoring firms where the Lead Sponsor is Thomson Reuters and other supporting sponsors include BNP Paribas, Moody’s Investors Service, S&P Global, Ashurst, China International Capital Corporation (CICC), Clearstream, Credit Agricole, Latham & Watkins, Luxembourg for Finance, Societe Generale, IHS Markit, SWIFT and Hong Kong University of Science & Technology (HKUST). The event is in collaboration with 10 endorsers and 4 media partners as well.

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We have received positive feedback from the stakeholders including speakers, delegates, sponsors and media partners. Most of them found the conference fruitful with speakers sharing great thoughts on various multifaceted topics, the discussions highly informative and interactive, and the event enjoyable with the opportunity to meet various senior representatives with similar interests in financial regulation, which encouraged the development of China Capital Markets.

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List of Participating Organizations in 2018: Aberdeen Asset Management Asia Limited Active Investments Capital Limited Acuris Global Apex Capital Management (Hong Kong) Limited AK Partners Allied Group Ltd. Amundi Asset Management Anbang Asset Management Co. Ltd Ashurst Asia and Pacific Seed Association (APSA) Asia First Financial Intelligence Limited Asia Pacific RIM (China) Limited Asia-Pacific Structured Finance Association Limited Australia and New Zealand Banking Group (ANZ) Baillie Gifford & Co Bank of America Merrill Lynch Berlin Finance Group BMO Global Asset Management BNP Paribas BOCI-Prudential Asset Management Limited Bond Connect Company Limited Bradesco Securities HK Limited CACEIS Investor Services CAIA Association Caixin Media Capital Group China Development Bank China International Capital Corporation (Hong Kong) Limited China-ASEAN Capital Advisory Co., Ltd China-ASEAN Investment Cooperation Fund Citadel Securities LLC CITIC Capital Holdings Limited

CITIC Capital Silk Road Fund Citicorp Investment Bank (Singapore) Limited Citigroup Global Markets Asia Limited City of London Beijing Office Clearstream ComplianceAsia Consulting Ltd. Consulate General of the United States of America Consulate General of The United States, Hong Kong & Macau Control Risks Group Holdings Ltd CPPIB Asia Inc. Credit Agricole Crescent Management Limited CSC Asia Pacific Ltd. Deloitte Digfin Group DTCC Eastspring Investments Eastwind Capital Limited (Hong Kong) EBS BrokerTec Embassy of France in China Embassy of Italy to the People's Republic of China Equities First Holdings Eurex Eurizon Capital HK Ewin Asia Capital Limited FIL Investment Management (Shanghai) Company Limited Finanz und Wirtshaft First American Bank Flow Traders Hong Kong Ltd. Focus Ventures FTSE Russell Fullgoal Asset Management (HK) Limited

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List of Participating Organizations in 2018 (Con’t): GaveKal Capital Limited GFMA GlobalRMB Glorious Sun Holdings Ltd Goldman Sachs Group, Inc. GPB Financial Services Hong Kong Limited Guernsey Finance Hai Tong Asset Management (HK) Limited Hang Seng Investment Management Limited Herbert Smith Freehills Hitachi Capital Corporation HKEX Hong Kong Trustees' Association Ltd HSBC Global Asset Management HSBC Holdings plc Hutchison Ports Holdings Limited ICAP AP (Singapore) Pte Ltd IHS Markit International Capital Market Association (ICMA) International Finance Corporation (IFC) International Financial Law Review INV Partners iShares J.P. Morgan Jefferies Hong Kong Limited Jun He Law Offices Jun Yang Financial Holdings Limited Kapronasia King & Wood Mallesons Latham & Watkins Linklaters LKF Capital Partners Ltd Look's Asset Management Limited Luxembourg for Finance Macquarie Group

