Equity Research January 26, 2016

Sohu.com Search the only bright spot in a lackluster quarter

Results Preview Maintain BUY

4Q15 revenue below consensus, weak 1Q16 ahead Ticker SOHU.US We expect 4Q15 revenue of US$448mn (-6% YoY & CICC investment rating BUY

-14% QoQ), 2.3% below consensus, as the strong Last close US$51.38 CICC target US$58.00 performance of Sogou was offset by the sluggish online video and game businesses. Non-GAAP net loss is expected to be 52wk price range US$71.78~40.20 US$10mn, slightly better than consensus of US$13.2mn. 1Q16 Market cap (bn) US$2 guidance to be impacted by: 1) weak game pipeline; and, 2) Daily value (mn) US$19.40 weak ad seasonality, which we expect will miss by 1.7%. Shares outstanding (mn) 39 Free float (%) 79 Daily volume (mn sh) 0.37 Business sector Internet Trends to watch Sogou to trend stronger after addition of Zhihu Search SOHU.US NASDAQ function (Chinese version of Quora); Sogou search ad revenue 128 +10% QoQ in 4Q15e, and NP margin to improve to ~25%. 114

100 SOHU Video keeps losing market share amid fierce competition and rising content costs. iQiyi, Tencent video 86 and Youku now rank as the top three in online video, with the (%) Value Relative 72 first two the most likely final winners. As of November 2015 58 iResearch Data, Sohu Video had MAU of 175.9mn vs. iQiyi’s Jan-2015 Apr-2015 Jul-2015 Oct-2015 Jan-2016 259.5mn, while monthly usage was ~41% that of iQiyi. On the mobile-end, its traffic was ~1/5 of iQiyi; we thus expect video (US$ mn) 2014A 2015E 2016E 2017E revenue +3% YoY & -8% QoQ to US$53mn in 4Q15, making Revenue 1,673 1,869 1,924 2,197 Sohu video’s revenue for the whole year ~30% that of iQiyi. (+/-) 19.5% 11.7% 2.9% 14.2% Net profit -167 -41 -32 -77 (+/-) N.M. N.M. N.M. N.M. Valuation and recommendation Net profit (Non-GAAP) -115 -1 -3 -45 Slightly trim 4Q15/2015e revenue by 0.5%/0.1% on (+/-) N.M. N.M. N.M. N.M. lukewarm video & game business. SOHU CEO, Charles EPS -4.33 -1.05 -0.84 -2.01

Zhang, made a non-binding proposal to purchase US$600mn of EPS (Non-GAAP) -2.98 -0.02 -0.09 -1.16 common stock, but this is subject to a maximum of US$50 per BPS 31.23 30.13 29.24 27.18 share. This move may support the stock >US$50, but made it SPS 43.48 48.58 50.01 57.09 more difficult to be privatized, thus harder to unlock SOTP. Cash flow per share 3.96 13.96 10.71 15.48 Maintain BUY rating and TP of US$58 on its undervalued P/E N.M. N.M. N.M. N.M. status, but we still see limited upside catalysts for the stock in P/E (Non-GAAP) N.M. N.M. N.M. N.M. the short term, and Sogou may miss the best time/opportunity to P/B 1.6 1.7 1.8 1.9 be listed if there has still been no move in next 6~12 months. P/S 1.2 1.1 1.0 0.9 ROAA -3.9% 0.0% -0.1% -1.3% ROAE -9.1% -0.1% -0.3% -4.1% Risks Source: Bloomberg, company data, CICC Research Competition in video; further deterioration of game business.

