Macquarie

Asia Conference
Hong Kong

13-14 May 2024

INVITATION
Macquarie invites you to the Macquarie Asia
Conference 2024, to be held at the Conrad Hong
Kong on 13-14 May 2024.

Macquarie Asia Conference 2024:

Divergent Trends Across Asia
Asia is experiencing sharply diverging trends, making the
investing landscape more nuanced than ever. To help you
identify the best opportunities across the region, our 2024
Asia Conference will explore these trends, from middle
class demand in China and India, the impact AI is making
on Asian tech and software, and the renaissance
happening in Japan, to investing across the vibrant ASEAN
landscape.

The conference will bring together on-the-ground insights

from our extensive research footprint across Asia focusing
on four core verticals - Tech & Software, Energy Transition
& Commodities, Consumer, and Healthcare - as well as
tangible market access to key corporates and c-suites,
expert speakers, and bespoke tours to provide you with
actionable investment ideas.

Highlights:
• 2 tracks of presentations a day (9AM-6PM) for 2 days.
• Over 110 corporates from around the region and
industry expert speakers will participate in.
• 5 group site tours are being held in conjunction with the
conference.

Register online here

For more information, please contact your Macquarie

representative or Macquarie Connections.
Asia Conference 2024
Invited Company List (Updated as of 14 March 2024)
Hong Kong/China
AAC Technologies 2018 HK Jiangsu Hengli Hydraulic 601100 CH
Akeso 9926 HK Jinko Solar JKS US
Anhui Conch Cement 600585 CH Jiumaojiu Int. 9922 HK
Anta Sports 2020 HK JS Global Lifestyle 1691 HK
ASMPT 522 HK Kingdee Int Software 268 HK
Asymchem 6821 HK Li Auto LI US
BeiGene 6160 HK Li Ning 2331 HK
Beijing Kingsoft Software 688111 CH LiquidStack Private
Budweiser Brewing Co. APAC 1876 HK Longi Green Energy 601012 CH
BYD 1211 HK Longshine Technology 300682 CH
BYD Electronic 285 HK Lotus Technology LOT US
CATL 300750 CH Luxshare 002475 CH
Centre Testing International 300012 CH MGM China 2282 HK
CGN Mining 1164 HK Midea Group 000333 CH
Chengxin Lithium Group 002240 CH Ming Yuan Cloud 909 HK
China Education 839 HK Miniso 9896 HK
China MeiDong Auto 1268 HK New Oriental Education 9901 HK
China Mengniu Dairy 2319 HK NetDragon 777 HK
China Resources Beer 291 HK NIO NIO US
China Telecom 728 HK OPT 688686 CH
China Unicom 762 HK PetroChina 601857 CH
China Yongda Automobile 3669 HK Pharmaron Beijing 300759 CH
Chongqing Brewery 600132 CH Prada 1913 HK
CIMC Enric 3899 HK Proya Cosmetics 603605 CH
CNOOC 883 HK RemeGen 9995 HK
COLI 688 HK S.F. Holding 002352 CH
COSL 2883 HK Sands China 1928 HK
CR Cement 1313 HK Sanhua Intelligent Control 002050 CH
CR Land 1109 HK Shenzhen Envicool 002837 CH
CR Mix Lifestyle 1209 HK Shenzhou Intl 2313 HK
CSPC Pharmaceutical 1093 HK Shuanghuan 002472 CH
CTG Duty Free 601888 CH Sino Biopharmaceutical 1177 HK
Dingli Machinery 603338 CH Sinomine 002738 CH
DONGGUAN YIHEDA 301029 CH Sinopec 386 HK
ECARX Holdings Inc. ECX US Stella International 1836 HK
ENN Energy 2688 HK Sungrow Power Supply 300274 CH
Galaxy Entertainment Group 27 HK Sunny Optical 2382 HK
Ganfeng Lithium 1772 HK TAL Education Group TAL US
GCL Tech 3800 HK Techtronic Industries 669 HK
Geely Auto 175 HK Tianqi Lithium 002466 CH
Glodon 002410 CH Tingyi 322 HK
Goldwind 2208 HK Tongwei 600438 CH
Guangzhou Automobile Group 2238 HK Will Semiconductor 603501 CH
H World HTHT US WuXi Biologics 2269 HK
Haidilao 6862 HK WuXi XDC 2268 HK
Haier Smart Home 600690 CH Xinyi Glass 868 HK
Hanbell Precise Machinery 002158 CH Yihai International 1579 HK
Hangzhou Robam Appliances 002508 CH Yili 600887 CH
Hansoh Pharmaceutical 3692 HK Yiling Pharmaceutical 002603 CH
Hengan International 1044 HK Yongxin (lepidolite) 002756 CH
Hisense Home Appliances 921 HK Yonyou Network 600588 CH
Hua Hong Semiconductor 688347 HK Yunnan Energy New Materials 002812 CH
Hutchmed HCM US Zhejiang Huayou Cobalt 603799 CH
IMEIK 300896 CH Zhongsheng Group 881 HK
Innovent Biologics 1801 HK Zhou Hei Ya 1458 HK
JA Solar 002459 CH ZTE 763 HK

