Global Equity Market Performance

Weekly Equity Capital Markets Newsletter Piper Jaffray Asia Securities Limited November 22, 2010

Global Equity Market Update Piper Jaffray Asia Capital Markets Group

U.S. stocks advanced marginally last week on higher-than-expected J. West Riggs (Head of Asia ECM), [email protected], Tel: 852 3755 - 2333

corporate profits and Caterpillar’s acquisition of Bucyrus Derrick Lau (MD ECM), [email protected], Tel: 852 3755 - 2338 International. Concerns about the Irish bailout, China clamping down on inflation and backlash against the Fed’s bond-buying spree Michael Cheung (Principal), [email protected], Tel: 852 3755 - 2323 ppy,ushed stocks down in the first half of the week. On Thursday, Amanda Lui (Associate), amanda. my. lui@pjc. com, Tel: 852 3755 - 2318 market sentiment improved after General Motors raised $20.1 billion in an initial public offering. Last week, the Dow gained 0.1 Michael Bassett (Associate), [email protected], Tel: 852 3755 - 2322 percent to close at 11,203.6. The NASDAQ closed marginally down Gaby Zhang (Analyst), [email protected], Tel: 852 3755 - 2321 0.004 percent to close at 2,518.1, while S&P 500 inched up 0.04 percent to close at 1,199.7 after plunging 2.2 percent the week before. Global Market Performance European stocks declined for a second consecutive week as investors remained uncertain concerning the resurgence of the Performance (%) sovereign-debt crisis in Ireland. The Irish government has estimated Last price 1 day 1 week 1 month YTD rescuing the financial services industry might cost as much as €50 billion. Basic-resource shares led declines on concerns that Global Indices commodity demand may be hurt on China’s attempts to control its Dow Jones 11,203.6 0.2% 0.1% 0.9% 7.4% rising inflation. For the week, FTSE closed at 5,732.8, down 1.1 S&P500 1,199.7 0.3% 0.04% 1.8% 7.6% percent, while DJ Euro Stoxx50 closed at 2,563.28, down 1.54 percent. NASDAQ 2,518.1 0.1% (0.004%) 2.5% 11.0% Asian indices dropped this week with oil companies declining due to concerns over how China would tackle its rising inflation. The FTSE 5,732.8 (0.6%) (1.1%) 0.1% 5.9% Chinese government is expected to impose temporary price Asian Indices controls on important daily necessities and production materials, Hang Seng 23,605.7 (0.1%) (2.5%) 0.2% 7.9% and the People’s Bank of China may raise borrowing costs if price controls prove insufficient to curb inflation. However, Japanese car HSCEI 13,170.7 0.02% (3.6%) (2.1%) 2.9% exporters rose on b ett er earni ng prospect s as the yen weak ened . Shanghai A 3,025.5 0.8% (3.3%) (3.9%) (12.0%) For the week, the Nikkei was up 3.1 percent to close at 10,022.4. Nikkei 225 10,022.4 0.1% 3.1% 6.8% (5.0%) HK Weekly Market Update Hong Kong stocks fell for a second consecutive week amid Global Indices Performance (Rebased to 100) concerns that China would tighten its monetary policy to tame inflation. Property developers fell on talk of the government's new 200 measures to cool the territory's booming property market. The 180 Hang Seng Index declined 2.5 percent to close at 23,605.7. Among Index constituents , eight gained and 36 declined while one 160 remained unchanged. Among gainers, Hang Seng Bank was up 6.9 140 percent, Ping An Insurance rose 5.5 percent, while Cathay Pacific increased 4.8 percent. Among losers, Cheung Kong declined 5.4 120 percent, Henderson Land fell by 5.3 percent and China Merchants Holdings slid by 4.9 percent. 100

Annual inflation in China is expected to reach 3.8 percent in the 80 fourth quarter, exceeding the government’s three percent target. China’s National Bureau of Statistics reported that China's 60 electricity consumption was 340BN kilowatt hours in October, up 1-Jan-09 18-May-09 2-Oct-09 17-Feb-10 4-Jul-10 19-Nov-10 8t8.5 percent y-o-y. The cru de throug hpu t vo lumes a t Chinese refi ners S&P 500 NASDAQ FTSE Hang Seng Shanghai A had a high of 37.0 million mt in October, up 11.3 percent y-o-y. HSI Weekly Performance HSI Sectoral Weekly Performance