Haofei CHEN Natalie Yue WU, CFA [email protected] [email protected] SAC Reg. No.: S0080511030015 SAC Reg. No.: S0080515100002 SFC CE Ref: AJD676 SFC CE Ref: BDI411

Please read carefully the important disclosures at the end of this report CICC Research: January 26, 2016

Financial summary

Financial statement (USD mn) 2014A 2015E 2016E 2017E Financial ratios 2014A 2015E 2016E 2017E Income statement Growth ability Net revenue 1,673 1,869 1,924 2,197 Revenue 19.5% 11.7% 2.9% 14.2% COGS -686 -843 -841 -1,019 Operating profit -211.7% N.M. 382.6% -6.5% SG&A expenses -731 -548 -549 -558 EBITDA -98.6% N.M. 63.8% -0.3% R&D expenses -409 -394 -409 -467 Net profit N.M. N.M. N.M. N.M. Other operating expenses -52 -40 -40 -40 Non-GAAP net profit N.M. N.M. N.M. N.M. Operating profit -205 43 206 192 Profitability Finance costs 31 22 26 30 Gross margin 59.0% 54.9% 56.3% 53.6% Other income (expense) 10 75 12 12 Operating margin -12.3% 2.3% 10.7% 8.8% Profit before income tax -165 140 243 234 EBITDA margin 0.2% 15.3% 24.3% 21.2% Income tax -6 -70 -51 -44 Net margin -10.0% -2.2% -1.7% -3.5% Net profit -167 -41 -32 -77 Non-GAAP net margin -6.8% -0.0% -0.2% -2.0% Minority interest 5 -147 -184 -221 Liquidity Non-GAAP net profit -115 -1 -3 -45 Current ratio 2.14 1.95 2.07 1.93 EBITDA 3 286 468 467 Quick ratio 2.14 1.95 2.07 1.93 Balance sheet Cash ratio 1.10 1.13 1.21 1.16 Cash and bank balances 876 1,040 1,068 1,226 Liabilities / assets 41.1% 42.2% 39.5% 40.8% Trade and bill receivables 230 215 221 253 Net debt / equity net cash net cash net cash net cash Inventories 0 0 0 0 Return Other current assets 590 549 549 549 RoA -3.9% -0.0% -0.1% -1.3% Total current assets 1,697 1,804 1,839 2,027 RoE -9.1% -0.1% -0.3% -4.1% Fixed assets and CIP 541 668 753 882 Per-share data Intangible assets 414 415 407 398 EPS (USD) -4.33 -1.05 -0.84 -2.01 Total non-current assets 1,170 1,298 1,375 1,495 EPS (Non-GAAP) (USD) -2.98 -0.02 -0.09 -1.16 Total assets 2,867 3,102 3,214 3,522 BPS (USD) 31.23 30.13 29.24 27.18 Short-term borrowings 26 26 26 26 SPS (USD) 43.48 48.58 50.01 57.09 Trade and bill payables 624 659 789 751 CPS (USD) 3.96 13.96 10.71 15.48 Other current liabilities 145 240 71 276 Valuation Total current liabilities 794 925 886 1,053 P/E N.M. N.M. N.M. N.M. Long-term borrowings 345 345 345 345 P/E (Non-GAAP) N.M. N.M. N.M. N.M. Total non-current liabilities 384 384 384 384 P/B 1.6 1.7 1.8 1.9 Total liabilities 1,178 1,308 1,270 1,437 EV/EBITDA 559.7 6.8 4.5 4.6 Minority interests 487 635 819 1,040 Dividend yield 0.0% 0.0% 0.0% 0.0% Total shareholders' equity 1,202 1,159 1,125 1,046 Total liabilities & equity 2,867 3,102 3,214 3,522 Cash flow statement Pretax profit -171 107 152 144 Depreciation & amortization 208 243 305 316 Change in working capital 60 146 -45 135 Others 55 42 0 0 Cash flow from operations 152 537 412 596 Capital expenditure -290 -371 -382 -436 Others -148 0 0 0 Cash flow from investing -438 -371 -382 -436 Equity financing -40 0 0 0 Lend from bank 0 0 0 0 Others -83 0 0 0 Cash flow from financing -123 0 0 0 Foreign exchange gain (loss) -2 -2 -2 -2 Net changes in cash -411 164 28 157 Source: Company data, CICC Research

Company description

Sohu, incorporated in 1995, is a China-based internet company engaged in several business activities through different subsidiaries: online portal business via Sohu.com, online games via Changyou (CYOU.US), video business via Sohu Video, the real estate vertical via Focus.cn and online search via Sogou. Sohu was listed on Nasdaq in July 2000.

