HOUSE OVERSIGHT 026040 This report is published and distributed by IND-X Advisors Limited ("IND-X"). IND-X is regulated by the Hong Kong Securities and Futures Commission and is a registered investment advisor with the U.S. Securities and Exchange Commission. This message is intended for the addressee only and may contain private and confidential information or material which may be privileged. If it has come to you in error you must delete it immediately and should not copy it or show it to any other person. IND-X and its affiliates make no representation that the contents of this e-mail are accurate or complete nor shall they have any liability for any loss of profit, indirect or other consequential losses or other economic loss suffered by any person arising from reliance upon such contents. This e-mail is confidential and subject to IND-X Advisors Limited's electronic communication policy, which can be viewed at: http://www.indxadvisors.com/qo/legal <mime-attachment.png><mime-attachment.gif><mime-attachment.jpg> This e-mail is confidential and subject to IND-X Advisors Limited's electronic communication policy, which can be viewed at: http://www.indxadvisors.com/qo/lecial Schulte-Research China Fintech Map Tencent $231 bn SZ 30% WeBank $5bn SZ Tencent 30% 12% WeBank management team from Ping An Zhong An sn bn SH Ant 16% Ping An 12% Tencent 12% Ping An CDH (ex-CICC)* CICC Lufax 525bn SH Ping An 44% BOC, Guotai Junani *CDH: set up by Wu Shangzhi. who brought a team from CICC Alibaba/Ant libaba will own 33% of Ant post IPO $233 bn/$60 bn HZ (CC, CDB, CCB, China Life, China Pacific insurance) private Ping An $97 bn SZ CITIC Sec. Zhong An