Global Equity Market Performance

Weekly Equity Capital Markets Newsletter Piper Jaffray Asia Securities Limited December 13, 2010

Global Equity Market Update Piper Jaffray Asia Capital Markets Group U.S. stocks advanced last week due to upbeat economic data. The J. West Riggs (Head of Asia ECM), [email protected], Tel: 852 3755 - 2333

U.S. Commerce Department announced that the country’s trade Derrick Lau (MD ECM), [email protected], Tel: 852 3755 - 2338 deficit in October 2010 had narrowed faster than expected, raising optimism about the economic growth. Additionally, the better-than- Michael Cheung (Principal), [email protected], Tel: 852 3755 - 2323 expp,ected increase in consumer sentiment in December 2010, Amanda Lui (Associate), amanda. my. lui@pjc. com, Tel: 852 3755 - 2318 reported by the Thomson Reuters/University of Michigan survey, also boosted investor confidence. Stocks also advanced on back of Michael Bassett (Associate), [email protected], Tel: 852 3755 - 2322 positive imports and exports data from China. Last week, the Gaby Zhang (Analyst), [email protected], Tel: 852 3755 - 2321 S&P500 was up 1.3 percent to close at a two-year high of 1,240.4, the NASDAQ increased 1.8 percent to close at 2,637.5, and the Dow Global Market Performance inched up 0.2 percent to close at 11,410.3. European stocks posted overall gains with the Stoxx Europe 600 Performance (%) Index closing at 276.2—its 26-month high—as investors remained Last price 1 day 1 week 1 month YTD optimistic that corporate profits and the improving macro- economic data would overcome the region’s sovereign -debt crisis . GGobalobal In dcesdices Stocks also advanced on back of upbeat U.S. economic and Dow Jones 11,410.3 0.4% 0.2% 0.5% 9.4% consumer sentiment data. The FTSE was up 1.2 percent for the 1,240.4 week, to close at 5,813.0. S&P500 0.6% 1.3% 1.8% 11.2% Asian stocks fluctuated last week. Strong industrial output data NASDAQ 2,637.5 0.8% 1.8% 2.3% 16.2% pulled Indian shares out of a three-day losing streak. However, FTSE 5,813.0 0.1% 1.2% (0.1%) 7.4% stocks declined in a cautious trading session on Friday as robust Asian Indices China trade data raised concerns of an imminent interest-rate hike in the country. Continued concerns over the Euro-zone sovereign Hang Seng 23,162.9 (0.04%) (0.7%) (5.5%) 5.9% debt also weighed on the investor sentiments. Despite the HSCEI 12,661.0 (0.6%) (2.1%) (8.8%) (1.0%) monetary tightening concerns , China-listed shares ended higher, 2,975.3 1.07% (0.05%) (8.8%) (13.4%) driven by demand for mining and telecommunications companies. Shanghai A The Nikkei edged up 0.7 percent for the week, to close at 10,212.0. Nikkei 225 10,212.0 (0.7%) 0.3% 3.9% (3.2%)

HK Weekly Market Update Global Indices Performance (Rebased to 100) Hong Kong stocks witnessed modest losses and tepid volumes last 200 week as investors continued to anticipate risks ahead of Chinese inflation data due over the weekend. Additionally, worries that China 180 may raise interest rates weighed on the investor sentiments. For the week,,ggg the Hang Seng index edged down 0 07p,g.7 percent, ending almost 160 flat, to close at 23,162.9. 140 Among Index constituents, 14 gained and 27 declined while four remained unchanged. Among gainers, COSCO Pacific increased 5.2 120 percent, China Unicom gained 5.0 percent and Tencent Group was up 3.9 percent. Among losers, CITIC Pacific declined 4.5 percent, 100 China Merchants Holdings fell by 4.4 percent and China Resources 80 Power slid 4.3 percent. 60 China’s customs agency reported that the country’s November 1-Jan-09 22-May-09 11-Oct-09 1-Mar-10 21-Jul-10 10-Dec-10 2010 expp349port rose 34.9 percent, while the im ports rose 3p37.7 percent, y-o-y. Further, National Bureau of Statistics reported a 28-month S&P 500 NASDAQ FTSE Hang Seng Shanghai A high CPI of 5.1 percent in November 2010 as compared to 4.4 percent rise in October 2010. HSI Sectoral Weekly Performance HSI Weekly Performance

15 24,000 1% 23,428.2 0.3% 23,237.7 23,092.0 23,171.8 23,162.9 0% 10 23,000 (0.1%) (1%) 989.8 9.4 10. 0 9.0 9.0 5 22,000 (1.3%) 6-Dec-10 7-Dec-10 8-Dec-10 9-Dec-10 10-Dec-10 (2%) (1.6%) Turnover (in US$ billion) Close Comm/Indu Utilities Finance Property Source: DataStream, Reuters, Hang Seng Index Website