Please read carefully the important disclosures at the end of this report 2 CICC Research: January 26, 2016

Figure 1: Some hit shows of Sohu Video during 4Q15 Show name - Eng Show name - CN Genre Launch Date Remarks Dream Team 中韩梦之队 Reality show 9.19 As of Jan 25, 2016, total play on Sohu Video reached 69.68mn, ranked No. among all video platforms Diors Woman S04 极品女士第四季 In-house developed 10.14 As the end of Nov-2015, total play of S01/02/03 online comedy reached 1bn times Love me, if you dare 他来了，请闭眼 In-house developed 10.15 Audience rating reached 0.675% for the first series drama episode, ranked No.1 among all the TV show s during the same period of time Qin's Moon 秦时明月 Ancient costume 11.29 As of Jan 25, 2016, total play on Sohu Video series reached 370mn, ranked No. among all video platforms GPGDL 高品格单恋 In-house developed 11.13 Total play surpassed 12mn in 3 days Korean drama YXSS 夜行书生 Imported Korean 12.01 Exclusive broadcasting, as of Jan 25, 2016, total drama play reached 86.11mn Source: Open information, Company Data, CICC Research

Figure 2: Quarterly Financials Income Statement (US$ mn) 2013 1Q14 2Q14 3Q14 4Q14 2014 1Q15 2Q15 3Q15E 4Q15E 2015E 2016E Gross Revenue 1,400.3 365.3 400.2 430.4 477.2 1,673.1 455.3 493.6 522.1 448.4 1,869.2 1,924.0 Advertising 627.5 175.4 218.5 247.3 257.9 899.0 238.9 286.1 299.5 305.0 1,129.5 1,355.2 Brand advertising 428.5 111.1 133.4 148.8 147.8 541.2 133.8 150.8 151.5 143.0 579.2 581.0 Sponsored search 199.0 64.3 85.1 98.4 110.0 357.8 105.1 135.2 147.9 162.0 550.3 774.3 Non-advertising 772.8 189.9 181.7 183.2 219.3 774.1 216.4 207.5 222.6 143.4 739.7 568.8 Online game 669.1 163.4 153.9 150.3 184.4 652.0 185.0 172.4 152.5 126.5 631.2 465.7 Wireless and others 53.6 - 16.0 7.7 15.0 47.0 10.0 12.3 14.4 14.0 41.0 39.0 Cost of Revenue (480.1) (138.5) (169.9) (181.7) (195.6) (685.6) (222.2) (221.2) (214.2) (191.0) (843.4) (802.4) Gross profit 920.2 226.8 230.3 248.8 281.6 987.4 233.2 272.4 307.9 257.4 1,025.8 1,121.6

Product Development (276.1) (117.7) (102.2) (108.0) (81.4) (409.3) (102.2) (100.8) (92.8) (98.7) (394.4) (409.4) Sales and Marketing (351.6) (142.4) (136.6) (131.7) (115.8) (526.5) (83.1) (104.0) (98.6) (98.7) (384.4) (406.6) General and Administrative (109.0) (35.4) (53.2) (49.7) (66.0) (204.3) (45.2) (49.7) (33.3) (35.9) (164.1) (142.4) Income (loss) from operations 183.5 (68.6) (61.8) (40.7) (33.9) (205.0) 2.7 17.9 42.9 24.3 42.6 163.2