MaGESpire Manulife Financial Asia Limited Mathiannal Group Matthews Asia Mercer Mergermarket Group Mintz Group Mlex Money Concepts Capital Corp Moody's Investors Service Ltd. MTR Corporation Limited Mutualwell Incorporated Natixis Investment Managers Hong Kong Limited NatWest Markets NEX Group plc Nikkei Inc. Nixon Peabody LLP Norddeutsche Landesbank Girozentrale Singapore Branch Official Monetary and Financial Institutions Forum (OMFIF) Oneday Capital Limited Ontario Teachers' Pension Plan (Asia) Ltd Optiver Australia Pty Limited Oversea-Chinese Banking Corporation Limited (OCBC Bank) Pacific Hawk (HK) Ltd. Pan Asia Securities Lending Association (PASLA) Peng Yang Fund Management Pengyuan Credit Rating (Hong Kong) Co., Ltd Phillip Capital Management PineBridge Investments Asia Limited PrimeCredit Limited Prudential Corporation Asia

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List of Participating Organizations in 2018 (Con’t): Pureheart Capital Asia Limited PwC (PricewaterhouseCoopers) International Ltd. R3CEV LLC R5FX Ltd Refinitiv Regulation Asia Reuters Breakingviews S&P Global Market Intelligence Schroders Securities and Exchange Commission of Cambodia Societe Generale (HK) Limited South China Morning Post Publishers Limited Standard & Poor's Standard Chartered State Street Securities Hong Kong Limited SWIFT T. Rowe Price Hong Kong Limited Ta Kung Pao (HK) Ltd.

Taikang Asset Management Co., Ltd. Taiping Securities (HK) Ltd The European Chamber of Commerce Hong Kong The Hong Kong Association of Corporate Treasurers (HKACT) The Hong Kong University of Science & Technology The Hongkong Electric Company, Limited Tradeweb LLC Treasury Markets Association (TMA) US-China Business Council (USCBC) Vigeo Eiris Vistra Hong Kong Vistra Singapore Westpac White & Case LLP Yunfeng Financial Group Zhongrong International Securities Company Limited

Event Website: For more about the ASIFMA’s 8th China Capital Markets Conference in 2018: www.asifma.org/china2018 For More Information about ASIFMA Events: www.asifma.org/events

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ASIFMA’s 8th China Capital Markets Conference Tuesday 15 May 2018

Program (Final)

Location: Conrad Hong Kong (Grand Ballroom, Lower Lobby) Remark: Open to the media except the Concurrent Roundtables

Morning Plenary Sessions

08:15-08:30 Delegates Check-in 08:30-08:40 Welcome Remarks

• Mark Austen, CEO, ASIFMA

08:40-08:55 Keynote

• James Lau, Secretary for Financial Services and the Treasury, HKSAR Government

08:55-09:40 Panel Discussion 1 – China Macro Economy 2018 - The benefits of liberalisation / Opening up of China - China corporate deleveraging - Aligning Chinese regulatory standards with the G20 commitments

• Betty Rui Wang, Senior China Economist, ANZ

• CG Lai, Head of Global Markets, Greater China, BNP Paribas

• Frederic Neumann, MD, Co-head of Asian Economic Research, HSBC

• Jeffrey Goldfarb, Deputy Editor, Head of Asia, Reuters Breakingviews (Moderator)

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Morning Plenary Sessions (Con’t) 09:40-10:25 Panel Discussion 2 – How can China become an International Financial Centre?

- External impact: Brexit, Trump - Deep liquid capital markets - Regulatory and legal framework - Market access - How can capital markets support RMB internationalization, Belt & Road Initiative and

green finance

• Robert Rooks, Former Partner, Deloitte

• David Pang, Treasurer, MTR Corporation

• Tailei Wan, Head of International Cooperation Department, National Association of Financial Market Institutional Investors (NAFMII)

• Alicia Garcia Herrero, Chief Economist Asia Pacific, Natixis

• Sanjeev Chatrath, MD, Region Head, Asia, Financial & Risk, Thomson Reuters

• Cindy Chen, MD, Hong Kong Head of Securities Services, Citi (Moderator) 10:25-10:45 Coffee Break 10:45-11:30 Panel Discussion 3 – Accessing Chinese Markets

