Asia Pacific Equity Research 26 August 2014

The Stags Return China Strategy Flash: Outsize gains in A-share IPOs  More than double; the median return from issue price for this year’s IPOs is 118%. There was a moratorium on A-share IPOs for one year (December 2012 - December 2013).  Are the IPOs holding their gains? The peak return is on day twelve, based on the average return of the IPOs listed in 2014 (Figure 2). On average, share prices rose 132% from their IPO to day twelve, and declined by 18% in three months. For the 48 IPOs listed in 1H14, 33 of them peaked within two months. (Table 3)

Asia Pacific Equity Strategy Adrian Mowat

AC

(852) 2800-8599 [email protected] Bloomberg JPMA MOWAT

China Equity Strategy Joanne Cheung (852) 2800-8596 [email protected] J.P. Morgan Securities (Asia Pacific) Limited

 Proceeds are modest; YTD RMB44billion from 70 IPOs. This is just 9% of 2010’s RMB497billion.

 Despite modest size, IPOs are locking up liquidity. There have been three periods in which daily locked up money exceeded RMB300billion (January 15– 23, June 19-24 and July 24-28). In January, overnight SHIBOR spiked to 35%. The move was less dramatic in June and July.  Attractive valuations. The median PE for 70 IPOs at issuing price was 24x (current 38x), compared to trailing PE of 57x and 28x for ChiNext index and Shenzhen A index (See Table 1). Hardly cheap but cheaper! Figure 3: Locked up fund vs. SHIBOR rate 7

600

6

500

5

400

4

300

3

200

2

100

1 2014/1/2

Figure 1: A share IPO (RMBbn) 600

A share IPO…

497

481

500 400

283

300 188

200

134

100 59 56 53 44 33

103

103

6

0

0 00

02

04

06

08

10

44

12 14YTD

Source: CEIC, Bloomberg.

Figure 2: IPO average daily return index (base = 100) 250 230 210 190 170 150 130 110 90

T12 -18%

+132%

IPO T5 T10 T15 T20 T25 T30 T35 T40 T45 T50 T55 T60 T65 T70 T75 T80 T85 T90

 More planned; according to local news (Sina), CSRC targets to approve 100 companies to issue new shares (IPO) from June to end-year. On 19 August 2014, CSRC announced the third batch of IPOs (11 with estimated proceeds RMB8.6billion). The pipeline is now 67 for Shanghai/Shenzhen stock exchange listings with estimated proceeds of RMB60bn - 80billion. This is small. With land sale proceeds declining, the government needs a vibrant and deep market for IPOs and secondary offerings of SoE to plug the funding gap.

Source: J.P. Morgan, Bloomberg. Note: This is an index of the share price of the 70 IPOs from issuing prices. Please see table 2 for detailed returns.

0 2014/2/2

2014/3/2

2014/4/2

IPO locked fund (RMBbn)

2014/5/2

2014/6/2

7D SHIBOR

2014/7/2

2014/8/2

O/N SHIBOR

Source: J.P. Morgan, Bloomberg.

See page 6 for analyst certification and important disclosures, including non-US analyst disclosures. J.P. Morgan does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. www.jpmorganmarkets.com

Adrian Mowat (852) 2800-8599 [email protected]

Asia Pacific Equity Research 26 August 2014

Expensive growth sectors of IT and consumer staples dominated

Figure 4: The hotter sectors: IPO proceeds by industry (RMB billion) Utilities, 0.3 Materials, 2.0

Forward PE: MSCI China IT: 25 MSCI China CS: 24

Health Care, 2.9 IT, 12.8

Energy, 4.0 Consumer Dis., 5.7

Consumer Staples, 9.0

Industrials, 6.9

Source: Bloomberg, Sina website and J.P. Morgan.

Chinese investors prefer thematic growth to value Valuations at issuing prices were not cheap but less expensive than Shenzhen and ChiNext Note that only 46 out of 70 companies have consensus forecasts (2/3 of stocks and 74% of proceeds).