15 25,000 24,027.2 23,693.0 23,214.5 23,605.7 1% 23,637.4 24,000 0% 10 (1%) 13.1 12.0 11.9 12.5 23,000 (2%) 13.3 (1.7%) (()3%) (2.4%) (2.4%) 5 22,000 (4%) 15-Nov-10 16-Nov-10 17-Nov-10 18-Nov-10 19-Nov-10 (5%) (4.1%) Turnover (in US$ billion) Close Utilities Finance Comm/Indu Property

Source: DataStream, Reuters, Hang Seng Index Website

1 Weekly Equity Capital Markets Newsletter Piper Jaffray Asia Securities Limited November 22, 2010

Piper Jaff r ay Chin a In dex

PJ China Index Performance Since January 2009 Sector Breakdown and Performance

Current Level: 2,556.30 Financial/Real Estate 3,000 4% Clean Tech/Energy 12% 2,500 Telecom, Media & Technology 31% Consum er 2,000 12%

1,500

Health Care 13% 1,000 Business Services and Industrial Growth 28% 500 1-Jan-09 18-May-09 2-Oct-09 17-Feb-10 4-Jul-10 19-Nov-10 2.0%

PJ China Index 0.1% 0.0% Week-to-date change (65.69) -2.51% (2.0)% 2010 Year-to-date change 431.18 20.29% (4.0)% (3.2)%

(4.1)% (4.4)% LTM change 515.13 25.24% (4.6)% (6.0)% 6-month change 552.12 27.55% (8.0)% (7.1)% 2010 Year-to-date high (pts) 2,710.02 8-Nov-10 Telecom, Media & Technology Health Care 2010 Year-to-date low (pts) 1,914.69 29-Jan-10 Business Services and Industrial Growth Financial/Real Estate Consumer Clean Tec h/Energy

Top Five Weekly Gainers and Losers

30.0% 21.8% 17.5% 17.1% 13.7% 11.0% 10.0%

(10.0%)

(18.4%) (20.0%) (30.0%) (28.3%) (30.4%)

(50.0%) (44.9%)

Universal Travel China Medical Telestone China China Digital TV Smartheat China Valves China Nepstar QKL Stores Rino Group Tech Technologies Infrastructure Holding Technology Chain Drug International Corp Corp

Note: Piper Jaffray China Index is a modified market capitalization weighted index comprised of U.S. exchange listed securities of companies with significant exposure to the Chinese economy and market capitalization over US$100m. The index was developed with a base level of 1,000 as of January 1, 09 (Please refer to the last page of this report for constituents) Source: Bloomberg

2 Weekly Equity Capital Markets Newsletter Piper Jaffray Asia Securities Limited November 22, 2010 Macro Indicators and Global Currencies Performance – Since January 2009

Gold (UBS-IB) Copper (NYC) CBOE Volatility Index (VIX)

US$/oz US$/lb Current Level: US$1,353.00 per ounce Current Level: US$3.8905 per pound Current Level: 18.04

1,500 5 60

14001,400 50 4 1,300

1,200 40 3 1,100 30

1,000 2 20 900

800 1 10 1-Jan-09 18-May-09 2-Oct-09 17-Feb-10 4-Jul-10 19-Nov-10 2-Jan-09 19-May-09 3-Oct-09 17-Feb-10 4-Jul-10 19-Nov-10 2-Jan-09 19-May-09 3-Oct-09 17-Feb-10 4-Jul-10 19-Nov-10

Spot WTI Crude Stowe Global Coal Index Baltic Dry Index

US$/barrel Current Level: US$81.98 per barrel Current Level: 5,957.22 Current Level: 2,155.0

