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Microsoft Word - 2020.08.10_1Q2021_MACO_MDA_EN_V3 MANAGEMENT DISCUSSION & ANALYSIS 1Q 2020/21 ENDED JUNE 2020 11 AUG 2020 MASTER AD PUBLIC COMPANY LIMITED 1 QUARTERLY BUSINESS HIGHLIGHTS – 1Q 2020/21
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to be cautious with the services provided by unlicensed digital asset business operators activities with another foreign digital asset trading platform and allowing payment for the transactions made in
cautious risk management of securities companies. The key points of the proposed amendments are as follows: (1) To revise the initial margin (“IM”) rate for initial public offering (IPO) stocks to reduce
counterparty, and include terms for the future sale of SDA shares of SUSCO wherein Sinopec must be granted tag-along rights. This results in reduced flexibility and adaptability in SUSCO’s future management