Yum Cha 飲茶. January 14, 2014 TALKING POINTS CHART OF THE DAY EXPECT ACCELERATING M2; RATES TO STAY HIGH. INDICES Closing DoD% Hang Seng Index

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1 Yum Cha 飲茶 January 14, 2014 CHART OF THE DAY EXPECT ACCELERATING M2; RATES TO STAY HIGH INDICES Closing DoD% Hang Seng Index HSCEI Shanghai COMP Shenzhen COMP Gold BDIY Crude Oil, WTI(US$/BBL) Crude Oil, BRENT(US$/BBL) 22, , ,009.6 (0.2) 1,019.5 (0.2) 1, ,395.0 (7.7) 91.6 (0.2) (0.5) Sovereign bond yields remain high...as do longer (3M/1Y) interbank rates HIBOR, 3M 0.4 (0.8) SHIBOR, 3M RMB/USD 6.04 (0.1) DIARY NOTES FOR THIS WEEK Jan 1015 New Loans (Dec) Jan 1015 Money Supply (Dec) Jan 1418 Foreign Direct Investment (Dec) Source: Bloomberg China s money supply and new bank lending data for December, due to be released in the coming days, will probably reflect a slowdown in the pace of lending, but overall money supply is still growing at a more rapid rate than the target rate of 13.5% set by the People s Bank of China (PBoC). While interbank rates have eased from their peaks in December, this is not apparent in 3M or 1Y interbank rates (see SHIBOR chart above), or in the yields on government bonds. The higher pattern of rates is likely to be with us for some time to come, as this is the one action by the central banks that seems to moderate lending by banks with limited balance sheet capacity. The balancing act for the Chinese government is to maintain reasonable activity during a period of transition that will slow down growth in certain areas if it is to be effective, including excess capacity sectors and luxury consumption. The property market has remained stable, with demand and prices intact, partly because borrowing costs for genuine enduser buyers have remained stable, even if the cost of borrowing for developers has ratcheted up with overall rates. This pattern seems likely to intensify in the coming weeks, as liquidity in the interbank market tightens ahead of New Year, and as bank reforms begin to bite. TALKING POINTS Analyst: John Mulcahy, Managing Director CHINA OVERSEAS LAND & INVESTMENT [0688.HK; HK$22.10; BUY] A trial balloon in yesterday s influential China Business Journal suggests that as part of the reform of State Owned Enterprises (SOE) as many as 10 of the 78 central SOEs will be consolidated in 2014 to improve competitiveness. At the same time, there are indications that the Ministry of Land is looking selectively at land supply. We believe the proposed injection of land by COLI s parent, China Construction Engineering Corporation Ltd., is a key positive for COLI, which has demonstrated an ability to use capital efficiently low funding costs (3.5%); managerial expenses (2.2%); net gearing (12%); high core net margin (26.5%); and ROE (22.6%). We have previously estimated that land worth RMB82bn at cost could be injected into COLI, which is trading at 7.1X FY14e PER, and offers 23% upside to our target price of HK$27.20 from the current HK$

2 Ke China Overseas Land & Investment [0688.HK] To lead sector recovery in 2014 China Overseas Land & Investment (COLI) has over the years proven to be the most efficient and profitable real estate developer in China, and seems destined to be a key beneficiary of State Owned Enterprise (SOE) reform, as outlined in a report in the China Business Journal yesterday (see link on Page 3). COLI s impressive return on equity (ROE) and its generally impressive metrics justify an increased allocation of resources from its parent. This would be consistent with policy, and causes us to reiterate our conviction that the parent company s proposed injection of land in the context of an overall raw land shortage will materially enhance COLI s prospects. Five listed developers recorded contract sales of RMB100bn or more in In 1H13, COLI had the lowest funding costs (3.5%); managerial expenses (2.2%); net gearing (12%); highest core net margin (26.5%); and ROE (22.6%). We believe this illustrates its efficient use of capital, and suggests the injection of assets into COLI by its parent is not only justified, but logical. In our COLI initiation report (The Gold Standard, December 9th, 2013), we referred to the likely asset injection from its parent, China Construction Engineering Corporation Ltd. (CSCECL). As the workout of central government policies becomes clearer in this case the move towards more efficient SOEs it is evident that the use of COLI in this way by its parent coincides with the spirit of the reforms. We are also convinced that COLI s low cost of capital suggests that the injection will be valueaccretive. The shortage of land supply is a challenge for developers with fast asset churn, as we believe the Ministry of Land will control supply in selected mega cities in 2014 to protect farm land and to control population inflow. CSCECL s land reserve is thus a valuable development pipeline for COLI that is not available to most China developers. As stated in our initiation report, we estimate that potential asset injection could amount to HK$82bn at cost. This could turn into total saleable resources of approximately RMB250bn, according to our estimates. This will help to sustain COLI s sales growth in the near future, and should protect margins, even if land prices continue to rise. We reiterate our BUY rating on COLI with a target price of HK$27.20/share, at par to our estimated Net Asset Value (NAV), implying 23% upside. COLI s current share price is at a 19% discount to NAV, which we believe is unreasonably low given the probability of a parent company asset injection being valueaccretive. COLI is trading at 7.1X FY14e PER, one standard deviation below the average since We believe the low valuation reflects the market s excessive concern over the macro economy and the sector outlook. This creates an attractive buying opportunity as we expect COLI to lead the sector s recovery in Key financials FY2011 FY2012 FY2013E FY2014E FY2015E Revenue (HK$ m) 51,332 64,581 78, , ,018 Revenue growth 16% 26% 22% 30% 19% Core net profit (HK$ m) 13,796 16,184 18,701 25,341 30,336 Core net profit growth 14% 17% 16% 36% 20% Core EPS (HK$) Price to earning (x) Net gearing 33% 20% 27% 4% 47% EBIT interest coverage (x) Cash interest coverage (x) Source: Company data, CGIHK Research BUY Close: HK$22.10 (January 13, 2014) Target Price: HK$27.20 (+23%) Volume (m shares)/price (HK$) Market Cap US$22,008m Shares Outstanding 8,172m Auditor PwC Free Float 46.8% 52W range China Overseas Land & 3M average daily T/O Major Shareholding Source: Company, Bloomberg HK$ US$48.1m China Construction Engineering Corp (53.2%) Frank Miao, CFA Senior Analyst (852) Frankmiao@chinastock.com.hk John Mulcahy Head of Research (852) January 14, 2014 Invest Limited VOLUME johnmul@chinastock.com.hk Price

3 Financials and ratios: FY2011 FY2015E Profit & loss (HK$ m) FY2011 FY2012 FY2013E FY2014E FY2015E Cash flow statement (HK$ m) FY2011 FY2012 FY2013E FY2014E FY2015E Revenue 51,332 64,581 78, , ,018 Profit before taxation 23,765 29,422 29,888 40,562 47,324 Property development 49,432 61,407 74,848 98, ,819 Adjustments for Property investment ,072 1,539 1,851 Finance Cost ,167 1,326 1,906 Other segment 1,527 2,589 2,987 3,159 3,349 Bank interest income (567) (330) (1,635) (1,994) (2,474) COGS (30,660) (39,855) (50,451) (64,293) (77,581) Fair value gains (3,020) (3,651) (12,839) Gross profit 20,672 24,725 28,456 38,476 44,437 Depreciation Other income and expenses Share of results of associates/jces (922) (2,637) Selling expenses (662) (842) (1,119) (1,360) (1,459) Gain on disposal of itemrs of PPE (1) 6 Administrative expenses (1,236) (1,194) (1,359) (1,651) (1,772) Net gain on acquistion and disposal of subsidiary and JCE (46) EBIT 18,775 22,689 25,978 35,466 41,205 