3
 Asia Conference 2024
Invited Company List (Updated as of 14 March 2024)

India Japan Korea

Adani Energy Solutions ADANIENSOL IN Bengo4.com 6027 JP Alteogen 196170 KS
Adani Enterprises ADANIENT IN Ferrotec 6890 JP Coupang CPNG US
Adani Green Energy NSI IN Money Forward 3994 JP CJ Logistics 000120 KS
Adani Ports ADANIPORTS IN Quantinuum PRIVATE Ecopro BM 247540 KS
Sosei Group 4565 JP HANMI Semiconductor 042700 KS
Adani Total Gas ATGL IN
HD Hyundai Group 267250 KS
Adani Wilmar AWL IN
Taiwan Hyundai Motor Co. 005380 KS
Ambuja Cement AMBUJACEM IN
JYP Entertainment 035900 KS
Axis Bank AXSB IN Airtac 1590 TT
Kia 000270 KS
Coforge Ltd COFORGE IN Accton Technology 2345 TT
Korea Aerospace Industries 047810 KS
CMS Info Systems CMSINFO IN Alchip Technologies 3661 TT
L&F 066970 KS
Delhivery Ltd DELHIVERY IN ASPEED Technology 5274 TT
LG Chem 051910 KS
HCL Tech HCLT IN China Telecom 728 HK
LG Electronics 066570 KS
HDFC Life HDFCLIFE IN Chroma ATE 2360 TT LG Energy Solution 373220 KS
IndusInd Bank IIB IN Delta Electronics 2308 TT Lunit 328130 KS
Jindal Steel & Power JSP IN Eclat Textile 1476 TT POSCO 005490 KS
Kaynes Technology KAYNES IN Makalot 1477 TT POSCO Future M 003670 KS
MediaTek 2454 TT Samsung Electronics 005930 KS
LTIMindtree LTIM IN
MOMO 8454 TT Samsung SDS 018260 KS
MapMyIndia MAPMYINDIA IN
Poya International 5904 TT Vuno 338220 KS
Marico MRCO IN
Unimicron Technology 3037 TT W-SCOPE Chungju Plant 393890 KS
ONDC PRIVATE
Wistron 3231 TT
PB Fintech POLICYBZ IN
Wistron NeWeb 6285 TT
Shriram Finance SHFL IN Indonesia
Wiwynn Corp 6669 TT
TCS TCS IN Bukalapak BUKA IJ
Wipro Limited WPRO IN Malaysia Kalbe Farma KLBF IJ
CIMB CIMG MK Mitra Keluarga MIKA IJ
Frontken Corp FRCB MK PT Ace Hardware Indonesia Tbk ACES IJ
Philippines PT Mitratel MTEL IJ
Inari Amertron INRI MK
Century Pacific Food CNPF PM PT SEMEN INDONESIA TBK SMGR IJ
Malaysia Airports MAHB MK
Robinsons Land RCL PH
Tenaga Nasional TNB MK
Thailand
Singapore Advanced Info Service ADVANC TB
Bangkok Dusit Medical
Jardine Matheson JM SP BDMS TB
Services
Seatrium STM SP Hana Microelectronics HANA TB
UOB UOB SP PTT Exploration &
PTTEP TB
Production
Other Countries Siam Commercial Bank SCB TB
SQM SQM US Srisawad Corporation SAWAD TB