Table 1: Did IPOs offer value versus the market? PE ChiNext Shanghai A Shenzhen A Median when issued (70 IPOs) Median (70 IPOs)

Trailing 56.6 10.0 27.5 23.6 37.9

2014E 39.1 8.8 21.7 16.8 41.8

2015E 28.9 7.8 17.1 13.3 32.3

Source: Bloomberg, Sina website and J.P. Morgan. Note: Median when issued (70 IPO) PE estimates are calculated based on IPO price.

Figure 5: Spaghetti Western? Returns from IPO price (70 companies)…..multiple trajectories 600

500

400

300

200

100

0 IPO T5 T10 T15 T20 T25 T30 T35 T40 T45 T50 T55 T60 T65 T70 T75 T80 T85 T90 T95 T100T105T110T115T120T125T130T135T140T145

Source: Bloomberg.

2

Asia Pacific Equity Research 26 August 2014

Adrian Mowat (852) 2800-8599 [email protected]

Table 2: Valuation and performance of YTD A share IPO Ticker

Short Name

IPO

603126 300359 300389 002707 300386 002722 300376 300390 300379 603168 603009 300385 300367 002727 300368 603006 002715 300373 300391 300363 002728 603609 300388 603111 002726 300377 002709 300366 300383 300357 300387 300369 603100 002721 002717 002714 002723 002718 603005 603308 002708 002711 300384 300380 300362

SINOMA ENERGY -A GUANGDONG QTON-A SHENZHEN ABSEN-A BEIJING UTOUR -A FEITIAN TECHNO-A GERON CO LTD-A GUANGDONG EAST-A SUZHOU TA&A UL-A BEIJING TONGTE-A ZHEJIANG SHAPU-A SHANGHAI BEITE-A WUXI XUELANG E-A NETPOSA TECHNO-A YUNNAN HONGXIA-A HEBEI HUIJIN E-A SHANGHAI LIANM-A HUAIJI DENGYUN-A YANGZHOU YANGJ-A KANGYUE TECHNO-A PORTON FINE CH-A GUANGDONG TAICHE LIAONING WELLH-A ANHUI GUOZHEN-A NANJING KANGNI-A SHANDONG LONGD-A SHENZHEN YSSTE-A GUANGZHOU TINC-A SICHUAN TROY-A BEIJING SINNET-A ZHEJIANG WOLWO-A HUBEI FORBON T-A NSFOCUS INFOMA-A CHONGQING CHUA-A BEIJING KINGEE-A LINGNAN LAND-A MUYUAN FOODSTU-A KENNEDE ELECTR-A ZHEJIANG YOUPO-A CHINA WAFER LEVE ANHUI YINGLIU -A CHANGZHOU NRB -A GUANGDONG EURO-A BEIJING SANLIA-A SHANGHAI AMARS-A CHENGDU TIANBA-A

Date 07/31/2014 01/21/2014 08/01/2014 01/23/2014 06/26/2014 01/28/2014 01/27/2014 07/31/2014 01/28/2014 07/02/2014 07/18/2014 06/26/2014 01/29/2014 07/02/2014 01/23/2014 06/30/2014 02/19/2014 01/23/2014 08/01/2014 01/29/2014 07/31/2014 08/08/2014 08/01/2014 08/01/2014 06/26/2014 01/27/2014 01/23/2014 01/27/2014 01/29/2014 01/21/2014 07/02/2014 01/29/2014 08/05/2014 01/27/2014 02/19/2014 01/28/2014 01/29/2014 01/28/2014 02/10/2014 01/22/2014 01/21/2014 01/27/2014 08/01/2014 01/28/2014 01/21/2014

Sector

Subsector

Utilities IT IT Cons Dis. IT Industrials IT Cons Dis. IT Health Care Cons Dis. Industrials IT Cons Stap IT Cons Dis. Cons Dis. IT Cons Dis. Health Care Health Care Cons Stap Industrials Industrials Cons Stap IT Materials IT IT Health Care Materials IT IT Materials Industrials Cons Stap Industrials Cons Dis. IT Industrials Industrials Industrials Industrials IT Industrials