- Overview of existing access channels - Streamlining access channels - MSCI Inclusion - Northbound ID - PFM WFOEs - Ease access for institutional investors

• Simon Williams, MD, Head of APAC Equity Trading, BlackRock

• Kui Ma, Senior Management of CICC Group, Financial Controller, MD

• Julien Martin, MD, Head of FIC Product Development, Hong Kong Exchanges and Clearing Limited (HKEX)

• Stephane Loiseau, Head of Cash Equities & Global Execution Services - Asia Pacific, Societe Generale

• Charles Lin, MD, Country Head of China, Vanguard Investments Hong Kong Limited • Jennifer Hughes, Asia Finance Editor, Reuters (Moderator)

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Morning Plenary Sessions (Con’t)

11:30-12:15 Panel Discussion 4 – Going Offshore and Outbound Investments

- Investment grade bond offerings - High yield bond issuances - LGFVs - Restrictions on Chinese investors’ outbound investments - Southbound Stock Connect regimes (London, NYC?) - Belt and Road Initiative

• Jiaxing Zhou, MD & Head of Legal, Department of Legal and Compliance, China International Capital Corporation (Hong Kong) Limited

• Thomas Kwan, CIO, Director, Board of Directors, Harvest Global Investments

• Randolf Tantzscher, Director, Fixed Income Indices, IHS Markit

• Ivan Chung, Associate MD, Head of Greater China Credit Research and Analysis, Moody’s Investors Service

• Christopher Lee, MD & Chief Ratings Officer, Corporate Ratings, S&P Global Ratings

• Jini Lee, Partner, Ashurst (Moderator) 12:15-13:15 Lunch

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Afternoon Break-out Sessions – Stream A

13:15-13:55 Panel Discussion A5 – China FX & Local Rates: Trends and Opportunities, Including Hedging - Developing deeper, more liquid hedging instruments - Improve electronic execution - Onshore vs offshore hedging

• Brad Gibson, Senior VP and Portfolio Manager, Fixed Income, AB

• Patrick Leung, Director, Head of Fixed Income and FX Trading for APAC, BlackRock

• Geoff Kot, MD, Head, FX Cash Trading, Asia, Standard Chartered Bank

• Michael Go, Regional Head of FX Market Development, Asia, Financial & Risk, Thomson Reuters

• Cynthia Wong, Head of Emerging Markets Trading, Fixed Income and Currencies, Asia Pacific, Societe Generale (Moderator)

13:55-14:35 Panel Discussion A6 – Infrastructure and the Belt and Road Initiative

- Chinese government pledge to develop the Belt and Road Initiative - Infrastructure spending in emerging economies

• Stephane Karolczuk, Partner, Head of Hong Kong Office, Registered Foreign Lawyer (Luxembourg), Arendt & Medernach

• Eric Wu, Director, Infrastructure, BlackRock

• Patrick Ip, MD, China-ASEAN Investment Cooperation Fund

• Enoch Fung, Head, Market Development Division, External Department, Hong Kong Monetary Authority (HKMA)

• Vivian Tsang, Associate MD, Project and Infrastructure Finance Group, Moody's Investors Service

• David Lam, Partner, King & Wood Mallesons (Moderator) 14:35-14:55 Coffee Break

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Afternoon Break-out Sessions – Stream B

13:15-13:55 Panel Discussion B5 – Green Finance - Disclosure - Green reporting - Green lending, green equity, green bonds,…

• Anna-Marie Slot, Partner, Global Head of High Yield, Ashurst

• Francis Ho, Senior Director - Group Treasury & Project Finance, CLP Holdings Limited

• Dominique Duval, Head of Sustainable Banking APAC, Credit Agricole Corporate and Investment Bank

• Richard Goldman, Buy-Side Market Development Manager, Hong Kong, Financial & Risk, Thomson Reuters

• Juliette Macresy, Head of Greater China and South East Asia Market, Vigeo Eiris

• Ricco Zhang, Director, Asia Pacific, International Capital Market Association (ICMA) (Moderator)