*Confirmed companies shown in Bold.

4
Speaker Biography
Monday 13 May | 12:15 – 13:45
Keynote Lunch
China – Assessing risks as US-China relations and domestic policies evolve

Andy Rothman – Matthews Asia

Investment Strategist
Andy Rothman is an Investment Strategist at Matthews,
responsible for research on China’s economy and on US – China
relations. Andy first went to China as a student in 1980 and
began his diplomatic career with the US Foreign Service in
Guangzhou in 1984, in time to see Deng Xiaoping launch his
economic and social reforms. His 17-year diplomatic career was
focused on China, and his final assignment was as head of the
macroeconomics office of the US Embassy in Beijing. Prior to
joining Matthews in 2014, Andy spent 14 years with CLSA as
their Shanghai-based macroeconomic strategist. Andy earned
an M.A. in public administration from the Lyndon B. Johnson
School of Public Affairs at the University of Texas, and a B.A.
from Colgate University. He is a proficient Mandarin speaker.

Topics of Discussion
• How will post-election Washington think about China? What
does Beijing want? Will cross-Strait tensions rise or fall?
• When will Beijing return to the pragmatic economic policies
that led to expansion of its private sector and made China
(and investors) rich?

5
Speaker Biography
Monday 13 May | 14:00 – 15:00
Investment Strategy/Japan Equity Investment Opportunities with ESG valuation

Ryohei Yanagi, Ph.D.

Visiting Professor, Waseda University Graduate School of
Accountancy

Dr. Ryohei Yanagi is a visiting professor at Waseda University

Graduate School of Accountancy, where he teaches and
conducts research on the topics of ESG, financial strategy, and
investor relations, thereby advocating “The Yanagi Model” to
liaise ESG with corporate value. Dr. Yanagi earned a Ph.D. in
economics from Kyoto University in Japan. He also earned an
MBA with distinction from Thunderbird Graduate School of
Global Management at Arizona State University, USA.

He is an advisor to the Tokyo Stock Exchange and was a

member of the 2021 G7 Impact Taskforce.

According to Institutional Investor, he was selected as the

best CFO in Japan’s healthcare sector by investor voting in
2016, 2017, 2019, 2020, 2022 for five times as CFO of Eisai
Co., Ltd. (resigned from CFO position in June 2022).
With that, he has authored and published many books and
articles on the topics of ESG, corporate governance,
corporate finance, and investor relations.

Topics of Discussion
• Hear directly from Japan’s corporate governance pioneer
on the experience and how we got to this point in Japan
• The inconvenient truth about PBR and non-financial
capital
• A critical assessment of the influence of Abenomics, TSE
PBR and disclosure campaigns; and what is next?
• What can the region learn from Japan’s experience and
recent success?