Other Income/(Expense) 12.7 3.8 0.7 0.9 4.6 10.0 3.2 (0.4) 70.2 2.0 74.9 12.0 Interest Income and exchange difference 27.8 8.5 8.8 7.5 6.3 31.0 6.0 6.2 5.2 5.0 22.5 25.8 Profit before income tax 224.0 (55.8) (52.3) (32.9) (24.1) (165.2) 11.7 23.0 122.6 31.3 140.0 201.0

Income tax expense (50.4) (0.2) 1.7 1.0 (8.6) (6.1) (16.3) (11.5) (29.5) (12.6) (69.9) (50.7) No controlling Interest 182.3 22.8 (9.4) (4.8) (13.2) (4.6) 26.5 38.7 42.1 40.0 147.3 184.2 Net income (loss) (8.7) (78.9) (41.1) (27.1) (19.6) (166.7) (31.1) (27.2) 39.1 (21.3) (40.6) (32.1) Fully diluted Shares (mn) 38.6 38.4 38.5 38.5 38.5 38.5 38.5 38.6 38.6 38.6 38.6 38.6 Fully diluted EPS(Rmb) (0.6) (7.8) (5.5) (3.8) (2.2) (18.5) (4.1) (2.3) 7.9 (1.6) (0.1) (0.5) Fully diluted EPS(US$) (0.30) (2.05) (1.07) (0.74) (0.51) (4.33) (0.81) (0.71) 1.00 (0.55) (1.07) (0.83) Non GAAP fully diluted EPS(US$) (0.10) (1.26) (0.88) (0.61) (0.35) (2.98) (0.66) (0.37) 1.27 (0.26) (0.02) (0.09) Source: Company Data, CICC Research

Figure 3: Earnings Revision Income Statement (US$ mn) 4Q14E 2015E 4Q14E 2015E 4Q14E 2015E Revenues 451 1872 448 1869 -0.5% -0.1% Brand advertising 148 584 143 579 -3.4% -0.9% Sponsored search 154 542 162 550 5.2% 1.5% Online game 127 637 126 631 -0.2% -0.8% Cost of revenues (198) (856) (191) (843) -3.6% -1.4% Gross profit 253 1016 257 1026 1.9% 1.0% Net profit (19) (38) (21) (41) n.a. 6.4% Non-GAAP net profit (8) 2 (10) (1) n.a. n.a. Source: Company Data, CICC Research

Please read carefully the important disclosures at the end of this report 3 CICC Research: January 26, 2016