90 7,000 5,000

80 6,000 4,000

70 5,000 3,000 60 4,000

2,000 50 3,000

1,000 40 2,000

30 1,000 0 2-JJ9an-09 199y9-May-09 339-Oct-09 17-Feb-10 44J-Jul-10 19-Nov-10 2-Jan-09 19-May-09 3-Oct-09 17-Feb-10 4-Jul-10 19-Nov-10 2-JJ9an-09 199y9-May-09 339-Oct-09 17-Feb-10 44J-Jul-10 19-Nov-10

Euro Sterling Japanese Yen

EUR/US$ GBP/US$ JPY/US$

Current Level: 1.3684 Current Level: 1.5984 Current Level: 83.45 1.6 1.8 105

151.5 117.7 100

1.4 1.6 95

1.3 1.5 90

1.2 1.4 85

1.1 1.3 80

1.0 1.2 75 1-Jan-09 18M8-May-09 2-Oct-09 17-FbFeb-10 4-JlJul-10 19-Nov-10 1-Jan-09 18-May-09 2-Oct-09 17-Feb-10 4-Jul-10 19-Nov-10 1-Jan-09 18-May-09 2-Oct-09 17-Feb-10 4-Jul-10 19-Nov-10

Source: DataStream, Reuters

3 Weekly Equity Capital Markets Newsletter Piper Jaffray Asia Securities Limited November 22, 2010

HK an d U .S . China IPO A cti vit y

HK and U.S. China IPO Activity by Month

18 25,000

15 20,000

12 (US$m) Raised Capital 15,000

9 # of IPOs # of 10,000 6

5,000 3

0 0 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09 Oct-09 Nov-09 Dec-09 Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10

US China IPOs HK IPOs US China IPOs Capital Raised HK IPOs Capital Raised

USU.S. China IPOAIPO Act iv ity Past Wee k

Deal Value Price Range IPO Price IPO Price Lead Pricing Date Ticker Issuer Co-Manager(s) (US$m) (US$) (US$) to Current Manager(s) Oppenheimer; 16/11/2010 BITA Bitauto Holdings $127.2 $10.00 - $12.00 $12.00 0.42% CITI; UBS Lazard

HK IPO Activity Past Week

Deal Value Price Range IPO Price IPO Price Pricing Date Listing Date Ticker Issuer Lead Manager(s) (US$m) (HK$) (HK$) to Current

09/11/2010 16/11/2010 1087 HL Technology Group $74.2 $2.70 - $3.70 $2.80 (16.43%) Piper Jaffray Leoch International 09/11/2010 16/11/2010 842 $230.1 $3.75 - $5.35 $5.35 (19.81%) BOCI; Citi Technology 11/11/2010 17/11/2010 312 Shirble Department Stores $177.4 $1.85 - $2.55 $2.20 (11.82%) BOCI; BNP BofA Merrill Lynch; 11/11/2010 18/11/2010 1091 CITIC Dameng Holdings $266.1 $2.10 - $2.75 $2.75 3.64% UBS; CITIC China Rongsheng Heavy BOCI; CCB; 12/11/2010 19/11/2010 1101 Industries Group $1,964.3 $7.30 - $10.10 $8.00 (0.50%) Deutsche; JPMorgan; Holdings Morgan Stanley Goodbaby International 17/11/2010 24/11/2010 1086 $189.6 $3.70 - $4.90 $4.90 N/A Morgan Stanley Holdings 18/11/2010 19/11/2010 8207 Credit China Holdings $38.7 $0.68 - $0.78 $0.75 42.67% China Everbright Kingworld Medicines 19/11/2010 25/11/2010 1110 $28.4 $1.33 - $1.60 $1.60 N/A Guotai Junan Group China Modern Dairy 20/11/2010 26/11/2010 1117 $509.3 $2.89 - $3.69 $2.89 N/A Citi; UBS Holdings

Note: IPO activity includes deal values equal to or greater than US$25m Source: Dealogic, Hong Kong Stock Exchange

4 Weekly Equity Capital Markets Newsletter Piper Jaffray Asia Securities Limited November 22, 2010

HK an d U. S. China Fo llow-OAtiitOn Activity

HK and U.S. China Follow-on Activity by Month

30 14,000

12,000 25

10,000

20 (US$m Raised Capital

8,000

6,000 # of Follow-ons )