Independent Power and Renewabl Internet Software & Services Electronic Equip., Instruments Hotels Restaurants & Leisure Computer services Machinery Electronic Equip., Instruments Textiles, Apparel & Luxury Goo Software Pharmaceuticals Auto Components Machinery Technology Hardware, Storage & Food & Staples Retailing Electronic Equip., Instruments Auto Components Auto Components Semiconductors & Semiconductor Auto Components Pharmaceuticals Pharmaceuticals Food Products Commercial Services & Supplies Electrical Equipment Food Products Software Chemicals Communications Equipment Internet Software & Services Pharmaceuticals Chemicals Software Electronic Equip., Instruments Metals & Mining Construction & Engineering Food Products Electrical Equipment Household Durables Semiconductors & Semiconductor Machinery Machinery Commercial Services & Supplies Commercial Services & Supplies Software Electrical Equipment

Freefloat

Proceeds

3M ADT

Returns from IPO price

(%) 20 16 28 28 30 25 13 29 33 25 25 27 25 27 25 25 43 25 88 16 26 27 25 51 25 27 28 25 30 12 NA 22 28 23 26 24 31 25 40 5 24 16 30 36 25

RMBmn 277 494 362 337 787 241 412 165 283 357 187 295 734 794 290 199 234 402 164 684 350 470 268 498 535 299 411 259 523 506 312 867 672 441 478 1,456 312 367 1,086 662 394 686 409 402 308

US$MM 43.6 28.1 24.8 15.9 47.5 16.3 16.9 15.4 15.1 28.2 22.4 39.1 16.6 43.1 17.8 15.2 15.4 18.7 14.5 18.8 23.6 52.8 16.8 44.1 41.0 10.1 18.0 11.7 17.9 15.7 14.4 22.5 45.4 22.5 9.7 6.9 10.8 6.5 18.5 20.8 9.8 16.7 17.7 15.9 11.3

To date 375 365 301 289 272 265 263 246 244 244 241 226 223 212 203 197 193 181 176 170 161 161 159 157 155 151 150 150 149 147 140 139 123 120 120 116 111 111 108 106 105 105 100 99 99

1D 44 46 44 45 44 44 44 44 44 44 44 44 44 44 45 44 44 45 44 44 44 44 44 44 44 44 45 44 44 45 44 44 44 44 44 44 44 44 44 34 45 44 44 44 45

5D 111 80 111 113 111 66 111 111 111 111 111 111 99 111 89 111 111 91 111 111 111 NA 111 111 111 77 80 106 111 109 111 111 111 75 111 36 49 68 111 44 57 88 111 63 67

PE(x) 14E 78.2 164 43.3 45.8 42.1 NA 53.5 NA 62.5 41.5 52.5 60.6 64.8 33.5 NA 35.5 NA 36.0 44.6 61.0 42.5 43.4 38.5 34.4 43.2 NA 52.3 NA NA NA NA 49.5 33.7 NA 32.5 77.3 NA 29.5 36.0 NA 44.6 37.1 36.4 56.1 NA

15E 58.7 128 34.1 35.8 31.8 NA 37.8 NA 40.3 35.3 43.8 50.5 43.2 27.1 30.5 31.0 NA 29.8 34.8 41.6 40.6 34.6 29.8 29.3 35.3 NA 39.5 NA 40.4 NA NA 35.7 29.7 NA 23.9 20.4 NA 23.9 27.3 NA 40.5 28.9 29.8 40.9 NA

PB (x) 14E NA 29.9 10.9 8.6 8.2 NA NA NA 12.0 9.4 5.7 5.7 11.7 7.2 NA 3.6 NA NA NA 10.8 NA 3.3 3.2 4.9 3.3 NA 5.5 NA NA NA NA 7.0 3.3 NA 5.5 6.4 NA 5.1 NA NA 3.6 4.7 4.6 NA NA