Net gain/losses on financial assets Finance expenses Other (205) Interest income 1, ,635 1,994 2,474 Operating cashflows before movements in WC 19,639 23,148 16,582 39,894 46,755 Interest captilized 883 1,582 2,238 2,544 2,352 Increase in inventory of properties (25,831) (22,206) (49,695) (25,016) 17,612 Total borrowing cost (1,474) (1,868) (3,405) (3,871) (4,258) increase in properites for development (6,048) (14,447) (22,000) Revaluation gains from Investment property 3,020 3,651 increase in properties under development (19,756) (7,766) (27,695) (25,016) 17,612 Share from associates and JV 1,427 2,709 3,443 4,428 5,550 (Increase) in receivables and deposites 363 (2,730) (1,453) (2,386) (1,925) Pretax profit 23,765 29,422 29,888 40,562 47,324 Increase in presale deposit 31,934 30,453 14,398 Tax (7,989) (10,443) (11,187) (15,221) (16,988) increase in trade and other payables 5,196 16,653 2,810 5,965 4,812 Reported net income 15,776 18,979 18,701 25,341 30,336 Increase in tax payable 3,754 4,693 5,866 Attributable to equity holder 15,682 18,869 18,701 25,341 30,336 Change in amount due to financial asset Minority interests Increase in other working capitals/change in restricted cash (1,401) 337 Deduction of posttax gains (1,886) (2,684) Cash used in operations (2,034) 15,203 3,931 53,604 87,519 Core earning 13,796 16,184 18,701 25,341 30,336 Corporate Tax paid (5,963) (8,153) (11,187) (15,221) (16,988) Interest paid (1,395) (1,809) (672) (642) (966) Basic EPS core (RMB) Net cash used in operating activities (9,393) 5,240 (7,928) 37,741 69,564 Diluted EPS core (RMB) Purchase of PPE (143) (117) (390) (546) (765) DPS Purchase of Land use right (36) (0) Proceeds from Disposal of PPE (143) (117) Balance sheet (HK$ m) FY2011 FY2012 FY2013E FY2014E FY2015E Investments in Associates/JCEs (1,358) (1,494) (1,643) Stocks of inventory 103, , , , ,017 Addition to other investment (3,900) 2,018 (0) Completed properties held for Sale 16,663 14,360 17,809 21,231 17,186 Acquisition of subsidiaries 845 Properties under development 86, , , , ,806 Others (2,351) (779) 2,127 Prepayment, Deposit and other receivable 2,393 4,780 4,886 6,079 7,042 Interest received ,635 1,994 2,474 Trade receivable 1,850 2,599 3,945 5,138 6,101 Net cash from investing activities (5,453) 1,506 2,014 (46) 66 Amount due from related parties 1,029 6,091 6,091 6,091 6,091 Free cash flow after investment (14,846) 6,746 (5,915) 37,695 69,630 Bank deposits and cash 19,179 40,880 49,851 82, ,040 Others Total current assets 127, , , , ,291 Proceeds from notes issuance net of cost 11,104 11,625 Others 1,911 2,265 Investment properties 17,765 23,657 36,496 36,496 36,496 Proceeds from borrowing 9,450 16,048 2,000 PPE ,366 1,913 2,678 Repayments of borrowings (8,694) (11,003) 5,000 Good will and financial asset Capital contribution from/to minority shareholders (2,458) (3,104) (3,740) (5,068) (6,067) Interest in assocates 16,032 17,211 18,569 20,063 21,706 Net cash from financing activities ,310 14,885 (5,068) (6,067) Deferred Taxation 1,845 2,074 2,488 2,986 3,583 Amount due from related parties 11,817 5,317 3,190 3,190 3,190 Net Increase in cash and cash equivalents (14,638) 22,056 8,970 32,627 63,563 Total noncurrent assets 47,991 49,557 62,432 64,970 67,975 Cash and cash equivalents at 1 Jan 31,574 17,841 40,880 49,851 82,477 Effect of Forex and restricted cash 2, Short term borrowings 9,820 5,546 10,546 10,546 10,546 Cash and cash equialents at 31 December 19,179 40,880 49,851 82, ,040 Presales deposit 25,212 41,323 73, , ,107 Trade and other payable 16,378 16,917 19,727 25,692 30,505 Key ratios FY2011 FY2012 FY2013E FY2014E FY2015E Taxation payable 12,680 15,018 18,772 23,465 29,331 Revenue Growth (YoY) 15.8% 25.8% 22.2% 30.2% 18.7% Amount due to related companies 3,838 5,173 5,173 5,173 5,173 Core net profit growth (YoY) 14.4% 17.3% 15.5% 35.5% 19.7% Total current Liabilities 67,929 