• • •

•
•
•

•
•
•
•
•

•
•
•
•

700%
600%
% Growth 2002-2007
% Growth 2008-2013
665%
500%
400%
408%
300%
200%
157%
184%
181%
100%
0%
30%
Chinese Exports to
the US
75%
US Exports to China
44%
Chinese Holdings of
Treasury Securities
11%
52%
US FDI Stock in China Chinese FDI Stock in
the US
Source: US Census, US Treasury, Bureau of Economic Analysis.

6,000
5,000
4,000
3,000
2,000
1,000
0
-1,000
Chinese Direct Investment Position in the US (BEA) (Right Axis)
Chinese Financial Flows in the US (BEA) (Left Axis)
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
16,000
14,000
12,000
10,000
8,000
6,000
4,000
2,000
0
Source: “Balance of Payments and Direct Investment Position Data”, Bureau of Economic Analysis.

Hong Kong
0.24%
Latin America and
Other Western
Hemisphere
3.79%
Middle East
0.59%
Africa
0.02%
China
0.47%
Canada
8.58%
Asia and Pacific
(excl. China)
17.29%
Europe
69.01%
Source: “Balance of Payments and Direct Investment Position Data”, Bureau of Economic Analysis.
6000
5000
4000
3000
2000
1000
0
-1000
-2000
2010 2011 2012 2013
2014
2015
Source: “Balance of Payments and Direct Investment Position Data”, Bureau of Economic Analysis.

25,000
China FDI Stock in the US by Country of UBO (BEA)
20,000
15,000
10,000
5,000
0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Source: “Balance of Payments and Direct Investment Position Data”, Bureau of Economic Analysis.

Latin America and
Other Western
Hemisphere
4.49%
Middle East
2.24%
Africa
0.07%
China
0.68%
Canada
11.18%
Asia and Pacific (excl.
China)
18.62%
Europe
62.72%
Source: “Balance of Payments and Direct Investment Position Data”, Bureau of Economic Analysis.

Professional,
Scientific, and
Technical Services
1%
Undisclosed
38%
Primary and
Fabricated Metals
8%
Real Estate
27%
Transportation
Equipment
3%
Other Manufacturing
4%
Wholesale Trade
4%
Depository
Institutions
15%
Source: “Balance of Payments and Direct Investment Position Data”, Bureau of Economic Analysis.

200,000
180,000
$176,480
160,000
140,000
120,000
100,000
80,000
$84,938
60,000
$47,000
40,000
20,000
$26,923
$19,796
$12,744
$7,038 $6,515 $3,975
0
Source: “Data on New Foreign Direct Investment in the United States”, Bureau of Economic Analysis.

180,000
160,000
140,000
Minority-Owned Affiliates
Majority-Owned Affiliates
120,000
100,000
80,000
60,000
40,000
20,000
0
2007 2008 2009 2010 2011 2012 2013 2014
Source: “Data on Activities of Multinational Enterprises”, Bureau of Economic Analysis. Years with no values are undisclosed by BEA.

Dataset World Total Japan China China Share of World
Total Assets (USD trillion) $14.7 $1.6* $0.15 1.02%
Total Employees (number of jobs) 6,649,000 902,100 38,300 0.58%
Compensation of Employees (USD billion) $547.4 $83.9 $1.98 0.36%
US Exports of Goods (USD billion) $434.2 $79.9 $3.4 0.78%
US Imports of Goods (USD billion) $735.0 $190.8 All years withheld N/A
Net income (USD billion) $143.6 $15.2 $1.2 0.83%
R&D Expenditures (USD billion) $61.4 $8.0 $0.50 0.81%
Gross property, plant, and equipment (USD billion) $2,291 $354.8 $19.5 0.85%
Expenditures for property, plant, and equipment (USD billion) $248.3 $57.4 $4.5 1.81%
Total sales (USD billion) $4,377 $781.1 $11.4 ** 0.27%
Source: “Data on Activities of Multinational Enterprises”, Bureau of Economic Analysis. Values from most recent year available: *2010, **2011.
中 国 国 际 收 支 平 衡 表
中 国 国 际 投 资 头 寸 表

9,000
8,000
7,000
6,000
5,000
4,000
3,000
2,000
1,000
0
Chinese FDI Stock in the US (MOFCOM) (Left Axis)
Chinese FDI Flow in the US (MOFCOM) (Right Axis)
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
45,000
40,000
35,000
30,000
25,000
20,000
15,000
10,000
5,000
0
Source: “China’s Outward Direct Foreign Investment”, Ministry of Commerce.
年 度 中 国 对 外 直 接 投 资 统 计 公 报

Scientific Research
and Technical
Services
5%
Others
11%
Mining
7%
Manufacturing
26%
Real Estate
8%
Wholesale and Retail
Trade
9%
Leasing and Business
Services
9%
Finance
25%
Source: “China’s Outward Direct Foreign Investment”, Ministry of Commerce. *Others includes industries specified by MOFCOM that have small
shares of total stock.

20,000
18,000
16,000
14,000
12,000
10,000
8,000
6,000
4,000
2,000
0
China Global Investment Tracker Cumulative Transactions (Right Axis)
China Global Investment Tracker Annual Transactions (Left Axis)
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
120,000
100,000
80,000
60,000
40,000
20,000
0
Source: China Global Investment Tracker, American Enterprise Institute and Heritage Foundation.

Other
5%
Tourism
3%
Transport
4%
Chemicals
2%
Metals
2%
Finance
23%
Entertainment
6%
Agriculture
8%
Real estate
18%
Technology
13%
Energy
16%
Source: China Global Investment Tracker, American Enterprise Institute and Heritage Foundation.

18,000
16,000
14,000
12,000
10,000
8,000
6,000
4,000
2,000
0
China Investment Monitor Cumulative Value of Transactions (Right Axis)
China Investment Monitor Annual Value of Transactions (Left Axis)
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
70,000
60,000
50,000
40,000
30,000
20,000
10,000
0
Source: Rhodium Group.