DY (%) 14E NA NA NA 0.3 0.7 NA NA NA 0.6 0.6 NA NA NA 0.3 NA NA NA 0.7 0.7 NA NA 0.7 NA 0.3 NA NA 0.6 NA NA NA NA NA 0.3 NA NA 0.3 NA NA NA NA NA NA NA NA NA

3

ROE (%) 14E NA 18.2 25.1 18.9 19.5 NA NA NA 19.3 22.6 10.8 9.4 18.1 21.5 NA 10.3 NA NA NA 17.6 NA 7.6 8.4 14.3 7.7 NA 10.5 NA NA NA NA 14.0 9.7 NA 17.0 8.3 NA 17.2 NA NA 8.0 12.8 12.7 NA NA

Asia Pacific Equity Research 26 August 2014

Adrian Mowat (852) 2800-8599 [email protected]

Ticker

Short Name

002725 300375 002713 002712 002706 603328 002716 300382 300370 300378 603369 603099 300358 300372 002705 601579 603288 300381 300365 300371 603555 002719 300360 603699 601225

ZHEJIANG YUELI-A TIANJIN PENGLI-A DONG YI RI SHE-A SIMEI MEDIA CO-A SHANGHAI LIANG-A GUANGDONG ELLI-A CHENZHOU CITY-A SUZHOU SLAC PR-A BEIJING ECHO T-A DIGIWIN SOFTWA-A JIANGSU KING'S-A CHANGBAI MOUNT-A TRUKING TECHNO-A DANDONG XINTAI-A GUANGDONG XINB-A KUAIJISHAN SHA-A FOSHAN HAITIAN-A GUANGDONG VTR -A BEIJING FOREVE-A TANGSHAN HUIZH-A GUIRENNIAO CO-A MAIQUER GROUP -A HANGZHOU SUNRI-A NEWAY VALVE SU-A SHAANXI COAL I-A Min Lower quartile Median Upper quartile Max

IPO Date 01/29/2014 01/27/2014 02/19/2014 01/23/2014 01/21/2014 07/01/2014 01/28/2014 01/29/2014 01/23/2014 01/27/2014 07/03/2014 08/22/2014 01/21/2014 01/27/2014 01/21/2014 08/25/2015 02/11/2014 01/28/2014 01/23/2014 01/23/2014 01/24/2014 01/28/2014 01/21/2014 01/17/2014 01/28/2014

Sector

Subsector

Cons Dis. Cons Dis. Cons Dis. Cons Dis. Industrials IT Materials Industrials IT IT Cons Stap Cons Dis. Health Care IT Cons Dis. Cons Stap Cons Stap Health Care IT IT Cons Dis. Cons Stap IT Industrials Energy

Auto Components Auto Components Diversified Consumer Services Media Electrical Equipment Electronic Equip., Instruments Metals & Mining Machinery Electronic Equip., Instruments Software Beverages Hotels Restaurants & Leisure Health Care Equipment & Suppli Electronic Equip., Instruments Household Durables Beverages Food Products Biotechnology Software Electronic Equip., Instruments Textiles, Apparel & Luxury Goo Food Products Electronic Equip., Instruments Machinery Oil, Gas & Consumable Fuels

Freefloat

Proceeds

3M ADT

Returns from IPO price

(%) 30 33 22 28 41 18 39 17 42 25 13 100 10 27 17 100 19 15 26 27 14 17 32 11 8

RMBmn 384 435 655 537 411 1,378 821 468 478 623 877 303 730 350 798 443 3,836 319 522 479 943 581 1,096 1,457 4,000 164 324 455 681 4000

US$MM 9.4 14.8 9.2 11.5 7.6 61.1 22.1 9.5 14.7 9.6 28.5 0.2 0.6 7.8 10.0 0.3 13.0 11.3 6.0 6.1 9.2 5.5 9.7 12.9 26.1 0.2 10 16 22 61