10 4,000

5 2,000

0 0 Mar-09 App9r-09 Mayy9-09 JJ9un-09 JJ9ul-09 Augg9-09 Sepp9-09 Oct-09 Nov-09 Dec-09 Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10

US China FOs HK FOs US China FOs Capital Raised HK FOs Capital Raised

U.S. China Follow-on Activity Past Week

Price From Date Ticker Issuer Deal Value Deal Type Lead Manager(s) Co-Manager(s) Previous Price to (US$m) Close Current

Placing of New Barclayy;s; 18/11/2010 HEAT StHtSmartHeat $25. 0 N/A (11.50%) 360%3.60% Shares Oppenheimer

HK Follow-on Activity Past Week

Price From Date Ticker Issuer Deal Value Deal Type Lead Manager(s) Previous Price to (()US$m) Close Current

15/11/2010 1083 Towngas China $117.1 Placing of Existing Shares Morgan Stanley 0.00% 3.31%

15/11/2010 992 Lenovo Group $198.5 Placing of Existing Shares Nomura (1.45%) (2.22%)

16/11/2010 8228 National Arts Holdings $56.7 Placing of New Shares Ample (15.40%) 42.70%

Note: Follow-on activity includes deal values equal to or greater than US$25m Source: Dealogic, Hong Kong Stock Exchange

5 Weekly Equity Capital Markets Newsletter Piper Jaffray Asia Securities Limited November 22, 2010

IPO Pipeli ne

U.S. China and Hong Kong IPO Pipeline

U.S.US ChinaChina IPOIPO PIPELINEPIPELINE Funds to be Price Target Lead Issuer Co-Manager(s) Raised Range Pricing Business Exchange Underwriter(s) (($)US$m) (($)US$) Date Manufacturer of premix AgFeed Animal Nutrition Rodman & Renshaw N/A $25.0 TBA TBA and feed for animal NASDAQ Holdings husbandry

BofA Merrill Lynch; JP Piper Jaffray; Motion picture Bona Film Group $80.0 TBA TBA NASDAQ Morgan CICC; Cowen distributor

Designs and Samsung; Lazard; manufactures men’s Janney China Xiniya Fashion Cowen $80.0 $9.00 - $11.00 22/11/2010 business casual and NYSE Montgomery business formal apparel Scott and accessories Piper Jaffray; E-Commerce China Credit Suisse; Business-to-consumer Oppenheimer; $200.0 TBA TBA NYSE Dangdang Morgan Stanley e-commerce company Cowen

Lentuo International Cowen; HSBC Macquarie $115.0 TBA TBA Automobile retailer NYSE

Piper Jaffray; Oppenheimer; Operator of mobile Sky-mobi CITI $150.0 TBA TBA NASDAQ Rodman & application store Renshaw William Blair; Real estate service SYSWIN Morgan Stanley Oppenheimer; $123.0 $9.25 - $11.25 22/11/2010 NYSE provider Roth Mobile payments and Trunkbow International Roth Capital Merriman $28.8 TBA TBA VAS applications NASDAQ provider Credit Suisse; Tudou Holdings Oppenheimer $120.0 TBA TBA Online video company NASDAQ Deutsche Piper Jaffray; Internet television Youku.com Goldman Sachs Allen; Pacific $153.7 $9.00 - $11.00 07/12/2010 NYSE company Crest

HK IPO PIPELINE Sponsor(s)/ Funds to be Price Target Issuer Lead Raised Range Pricing Business Exchange Underwriter(s) (US$m) (HK$) Date MfManufacturer of Bluestar Adisseo Nutrition Deutsche; Morgan $1,298.2 $3.50 - $5.25 24/11/2010 nutritional feed additives Main Board Group Stanley for the poultry market Engaged in exploration China Gold International Citi; BOCI $284.4 $37.21 - $44.96 23/11/2010 and mining of precious Main Board Resources and base metals

Da Ming International Holdings CCB; Deutsche $87.0 $2.00 - $2.70 01/12/2010 Stainless steel processor Main Board

