Global Equity Market Performance

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

Global Equity Market Update Piper Jaffray Asia Capital Markets Group

U.S. markets ended flat last Friday as investors adopted a wait-and- J. West Riggs (Head of Asia ECM), [email protected], Tel: 852 3755 - 2333 watch approach for further monetary stimulus from the Federal Derrick Lau (MD ECM), [email protected], Tel: 852 3755 - 2338 Reserve this week. Also contributing to this cautious mood are the upcoming midterm elections, which are expected to shift the Michael Cheung (Principal), [email protected], Tel: 852 3755 - 2323 balance of power in Washington. These spppyeculations downplayed Amanda Lui (Associate), amanda. my. lui@pjc. com, Tel: 852 3755 - 2318 the positive GDP 3Q10 report that showed an annualized growth rate of two percent, as forecasted. For the week, the Dow declined Michael Basset (Associate), [email protected], Tel: 852 3755 - 2322 0.1 percent to close at 11,118.5 while the NASDAQ climbed 1.1 Gaby Zhang (Analyst), [email protected], Tel: 852 3755 - 2321 percent to close at 2,507.4. The S&P500 edged up 0.02 percent over the week to close at 1,183.3, showing a monthly rise of 3.4 percent, its best October performance since 2003. Global Market Performance Despite closing almost flat last Friday, European stocks posted a Performance (%) second consecutive monthly gain on back of the U.S. GDP data and Last price 1 day 1 week 1 month YTD expectations of monetary easing from the Federal Reserve this week. Stocks rose on Thursday on back of better-than-expected corporate Global Indices earnings results from some of the region's leading blue-chip stocks Dow Jones 11,118.5 0.04% (0.1%) 2.6% 6.6% and positive euro-zone economic sentiment indicator. The FTSE S&P500 1,183.3 (0.04%) 0.02% 3.4% 6.1% declined 1.2 percent for the week, to close at 5,675.2 NASDAQ 2,507.4 0.002% 1.1% 5.5% 10.5% Asian markets followed the global trend to close lower last Friday. 5,675.2 (0.05%) (1.2%) 1.9% 4.8% The markets witnessed their second consecutive weekly decline as FTSE investors remained cautious ahead of the highly anticipated Federal Asian Indices Reserve’s policy setting meeting this week. Weak economic data Hang Seng 23,096.3 (0.5%) (1.8%) 3.2% 5.6% also put a damper on investor confidence as Japanese factory output fell for the fourth straight month in September. Further, HSCEI 13,168.7 (1.2%) (2.4%) 5.9% 2.9% concerns abdbout a strong yen and its impact on corporate earnings Shhhanghai A 3,120.8 (%)(0.5%) 0.1% 14.1% (%)(9.2%) pulled the Nikkei down 2.4 percent during the week to close at Nikkei 225 9,202.5 (1.7%) (2.4%) (3.7%) (12.7%) 9,202.5.

HK Weekly Market Update Global Indices Performance (Rebased to 100) Hong Kong shares edged lower last Friday, witnessing their second consecutive week of losses. Markets declined, with financial stocks 200

sharply lower than the rest after disappointing earning results from 180 insurers and AIA Group’s trading debut reduced demand for other stocks. The Hanggg Seng Index declined 1.8 percent over the last week 160 to close at 23,096.3. 140 Among Index constituents, five gained, while 40 declined. Among gainers, COSCO Pacific was up 3.1 percent, Bank of China rose 2.4 120 percent, while Belle Int'l was up 2.2 percent. Among losers, China Coal Energy declined 9.8 percent, BANKCOMM fell by 8.7 percent 100 and Foxconn International slid by 6.8 percent. 80 China’s National Bureau of Statistics reported on Thursday that the country’s industrial profit was US$372 billion in the January to 60 September 2010 period, an increase of 53.5 percent year-on-year. 1-Jan-09 14-May-09 24-Sep-09 4-Feb-10 17-Jun-10 29-Oct-10 The Industry Ministry added that China's industrial output is likely S&P 500 NASDAQ FTSE Hang Seng Shanghai A to grow 13.5 percent in 2010 as compared to 2009. HSI Weekly Performance HSI Sectoral Weekly Performance