20,000
18,000
16,000
14,000
12,000
Chinese FDI Flows to the US (BEA)
New Chinese Foreign Direct Investment in the US (BEA)
Chinese Outward FDI to the US (MOFCOM)
Value of Chinese FDI Transactions in the US (RHG)
Value of Chinese Investment Transactions in the US (AEI)
10,000
8,000
6,000
4,000
2,000
0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Sources: “Balance of Payments and Direct Investment Position Data”, Bureau of Economic Analysis, “China’s Outward Foreign Direct Investment”,
Ministry of Commerce, American Enterprise Institute, Rhodium Group.
180
160
153.5
140
120
100
95.4
80
60
40
20
14.8
20.8
40.8
63.8
0
Chinese Direct
Investment
Position in the
US, 2015 (BEA)
China Direct
Investment
Position in the US
by Country of
UBO, 2015 (BEA)
Chinese Outward
FDI Stock in the
US, 2015
(MOFCOM)
Cumulative
Chinese FDI
Transactions in
the US, 2000-
2015 (RHG)
China Investment
Tracker
Cumulative
Transactions,
2005-2015 (AEI)
Assets of
Chinese-owned
Affiliates in the
US, 2014 (BEA)
Sources: “Balance of Payments and Direct Investment Position Data” and “Data on Activities of Multinational Enterprises”, Bureau of Economic
Analysis, “China’s Outward Foreign Direct Investment”, China Ministry of Commerce, American Enterprise Institute, Rhodium Group.

20,000
18,000
16,000
14,000
Q1
Q2
Q3
Q4
12,000
10,000
8,000
6,000
4,000
2,000
0
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
Source: Rhodium Group.

25,000
20,000
Australia
Canada
EU-28
Japan
US
15,000
10,000
5,000
0
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Sources: Thomson, Rhodium Group. *Canada, EU-28, and US from Rhodium Group data. EU-28 refers to all current EU members including years
prior to EU accession. Australia and Japan data from Thomson M&A transactions only, do not include greenfield FDI transactions.

100
80
60
40
20
0
Value of M&A Transactions (Right Axis)
Value of Greenfield Transactions (Right Axis)
Number of M&A Transactions (Left Axis)
Number of Greenfield Transactions (Left Axis)
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 1H
2016
20,000
18,000
16,000
14,000
12,000
10,000
8,000
6,000
4,000
2,000
0
Source: Rhodium Group. Grey reflect preliminary data in H1 2016 for the value of greenfield and M&A transactions, respectively.
Chinese Company US Subsidiary Projected Total Investment Announced Date
Tranlin Paper Paper plant in Virginia 2,000 6/18/2014
Shandong Yuhuang Methanol plant in Louisiana 1,850 7/18/2014
Zarsion Holdings Brooklyn Basin development in Oakland, California 1,500 4/19/2013
Shandong Sun Paper Paper plant in Arkansas 1,360 11/23/2015
Greenland Pacific Park development in Brooklyn, New York 1,300 8/5/2013
Greenland Metropolis development in Los Angeles, California 1,300 10/11/2013
Tianjin Pipe Steel pipe factory in Texas 1,100 1/26/2009
Volvo (owned by Geely) Factory in South Carolina 500 5/11/2015
Source: Rhodium Group.

Source: Rhodium Group. Alaska received $7 million worth of investment and Hawaii $500 million over that period. *Values assigned to each state
are based on the location of greenfield projects and headquarters location of acquired companies.

Ranking State Value of FDI Top Industry
Significant Investments
Transactions
1 California $9.1 Real Estate and Hospitality Legendary Entertainment, OmniVision
Technologies, Integrated Silicon Solutions,
Robinsons-May site development
2 New York $9.2 Real Estate and Hospitality Waldorf Astoria, Ironshore, 1 Chase Manhattan
Plaza
3 Virginia $8.9 Agriculture and Food Smithfield
4 Texas $7.0 Energy Nexen Gulf of Mexico assets, Eagle Ford shale
stake
5 Kentucky $5.7 Consumer Products GE Appliances
6 North Carolina $4.7 ICT IBM x86 division, IBM PC division
7 Michigan $4.0 Automotive Henniges Automotive, Nexteer Automotive, Key
Safety Systems, Meadowbrook Insurance
8 Illinois $3.9 ICT Motorola, 311 South Wacker Drive
9 Oklahoma $3.7 Energy Devon energy assets, Mississippi Lime joint
venture
10 Kansas $2.7 Entertainment, Media, and Publishing AMC
Source: Rhodium Group.

• 2000-2007
• 2000-2007
• 2008-2012
• 2000-2007
• 2008-2012
• 2013-2015
Source: Rhodium Group. *This charts displays the location of individual operations by Chinese-owned entities in the US. Each operation is
recorded at the date of ground-breaking or closing date of the acquisition of the parent company.

Industrial Machinery
and Equipment
1%
ICT
17%
Transport and
Infrastructure
4%
Metals and Minerals
2% Real Estate and
Hospitality
20%
Health and Biotech
4%
Agriculture
and Food
9%
Automotive
5%
Energy
13%
Aviation
1%
Financial and
Business Services
5%
Basic Materials
1%
Consumer Products
and Services
8%
Electronics
1%
Entertainment
9%
Source: Rhodium Group.

Source: Rhodium Group.

350
300
250
200
150
Sales and Distribution
Office and Headquarters
Real Estate and Other
Resource Extraction
Retail and Other Services
Manufacturing and Processing
R&D, Design, and Testing
100
50
0
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Source: Rhodium Group.

100,000
90,000
80,000
70,000
60,000
50,000
40,000
30,000
20,000
10,000
0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Source: Rhodium Group.