To date 93 92 91 84 83 81 77 73 66 60 59 58 74 58 45 44 43 36 34 28 19 29 16 15 12 12 75 118 180 375

Source: Bloomberg and J.P. Morgan. Prices and valuations were updated as of August 25, 2014

Lan Deng’s role has been limited to assisting in gathering information for this report

4

1D 44 44 44 45 45 44 44 44 45 44 44 44 45 44 45 44 30 -1 45 45 44 40 19 43 14 -1 44 44 44 46

5D 54 32 111 105 64 111 31 75 42 55 69 NA 47 31 37 NA 41 10 30 27 13 16 14 23 6 6 48 89 111 113

PE(x) 14E NA 27.9 36.1 NA NA 39.1 NA 27.7 45.4 NA 21.3 NA 31.3 NA NA 22.4 27.4 48.1 NA 31.1 18.5 54.0 NA NA 32.0 19 34 42 52 164

15E NA 23.7 28.2 NA NA 32.9 NA 22.7 33.9 NA 20.5 NA 26.1 NA NA 20.3 22.6 36.6 NA 23.8 16.6 45.9 NA NA 26.4 17 27 32 40 128

PB (x) 14E NA 2.9 6.3 NA NA 3.3 NA 7.3 NA NA 3.6 NA NA NA NA NA 6.3 4.6 NA 6.6 4.2 4.4 NA NA 1.2 1.2 3.6 5.5 7.2 29.9

DY (%) 14E NA NA 1.2 NA NA NA NA NA NA NA 2.1 NA NA NA NA NA 1.8 NA NA NA 1.6 NA NA NA 2.7 0.3 0.3 0.7 1.2 2.7

ROE (%) 14E NA 10.4 17.4 NA NA 8.5 NA 26.4 NA NA 17.0 NA NA NA NA NA 22.9 9.6 NA 21.2 22.7 8.1 NA NA 3.9 4 10 14 19 26

Adrian Mowat (852) 2800-8599 [email protected]

Asia Pacific Equity Research 26 August 2014

Table 3: IPOs (listed in 1H14) performance analysis Ticker 603699 CH 300365 CH 603288 CH 002713 CH 002717 CH 603005 CH 300382 CH 300381 CH 601225 CH 002719 CH 300371 CH 300383 CH 603555 CH 300379 CH 300366 CH 300376 CH 002712 CH 002725 CH 002723 CH 002722 CH 002718 CH 002707 CH 300372 CH 002716 CH 002721 CH 300378 CH 002711 CH 300358 CH 300360 CH 002706 CH 002705 CH 300362 CH 300369 CH 002715 CH 002708 CH 300373 CH 300363 CH 300367 CH 300375 CH 300370 CH 300380 CH 603308 CH 300357 CH 002714 CH 300377 CH 002709 CH 300368 CH 300359 CH

Name Neway Valve Suzhou Co Ltd Beijing Forever Technology Co Foshan Haitian Flavouring & Fo Dong Yi Ri Sheng Home Decorati LingNan Landscape Co Ltd China Wafer Level CSP Co Ltd Suzhou SLAC Precision Equipmen Guangdong VTR Bio-Tech Co Ltd Shaanxi Coal Industry Co Ltd Maiquer Group Co Ltd Tangshan Huizhong Instrumentat Beijing Sinnet Technology Co L Guirenniao Co Ltd Beijing Tongtech Co Ltd Sichuan Troy Information Techn Guangdong East Power Co Ltd Simei Media Co Ltd Zhejiang Yueling Co Ltd Kennede Electronics Manufactur Geron Co Ltd Zhejiang Youpon Integrated Cei Beijing Utour International Tr Dandong Xintai Electric Co Ltd Chenzhou City Jingui Silver In Beijing Kingee Culture Develop Digiwin Software Co Ltd Guangdong Europol Steel Logist Truking Technology Ltd Hangzhou Sunrise Technology Co Shanghai Liangxin Electrical C Guangdong Xinbao Electrical Ap Chengdu Tianbao Heavy Industry NSFOCUS Information Technology Huaiji Dengyun Auto-Parts Hold Changzhou NRB Corp Yangzhou Yangjie Electronic Te Porton Fine Chemicals Ltd Netposa Technologies Ltd Tianjin Pengling Rubber Hose C Beijing Echo Technologies Co L Shanghai Amarsoft Information Anhui Yingliu Electromechanica Zhejiang Wolwo Bio-Pharmaceuti Muyuan Foodstuff Co Ltd Shenzhen Ysstech Info-tech Co Guangzhou Tinci Materials Tech Hebei Huijin Electromechanical Guangdong Qtone Education Co L