**The speaker will attend via Zoom Webinar

6
Speaker Biography
Monday 13 May | 15:00 – 15:50
Will Macau be eastern Vegas?

Dr. Davis Fong

Director of Institute for the Study of Commercial Gaming &
Professor of Integrated Resort and Tourism Management

Dr. Davis Fong is the Director of the Institute for the Study of
Commercial Gaming as well as a Professor of Integrated Resort
and Tourism Management, at the Faculty of Business
Administration, University of Macau. Prof. Fong has been
responsible for more than 50 gambling- and tourism-related
research projects for Macao SAR Government. Pursuit of
academic interest has led him to study different aspects of
gambling and related issues, such as the social and economic
impacts of gambling, Chinese gambler behaviour, gambling
disorders, responsible gambling, visitor profile studies, casino
operations, tourism management, etc. Prof. Fong has been
appointed by the Government as a member of the Consultative
Committee of Statistics since 2015 (UM Representative).
Appointed by the Chief Executive MSAR, Prof. Fong was a
former Deputy of the Sixth Legislative Assembly of Macao
(2017 to 2021).

Topics of Discussion
• What will Macau be like post these high investments?
• Can it maintain its momentum as Chinese people look for
international travel?
• Will policy risk come back after a strong GGR recovery?

7
Speaker Biography
Monday 13 May | 16:00 – 16:50
It’s hot! Climate change is bad, but how bad?
Must-knows to survive blind spot threats ahead

Debra Tan, China Water Risk

Director & Founder, CWR
Tan built CWR from an idea into a 'go-to' resource in the global
climate water risk conversation. Reports she has written were
ground-breaking and instrumental in understanding not just
China's but future global water challenges in a changing climate.
They are widely cited from the IPCC and IGOs to the financial
sector and mainstream media. As a recognized authority in the
water & climate space, Tan is published by SpringerNature,
Palgrave MacMillan, China policy journals and was a contributing
author to the latest IPCC report “Climate Change 2022: Impacts,
Adaptation and Vulnerability”. She also sits on various advisory
committees for MNCs & IGOs including CDP, CDSB (now IFRS) as
well as judging panels for ACI and UNPRI awards. Before water,
Tan spent over a decade in finance. She spends her spare time
exploring Himalayan glaciers.

Why should investors attend?

• World-renowned expert on water risk across sectors and
geographies
• Climate change is driving a faster sea-level rise than most
expected, driving up coastal risk for a broad swath of
sectors
• Despite improving models, there are myriad emerging ‘blind
spot’ risks around the region that Debra will address

8
Speaker Biography
Tuesday 14 May | 09:00 – 09:50
Memory Market Deep Dive - DDR5, HBM, and NAND Flash

Avril Wu - TrendForce
Senior Research Vice President
Experience: ASUSTeK, SK Hynix
TrendForce Research Vice President Avril Wu has well over a
decade of professional experience specializing in various
aspects of memory product research. Prior to her 10-year
tenure with TrendForce, Avril had worked with an established
memory company for more than two years, also covering the
same sector. Despite focusing on the DRAM market initially,
Avril extended her expertise in 2019 to include NAND flash as
well, thus she is well qualified to cover the entire memory
sector.

Topics of Discussion
• Supplier utilization update (DRAM and NAND)
• Supply/demand dynamics and which segments have
upside/downside
• HBM situation
• Price and memory revenue projections

9
Speaker Biography
Tuesday 14 May | 11:00 – 11:50
Presentation Topic: GLP-1 and other drugs in diabetes and weight-loss

Professor Juliana Chan

• Professor of Medicine and Therapeutics
• Founding Director, Institute of Diabetes and Obesity, CUHK
• Director, CUHK Clinical Research Management Office
• CEO, Asia Diabetes Foundation
• Director, CUHK-PWH International Diabetes Federation (IDF)

Professor Juliana Chan (MBChB, MD, FRCP) is a world-renowned

physician scientist, clinical trialist and one of the top global
specialists and key opinion leader (KOL) in diabetes (metabolic
conditions). The JADE protocol that Prof. Chan pioneered cut the
mortality risk of diabetes by over 50%. She is the first committee
chair of the Lancet Commission on diabetes. Her long list of
publications, text books, honors and distinctions include the Harold
Rifkin Award for Distinguished International Service in the Cause of
Diabetes from the American Diabetes Association and numerous
honors from the International Diabetes Federation (IDF) including
the Award Lecture in Epidemiology.