Figure 4: Comparable Valuation Stock Reporting Share Price Market Cap Non GAAP P/E GAAP P/E P/E excluding net cash P/S Company Rating Currency Currency (2016-01-25) (US$ mn) 14A 15E 16E 14A 15E 16E 14A 15E 16E 14A 15E 16E China Internet Conglomerate Tencent HKD RMB 144.30 174,869 BUY 45.0 34.7 26.7 45.4 36.7 28.1 43.8 32.8 24.1 13.8 10.8 8.3 Baidu USD RMB 171.17 59,161 BUY 26.2 30.0 23.7 28.4 33.1 25.7 25.3 28.2 21.4 7.5 5.5 4.4 Alibaba USD RMB 70.37 174,229 HOLD n.a 32.2 25.9 46.6 43.9 15.8 n.a 29.4 23.2 14.2 14.2 10.9 58.com USD USD 56.42 7,855 BUY 284.9 n.a n.a 499.3 n.a n.a 266.3 n.a n.a 30.0 11.1 6.3 Sina USD USD 45.50 3,165 BUY 61.3 51.9 32.2 18.4 148.2 72.2 37.6 31.3 19.3 4.1 3.7 3.2 Sohu USD USD 51.38 1,985 BUY n.a n.a 78.3 n.a n.a n.a n.a n.a 32.8 1.2 1.0 0.9 NetEase USD RMB 153.50 20,066 BUY 25.3 17.5 14.3 26.2 19.6 16.3 20.6 13.3 10.1 10.6 5.6 3.9 Qihoo USD USD 71.64 9,238 HOLD 29.7 21.7 16.0 46.6 26.5 18.9 29.6 20.7 14.3 6.6 4.8 3.5 E-Commerce Dangdang USD RMB 6.82 551 HOLD 33.2 n.a n.a 248.3 n.a n.a 22.6 n.a n.a 0.4 0.3 0.3 VIP shop USD USD 13.83 8,044 BUY 45.0 26.3 19.6 29.0 33.4 22.9 40.9 23.3 18.0 2.1 1.4 1.0 JD.com USD RMB 27.27 37,726 BUY 3136.1 n.a 244.5 n.a n.a n.a 3072.8 n.a 224.3 2.0 1.3 0.9 Jumei.com USD USD 6.60 945 12.0 33.8 16.8 12.9 40.2 19.8 4.5 21.5 9.1 1.4 0.8 0.6 Online Travel Qunar USD RMB 43.09 5,709 BUY n.a n.a n.a n.a n.a n.a n.a n.a n.a 20.2 8.6 4.9 Ctrip USD RMB 42.93 17,457 BUY 390.3 199.7 349.8 153.9 222.0 620.8 380.3 199.7 349.8 14.8 10.3 6.9 Tuniu USD RMB 13.19 1,292 BUY n.a n.a n.a n.a n.a n.a n.a n.a n.a 2.3 1.0 0.6 Online Game Changyou USD USD 18.38 970 HOLD 1670.9 4.7 6.8 n.a 4.8 7.4 848.0 2.5 1.9 1.3 1.3 1.4 Taomee USD USD 3.55 134 HOLD 177.5 n.a n.a n.a n.a n.a 27.3 n.a 0.7 3.3 3.8 3.9 Poly Bona USD USD 13.27 860 BUY 65.4 41.5 28.5 134.4 78.1 66.4 67.9 41.5 28.5 3.4 2.7 1.9 YY USD RMB 59.34 419 BUY 20.0 18.2 14.1 22.2 n.a n.a 15.2 13.0 9.0 5.5 3.7 2.7 Tian Ge HKD RMB 3.88 643 14.8 15.9 13.9 n.a 20.0 18.0 8.4 13.6 11.1 5.7 5.8 5.5 Net Dragon HKD RMB 18.60 1,193 27.4 302.9 50.9 26.5 329.8 50.9 n.a n.a n.a 7.9 6.3 4.4 Forgame HKD RMB 12.62 227 n.a n.a 28.9 n.a n.a 35.6 n.a n.a 4.2 2.1 2.0 1.5 IGG HKD USD 3.48 617 HOLD 8.6 10.2 8.0 9.7 13.6 10.2 6.1 6.2 4.4 3.0 2.7 2.4 Boyaa HKD RMB 2.63 259 HOLD 5.1 6.6 5.3 5.5 6.6 5.5 0.7 n.a n.a 1.7 1.7 1.5 Ourgame HKD RMB 4.50 456 BUY 16.4 17.1 11.7 28.9 19.2 12.8 11.9 10.1 6.8 6.0 3.8 2.7 Video Youku USD RMB 27.22 5,333 HOLD n.a n.a n.a n.a n.a n.a n.a n.a n.a 8.2 5.3 3.8 Vertical portal Phoenix New Media USD RMB 4.71 334 BUY 7.3 22.6 12.6 8.6 41.7 15.7 2.6 6.9 3.0 1.3 1.3 1.2 500.com USD USD 19.23 806 16.2 n.a 74.0 25.0 n.a n.a 14.2 n.a n.a 8.6 52.0 16.4 Soufun USD USD 6.03 2,605 11.0 n.a n.a 12.1 670.0 n.a 10.0 n.a n.a 3.8 3.0 2.1 BitAuto USD RMB 19.89 1,259 11.0 23.8 11.1 10.7 n.a n.a 9.3 7.9 10.4 3.5 1.9 1.5 Autohome USD USD 26.88 2,973 26.0 20.0 16.9 27.9 21.5 17.8 23.5 17.3 n.a 9.2 5.8 4.4 51job USD USD 26.49 1,556 2.6 2.4 2.4 3.5 17.7 2.8 0.3 0.4 2.1 0.8 0.7 0.7 Jiayuan USD RMB 7.25 241 HOLD 5.5 3.8 2.2 38.6 6.0 2.5 21.1 14.3 8.4 2.5 2.1 2.0 Source: Source: Bloomberg, Company Data, CICC Research; Note: CICC covered companies are highlighted in green, while non-covered companies are highlighted in white; all financials based on Bloomberg Consensus.