90,000
80,000
Cumulative State-owned Investment
Cumulative Private Investment
70,000
60,000
50,000
40,000
30,000
20,000
10,000
0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 1H
2016
Source: Rhodium Group.
90%
80%
70%
Share of Private Investors in the US
Share of Private Investors in Canada
Share of Private Investors in the EU-28
60%
50%
40%
30%
20%
10%
0%
2009 2010 2011 2012 2013 2014 2015
Source: Rhodium Group.

Strategic
Investments
State Owned
15,000
State-Owned Strategic
12,500
Private
15,000
12,500
Private Strategic
10,000
10,000
7,500
7,500
5,000
5,000
2,500
2,500
0
0
2000
2002
2004
2006
2008
2010
2012
2014
1H 2016
2000
2002
2004
2006
2008
2010
2012
2014
1H 2016
Financial
Investments
8,000
6,000
State-Owned Financial
8,000
6,000
Private Financial
4,000
4,000
2,000
2,000
0
0
2000
2002
2004
2006
2008
2010
2012
2014
1H 2016
2000
2002
2004
2006
2008
2010
2012
2014
1H 2016
Source: Rhodium Group. Strategic investment refers to investments made in related sectors to the core business activities of the investor.
Financial investment refers to investments made in unrelated sectors solely for financial purposes.

Rank Investor Ownership Total Investment
1 Wanda Private $7.4
2 Shuanghui / WH Group Private $7.1
3 Lenovo Private $7.0
4 Haier Private $5.7
5 Fosun Private $4.0
6 Sinopec State-Owned $3.6
7 China National Offshore Oil Corporation (CNOOC) State-Owned $3.3
8 Anbang Private $2.4
9 China Investment Corporation (CIC) State-Owned $2.3
10 Aviation Industry Corporation of China (AVIC) State-Owned $2.2
11 Hua Capital consortium State-Owned $1.9
12 Yantai Xinchao Private $1.3
13 Zhang Xin family Private $1.3
14 Huaneng State-Owned $1.2
15 Wanxiang Private $1.2
16 HNA Private $0.9
17 Tencent Private $0.9
18 Ningbo Joyson Private $0.9
19 Cinda State-Owned $0.9
20 Summitview Capital consortium State-Owned $0.8
Source: Rhodium Group. This table is based on transactions since 2000 only and does not take into account divestitures. For a definition of private
and state ownership, see page 42.

Source: Rhodium Group.

90
80
70
60
50
40
IPO-American Depository Receipts
IPO-Ordinary Shares
Reverse Mergers
31
16
1
3
30
20
10
0
52
36
2
1
NYSE MKT NASDAQ NYSE
Sources: NASDAQ, Bloomberg, U.S. Securities and Exchange Commission.

Entertainment,
Education and
Media
Real Estate and 1.12%
Hospitality
2.28%
Agriculture and
Food
0.03%
Basic Materials
0.50% Consumer Products
and Services
0.80%
Transport and
Infrastructure
2.33%
Industrial
Machinery and
Equipment
0.11%
Financial and
Business Services
26.72%
ICT
41.71%
Energy
23.94%
Health and Biotech
0.46%
Sources: NASDAQ, Bloomberg.

250%
200%
Dow Jones Industrial Average
NASDAQ Composite
S&P 500
S&P U.S. Listed China 50
150%
100%
50%
0%
-50%
1/1/2009
7/1/2009
1/1/2010
7/1/2010
1/1/2011
7/1/2011
1/1/2012
7/1/2012
1/1/2013
7/1/2013
1/1/2014
7/1/2014
1/1/2015
7/1/2015
1/1/2016
7/1/2016
Sources: S&P Dow Jones Indices, CEIC, Bloomberg.

Target Acquirer Announcement Date Valuation ($ bn) Status*
Qihoo 365 Investor Group 6/15/2015 9.3 Completed
Qunar Ocean Management 6/23/2016 4.4 Ongoing
Wuxi Pharma Ally Bridge Group 8/14/2015 3.3 Ongoing
21 Vianet Existing Management 6/10/2015 2 Ongoing
Mindray Medical Solid Union 6/6/2015 1.9 Completed
Renren Existing Management 6/10/2015 1.1 Ongoing
Sources: NASDAQ, NYSE, Bloomberg. *As of October 2016.

中 央 企 业 集 团

5,000
4,500
4,000
3,500
Central SOEs
Provincial and Municipal SOEs
Other State-Owned
Sovereign Wealth Funds
3,000
2,500
2,000
1,500
1,000
500
0
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
1H 2016
Source: Rhodium Group.

Investor Greenfield Share of Total M&A Share of Total All Deals Share of Total
Central SOEs $1.1 39% $15.6 71% $16.7 66%
Provincial and Municipal SOEs $1.7 61% $3.2 14% $4.9 20%
Sovereign Wealth Funds $0.0 0% $2.5 11% $2.5 10%
Other $0.0 0% $0.9 4% $0.9 4%
Source: Rhodium Group.
Rank Investor Administration Primary Sector of Investor Total Investment Largest Investment
1 Sinopec Central Energy $3.6 Devon Energy assets ($2.4)
2 CNOOC Central Energy $3.3 Nexen Gulf of Mexico assets ($1.5)
3 AVIC Central Aviation $2.2 Henniges Automotive ($0.6)
4 Huaneng Central Transport and Infrastructure $1.2 InterGen stake ($1.2)
5 Cinda Other Financial and Business Services $0.9 Group of Manhattan hotels ($0.7)
6 Tianjin Pipe Local (Tianjin Municipality) Metals and Minerals $0.8 TPCO America ($0.8)
7 Greenland Local (Shanghai Municipality) Real Estate and Hospitality $0.8 Metropolis development ($0.3)
8 CIC* Sovereign Wealth Fund Financial and Business Services $0.7 1 New York Plaza ($0.7)
9 Bank of China Central Financial and Business Services $0.6 7 Bryant Park ($0.6)
10 Sinochem Central Basic Materials $0.5 Wolfcamp Shale stake ($0.5)
Source: Rhodium Group. *CIC’s value does not include all of its direct investments, as it has divested from other major direct investments as of
September 2016.