Max price 25.3 36.2 37.4 51.1 31.1 45.7 68.6 57.1 5.0 38.4 30.4 119.9 15.6 77.5 51.0 75.6 62.0 36.5 35.7 38.8 68.8 91.3 29.9 30.5 31.2 32.4 49.7 44.5 47.3 38.0 18.8 28.0 63.7 38.8 20.2 33.3 83.0 87.3 41.4 32.0 53.4 16.0 32.0 56.4 54.0 36.8 28.8 93.2

Price (22 Aug) 20.2 32.1 36.7 40.1 25.8 39.8 60.8 55.3 4.5 33.8 25.6 47.7 12.6 75.8 45.2 66.9 46.4 29.7 28.3 26.2 59.2 90.0 25.8 25.4 23.2 25.6 37.5 43.5 42.7 35.0 15.2 23.9 61.3 29.8 17.4 27.4 67.7 80.7 37.6 29.5 46.6 17.0 31.0 52.0 54.1 34.1 28.4 94.0

Max price date 17-Jan-14 24-Jan-14 18-Feb-14 3-Mar-14 4-Mar-14 24-Feb-14 17-Feb-14 17-Feb-14 18-Feb-14 18-Feb-14 17-Feb-14 24-Feb-14 19-Feb-14 25-Feb-14 24-Feb-14 25-Feb-14 24-Feb-14 3-Mar-14 4-Mar-14 3-Mar-14 3-Mar-14 26-Feb-14 3-Mar-14 6-Mar-14 6-Mar-14 6-Mar-14 6-Mar-14 3-Mar-14 4-Mar-14 6-Mar-14 6-Mar-14 10-Mar-14 21-Mar-14 7-May-14 6-May-14 15-May-14 26-Jun-14 27-Jun-14 27-Jun-14 26-Jun-14 2-Jul-14 27-Jun-14 1-Jul-14 11-Aug-14 22-Aug-14 19-Aug-14 22-Aug-14 22-Aug-14

IPO Date 17-Jan-14 23-Jan-14 11-Feb-14 19-Feb-14 19-Feb-14 10-Feb-14 29-Jan-14 28-Jan-14 28-Jan-14 28-Jan-14 23-Jan-14 29-Jan-14 24-Jan-14 28-Jan-14 27-Jan-14 27-Jan-14 23-Jan-14 29-Jan-14 29-Jan-14 28-Jan-14 28-Jan-14 23-Jan-14 27-Jan-14 28-Jan-14 27-Jan-14 27-Jan-14 27-Jan-14 21-Jan-14 21-Jan-14 21-Jan-14 21-Jan-14 21-Jan-14 29-Jan-14 19-Feb-14 21-Jan-14 23-Jan-14 29-Jan-14 29-Jan-14 27-Jan-14 23-Jan-14 28-Jan-14 22-Jan-14 21-Jan-14 28-Jan-14 27-Jan-14 23-Jan-14 23-Jan-14 21-Jan-14

Days to Max Price 0 1 7 12 13 14 19 20 21 21 25 26 26 28 28 29 32 33 34 34 34 34 35 37 38 38 38 41 42 44 44 48 51 77 105 112 148 149 151 154 155 156 161 195 207 208 211 213