1 Weekly Equity Capital Markets Newsletter Piper Jaffray Asia Securities Limited December 13, 2010

Piper Jaff r ay Chin a In dex

PJ China Index Performance Since January 2009 Sector Breakdown and Performance

Current Level: 2,512.66 Financial/Real Estate 3,000 4% Clean Tech/Energy 12% Telecom, Media & 2,500 Technology 31% Consum er 2,000 12%

1,500

Health Care 13% 1,000 Business Services and Industrial Growth 28% 500

1-Jan-09 22-May-09 11-Oct-09 1-Mar-10 21-Jul-10 10-Dec-10 2.0% 1.2% PJ China Index

Week-to-date change (30.31) -1.19% 0.0%

2010 Year-to-date change 386.47 18.18% (1.0%) (1.1%) (2.0%) (1.7%) LTM change 394.09 18.60% (2.5%) (2.7%) 6-month change 509.42 25.43% (4.0%) 2010 Year-to-date high (pts) 2,711.88 8-Nov-10 Clean Tech/Energy Health Care 2010 Year-to-date low (pts) 1,915.46 29-Jan-10 Consumer Financial/Real Estate Telecom, Media & Technology Business Services and andIndustrial Industrial Growth

Top Five Weekly Gainers and Losers

35.0% 26.7% 25.0% 13.7% 12.8% 12.1% 15.0% 10.1% 5.0% (5.0% ) (15.0% ) (16.3% ) (17.0% ) (25.0% ) (20.3% ) (21.5% ) (35.0% ) (45.0% ) (44.2% ) Sm artHeat China Valves China-Biotics Global Sources Origin CDC Software ShengdaTech Ku6 Media China Rino Technology Agritech Education International Alliance

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 December 13, 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$1,385.65 per ounce Current Level: US$4.1540 per pound Current Level: 17.61

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 22-May-09 11-Oct-09 1-Mar-10 21-Jul-10 10-Dec-10 2-Jan-09 23-May-09 11-Oct-09 2-Mar-10 21-Jul-10 10-Dec-10 2-Jan-09 23-May-09 11-Oct-09 2-Mar-10 21-Jul-10 10-Dec-10

Spot WTI Crude Stowe Global Coal Index Baltic Dry Index

US$/barrel Current Level: US$87.79 per barrel Current Level: 6,113.57 Current Level: 2,095.0

100 7,000 5,000

90 6,000 4,000 80 5,000 70 3,000 4,000 60 2,000 3,000 50 1,000 40 2,000

30 1,000 0 2-JJ9an-09 233y9-May-09 11-Oct-09 2-Mar-10 21-Jul-10 10-Dec-10 2-J9Jan-09 23y93-May-09 11-Oct-09 2-Mar-10 21-Jul-10 10-Dec-10 2-Jan-09 23-May-09 11-Oct-09 2-Mar-10 21-Jul-10 10-Dec-10

Euro Sterling Japanese Yen

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

Current Level: 1.3233 Current Level: 1.5816 Current Level: 83.91 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 22-May-09 11-Oct-09 1-Mar-10 21-Jul-10 10-Dec-10 1-Jan-09 22-May-09 11-Oct-09 1-Mar-10 21-Jul-10 10-Dec-10 1-Jan-09 22-May-09 11-Oct-09 1-Mar-10 21-Jul-10 10-Dec-10

Source: DataStream, Reuters

3 Weekly Equity Capital Markets Newsletter Piper Jaffray Asia Securities Limited December 13, 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 Capital Raised (US$m)

15,000

9 # of IPOs # of 10,000

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 Dec-10

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

U.S. China IPO Activity Past Week

Deal Value Price Range IPO Price IPO Price Lead Pricing Date Ticker Issuer Co-Manager(s) (US$m) (US$) (US$) to Current Manager(s) Piper Jaffray; E-Commerce China Credit Suisse; 07/12/2010 DANG $312.8 $13.00 - $15.00 $16.00 104.93% Oppenheimer; Dangdang Morgan Stanley Cowen

Piper Jaffray; 07/12/2010 YOKU Youku.com $233.3 $9.00 - $11.00 $12.80 192.96% Goldman Sachs Allen; Pacific Crest BofA Merrill Lynch; Piper Jaffray; 08/12/2010 BONA Bona Film Group $99.8 $7.00 - $9.00 $8.50 (18.12%) JPMorgan Cowen