Agriculture and Food ($7.4 bn)
Automotive ($3.0 bn)
Aviation ($0.7 bn)
Basic Materials ($0.7 bn)
Consumer Products and Services ($1.0 bn)
Electronics ($0.7 bn)
Energy ($10.5 bn)
Entertainment ($4.1 bn)
Financial and Business Services ($4.0 bn)
Health and Biotech ($2.9 bn)
ICT ($10.8 bn)
Industrial Machinery and Equipment ($0.8 bn)
Metals and Minerals ($1.3 bn)
Real Estate and Hospitality ($12.6 bn)
Transport and Infrastructure ($3.4 bn)
4%
7% 4%
9%
15%
21%
15%
29%
45%
70%
9%
19%
70%
5%
8% 6%
41%
100%
7%
87%
93%
99%
8%
70%
97%
88%
89%
76%
60%
66%
46%
48%
29%
30%
13%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
5%
Central SOEs Provincial and Municipal SOEs Other State-Owned Sovereign Wealth Funds Private Investors
Source: Rhodium Group.

共 中 央 , 国 务 院 关 于 深 化 国 有 企 业 改 革 的 指 导 意 见
中

中 国 航 空 工 业 集 团 公 司
中 国 空 行 技 术 国 际 控 股 有 限 公 司
中 央 名 录

Source: Rhodium Group.
Date Type Target AVIC Subsidiary Investor Value Stake*
1987 Greenfield Office CATIC 100%
1989 Acquisition MAMCO** CATIC $20 100%
2008 Greenfield New office in Pomona AVIC International 100%
4/2010 Acquisition Epic Air- technology and foreign development CAIGA $4 100%
rights
11/2010 Acquisition Nexteer Automotive Pacific Century Motors $450 100%
12/2010 Greenfield COMAC office in Los Angeles COMAC $1 100%
4/2011 Acquisition Teledyne Continental Motors and Teledyne
Mattituck Services
Technify Motors $186 100%

6/2011 Acquisition Cirrus Industries CAIGA $210 100%
8/2011 Expansion Consolidation and renaming of Teledyne assets Continental Motors 100%
as Continental Motors
9/2011 Expansion Nexteer expansion Pacific Century Motors $150
3/2012 Expansion Cirrus expansion CAIGA $100
7/2012 Greenfield Zulu Flight Training, Inc. Continental Motors $1 100%
12/2012 Expansion Nexteer expansion Pacific Century Motors $70
3/2013 Acquisition DoubleTree by Hilton San Pedro AVIC International $12 100%
Shenzhen
9/2013 Acquisition 3 hotels in Fullerton, CA, Atlanta, GA, South AVIC USA 100%
Field, MI
11/2013 Greenfield COMAC America in Newport Beach COMAC America $50 100%
5/2014 Acquisition Hilite International AVIC Electromechanical $250*** 100%
11/2014 Acquisition Southern Avionics Continental Motors $15 100%
12/2014 Acquisition Align Aerospace AVIC International $50
1/2015 Acquisition United Turbine Corp. Continental Motors $2 100%
5/2015 Greenfield Vision Center Cirrus Aircraft $15 100%
7/2015 Greenfield Aviage Systems R&D center Aviage Systems $5 50%
9/2015 Acquisition Henniges Automotive AVIC Automotive
Systems
$600 100%
Source: Rhodium Group. *Refers to stake of Chinese investors, some of which are not AVIC itself. **Divested. ***Only includes value of US
assets in transaction.

中 国 投 资 有 限 责 任 公 司

Investment Grade
Corporate Bonds
4%
Sovereign Bonds of
Advanced Economies
9%
Cash and Others
3%
Sovereign Bonds of
Emerging economies
1%
Non-US Equities
26%
Absolute Return
13%
US Public Equities
22%
Long-term
Investments
22%
Source: China Investment Corporation.
Date Action Type* Target CIC Subsidiary Value Stake* Date
Investor
Divested
5/2007 Investment Portfolio Blackstone CIC $3,030 9.9%
12/2007 Investment Portfolio Morgan Stanley CIC $5,000 9.9% 7/2010
3/2008 Investment Portfolio Visa CIC $100
4/2008 Managed Fund Portfolio JC Flowers Fund CIC $1,800 80% 9/2015
9/2008 Managed Fund Portfolio Reserve Primary Fund CIC $5,400 10/2008
10/2008 Investment Portfolio Blackstone CIC $200 3%
3/2009 Investment Portfolio Morgan Stanley CIC $1,200 9.9%** 7/2010
6/2009 Managed Fund Portfolio Blackstone CIC $500
6/2009 Investment Portfolio BlackRock CIC $710 9/2012
9/2009 Investment Greenfield CICC office in New York CICC 100%
9/2009 Managed Fund Portfolio Oaktree Capital Management CIC $1,000
distressed asset fund
9/2009 Managed Fund Portfolio Goldman Sachs distressed asset CIC $600
fund
2/2010 Managed Fund Portfolio Lexington Partners CIC $500
2/2010 Managed Fund Portfolio Goldman Sachs CIC $500
2/2010 Managed Fund Portfolio Pantheon Ventures CIC $500
3/2010 Investment FDI Acquisition AES CIC $1,500 15% 5/2015
6/2010 Investment Portfolio Chesapeake Energy CIC Part of $900
11/2010 Investment Portfolio General Growth Properties CIC $1,030 7.4% 11/2013

12/2011 Managed Fund Portfolio Deutsche Bank New Germany CIC 5%
Fund
2/2012 Investment Portfolio EIG Global Energy Partners CIC
4/2012 Managed Fund Portfolio BlackRock CIC $200
8/2012 Investment Portfolio Cheniere Energy CIC $500
12/2015 Investment Greenfield CIC office in New York CIC 100%
5/2016 Investment FDI Acquisition 1 New York Plaza CIC $700 49%
Source: Rhodium Group. *Portfolio refers to equity investments of less than 10%. **Intervening investments by others had reduced the percentage
value of CIC’s initial stake in JP Morgan. This investment returned CIC’s stake to 9.9%.