20 24,000 1% 23,096.3 23,627.9 23,601.2 15 23,164.6 0% 23,500 23,210.9 17.5 10 12.7 (1% ) 11.0 10.7 989.8 (2% ) 5 23,000 (1.6% ) (1.7% ) (2.0% ) (2.0% ) 25-Oct-10 26-Oct-10 27-Oct-10 28-Oct-10 29-Oct-10 (3% ) Turnover (in US$ billion) Close Finance Utilities Com m /Indu Property Source: DataStream, Reuters, Hang Seng Index Website

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

Piper Jaff r ay Chin a In dex

PJ China Index Performance Since January 2009 Sector Breakdown and Performance

Current Level: 2,634.96

3,000 Financial/Real Estate 4% Clean Tech//gyEnergy 2,500 12% Telecom, Media & Technology 31% Consum er 2,000 12%

1,500

Health Care 1,000 13% Business Services and Industrial Growth 28% 500 1-Jan-09 14-May-09 24-Sep-09 4-Feb-10 17-Jun-10 29-Oct-10 5.0% 4.23% PJ China Index

Week-to-date change 65.90 2.56% 3.0% 2.24% 1.88% 2010 Year-to-date change 510.86 24.05%

1.0% 0.34% LTM change 727.70 38.15%

6-month change 369.05 16.29% (0.25% ) (1.0)% (0.91% ) 2010 Year-to-date high (pts) 2,652.11 26-Oct-10 Health Care Consumer 2010 Year-to-date low (pts) 1,914.30 29-Jan-10 Telecom, Media & Technology Clean Tech/Energy Financial/Real Estate Business Services and Industrial Growth

Top Five Weekly Gainers and Losers

30.0% 26.0% 19.1% 20.0% 15.7% 13.6% 13.3% 10.0%

0.0%

(10.0% ) (9.8% ) (10.1% ) (11.5%) (11.7%) (20.0% ) (14.9% )

BMP Ku6 Media Perfect World China Nepstar Sohu.com UTStarcom Vision China China Security GigaMedia China Green Sunstone Chain Media & Surveillance Agriculture Corporation Drugstore Techlhnology

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 1, 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$1,359.05 per ounce Current Level: US$3.790 per pound Current Level: 21.20

1,400 4 60

1,300 50

1,200 3 40 1,100

30 1,000 2

20 900

800 1 10 1-Jan-09 14-May-09 24-Sep-09 4-Feb-10 17-Jun-10 29-Oct-10 2-Jan-09 15-May-09 25-Sep-09 5-Feb-10 18-Jun-10 29-Oct-10 2-Jan-09 15-May-09 25-Sep-09 5-Feb-10 18-Jun-10 29-Oct-10

Spot WTI Crude Stowe Global Coal Index Baltic Dry Index

US$/barrel Current Level: US$81.43 per barrel Current Level: 5,392.86 Current Level: 2,678.0

90 6,000 5,000

80 5,000 4,000

70 4,000 3,000 60

3,000 2,000 50

2,000 1,000 40

30 1,000 0 2-JJ9an-09 155y9-May-09 255p9-Sep-09 5-Feb-10 18-Jun-10 29-Oct-10 2-Jan-09 15-May-09 25-Sep-09 5-Feb-10 18-Jun-10 29-Oct-10 2-JJ9an-09 155y9-May-09 255p9-Sep-09 5-Feb-10 18-Jun-10 29-Oct-10

Euro Sterling Japanese Yen

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

Current Level: 1.3947 Current Level: 1.6038 Current Level: 80.39

1.6 1.8 105

1.7 1.5 100

1.6 1.4 95 1.5 1.3 90 1.4

1.2 85 1.3

1.1 1.2 80

1.0 1.1 75 1-Jan-09 14-May-09 24-Sep-09 4-Feb-10 17-Jun-10 29-Oct-10 1-Jan-09 14-May-09 24-Sep-09 4-Feb-10 17-Jun-10 29-Oct-10 1-Jan-09 14-May-09 24-Sep-09 4-Feb-10 17-Jun-10 29-Oct-10

Source: DataStream, Reuters

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

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

HK and U.S. China IPO Activity by Month

18 24,000

15 20,000

12 16,000 (US$m) Raised Capital

9 12,000 # of IPOs # of

6 8,000

3 4,000

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

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; 25/10/2010 MCOX Mecox Lane $148.5 $8.00 - $10.00 $11.00 45.45% Credit Suisse; UBS Roth