83, , , ,662 Gross margin 40.3% 38.3% 36.1% 37.4% 36.4% Core net profit margin 26.9% 25.1% 23.7% 24.7% 24.9% Interestbearing loans 32,803 53,243 66,868 66,868 66,868 PER (x) Other 1,055 2,018 2,018 2,018 2,018 PBR (x) Deferred tax liabilities 2,298 3,031 3,941 5,123 6,660 Dividend yield 1.7% 2.1% 2.6% 3.6% 4.3% Total noncurrent liabilities 36,156 58,292 72,827 74,009 75,546 ROA 9.0% 8.3% 6.2% 6.9% 7.3% ROE 24.3% 23.8% 19.7% 22.5% 22.5% Equity Share capital Net gearing 32.6% 20.5% 26.9% 4.1% 46.7% Perpetual convertible/capital securities Net debt to total asset 12.7% 5.1% 7.1% 3.1% 17.9% Reserves 70,800 86,427 86,427 86,427 86,427 Total debt to total asset 24.2% 25.6% 25.6% 21.2% 18.6% Retained earnings/(accumulated losses) 14,961 35,233 59,502 EBITD interest coverage Attributable Equity 71,617 87, , , ,746 Cash interest coverage Minority interests ST debt as % of total debt 23% 9% 14% 14% 14% Total equity 71,890 87, , , ,059 Overall financing costs 3.4% 3.7% 5.0% 5.0% 5.5% Source: Company data, CGIHK Research 3

4 Macro environment is in favor of a larger COLI We believe a land injection from COLI s parent CSCECL will not be contrived, but a natural process that should face little political pressure, as it is in line with the policy to allocate resources more efficiently and to promote more fair competition. Parent asset injection is in line with current policy spirit... According to the China Business Journal on January 13th, the Stateowned Assets Supervision and Administration Commission of the State Council (SASAC) plans to consolidate 10 of the 78 central SOEs in 2014 to promote competitiveness. As the most efficient and profitable real estate SOE, it is intuitive and in line with the spirit of the policy that COLI should manage more resources, and we believe it should be a beneficiary of the SOE reform/consolidation process. As such, the proposed asset injection from the parent should be straightforward politically. Parent s land reserve provides valuable pipeline in anticipation of supply reduction... According to major news portals quoting Jiang Daming, Director of the Ministry of Land, there will be no new supply of construction land in cities with a population of 5m and above. On January 13th, the Ministry of Land officially stated that the reported story was a misinterpretation and clarified that the land supply reduction will not be a blanket measure. The Ministry s official denial appears to be confirmation of a possible rethinking of land supply strategy. In the context of China s urbanization plan, which is to focus on controlling size of mega cities and promoting the development of midsize cities, we believe there is likely to be a reduction in nonsocial housing land supply in large cities. If this is the case, it will drive land prices higher in key cities and pose challenges for smaller developers in these markets. As such, CSCECL s land reserve will provide a valuable future development pipeline for COLI that is not available for most China developers. Figure 1: Balance sheet comparasion COLI versus CSCECL COLI CSCECL HK$ m RMB m Inventories ,925 Financial assets held for trading n.a 676 Stock of properties 142,005 n.a Land development expenditure 1,746 n.a Prepaid lease payments for land 8 n.a Trade and other receivables 2,400 99,819 Deposits and prepayments 7,439 32,488 Interest receivable n.a 183 Dividend receivable n.a 101 Other receiable n.a 19,350 Deposits for land use rights for property development 12,072 n.a Amounts due from associates 232 n.a Amounts due from jointly controlled entities 6,009 n.a Amounts due from noncontrolling interests 499 n.a Tax prepaid 1,549 n.a Other current assets n.a 8,254 Noncurrent assets due within a year n.a 10,780 Bank balances and cash 51, ,258 Total 225, ,833 Source: Bloomberg, CGIHK Research 4