天 津 钢 管 集 团 有 限 公 司
天 津 钢 管 集 团 股 份 有 限 公 司
年 度 第 二 期 短 期 融 资 券 募 集 说 明 书

及 政 府 补 助
天 津 钢 管 集 团 股 份 有 限 公 司
年 度 合 并 财 务 报 表 审 计 报 告

中 共 中 央 关 于 制 定 国 民 经 济 和 社 会 发 展 第 十 个 五 年 计 划 建 议

国 务 院 至 于 投 资 体 制 改 革 的 决 定
国 务 院 至 于 投 资 体 制 改 革 的 决 定
国 家 外 江 管 理 局 调 整 部 分 境 外 投 资 外 江 管 理 改 革

国 务 院 关 于 发 布 政 府 核 准 的 投 资 项 目 目 录 (
年 本 ) 的 通 知
国 家 外 江 管 理 局 关 于 进 一 步 简 化 和 改 革 直 接 投 资 外 江 管 理 政 策 的 通 知
境 外 投 资 项 目 核 准 和 备 案 管 理 办 法
( 已 结 束 )
关 于 就 修 订 “ 境 外 投 资 项 目 核 准 和 备 案 管 理 办 法 ” 向 社 会 公 开 征 求 意 见 的 公 告
严 格 执 行 “ 政 府 核 准 的 投 资 项 目 目 录 (
境 外 投 资 项 目 核 准 和 备 案 管 理 办 法
年 本 )” 做 好 相 关 后 续 工 作 的 通 知
国 家 发 展 改 革 委 公 厅 于

Source: Authors’ compilation based on policy documents and expert interviews (June 2016).
国 新 办 就
年 度 中 国 对 外 直 接 投 资 统 计 公 报 有 关 情 况 举 行 发 布 会
商 务 部 令 年 第 号 境 外 投 资 管 理 办 法

保 监 会 或 否 决 安 邦 两 笔 海 外 并 购
发 展 股 份 有 限 公 司 重 大 资 产 购 买 暨 关 联 交 易 报 告 书 信 息 披 露 的 问 询 函 的 公 告
天 海 投 资 关 于 收 到 上 海 证 券 交 易 所 关 于 天 海 投 资

商 务 部 , 中 国 出 口 信 用 保 险 公 司 关 于 实 行 出 口 信 用 保 险 专 项 优 惠 措 施 支 持 个 体 私 营 等 非 公 有 企 业 开 拓 国 际 市 场 的 通 知
强 对 境 外 投 资 重 点 项 目 融 资 支 持 有 关 问 题 的 通 知
国 家 发 展 和 改 革 委 员 会 、 国 家 开 发 银 行 关 于 进 一 步 加
对 境 外 重 点 项 目 金 融 保 险 支 持 力 度 有 关 问 题 的 通 知
国 家 开 发 银 行 、 中 国 出 口 信 用 保 险 公 司 关 于 进 一 步 加 大

关 于 对 境 外 带 料 加 工 装 配 企 业 有 关 财 务 问 题 的 通 知
关 于 境 外 带 料 加 工 装 配 业 务 有 关 出 口 退 税 问 题 的 通 知
中 小 企 业 国 际 市 场 开 拓 资 金 管 理 办 法 实 施 细 则 ( 暂 行 )
商 务 部 财 政 部 人 民 银 行 全 国 工 商 联 关 于 鼓 励 支 持 和 引 导 非 公 有 制 企 业 对 外 投 资 合 作 的 若 干 意 见
关 于 印 发 鼓 励 和 引 导 民 营 企 业 积 极 开 展 境 外 投 资 的 实 施 意 见 的 通 知

国 务 院 关 于 鼓 励 支 持 和 引 导 个 体 私 营 等 非 公 有 制 经 济 发 展 的 若 干 意 见
‘ 十 二 五 ’ 利 用 外 资 和 境 外 投 资 规 划
商 务 发 展 第 十 三 个 五 年 规 划 纲 要
关 于 ‘ 走 出 去 ’ 战 略 实 施 情 况 的 公 报
江 西 省 人 民 政 府 办 公 厅 关 于 加 快 推 进 走 出 去 战 略 的 实 施

600
500
400
300
200
100
0
2012 2013 2014 2015
Source: Rhodium Group. *Includes Bulgaria, Croatia, Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Romania, Slovakia and Slovenia.
中 共 中 央 关 于 全 面 深 化 改 革 若 干 重 大 问 题 的 决 定

45,000
40,000
Energy and Power
Materials
35,000
30,000
25,000
20,000
15,000
10,000
5,000
0
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Sources: Bloomberg, Thomson, Rhodium Group; includes disclosed value of all completed M&A transactions by ultimately Chinese-owned firms
irrespective of the size of the resulting stake, aggregated by date of completion.
国 外 矿 产 资 源 风 险 勘 查 专 项 资 金 管 理 办 法
财 政 部 , 商 务 部 关 于 做 好 2004 年 资 源 类 境 外 投 资 和 经 济 合 作 项 目 前 期 费 用 扶 持 有 关 问 题 通 知
国 家 ‘ 十 二 五 ’ 科 学 和 技 术 发 展 规 划