Figure 5: P/E Band Figure 6: P/B Band

Source: Bloomberg, Company Data, CICC Research Source: Bloomberg, Company Data, CICC Research

Please read carefully the important disclosures at the end of this report 4 CICC Research

Important legal disclosures

General Disclosures This report has been produced by China International Capital Corporation Hong Kong Securities Limited (CICCHKS). This report is based on information available to the public that we consider reliable, but CICCHKS and its associated company(ies)(collectively, hereinafter “CICC”) do not represent that it is accurate or complete. The information and opinions contained herein are for investors’ reference only and do not take into account the particular investment objectives, financial situation, or needs of any client, and are not an offer to buy or sell or a solicitation of an offer to buy or sell the securities mentioned. Under no circumstances shall the information contained herein or the opinions expressed herein constitute a personal recommendation to anyone. Investors should make their own independent evaluation of the information contained in this research report, consider their own individual investment objectives, financial situation and particular needs and consult their own professional and financial advisers as to the legal, business, financial, tax and other aspects before participating in any transaction in respect of the securities of company(ies) covered in this report. Neither CICC nor its related persons shall be liable in any manner whatsoever for any consequences of any reliance thereon or usage thereof. The performance information (including any expression of opinion or forecast) herein reflect the most up-to-date opinions, speculations and forecasts at the time of the report’s production and publication. Such opinions, speculations and forecasts are subject to change and may be amended without any notification. Past performance is not a reliable indicator of future performance. At different periods, CICC may release reports which are inconsistent with the opinions, speculations and forecasts contained herein. CICC’s salespeople, traders, and other professionals may provide oral or written market commentary or trading ideas that may be inconsistent with, and reach different conclusions from, the recommendations and opinions presented in this report. Such ideas or recommendations reflect the different assumptions, views and analytical methods of the persons who prepared them, and CICC is under no obligation to ensure that such other trading ideas or recommendations are brought to the attention of any recipient of this report. CICC’s asset management area, proprietary trading desks and other investing businesses may make investment decisions that are inconsistent with the recommendations or opinions expressed in this report. This report is distributed in Hong Kong by CICCHKS, which is regulated by the Securities and Futures Commission. Queries concerning CICC Research from readers in Hong Kong should be directed to our Hong Kong sales representatives. The CE numbers of SFC licensed authors of this report are disclosed by the authors’ names on the cover page. This report is distributed in Singapore only to accredited investors and/or institutional investors, as defined in the Securities and Futures Act and Financial Adviser Act of Singapore, by China International Capital Corporation (Singapore) Pte. Limited (“CICCSG”), which is regulated by the Monetary Authority of Singapore. By virtue of distribution by CICCSG to these categories of investors in Singapore, disclosure under Section 36 of the Financial Adviser Act (which relates to disclosure of a financial adviser’s interest and/or its representative’s interest in securities) is not required. Recipients of this report in Singapore should contact CICCSG in respect of any matter arising from or in connection with this report. This report is not intended for and should not be distributed or passed on, directly or indirectly, to any other person in the jurisdiction of Singapore. This report is distributed in the United Kingdom by China International Capital Corporation (UK) Limited (“CICCUK”), which is authorised and regulated by the Financial Conduct Authority. The investments and services to which this report relates are only available to persons of a kind described in Article 19 (5), 38, 47 and 49 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005. This report is not intended for retail clients. In other EEA countries, the report is issued to persons regarded as professional investors (or equivalent) in their home jurisdiction. This report will be made available in other jurisdictions pursuant to the applicable laws and regulations in those particular jurisdictions.