Why should investors attend?

• Understand the high prevalence and disease burden of the
“silent killer” of diabetes. Six of the top 10 countries with
the largest diabetes patients are in Asia (in descending
order, China, India, Pakistan, Indonesia, Bangladesh and
Japan. US, Brazil, Mexico and Egypt round out the rest of
top 10. URL here). Diabetes most likely affect you and your
loved ones.
• The role of the GLP-1 drugs in diabetes and weight-loss.
Overview of the treatment options of type 2 diabetes. The
different class of diabetes drugs and management tools.
• The safety issue and clinical evidence of the GLP-1 drugs in
clinical trials and in real-world setting. The large potential
market size in Asia despite the seemingly low % of obesity.

10
Speaker Biography
Tuesday 14 May | 14:00 – 14:50
India’s Energy Transition with Adani Enterprises

Jugeshinder (‘Robbie’) Singh

Group CFO, Adani Group
Robbie Singh has over 16 years of global investment banking
experience in Australia, New Zealand, North America, Europe
and Asia. Robbie’s experience includes all the aspects of
mergers, acquisitions, strategy, finance and risk, with a
particular focus on listed and unlisted infrastructure funds.
Prior to joining Adani, Robbie has worked in investment banking
with a focus on Infrastructure, Regulated Assets and
Structured Finance for Merrill Lynch, Macquarie Bank and the
Commonwealth Bank of Australia.
Adani Group is a diversified organisation in India comprising 10
publicly traded companies. It has created a world-class
transport and utility infrastructure portfolio that has a pan-
India presence. Adani Group is headquartered in Ahmedabad, in
the state of Gujarat, India. Over the years, Adani Group has
positioned itself to be a market leader in its transport logistics
and energy utility portfolio businesses, focusing on large-scale
infrastructure development in India with O&M practices
benchmarked to global standards. With four IG-rated
businesses, it is the only Infrastructure Investment Grade issuer
in India.

Topics of Discussion
• Mapping India’s energy transition choices
• How Adani Group is facilitating this energy infrastructure
build-out

11
Site Tour Options
Macquarie invites you to join our group site tours around Asia, taking place
before and after our Macquarie Asia Conference at the Conrad Hotel Hong
Kong on 13-14 May.

IMPORTANT: Make sure you have permission to enter the country/ region you
visit (valid permit, visa, or ID card).

Pre-registration is required, register here with interest.

No. Tour Date City
1 Asia EV/Battery Supply Chain Tour Korea Track: Hwasung, Sejong,
**Korea Track: Limit to Max. 10pax ** FULL ** 8-10 May Chungju, Gwangyang,
Yeosu, Seoul

China Track 1: Shenzhen, Huizhou

15-16 May and Guangzhou

China Track 2: Shenzhen, Huizhou,

15-17 May Jiangxi and Xinyu
2 China Automation and Humanoid Robotic Tour 15-17 May Zhejiang, Jiangsu and
Shanghai

3 Connect the Dots Education and Consumer 15-17 May Beijing and Macau
Tour

4 Asia AI Semiconductor & Hardware Tour 15-17 May Hsin Chu, Taipei and
**Limit to Max. 15pax ** FULL ** Seoul

5 Japan Governance Transformation Tour 15-17 May Tokyo

**Limit to Max. 8pax ** FULL **

12
Site Tour #1:
Asia EV/Battery Supply Chain Tour
Please join our Asia EV/Battery Supply Chain Tour – Korea Track on 8-10 May and China Track on 15-17 May, held
in conjunction with the Macquarie Asia Conference 2024.
With rising geopolitical tension driving further localisation, China’s EV supply chain has evolved dramatically. With
rapidly evolving technology and fast-growing EV adoption, China remains at the forefront of EV sales, battery
production and cost leadership. Our tour provides access to major battery manufacturers, EV auto OEMs and
advanced suppliers that help demonstrate how China differentiates itself from the rest of the world in EV and
batteries.
Additionally, we will offer tours to Yichun, the lithium capital of Asia, which will include a tour of the entire
lepidolite value chain and tours of world-leading refineries’ processing mines.