Integgprated print media CCB; CMS ; ShiFang Holding $108.7 $3.03 - $4.61 03/12/2010 and digital media services Main Board Maqquarie provider

Note: IPO Pipeline activity includes deal values equal to or greater than US$25m Source: Dealogic, Hong Kong Stock Exchange

6 Weekly Equity Capital Markets Newsletter Piper Jaffray Asia Securities Limited November 22, 2010

IPO Withdrawn

U.S. China and Hong Kong IPO Withdrawn

U.S. China IPO WITHDRAWN Sponsor(s)/ Funds to be Issuer Lead Co-Manager(s) Raised Business Exchange Underwriter(s) (US$m) No U.S. China IPO withdrawn activity last week

HK IPO WITHDRAWN

Sponsor(s)/ Funds to be Raised Issuer Business Exchange Lead Underwriter(s) (US$m)

No HK IPO withdrawn activity last week

Note: IPO Withdrawn activity includes deal values equal to or greater than US$25m Source: Dealogic, Hong Kong Stock Exchange

7 Weekly Equity Capital Markets Newsletter Piper Jaffray Asia Securities Limited November 22, 2010

AdiAppendix

Piper Jaffray China Index Constituents

Telecom, Media & Technology Consumer QXM QIAO XING MOBILE COMMUNICATION CO. LTD. ADY FEIHE INTERNATIONAL INC. CNTF CHINA TECHFAITH WIRELESS COMM. TECH. LTD ADR ATV ACORN INTERNATIONAL INC ADR GSOL GLOBAL SOURCES LTD FEED AGFEED INDUSTRIES INC XING QIAO XING UNIVERSAL TELEPHONE INC FUQI FUQI INTERNATIONAL INC CTFO CHINA TRANSINFO TECHNOLOGY CORP GRO AGRIA CORPORATION ADR JRJC CHINA FINANCE ONLINE CO. ADR HMIN HOME INNS & HOTELS MANAGEMENT INC. ADR GIGM GIGAMEDIA LTD. HOGS ZHONGPIN INC VIMC VIMICRO INTERNATIONAL CORPORATION ADR JOBS 51JOB INC ADR NCTY THE9 LTD. ADR MPEL MELCO CROWN ENTERTAINMENT LTD ADR TSTC TELESTONE TECHNOLOGIES CORPORATION QKLS QKL STORES INC ACTS ACTIONS SEMICONDUCTOR CO. LTD. ADR SEED ORIGIN AGRITECH LTD OIIM O2MICRO INTERNATIONAL LTD. ADR SVN 7 DAYS GROUP HOLDINGS LTD ADR LONG ELONG INC SPONSORED ADR UTA UNIVERSAL TRAVEL GROUP COGO COGO GROUP INC YUII YUHE INTERNATIONAL INC CNIT CHINA INFORMATION TECHNOLOGY, INC UTSI UTSTARCOM INC Health Care CDCS CDC SOFTWARE CORPORATION ADR AOB AMERICAN ORIENTAL BIOENGINEERING, INC KONG KONGZHONG CORPORATION ADR CPC CHEMSPEC INTERNATIONAL LTD ADR AMCN AIRMEDIA GROUP INC ADR BJGP BMP SUNSTONE CORP VISN VISIONCHINA MEDIA INC ADR CCM CONCORD MEDICAL SERVICES HOLDING LTD . SPON ADR VIT VANCEINFO TECHNOLOGIES INC ADR CHBT CHINA-BIOTICS INC ASIA ASIAINFO HOLDINGS, INC. CMED CHINA MEDICAL TECHNOLOGIES INC SPON ADR GA GIANT INTERACTIVE GROUP INC ADR CO CHINA CORD BLOOD CORPORATION LFT LONGTOP FINANCIAL TECHNOLOGIES LTD. SPON ADR CSKI CHINA SKY ONE MEDICAL INC