Special Disclosures CICC may have positions in, and may effect transactions in securities of companies mentioned herein and may also perform or seek to perform investment banking services for those companies. Investors should be aware that CICC and/or its associated persons may have a conflict of interest that could affect the objectivity of this report. Investors should not solely reply on the opinions contained in this research report when making any investment decision or other decisions.

Distribution of ratings is available at http://www.cicc.com.cn/CICC/english/operation/page4-4.htm. Explanation of stock ratings: “Conviction BUY” indicates analyst perceives absolute return of 30% or more over the next 6~12 months; “BUY” absolute return of 20% or more; “HOLD” between +20% and -10%; “SELL” -10% and below; “Conviction SELL” -20% and below. Asterisk denotes non-directional rating change: coverage initiation or resumption, addition to or removal from Conviction BUY/SELL rating level. Explanation of sector ratings: Analyst expects a sector rated “OVERWEIGHT” to outperform the market by 10% or more over the next 6~12 months, “EQUAL-WEIGHT” to end up between 10% below and 10% above the market, and “UNDERWEIGHT” to fall behind the market by 10% or more, over the next 6~12 months. Copyright of this report belongs to CICC. Any form of unauthorized distribution, reproduction, publication, release or quotation is prohibited without CICC’s written permission. V150707 Editing: Dom FITZSIMMONS

Beijing Shanghai Hong Kong China International Capital China International Capital China International Capital Corporation Limited Corporation Limited – Shanghai Branch Corporation (Hong Kong) Limited 28th Floor, China World Office 2 32nd Floor Azia Center 29th Floor, One International Finance Centre 1 Jianguomenwai Avenue 1233 Lujiazui Ring Road 1 Harbour View Street Beijing 100004, P.R. China Shanghai 200120, P.R. China Central, Hong Kong Tel: (86-10) 6505-1166 Tel: (86-21) 5879-6226 Tel: (852) 2872-2000 Fax: (86-10) 6505-1156 Fax: (86-21) 5888-8976 Fax: (852) 2872-2100

Shenzhen Singapore United Kingdom China International Capital China International Capital China International Capital Corporation Limited – Shenzhen Branch Corporation (Singapore) Pte. Limited Corporation (UK) Limited #2503, 25th Floor, China Merchants Bank Tower #39-04, 6 Battery Road Level 25, 125 Old Broad Street 7088 Shennan Boulevard, Futian District Singapore 049909 London EC2N 1AR, United Kingdom Shenzhen 518040, P.R. China Tel: (65) 6572-1999 Tel: (44-20) 7367-5718 Tel: (86-755) 8319-5000 Fax: (65) 6327-1278 Fax: (44-20) 7367-5719 Fax: (86-755) 8319-9229

Beijing Jianguomenwai Avenue Branch Beijing Kexueyuan South Road Branch Shanghai Middle Huaihai Road Branch 1st Floor, Capital Tower 6th Floor, Block A, Raycom Infotech Park 398 Huaihai Road (M) 6A Jianguomenwai Avenue 2 Kexueyuan South Road, Haidian District Shanghai 200020, P.R. China Beijing 100022, P.R. China Beijing 100022, P.R. China Tel: (86-21) 6386-1195 Tel: (86-10) 8567-9238 Tel: (86-10) 8286-1086 Fax: (86-21) 6386-1180 Fax: (86-10) 8567-9235 Fax: (86-10) 8286 1106