Perf (%, 10 Jul* - 22 Aug) 6.8 1.5 13.5 11.5 13.1 2.3 -7.3 27.0 9.8 0.0 3.6 -3.0 4.7 14.6 -1.8 11.2 -0.6 0.3 -0.5 4.0 14.8 0.0 0.8 3.5 0.0 0.6 1.5 10.0 16.1 6.0 3.6 -0.8 0.0 -5.1 8.2 3.7 -11.6 1.1 2.2 -3.4 -0.4 8.4 7.6 32.5 17.5 15.2 14.6 37.5

Out/Underperform CSI300 (%) (3.6) (8.9) 3.1 1.1 2.7 (8.1) (17.7) 16.6 (0.6) (10.4) (6.8) (13.4) (5.7) 4.2 (12.2) 0.8 (11.0) (10.1) (10.9) (6.4) 4.4 (10.4) (9.6) (6.9) (10.4) (9.8) (8.8) (0.4) 5.7 (4.4) (6.8) (11.2) (10.4) (15.5) (2.2) (6.7) (22.0) (9.3) (8.2) (13.8) (10.8) (2.0) (2.8) 22.1 7.1 4.8 4.2 27.1

Source: Datastream, Bloomberg, J.P. Morgan. Remark: CSI300's recent trough on 10 July 2014.

5

Adrian Mowat (852) 2800-8599 [email protected]

Asia Pacific Equity Research 26 August 2014

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6

Adrian Mowat (852) 2800-8599 [email protected]

Asia Pacific Equity Research 26 August 2014

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Adrian Mowat (852) 2800-8599 [email protected]

Asia Pacific Equity Research 26 August 2014

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Copyright 2014 JPMorgan Chase & Co. All rights reserved. This report or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. #$J&098$#*P

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Adrian Mowat (852) 2800-8599 [email protected]

Asia Pacific Equity Research 26 August 2014

J.P. Morgan Hong Kong and China Equity Research Team Sunil Garg Adrian Mowat Joanne Cheung Lan Deng Nick Lai Rebecca Wen Joshua Klaczek Katherine Lei Joy Wu Anurag Rajat Lu Lu Ebru Sener Shen Li Henry Tan Daisy lu Karen Li Nick Zheng MW Kim Alex Yao Yong Wang Daniel Kang Karen Li Parsley Ong Scott Darling Michael Stansfield Sean Wu Robert Smith Chris Ma Cusson Leung Amy Luk Ryan Li Leo Ng Wendy Chia Leon Chik Andrew Hsu Alvin Kwock Gokul Hariharan Michael Fan Michelle Wei Corrine Png Boris Kan Elaine Wu

Asia Pacific Head of Research Market Strategy Market Strategy China Specialist Auto Auto Banks Banks Banks Banks Banks Consumer Consumer Consumer Gaming & Lodging Infrastructure Infrastructure Insurance Internet & New Media Internet & New Media Metal & Mining Metal & Mining Metal & Mining Oil & Gas Oil & Gas Healthcare Quantitative Quantitative HK Strategy, Real Estate, Conglomerate, Gaming & Lodging Real Estate Real Estate Real Estate Real Estate SMID Caps SMID Caps Technology Technology Technology Telecoms Transportation Utilities Utilities

852 2800 8518 852 2800 8599 852 2800 8596 852 2800 8520 852 2800 8543 852 2800 8505 852 2800 8534 852 2800 8552 852 2800 8557 852 2800 852 2800 8592 852 2800 8521 852 2800 8523 852 2800 8559 852 2800 8593 852 2800 8589 852 2800 8577 852 2800 8517 852 2800 8535 852 2800 8579 852 2800 8570 852 2800 8561 852 2800 8509 852 2800 8578 852 2800 8563 852 2800 8538 852 2800 8569 852 2800 8530 852 2800 8526 852 2800 8524 852 2800 8529 852 2800 8522 852 2800 8513 852 2800 8590 852 2800 8572 852 2800 8533 852 2800 8564 852 2800 8541 852 2800 8562 65 6882 1514 852 2800 8573 852 2800 8561

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