Korea Track
Location: Hwasung, Sejong, Chungju, Ulsan, Busan, Gwangyang, Yeosu, Seoul
Date: 8-10 May 2024
Leading Research Analyst: Regional Analysts

Proposed Agenda:

Wednesday, 8 May: Hwasung, Sejong, Chungju

• Kia Corp (000270 KS): EV plant in Hwasung

• W-Scope: Chungju Separator plant - Confirmed

Thursday, 9 May: Gwangyang, Yeosu

• POSCO Future M (003670 KS): Cathode plant - Confirmed

• POSCO (005490 KS): Lithium Refinery (JV with Pilbara) in Yeosu

Friday, 10 May: Seoul (Management / IR Meetings)

• LG Energy Solution (373220 KS)

• LG Chem (051910 KS)
• Samsung SDI (006400 KS)
• POSCO Future M (003670 KS)
• L&F (066970 KQ)

Suggested flights:
10 May 1945-2230 | Seoul to Hong Kong | KE607 | Korean Air
11 May 1010-1315 | Seoul to Hong Kong | CX417 | Cathay Pacific

Suggested hotels:
7-10 May | Westin Josun Hotel

*This is a working agenda and is subject to change.

13
Site Tour #1:
Asia EV/Battery Supply Chain Tour
Please join our Asia EV/Battery Supply Chain Tour – Korea Track on 8-10 May and China Track on 15-17 May, held
in conjunction with the Macquarie Asia Conference 2024.
With rising geopolitical tension driving further localisation, China’s EV supply chain has evolved dramatically. With
rapidly evolving technology and fast-growing EV adoption, China remains at the forefront of EV sales, battery
production and cost leadership. Our tour provides access to major battery manufacturers, EV auto OEMs and
advanced suppliers that help demonstrate how China differentiates itself from the rest of the world in EV and
batteries.
Additionally, we will offer tours to Yichun, the lithium capital of Asia, which will include a tour of the entire
lepidolite value chain and tours of world-leading refineries’ processing mines.

China Track
Location: Shenzhen, Huizhou, Guangzhou, Jiangxi and Xinyu
Date: 15-17 May 2024
Leading Research Analyst: Regional Analysts

Proposed Agenda:

<Main Track> Wednesday, 15 May: Shenzhen, Huizhou – Main Track

• GEM (002340 CH) - Confirmed

• Envicool Technology (002837 CH)
• BYD (1211 HK)

<TRACK 1> <TRACK 2>

Thursday, 16 May: Guangzhou, Huizhou Thursday, 16 May: Jiangxi, Xinyu

• Eve Battery (300014 CH) - Confirmed • Yongxing (002756 CH) - Confirmed

• Desay SV (002920 CH)  Lepidolite refinery in Yifeng
• Guangzhou Auto (2238 HK) - Confirmed  Lepidolite mine in Huaqiao
• Pony.ai (Private) - Confirmed  Lepidolite beneficiation plant in Huaqiao

Friday, 17 May: Xinyu

• Ganfeng Lithium (1772 HK) - Confirmed

 Management meeting
 LiOH plant visit
 Battery plant visit
• Sinomine (002738 CH) - Lithium refineries using Africa
spodumene - Confirmed

*This is a working agenda and is subject to change.

14
Site Tour #2:
China Automation and Humanoid Robotic Tour
Don’t miss our China Automation & Humanoid Robot Tour on 15-17 May. Held in conjunction with
our Asia Conference 2024, the tour will provide you with direct access to company management,
plant visits, and the opportunity to explore the latest technology and competitive dynamics in the
automation & humanoid robot sector. This tour will focus on potential humanoid robot supply-chain
players.