国 务 院 关 于 印 发 十 三 五 ” 国 家 科 技 创 新 规 划 的 通 知
‘ 十 二 五 ’ 规 划 纲 要 国 务 院 关 于 印 发 ‘ 中
国 制 造 ’ 的 通 知 李 克 强 : 用 互 联 网 打 造
经 济 转 型 升 级 新 引 擎
中 华 人 民 共 和 国 国 民 经 济 和 社 会 发 展 第 十 三 个 五 年 规 划 纲 要
科 技 部 关 于 印 发 技 术 市 场 十 二 五 发 展 规 划 的 通 知
国 务 院 关 于 印 发 十 三 五 国 家 科 技 创 新 规 划 的 通 知

14,000
12,000
10,000
8,000
6,000
4,000
2,000
Industries Endorsed by Major Policy Documents (LHS)
Other Industries (LHS)
Proportion of Endorsed Industries in Total FDI, 3-year moving average (RHS)
90%
80%
70%
60%
50%
40%
30%
20%
10%
0
0%
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Source: Rhodium Group. “Industries Endorsed” includes Aerospace, Automotive, Chemicals, Healthcare and Medical Devices, Industrial
Machinery, Other Transportation Equipment, Pharmaceuticals and Biotechnology, Plastic, Rubber, and Other Materials, Renewable Energy,
Semiconductors, and Software and IT Services. The category excludes IT Equipment because activity in this sector largely targeted low-end
equipment and consumer-oriented assets.

国 家 集 成 电 路 产 业 发 展 推 进 纲 要
40,000
35,000
30,000
25,000
20,000
15,000
10,000
5,000
Value of Announced Chinese M&As in Semiconductors: Rest of World (Left Axis)
Value of Announced Chinese M&As in Semiconductors: United States (Left Axis)
Number of Transactions (Right Axis)
35
30
25
20
15
10
5
0
0
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016*
Sources: Bloomberg, Rhodium Group. * 2016 through August. Announced includes deals that are completed, pending, withdrawn, or terminated.
‘ 国 家 集 成 电 路 产 业 发 展 推 进 纲 要 ’ 正 式 公 布

Announced
Date
US Target Chinese Investor Value Stake Size State
Financing
Ownership
Status
7/2006 LSI Logic- ZSR(R)
Digital Signal
Processor Unit
VeriSilicon Holdings $13 mn Majority N/A Private Completed
1/2008 Quorum Systems Spreadtrum Communications $77 mn Majority N/A Private Completed
11/2010 Creation of US
subsidiary
6/2011 MobilePeak
Systems stake
China WLCSP Co. Ltd. $1 mn Majority N/A Private Completed
Spreadtrum Communications $27.2 mn Minority N/A Private Completed
8/2011 Telegent Systems Spreadtrum Communications $92 mn Majority N/A Private Completed
半 年 度 报 告
紫 光 股 份 有 限 公 司 二 零 一 五 年

9/2011 MobilePeak
Systems stake
Spreadtrum Communications $3.6 mn Majority N/A Private Completed
3/2015 Integrated Silicon
Solutions
Hua Capital Management,
SummitView Capital, E-Town
Memtek
$640 mn Majority Yes Stateowned
Completed
4/2015 FlipChip
International
Tianshui Huatian Technology $41 mn Majority Yes Stateowned
Completed
5/2015 WiSpry AAC Technologies Holdings $10 mn Majority No Private Completed
5/2015 Static Control
Components
6/2016 Marvell
Technology
Apex Microelectronics $63 mn Majority Yes Private
(with state
financing)
Datang Telecom $2 bn Majority Yes State-
Owned
Completed
Rejected by
Target
7/2015 Bridgelux China Electronics
Corporation, Chongqing
Linkong Development
Investment
$130 mn* Majority Yes Stateowned
Completed
7/2015 Micron
Technology
Tsinghua Holdings $23 bn Majority Yes Stateowned
Withdrawn
8/2015 Micrel Technology Unnamed Chinese Buyer $839 mn Majority Yes Stateowned
9/2015 Atmel China Electronics $3.4 bn Majority Yes Stateowned
9/2015 Western Digital Tsinghua Unisplendour $3.8 bn Minority Yes Stateowned
Rejected by
Buyer
Withdrawn
Withdrawn
9/2015 Pericom
Semiconductor
Montage Technology Group
(subsidiary of China
Electronics Corp.)
$442 mn Majority Yes Stateowned
Rejected by
target
12/2015 Xcerra- interface
board business
Fastprint $23 mn Majority No Private Completed
12/2015 Mattson
Technology
Beijing E-Town Dragon
Semiconductor Industry
Investment Center
$300 mn Majority Yes Stateowned
Completed
12/2015 Fairchild
Semiconductor
China Resources, Hua Capital
Management
$2.5 bn Majority Yes Stateowned
Rejected by
Target
1/2016 OmniVision
Technologies
CITIC Capital Holdings,
Goldstone Investment, Hua
Capital Management
$1.9 bn Majority Yes Stateowned
Completed
1/2016 Initio Sage Microelectronics $40 mn Majority Yes Private Completed
1/2016 Vivante VeriSilicon Holdings unknown Majority Yes Private Completed

3/2016 Global
Communications
Semiconductors
Sanan Optoelectronics $226 mn Majority Yes Private Withdrawn
3/2016 GigOptix Shanghai Pudong Science
and Technology Investment
$5 mn Majority Yes Stateowned
Completed
3/2016 Anadigics Unnamed Chinese Buyer $78.2 mn Majority Yes Unknown Rejected by
Target
4/2016 Lattice
Semiconductor
Tsinghua Holdings $41.6 mn 6%
ownership**
Yes
Stateowned
Completed
5/2016 Marvell
Technology Group
Tsinghua Holdings $78.2 mn 5%
ownership**
Yes
Stateowned
Completed
6/2016 Multi-Fineline
Electronix
Suzhou Dongshan Precision
Manufacturing
$610 mn Majority Yes Private Completed
6/2016 Integrated
Memory Logic
Beijing E-Town Chipone
Technology
$136 mn Majority Yes Stateowned
Pending
8/2016 MEMSIC HC Semitek Unknown Majority No Private Pending
9/2016 Analogix Beijing Shenhai Capital
Management & National IC
Fund
$500 mn Majority Yes Stateowned
Pending
11/2016 Lattice
Semiconductor
Canyon Bridge Capital
Partners
$1.3 bn Majority Yes Unknown Pending
Source: Rhodium Group. *estimated. **These fall below the direct investment threshold of 10% but are included in the table for illustrative
purposes.
‘ 国 家 集 成 电 路 产 业 发 展 推 进 纲 要 ’ 正 式 公 布