13:55-14:35 Panel Discussion B6 – Equities Market Development Including Stock Connect

- Have we gotten past teething issues? - Circuit breakers - Further enhancements - Inclusion in global benchmarks - Settlement framework - Reducing restrictions for institutional investors - How to move from 5% MSCI partial inclusion factor to 100%? - IPO reform

• Stuart Rae, CIO Asia Pacific Value Equities, AllianceBernstein

• Jean-Paul Linschoten, MD, Head of China Client Strategy (Equities), HSBC

• Stuart Jones, Chairman, Pan Asia Securities Lending Association (PASLA)

• Joanne Lim, Algorithm Trader (Listed Derivatives), Global Execution Services, Societe Generale

• Cyrus Mui, Head of Product Research, Asia, Vanguard Investments Hong Kong Limited

• Lyndon Chao, MD – Head of Equities, ASIFMA (Moderator) 14:35-14:55 Coffee Break

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Afternoon Plenary Sessions 14:55-15:35 Panel Discussion 7 – China Interbank Bond Market: Developments and Opportunities,

Including Bond Connect - The current situation - The road ahead - How can foreign investors be encouraged to participate - Trading and settlement related issues - Importance of Close-Out Netting

• George Sun, Head of FXLM & CD Institutional Sales, APAC & GM APAC Head of Domestic Clients, BNP Paribas

• Arnaud Delestienne, Head of Core Product Development, Clearstream

• Dariusz Kowalczyk, Senior Economist and Strategist for Asia ex-Japan, Credit Agricole Corporate and Investment Bank

• Zhanying Li, Director, Fixed Income Index, FTSE Russell

• Lawrence Lu, Senior Director and Analytical Manager, Greater China Corporate Ratings, S&P Global Ratings

• Kelly McKenney, Director and Head of Distribution for Asia (ex-Japan), Tradeweb (Moderator)

15:35-16:15 Panel Discussion 8 – FinTech in China and the Emerging Technologies

- China, leading the world - Are FinTech companies displacing traditional financial institutions - How will digitization change the world of payments and need for financial instruments - Are institutions infrastructure ready to cope - Developments in blockchain, big data, AI - ICOs / Crypto Currencies

• William Hallatt, Partner, Herbert Smith Freehills

• Philippe Dirckx, MD, Head of Markets & Initiatives, SWIFT

• Carl Wegner, MD, Head of Asia, R3

• Stephanie Du, Director of WeChat Pay International Business, Tencent

• Praz Mathiannal, Blockchain Investor, Crypto Trader & Miner

• Zennon Kapron, Founder and Director, Kapronasia (Moderator)

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Afternoon Concurrent Roundtables (Closed to the media) 16:15-16:55 Concurrent Roundtables*

*This is a session of 4 simultaneous roundtables, each representing a designated topic with moderators leading the discussion. Delegates are able to join any table of their choosing.

Roundtable 1 - China Securitisation in a Global Context - Development of the auto-loans securitisation market - The beginning of a mortgage-backed market - Has China learnt from the lessons of sub-prime mortgages and CDOs to avoid a

domestic credit crunch

• Jonathan Leung, Asset Finance and Securitization, Global Markets, Asia Pacific, BNP Paribas

• Ke Chen, Senior Director, Structured Finance, Pengyuan International Roundtable 2 – The Impact of the Cybersecurity Law

• Hui Xu, Partner, Latham & Watkins

• Jacob Parker, VP, China Operations, US-China Business Council Roundtable 3 - Tax Issues Affecting China Capital Market Developments - Value Added Tax - WHT in China

• Elvis Chan, Director, Corporate Tax - Asia, Bank of America Merrill Lynch

• Brenda Liu, Senior Manager, Business Tax, Standard Chartered Roundtable 4 – Foreign Ownership of Banks, Asset Managers, Trusts and Securities Companies - Any remaining licensing restrictions

• Natasha Xie, Partner, JunHe

• John Xu, Partner, Linklaters 16:55-17:00 Closing Remarks

• Mark Austen, CEO, ASIFMA

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