1、2Report titleNational Leader of Forensic and Investigation Services,China1461521131271811350100200300400201920202021No.of SPAAcquisitionDisposal322420353332020406080Q1 2020Q1 2021Q1 2022No.of SPAAcquisitionDisposalSource:HKEx and GT AnalysisSource:HKEx and GT AnalysisQ1 202067 SPAsQ1 202157 SPAs42%5

2、8%52%48%Q1 202252 SPAs38%62%Source:HKEx and GT Analysis84%(152)74%(112)Source:HKEx and GT AnalysisAcquisitionDisposalMajorVSDVSAMainGEMConnectedNon-connected121111101412211561031128451251011152691101521060%20%40%60%80%100%201920202021201920202021201920202021201920202021AcquisitionDisposalBusinessesL

3、and Use RightsPropertiesOthers05101520253035SichuanHunanGuangdongFujianZhejiangShanghaiJiangsuShandongBeijingHenan1%11%26%62%2%9%24%65%12%14%15%59%43%48%32%33%43%43%16%5%17%1%8%3%8%0%10%20%30%40%50%60%70%80%90%100%201920202021%of total countMarket approachAsset approachIncome approachThrough bidding

4、Not specified0%20%40%60%80%100%Due Diligence InvestigationTax Restructuring&ReorganizationIndependent ValuationWarranties&IndemnitiesSpecified as a conditionNot specified66%69%64%12%7%16%17%15%12%5%9%8%0%20%40%60%80%100%201920202021Cash and sharesOther financial instrumentsShare-onlyCash-only0510152

5、02530SichuanShaanxiBeijingHenanHubeiJiangsuShanghaiZhejiangGuangdongHainan8%12%15%65%6%18%22%54%7%11%23%59%28%37%24%48%48%64%15%10%9%1%9%4%3%0%10%20%30%40%50%60%70%80%90%100%201920202021%of total countMarket approachAsset approachIncome approachThrough biddingNot specified92%92%94%4%1%2%6%1%4%1%3%0%

6、20%40%60%80%100%201920202021Cash-onlyShares-onlyCash and sharesOther financial instruments59%21%0%20%40%60%80%100%Due Diligence InvestigationTax Restructuring&ReorganizationIndependent ValuationWarranties&IndemnitiesSpecified as a condition