户 开 放
加 快 资 本 账 户 开 放 条 件 基 本 成 熟
协 调 推 进 利 汇 率 改 革 与 资 账
( 已 结 束 )
“ 关 于 就 修 订 “ 境 外 投 资 项 目 核 准 和 备 案 管 理 办 法 ” 向 社 会 公 开 征 求 意 见 的 公 告
不 动 产 投 资 ’ 的 通 知
中 国 保 监 会 关 于 印 发 ‘ 保 监 公 司 资 金 运 用 信 息 披 露 准 则 第
号 : 大 额 未 上 市 股 权 和 大 额

100
50
0
-50
-100
-150
-200
FDI
Securities
Other Investment
1Q 2009
2Q 2009
3Q 2009
4Q 2009
1Q 2010
2Q 2010
3Q 2010
4Q 2010
1Q 2011
2Q 2011
3Q 2011
4Q 2011
1Q 2012
2Q 2012
3Q 2012
4Q 2012
1Q 2013
2Q 2013
3Q 2013
4Q 2013
1Q 2014
2Q 2014
3Q 2014
4Q 2014
1Q 2015
2Q 2015
3Q 2015
4Q 2015
1Q 2016
Source: State Administration of Foreign Exchange. Positive values indicate inflows and negative values indicate outflows. 1Q2016 data are
preliminary; securities and other investment balances are based on RHG estimates.
外 媒 : 奇 虎
私 有 化 财 团 正 与 外 江 局 就 外 江 问 题 谈 判
保 监 会 或 否 决 安 邦 两 笔 海 外 并 购

0.450
0.400
0.386
0.350
0.300
0.250
0.237
0.200
0.192 0.181 0.166
0.140
0.150
0.101 0.089 0.068 0.061 0.055 0.052 0.045
0.023
0.100
0.050
0.000
Closed
Open
Source: OECD. The index is compiled by measuring restrictions on foreign equity, screening and prior approval requirements, rules for key
personnel, and other restrictions on operating foreign enterprises. These factors are weighted and scored for all industries, which are then
aggregated and weighted into an overall index for each country. See Kalinova et al. (2010) in the references for details.
6,000
5,410
5,000
4,000
3,000
2,000
1,663
1,000
1,085
755 744 729 631 565
379
252
0
United
States
United
Kingdom
China Brazil Germany France Canada Australia Russia India
Source: UNCTAD.

•
•
•

•
•
•
•

0.700
0.600
0.500
Equity Restriction
Screening and Approval
Key Foreign Personnel
Other Restrictions
0.400
0.300
0.200
0.100
0.000
Fisheries Transport Media Electricity Communications Resource
Extraction
Financial
Services
Source: OECD.

Secretary/Director
Secretary of State
Secretary of the Treasury
Secretary of Defense
Secretary of Homeland Security
Secretary of Commerce
Secretary of Energy
Attorney General
Status
Full Member
Full Member
Full Member
Full Member
Full Member
Full Member
Full Member

United States Trade Representative
Director of the Office of Science and Technology Policy
Secretary of Labor
Director of National Intelligence
Director of the Office of Management and Budget
Chairman of the Council of Economic Advisers
Assistant to the President for National Security Affairs
Assistant to the President for Economic Policy
Assistant to the President for Homeland Security and Counterterrorism
Full Member
Full Member
Member Ex Officio
Member Ex Officio
Observer
Observer
Observer
Observer
Observer
Source: James K. Jackson, the Committee on Foreign Investment in the United States (CFIUS), (Washington: Congressional Research Service,
2016), 8.

25
20
15
10
24
21
15
5
10 9
8
7 6 6 6
0
China
United
Kingdom
Canada
Japan
Germany
Netherlands
Switzerland
France
Hong Kong
Singapore
Source: US Department of the Treasury.
120
100
Number of CFIUS Covered Transactions with Chinese Buyer
Number of Completed Chinese M&A Transactions in the US*
100
103
80
60
52
52
40
34
35
20
0
23 24
21
18
14
11
10
7
6
3
4 6
0
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Source: Rhodium Group, US Department of the Treasury. *Includes completed Chinese M&A transactions in the US with over 10% resulting stake.
CFIUS data for 2015 not yet available as of October 2016.

Year* Chinese Buyer US Target Industry Outcome
1990 CATIC / AVIC MAMCO Aviation POTUS ordered divestiture.
2009 Northwest Nonferrous
International Investment
Co.
Firstgold Mining Withdrawn by parties after filing with
CFIUS
2010 Huawei 3Leaf ICT Voluntary divestiture after CFIUS asked for
filing post-closing
2010 Tangshan Caofeidian
Investment Corporation
2012 Far East Golden Resources
Investment Limited
Emcore Mining Withdrawn
Nevada Gold Holdings Mining Voluntary divestiture after CFIUS asked for
mitigation measures as conditions for
approval
2012 Ralls (owned by Sany) Oregon Wind Farms Renewable Energy POTUS ordered divestiture
2012 Procon Mining and
Tunneling Ltd.
2015 Lumileds (Royal Philips NV) Consortium / GO Scale
Capital of Chin
Lincoln Mining Mining Divestiture after CFIUS review
Electronics
Withdrawn
2015 Tsinghua Unisplendour Western Digital Semiconductors Withdrawn
2016 Sanan Optoelectronics Co.
Ltd.
Global Communications
Semiconductors
Semiconductors
Withdrawn
Source: Authors’ compilation based on regulatory filings and other public sources. *Year of announcement.