5 A cross sectional comparison of market leaders Figure 2: Contract sales comparison, RMB Figure 3: Contract ASP comparison (RMB/M2) Vanke COLI Country Garden Evergrande PolyA 14,000 13,000 Vanke COLI Country Garden Evergrande PolyA , , , ,000 8,000 7,000 6, , Figure 4: Core net profit margin comparison 30.0% 25.0% Vanke COLI Country Garden Evergrande PolyA 4, Figure 5: Gross cost of debt comparison 12.0% Vanke COLI Country Garden Evergrande 10.0% 20.0% 8.0% 15.0% 6.0% 10.0% 4.0% 5.0% 2.0% 0.0% H13 Figure 6: ROE comparison 0.0% H13 Figure 7: SG&A expenses as % of contract sales 40.0% Vanke COLI Country Garden Evergrande PolyA 9.0% Vanke COLI Country Garden Evergrande PolyA 35.0% 8.0% 30.0% 7.0% 25.0% 6.0% 20.0% 5.0% 4.0% 15.0% 3.0% 10.0% 2.0% 5.0% 1.0% 0.0% H13 0.0% H13 5

6 Figure 8: 12 month rolling forward PER PER Mean +1 STD 1 STD Figure 9: 12 month rolling forward PBR 5.0 PBR Mean +1 STD 1 STD Jan/07 Jan/08 Jan/09 Jan/10 Jan/11 Jan/12 Jan/13 Jan/14 Jan/07 Jan/08 Jan/09 Jan/10 Jan/11 Jan/12 Jan/13 Jan/14 Source: Bloomberg, COMPANY DATA, CGIHK Research Source: Bloomberg, COMPANY DATA, CGIHK Research Figure 10: Gross sales, GFA, and ASP estimates Economic Residential FY12A FY13E FY14E FY15E FY12A FY13E FY14E FY15E FY12A FY13E FY14E FY15E Region Development Sales (Rmb m) GFA sold (k sqm) ASP (Rmb/sqm) Northern China 28,887 35,317 30, ,381 2,496 1,993 12,643 12,134 14,150 15,188 Northern China Beijing 7,609 11,482 11, ,686 47,259 54,515 61,847 Northern China Changchun 2,439 3,354 3, ,021 8,163 9,595 9,013 Northern China Dalian 3,398 1, ,514 8,797 10,398 Northern China Harbin 1, ,988 9,437 Northern China Hohhot ,489 6,684 Northern China Jilin ,000 6,180 6,489 6,684 Northern China Qingdao 6,733 6,989 3, ,000 11,759 12,862 13,424 Northern China Shenyang 3,402 3,934 4, ,408 7,390 7,882 8,224 Northern China Tianjin 2,993 4,238 4, ,129 17,778 18,815 Northern China Yantai 2,030 1,418 1, ,500 7,511 7,435 7,346 Central and west 19,664 25,425 20,525 1,166 2,051 2,463 1,939 10,026 9,586 10,324 10,587 Central and West Changsha , ,500 6,695 7,231 7,592 Central and West Chengdu 4,837 5,893 4, ,000 12,276 13,443 14,242 Central and West Chongqing 2,437 2,749 2, ,433 8,912 9,818 10,505 Central and West Ganzhou ,000 6,180 6,489 6,684 Central and West Hefei ,912 Central and West Jinan 6,183 8,183 4, ,400 9,183 9,583 Central and West Kunming 1,049 2, ,330 8,671 7,798 Central and West Lanzhou ,000 6,180 6,489 Central and West Wuhan 1,768 1, ,000 10,455 10,235 Central and West Xi'an 1,754 2,886 5, ,209 13,428 16,201 11,427 Central and West Yinchuang ,000 6,180 6,489 6,684 YRD 28,112 34,986 47,902 1,506 1,758 1,947 2,370 27,327 15,994 17,972 20,209 YRD Changzhou 639 1, ,755 8,662 8,189 YRD Hangzhou 4,038 10,847 14, ,000 28,462 32,218 35,099 YRD Nanchang 2, ,000 8,240 YRD Nanjing 5,670 3,946 7, ,500 22,835 13,682 14,801 YRD Nantong ,210 7,571 7,798 YRD Ningbo 6,062 7,579 7, ,310 11,667 15,057 17,777 YRD Shanghai 4,558 3,448 8, ,718 49,190 39,424 31,673 YRD Suzhou 3,869 7,039 7, ,000 13,767 14,567 14,564 YRD Yancheng ,684 YRD Yangzhou ,000 12,360 12,978 13,367 PRD and south 21,365 21,595 13, ,507 1, ,113 14,179 17,000 16,809 PRD and South Foshan 4,058 6,479 4, ,000 11,534 12,314 12,046 PRD and South Guangzhou 1,929 2,265 4, ,000 17,262 14,850 15,593 PRD and South Shenzhen 4,508 6,020 2, ,482 32,812 39,487 39,547 PRD and South Xiamen 3,421 2, ,000 16,303 18,007 PRD and South Zhongshan 2, ,245 7,245 PRD and South Zhuhai 4,183 3,638 3, ,667 17,609 19,398 21,278 PRD and South Guilin ,000 6,180 6,489 PRD and South Nanning ,734 6,937 7,283 Hong Kong and Macau 1,116 2,009 9, , ,299 83,631 Hong Kong and Macau Hong Kong 1,116 2,009 6, , , ,612 Hong Kong and Macau Macau 3, ,279 Total/average 87,795 99, , ,831 7,291 7,706 8,195 7,228 12,042 12,866 14,562 16,855 YoY Growth 28% 13% 20% 2% 31% 6% 6% 12% 7% 13% 16% Source: Company data, CGIHK Research 6