CYOU CHANGYOU.COM LTD. ADR MR MINDRAY MEDICAL INTERNATIONAL LTD. ADR SOHU SOHU.COM INC NKBP CHINA NUOKANG BIO-PHARMACEUTICAL INC. ADR PWRD PERFECT WORLD CO. LTD. SPON ADR NPD CHINA NEPSTAR CHAIN DRUGSTORE LTD. ADR FMCN FOCUS MEDIA HOLDING LTD. ADR SCR SIMCERE PHARMACEUTICAL GROUP ADR SINA SINA CORP SSRX 3SBIO INC ADR GAME SHANDA GAMES LTD. SPONS ADR SVA SINOVAC BIOTECH LTD SNDA SHANDA INTERACTIVE ENTERTAINMENT LTD. SPON ADR TCM TONGJITANG CHINESE MEDICINES CO. ADR NTES NETEASE.COM INC ADR WX WUXI PHARMATECH (CAYMAN) INC ADR CTRP CTRIP.COM INTERNATIONAL LTD. ADR KUTV KU6 MEDIA CO . LTD . ADR Business Services and Industrial Growth HOLI HOLLYSYS AUTOMATION TECHNOLOGIES, LTD. CAAS CHINA AUTOMOTIVE SYSTEMS INC SPRD SPREADTRUM COMMUNICATIONS, INC ADR CBAK CHINA BAK BATTERY INC STV CHINA DIGITAL TV HOLDING CO. LTD. ADR CFSG CHINA FIRE & SECURITY GROUP INC BIDU BAIDU INC SPON ADR CHNR CHINA NATURAL RESOURCES INC CIIC CHINA INFRASTRUCTURE INVESTMENT CORP CSR CHINA SECURITY & SURVEILLANCE TECH INC Clean Tech /Energy CGA CHINA GREEN AGRICULTURE INC APWR A-POWER ENERGY GENERATION SYSTEMS, LTD. CAGC CHINA AGRITECH INC CBEH CHINA INTEGRATED ENERGY INC CAST CHINACAST EDUCATION CORPORATION CHNG CHINA NATURAL GAS INC CEDU CHINAEDU CORPORATION ADR CSIQ CANADIAN SOLAR INC CEU CHINA EDUCATION ALLIANCE INC CSUN CHINA SUNERGY CO ADR DL CHINA DISTANCE EDUCATION HOLDINGS LTD ADR DGW DUOYUAN GLOBAL WATER INC ADR EDU NEW ORIENTAL EDUCATION & TECH. GROUP INC. SP ADR HEAT SMARTHEAT INC CVVT CHINA VALVES TECHNOLOGY INC JASO JA SOLAR HOLDINGS CO ADR NED NOAH EDUCATION HOLDINGS LTD. ADR LDK LDK SOLAR CO ADR CXDC CHINA XD PLASTICS CO LTD SOL RENESOLA LTD. ADR DYP DUOYUAN PRINTING INC SOLF SOLARFUN POWER HOLDINGS SPON ADR FSIN FUSHI COPPERWELD INC TSL TRINA SOLAR SPON ADR GFRE GULF RESOURCES INC STP SUNTECH POWER HOLDINGS ADR GSI GENERAL STEEL HOLDINGS INC YGE YINGLI GREEN ENERGY HOLDINGS ADR HRBN HARBIN ELECTRIC INC JST JINPAN INTERNATIONAL LIMITED Financial / Real Estate LIWA LIHUA INTERNATIONAL INC CHLN CHINA HOUSING & LAND DEVELOPMENT, INC. NTE NAM TAI ELECTRONICS INC CISG CNINSURE INC ADR RINO RINO INTERNATIONAL CORPORATION CRIC CHINA REAL ESTATE INFORMATION CORPORATION ADR SDTH SHENGDATECH INC EJ E-HOUSE (CHINA) HOLDINGS LIMITED SORL SORL AUTO PARTS INC XIN XINYUAN REAL ESTATE CO LTD. ADR SSW SEASPAN CORPORATION STV CHINA DIGITAL TV HOLDING CO. LTD. ADR SUTR SUTOR TECHNOLOGY GROUP LTD. WATG WONDER AUTO TECHNOLOGY INC WH WSP HOLDINGS LTD. ADR YONG YONGYE INTERNATIONAL INC

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