开 局 首 季 问 大 势

60%
50%
40%
30%
20%
50%
42%
36%
32%
27% 26%
23%
18%
17%
14%
10%
7% 6%
0%
Sources: UNCTAD, Rhodium Group.
李 克 强 : 中 国 未 来 五 年 海 外 投 资 可 望 超
万 亿 美 元

3,500
3,000
2,500
2,000
1,500
1,000
500
0
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Source: Rhodium Group. This chart combines three scenarios for China’s GDP size ($16, $19, and $23 trillion) and outbound FDI stock to GDP ratio
(8%, 10%, and 15%) to estimate different trajectories for China’s outbound FDI stock in 2025.

25%
20%
22.0%
20.0%
15%
10%
10.4% 10.0%
9.5%
5%
0%
0.2%
Canada UK France Japan Germany China
Sources: Bureau of Economic Analysis, International Monetary Fund. FDI Stock in US is Direct Investment Position on a UBO Basis and GDP is
real 2015 GDP in current US dollars.
20,000
18,000
16,000
14,000
Q1
Q2
Q3
Q4
12,000
10,000
8,000
6,000
4,000
2,000
0
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
Source: Rhodium Group.

中 共 中 央 关 于 制 定 国 民 经 济 和 社 会 发 展 第 十 个 五 年 计 划 建 议

市 股 权 和 大 额 不 动 产 投 资 ’ 的 通 知
中 国 保 监 会 关 于 印 发 ‘ 保 监 公 司 资 金 运 用 信 息 披 露 准 则 第
号 : 大 额 未 上

关 于 ‘ 走 出 去 ’ 战 略 实 施 情 况 的 公 报

关 于 对 境 外 带 料 加 工 装 配 企 业 有 关 财 务 问 题 的 通 知
中 小 企 业 国 际 市 场 开 拓 资 金 管 理 办 法 实 施 细 则 ( 暂 行 )
财 政 部 , 商 务 部 关 于 做 好 2004 年 资 源 类 境 外 投 资 和 经 济 合 作 项 目 前 期 费 用 扶 持 有 关 问 题 通 知
商 务 部 令 年 第 号 境 外 投 资 管 理 办 法
2014 年 度 中 国 对 外 直 接 投 资 统 计 公 报
商 务 发 展 第 十 三 个 五 年 规 划 纲 要
“ 国 外 矿 产 资 源 风 险 勘 查 专 项 资 金 管 理 办 法
国 家 ‘ 十 二 五 ’ 科 学 和 技 术 发 展 规 划
科 技 部 关 于 印 发 技 术 市 场 十 二 五 发 展 规 划 的 通 知

十 二 五 ’ 利 用 外 资 和 境 外 投 资 规 划
关 于 印 发 鼓 励 和 引 导 民 营 企 业 积 极 开 展 境 外 投 资 的 实 施 意 见 的 通 知
境 外 投 资 项 目 核 准 和 备 案 管 理 办 法
年 本 )” 做 好 相 关 后 续 工 作 的 通 知
国 家 发 展 改 革 委 公 厅 于 严 格 执 行 “ 政 府 核 准 的 投 资 项 目 目 录 (
意 见 的 公 告 ( 已 结 束 )
关 于 就 修 订 “ 境 外 投 资 项 目 核 准 和 备 案 管 理 办 法 ” 向 社 会 公 开 征 求
加 快 资 本 账 户 开 放 条 件 基 本 成 熟
协 调 推 进 利 汇 率 改 革 与 资 账 户 开 放
中 共 中 央 关 于 全 面 深 化 改 革 若 干 重 大 问 题 的 决 定

场 的 通 知
商 务 部 , 中 国 出 口 信 用 保 险 公 司 关 于 实 行 出 口 信 用 保 险 专 项 优 惠 措 施 支 持 个 体 私 营 等 非 公 有 企 业 开 拓 国 际 市
式
国 家 外 江 管 理 局 调 整 境 内 银 行 为 境 外 投 资 企 业 提 供 融 进 性 对 外 担 保 管 里 方
国 家 外 江 管 理 局 调 整 部 分 境 外 投 资 外 江 管 理 改 革
国 家 外 江 管 理 局 关 于 进 一 步 简 化 和 改 革 直 接 投 资 外 江 管 理 政 策 的 通 知
中 国 国 际 收 支 平 衡 表
关 于 境 外 带 料 加 工 装 配 业 务 有 关 出 口 退 税 问 题 的 通 知
中 央 名 录
国 务 院 至 于 投 资 体 制 改 革 的 决 定
国 务 院 关 于 鼓 励 支 持 和 引 导 个 体 私 营 等 非 公 有 制 经 济 发 展 的 若 干 意 见

‘ 十 二 五 ’ 规 划 纲 要
国 务 院 关 于 印 发 ‘ 中 国 制 造
’ 的 通 知
中 共 中 央 , 国 务 院 关 于 深 化 国 有 企 业 改 革 的 指 导 意 见
中 华 人 民 共 和 国 国 民 经 济 和 社 会 发 展 第 十 三 个 五 年 规 划 纲 要
国 务 院 关 于 印 发 十 三 五 国 家 科 技 创 新 规 划 的 通 知
国 新 办 就
年 度 中 国 对 外 直 接 投 资 统 计 公 报 有 关 情 况 举 行 发 布 会
天 津 钢 管 集 团 股 份 有 限 公 司
年 度 合 并 财 务 报 表 审 计 报 告
天 津 钢 管 集 团 股 份 有 限 公 司
年 度 第 二 期 短 期 融 资 券 募 集 说 明 书

中 国 海 外 投 资 国 家 风 险 评 级

年 度 中 国 对 外 直 接 投 资 统 计 公 报