Piper Jaffray; Oppenheimer; 09/12/2010 MOBI Sky-mobi $58.0 $8.00 - $10.00 $8.00 (25.00%) Citi Rodman & Renshaw

09/12/2010 LAS Lentuo International $93.8 $11.50 - $13.50 $8.00 4.75% Cowen; HSBC Macquarie

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 December 13, 2010

HK an d U .S . China IPO A cti vit y (C ont’d)

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 Greatview Aseptic Goldman Sachs; 02/12/2010 09/12/2010 468 $184.6 $3.55 - $4.98 $4.30 15.58% Packaggging Morggyan Stanley Credit Suisse; Morgan 02/12/2010 08/12/2010 1768 Sateri Holdings $429.9 $6.60 - $9.20 $6.60 4.54% Stanley; BOCI China ZhengTong Auto 03/12/2010 10/12/2010 1728 $470.5 $6.80 - $8.60 $7.3 1.23% CCB; JPMorgan Services Holdings BOC; JPMorgan; 07/12/2010 14/12/2010 1555 MIE Holdings $145.0 $1.70 - $2.16 $1.70 N/A Deutsche Biostime International 09/12/2010 17/12/2012 1112 $212.4 $10.00 - $12.00 $11.0 N/A HSBC Holdings Chongqing Rural Nomura; Morgan 09/12/2010 16/12/2010 3618 $1,483.3 $4.50 - $6.00 $5.25 N/A Commercial Bank Stanley Credit Suisse; China Datang Corporation JPMorgan; Macquarie; 10/12/2010 17/12/2010 1798 $643.5 $2.33 - $3.18 $2.33 N/A Renewable Power UBS; China Everbright; Cinda

World Wide Touch China Merchants; 10/12/2010 15/12/2010 1282 $120.2 $0.85 -$1.05 $0.95 N/A Technology Haitong

Note: IPO 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 December 13, 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 Capital Raised (US$m)

8,000

6,000 # of Follow-ons # of

4,000

5 2,000

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 Dec- 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

Placi ng of N ew MiBMacquarie; Brean 08/12/2010 PUDA Puda Coal $94.2 N/A (17.80%) 2.08% Shares Murray Carret

William Blair; Camelot Information Placing of Goldman Sachs; 09/12/2010 CIS $139.6 Cowen; (2.50%) 9.69% Systems Existing Shares Barclays 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

China Metal Resources 07/12/2010 8071 $36.5 Top-up Placement Daiwa (9.09%) 24.00% Holding China Metal Recycling 09/12/2010 773 $90.9 Top-up Placement BofA Merrill Lynch (11.10%) 3.95% Holding

L'Occitane (1.90%) - 10/12/2010 973 $113.0 Placing of Existing Shares HSBC; CLSA; UBS N/A International +1.90%

Note: Follow-on 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 December 13, 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 UBS; JPMorgan; Provider of outsourced iSoftStone Holdings Needham $130.0 $11.00 - $13.00 13/12/2010 NYSE Morgan Stanley technology services Mobile payments and Trunkbow International Roth Merriman $28.8 TBA TBA VAS applications NASDAQ provider Credit Suisse; Tudou Holdings Oppenheimer $120.0 TBA TBA Online video company NASDAQ Deutsche

HK IPO PIPELINE Sponsor(s)/ Funds to be Price Target Issuer Lead Raised Range Pricing Business Exchange Underwriter(s) (US$m) (HK$) Date CICC; Goldman Sachs; Changsha Zoomlion Manufacturer of JP Morgan; Morgan $1845.9 $13.38 - $18.98 16/12/2010 construction and mining Main Board Heavy Industry Stanley; Credit Suisse machinery Integrated terminal Dragon Crown Group service provider in the China Everbright $72.7 $1.35 - $2.05 21/12/2010 Main Board Holdings storage and handling of liquid chemical products Manufacturer of radio frequency coaxial cables Hengxin Technology Cinda $38.7 TBA TBA Main Board series for mobile communications Engaged in the development and sale of PAX Global Technology CITIC; First Shanghai $118.4 $2.53 - $3.23 14/12/2010 Main Board electronic fund transfer point-of-sale products

Note: IPO Pipeline 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 December 13, 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)

CICC; Goldman Sachs; Macquarie; Renewable energy company with Huaneng Renewables $1,114.2 Main Board Morgan Stanley focus on wind power generation

Engaged in the manufacturing of China New Material Piper Jaffray; CCB; Macquarie $88.0 BDO, a basic organic chemical Main Board raw material

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

8 Weekly Equity Capital Markets Newsletter Piper Jaffray Asia Securities Limited December 13, 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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