Shanghai Defeng Road Branch Shenzhen Fuhuayilu Branch Hangzhou Jiaogong Road Branch Room 1105, Building A Room 201, Annex Building 1st Floor, Euro American Center 299-1 Defeng Road, Fengxian District Shenzhen Duty Free Commercial Tower 18 Jiaogong Road Shanghai 201400, P.R. China 6 Fuhua 1st Road, Futian District Hangzhou 310012, P.R. China Tel: (86-21) 5879-6226 Shenzhen 518048, P.R. China Tel: (86-571) 8849-8000 Fax: (86-21) 6887-5123 Tel: (86-755) 8832-2388 Fax: (86-571) 8735-7743 Fax: (86-755) 8254-8243

Nanjing Hanzhong Road Branch Guangzhou Tianhe Road Branch Chengdu Binjiang Road (East) Branch Section C, 30th Floor, Asia Pacific Tower 40th Floor, Teemtower 1st & 16th Floors, Shangri-La Center 2 Hanzhong Road, Gulou District 208 Tianhe Road Block 9B, Binjiang Road (East) Nanjing 210005, P.R. China Guangzhou 510620, P.R. China Chengdu 610021, P.R. China Tel: (86-25) 8316-8988 Tel: (86-20) 8396-3968 Tel: (86-28) 8612-8188 Fax: (86-25) 8316-8397 Fax: (86-20) 8516-8198 Fax: (86-28) 8444-7010

Xiamen Lianyue Road Branch Wuhan Zhongnan Road Branch Qingdao Middle Hongkong Road Branch 4th Floor, Office Building, Paragon Center 4301-B, Poly Plaza 11th Floor, Shangri-La Center 1 Lianyue Road, Siming District 99 Zhongnan Road, Wuchang District Block 9, Hongkong Road (M), South District Xiamen 361012, P.R. China Wuhan 430070, P.R. China Qingdao 266071, P.R. China Tel: (86-592) 515-7000 Tel: (86-27) 8334-3099 Tel: (86-532) 6670-6789 Fax: (86-592) 511-5527 Fax: (86-27) 8359-0535 Fax: (86-532) 6887-7018

Chongqing Honghu Road (West) Branch Tianjin Nanjing Road Branch Dalian Gangxing Road Branch 1st & 10th Floors, Ourui Lanjue Center 10th Floor, Tianjin Global Trading Center 16th Floor, Wanda Center Block 9, Honghu Road (W), New North District 219 Nanjing Road, Heping District 6 Gangxing Road, Zhongshan District Chongqing 401120, P.R. China Tianjin 300051, P.R. China Dalian 116001, P.R. China Tel: (86-23) 6307-7088 Tel: (86-22) 2317-6188 Tel: (86-411) 8237-2388 Fax: (86-23) 6739-6636 Fax: (86-22) 2321-5079 Fax: (86-411) 8814-2933

Foshan Jihua 5th Road Branch Yunfu Xinxing Dongdi North Road Branch Changsha Chezhan Road (North) Branch 12th Floor, Trend International Business Building 2nd Floor, Service Building C1, Wens Science & 3rd Floor, Annex Building, Securities Tower 2 Jihua 5th Road, Chancheng District Technology Garden, Dongdi North Road 459 Chezhan Road (North), Furong District Foshan 528000, P.R. China Xincheng Town, Xinxing County Changsha 410001, P.R. China Tel: (86-757) 8290-3588 Yunfu 527499, P.R. China Tel: (86-731) 8878-7088 Fax: (86-757) 8303-6299 Tel: (86-766) 2985-088 Fax: (86-731) 8446-2455 Fax: (86-766) 2985-018

Ningbo Yangfan Road Branch Fuzhou Wusi Road Branch 11th Floor, Building Five, 999 Yangfan Road 38th Floor, Henglicheng Office Building Hi-tech Industrial Development Zone No.128 Wusi Road, Gulou District Ningbo 315103, P.R. China Fuzhou 350001, P.R. China Tel: (86-574) 8907-7288 Tel: (86-591) 8625 3088 Fax: (86-574) 8907-7328 Fax: (86-591) 8625 3050