China's automation & humanoid robot sector continues to attract investor attention, supported by
preferential government policy and significant localisation potential on import substitution. China
has an ambitious target to become a global leader in this sector. We will visit exciting upstream
speed-reducer & coreless motor companies, leading domestic actuator suppliers, and potential
humanoid robot manufacturers.

Location: Zhejiang, Jiangsu and Shanghai

Date: 15-17 May 2024
Leading Research Analyst: Daisy Zhang

Proposed Agenda:
14 May: UO 226, 1945-2200, HK-Ningbo

15 May: Ningbo and Hangzhou, staying in Hangzhou

• Ningbo Tuopu Group (601689 CH), auto parts & potential humanoid robot actuator supplier
• Ningbo Zhongda Leader (002896 CH), speed reducer & potential humanoid robot reducer supplier
• Sanhua Intelligent (002050 CH), refrigeration parts, auto parts and potential humanoid robot actuator
supplier.

16 May: Tongxiang, Changzhou, Suzhou, staying in Suzhou

• Shuanghuan Driveline (002472 CH), NEV transmission gear and potential humanoid robot speed reducer
supplier
• Hengli Hydraulic (601100 CH), excavator cylinder and potential humanoid robot roller screw supplier
• Dings’ Intelligent Control (873953 CH), potential humanoid robot coreless motor supplier
• Optional: Yaskawa and Nabteco’s Changzhou Plant.

17 May: Suzhou, Taicang, Shanghai

• Leader Harmonious Drive (688017 CH), speed reducer manufacturer and potential humanoid robot
speed reducer supplier
• Dreame Technology (not listed), robotic vacuum cleaner and potential humanoid robot supplier
• Moon’s Electric (603728 CH), potential humanoid robot coreless motor supplier
• Optional: FANUC’s Shanghai Plant

Suggested flights:
14 May 1945-2200 | Hong Kong to Ningbo | UO 226 | Hong Kong Express
17 May 1910-2155 | Shanghai to Hong Kong | CX381 | Cathay Pacific

Suggested hotels:
14-15 May | Ningbo InterContinental | Deluxe king room rate is at CNY1,200 incl. 1 ABF
15-16 May | JW Marriott Hotel Hangzhou | Deluxe king room rate is at CNY1,650 incl. 1 ABF
16-17 May | Courtyard by Marriott Suzhou Mudu | Deluxe king room rate is at CNY850 incl. 1 ABF
** 10% handling fees and 3% surcharge on credit cards if booking through Macquarie’s dedicated mainland
travel agent.

*This is a working agenda and is subject to change.

15
Site Tour #3:
Connect the Dots Education and Consumer Tour
Macquarie invites you to attend our China Consumer Tour on 15-17 May. This tour is being held in conjunction with
our Asia Conference 2024. Gauge consumption across sectors (cosmetics, catering, travel, auto dealership, FMCG,
Macau) to check the consumption recovery pulse and travel trend. We will also spend one day to discover the
education outlook and current policy status.

Location: Beijing and Macau

Date: 15-17 May 2024
Leading Research Analyst: Linda Huang

Proposed Companies (subject to change)

15 -16 May: Beijing
• TAL Education (TAL US)
• New Oriental Education & Technology (EDU US) - Confirmed
• Fenbi (2469 HK) - Confirmed
• Offcn Education Technology (002607 CH)
• Gaotu Techedu (GOTU US)
• Youdao (DAO US) - Confirmed
• Atour Lifestyle (ATAT US)
• H World (1179 HK, HTHT US)
• Shunxin Agriculture (000860 CH)
• Chow Tai Fook (1929 HK)
• China MeiDong Auto (1268 HK)
• Zhongsheng (0881 HK)
• Education Expert
• Fast Food Expert
• Aesthetic Expert

17 May: Macau
• Sands China - Confirmed
• MGM
• Galaxy
• Wynn
• Melco / SJM
• Gaming Expert

*This is a working agenda and is subject to change.