7 Low valuation on PER and NAV Figure 11: NAV breakdown Economic Residential NAV Value per % of PRC Investment NAV Value per % of Region Development Rmb m Share (Rmb) GAV Properties Rmb m Share (Rmb) GAV Northern China 42, % Office 4, % Northern China Beijing 12, % Retail 47, % Northern China Changchun 3, % Total 51, Northern China Dalian 2, % Northern China Harbin 1, % Gross property asset 197, Northern China Hohhot % Other investment Northern China Jilin % Gross asset value (Rmb) 197, Northern China Qingdao 7, % Northern China Shenyang 8, % Gross asset value (HK$) 250, Northern China Tianjin 4, % Less Land cost (HK$) Northern China Yantai 2, % Less Net debt (HK$) (27,563) (3.4) Central and west 26, % Less MSHI (HK$) (396) (0.0) Central and West Changsha 1, % Net Asset Value 222,262 Central and West Chengdu 4, % Share outstanding (m shares) 8,175 Central and West Chongqing 5, % Net Asset Value per share (HK$) 27.2 Central and West Ganzhou % Discount to NAV 0% Central and West Hefei % Target price 27.2 Central and West Jinan 7, % Central and West Kunming 1, % Central and West Lanzhou % Current Price 22.1 Central and West Wuhan 1, % Upside 23% Central and West Xi'an 2, % Central and West Yinchuang % YRD 40, % YRD Changzhou % YRD Hangzhou 11, % YRD Nanchang 1, % YRD Nanjing 5, % YRD Nantong % YRD Ningbo 7, % YRD Shanghai 6, % YRD Suzhou 6, % YRD Yancheng % YRD Yangzhou % PRD and south 26, % PRD and South Foshan 7, % PRD and South Guangzhou 4, % PRD and South Shenzhen 6, % PRD and South Xiamen 2, % PRD and South Zhongshan 1, % PRD and South Zhuhai 3, % PRD and South Guilin % PRD and South Nanning % Hong Kong and Macau 9, % Hong Kong and Macau Hong Kong 6, % Hong Kong and Macau Macau 2, % Development GAV 145, % Source: Company data, CGIHK Research 7

8 DISCLAIMER For private perusal only. This report (including any information attached) is issued by China Galaxy International Securities (Hong Kong) Co., Limited, one of the subsidiaries of the China Galaxy International Financial Holdings Limited, to individual addressee whether they are professional, institutional client or otherwise, in good faith from sources believed to be reliable but no representation or warranty (expressly or implied) is made as to their accuracy, correctness and/or completeness. Where any part of the information, opinions or estimates contained herein reflects the personal views and opinions of the analysts who prepared this report, such views and opinions may not correspond to the published view of China Galaxy International Financial Holdings Limited and any of its subsidiaries. This report shall not be construed as an offer, invitation or solicitation to buy or sell any securities of the company or companies referred to herein. All opinions and estimates reflect the judgment of the analyst on the date of this report and are subject to change without notice. Please take note that member companies of China Galaxy International Financial Holdings Limited (including but not limited to China Galaxy International Securities (Hong Kong) Co., Ltd) and/or their directors, officers, agents and employees ( the Relevant Parties ) may have an interest in securities of the company or companies referred to in this report. The Relevant Parties hereby disclaim any of their liabilities arising from the inaccuracy, incorrectness and incompleteness of this report and its attachment/s and/or any action or omission made in reliance thereof. Accordingly, this report must be read in conjunction with this disclaimer. COPYRIGHT RESERVED China Galaxy International Securities (Hong Kong) Co. Limited, CE No.AXM459, Room , 35/F, Cosco Tower, Grand Millennium Plaza, 183 Queen s Road Central, Sheung Wan, Hong Kong. General line: CONTACT US John Mulcahy Wong Chi Man, CFA Frank Miao, CFA Wayne Fung, CFA Angela Han Lee Vicky Lai johnmul@chinastock.com.hk cmwong@chinastock.com.hk frankmiao@chinastock.com.hk waynefung@chinastock.com.hk angelahanlee@chinastock.com.hk vickylai@chinastock.com.hk 8