BofA Merrill Lynch; Piper Jaffray; 28/10/2010 GAGA Le Gaga Holdings $103.3 $7.50 - $9.50 $9.50 18.53% UBS Oppenheimer

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

Sihuan Pharmaceutical 21/10/10 28/10/10 460 $741.1 $3.88 - $4.60 $4.60 22.39% Morgan Stanley; UBS Holdings Group 21/10/10 28/10/10 1007 Glbllobal Dairy Ho ldings $235.4 $3.60 - $5.20 $4.39 (12.30%) CCB; Macquarie Deutsche; Morgan Stanley; Goldman; Citi; BofA Merrill 22/10/10 29/10/10 1299 AIA Group $17,799.0 $18.38 -$19.68 $19.68 17.12% Lynch; Credit Suisse; UBS; ICBC; Barclays; JPMorgan; CIMB Yashili International BofA Merrill Lynch; 26/10/10 01/11/10 1230 $348.5 $3.55 - $4.80 $4.20 N/A Holdings CITIC; UBS Evergreen International 28/10/10 03/11/10 238 $139.9 $3.80 - $4.60 $4.60 N/A Piper Jaffray; CLSA 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 1, 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

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

No U.S. China FO activity last week

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

25/10/2010 384 China Gas Holdings $399.1 Top-up Placement Goldman Sachs (6.10%) 2.78%

26/10/2010 1368 Xtep International $94.1 Placing of Existing Shares Goldman Sachs; JPMorgan (6.50%) (4.73%) Holdings 26/10/2010 8032 Coolpoint Energy $100.2 Top-up Placement BOCI, Piper Jaffray (19.28%) (3.00%)

27/10/2010 2010 Ruinian International $78.9 Top-up Placement HSBC; Morgan Stanley (7.57%) (8.61%)

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 1, 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 AgFeed Animal Nutrition Rodman & Renshaw N/A $25.0 TBA TBA Manufacturer of NASDAQ Holdings premix and feed for animal husbandry Bitauto Holdings Ltd Citi; UBS Oppenheimer; $80.0 TBA TBA Operator of websites NYSE Lazard providing content and marketing services on automotive industry Noah Holdings JPMorgan; BofA Oppenheimer; $96.6 $9.00 - $11.00 11/9/2010 Distributes wealth NYSE Merrill Lynch Roth management products thihto high ne t worth population RDA Microelectronics Morgan Stanley; Caris $100.0 $8.50 - $10.50 11/9/2010 Fabless semiconductor NASDAQ Credit Suisse company SinoTech Energy Citi; UBS; Deutsche Lazard $100.0 $7.50 - $9.50 02/11/2010 Provider of enhanced NASDAQ oil recovery services Trunkbow International Roth Capital Merriman $125.5 TBA TBA Mobile payments and NASDAQ Capital VAS applications provider Xueda E ducatio n G roup Gol dma n Sac hs Robert W Baird; $$0.0120.0 $7.25 - $9.25 11///001/2010 Primaayary an d NNSYSE William Blair secondary tutoring service provider

HK IPO PIPELINE Sponsor(s)/ Funds to be Price Target Issuer Lead Raised Range Pricing Business Exchange Underwriter(s) (US$m) (HK$) Date Engaged in manganese BofA Merrill Lynch; CITIC Dameng Holdings $400.0 TBA 11/11/2010 mining and downstream Main Board UBS; CITIC processing Engaged in connections, transportation and sales China Tian Lun Gas Holdings CCB $41.0 $1.52 - $2.05 10/11/2010 Main Board of pipelined gas operations BofA Merrill Lynch; Property developer in CJ Land Holdings BOCI; Citi, $618.0 $3.20 - $4. 80 11/11/2010 Main Board Shanghai Macquarie Developer, manufacturer Main Board HL Technology Group Piper Jaffray $64.0 $2.70 - $3.70 09/11/2010 of signal wire, cable and connector Manufacturer of valve Leoch International Technology BOCI; Citi $200.0 $3.75 - $5.35 16/11/2010 regulated lead-acid Main Board batteries Shirble Department Stores BOCI, BNP $1,050.0 $2.11 - $2.81 TBA Department Store Main Board

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 1, 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 1, 2010

AdiAppendix

Piper Jaffray China Index Constituents

Telecom, Media & Technology Consumer QXM QIAO XING MOBILE COMMUNICATION CO. LTD. ADY AMERICAN DAIRY 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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