16
Site Tour #4:
Asia AI Semiconductor & Hardware Tour
Macquarie invites you to join our Technology Tour across Taiwan and Korea to understand how AI
GPU (Graphics processing unit) demand by US chipmakers and the wave of Edge AI devices is
influencing the Asia supply chain. We will meet world-leading semiconductor and hardware
companies, from Memory, IC design, OSATs to those that are integral to smartphone and PC supply
chains.
Location: Hsin Chu, Taipei and Seoul
Date: 15-17 May 2024
Leading Research Analyst: Regional Analysts

Proposed Companies (subject to change)

Wednesday, 15 May - Thursday, 16 May: Hsin Chu/ Taipei
• TSMC(2330 TT) – Confirmed
• Mediatek (2454 TT)
• Aspeed (5274 TT)
• GUC (3443 TT)
• Accton(2345 TT)
• KYEC (2449 TT)
• Alchip (3661 TT) – Confirmed
• Quanta (2382 TT)
• AVC (3017 TT) – Confirmed
• Fositek (6805 TT) – Confirmed
• Parade (4966 TT)
• ASE (3711 TT)

Friday, 17 May: Seoul

*Meetings in Macquarie’s Seoul office: 17L, Unit A, Centropolis, 26 Ujeongguk-ro, Jongro-gu, Seoul, Korea
• Samsung Electronics (005930 KS)
• SK Hynix (000660 KS) - Confirmed
• SEMCO (009150 KS) - Confirmed
• Samsung SDS (018260 KS) - Confirmed
• LG Display (034220 KS) - Confirmed

Suggested flights:
14 May 1815-2015 | Hong Kong to Taipei | CX402 | Cathay Pacific
14 May 1935-2130 | Hong Kong to Taipei | BR872 | EVA Air
16 May 1855-2230 | Taipei to Seoul | KE188 | Korean Air
17 May 2015-2300 | Seoul to Hong Kong | CX419 | Cathay Pacific

Suggested hotels:
14-16 May | Shanghai-La Far Eastern Taipei
16-17 May | Westin Josun Hotel

*This is a working agenda and is subject to change.

17
Site Tour #5:
Japan Governance Transformation Tour
Japan has witnessed a series of governance reforms and major transformations in companies that
are clearly more focused on shareholder value. We plan to visit large-cap companies that have made
the transformation, and those that are moving in the right direction. A particular focus will be on
execution plans for these companies’ announced “Action to Implement Management that is
Conscious of Cost of Capital and Stock Price” that was requested by the Tokyo Stock Exchange. The
tour consists of two days of group meetings in Tokyo, with an additional day to focus on bespoke
requests, including visits outside of Tokyo.

Location: Tokyo
Date: 15-17 May 2024
Leading Research Analyst: Regional Analysts

Proposed Agenda:
Wednesday, 15 May:
Bespoke requests, including to other cities outside of Tokyo

Thursday, 16 May – Friday, 17 May: Tokyo

Proposed Companies
• Tokyo Electron (8035 JP) - Confirmed
• Hitachi (6501 JP) - Confirmed
• Shin-etsu Chemical (4063 JP) - Confirmed
• Recruit Holdings (6098 JP) - Confirmed
• Softbank Group (9984 JP) - Confirmed
• SMC (6273 JP)
• Mitsubishi Electric (6503 JP) - Confirmed
• Fujitsu (6702 JP) - Confirmed
• Seven & I Holdings (3382 JP) - Confirmed
• ORIX (8591 JP) - Confirmed

Suggested flights:
17 May 1830-2225 | Tokyo to Hong Kong | CX505 | Cathy Pacific

Suggested hotels:
15-17 May | The Prince Gallery Tokyo Kioicho
15-17 May | The Hotel New Otani

*This is a working agenda and is subject to change.

18