Deutsche Bank Markets Research

Asia Industry Date 20 February 2017 Consumer China : Hotels / Leisure / Industry Update

Gaming

Tallan Zhou Karen Tang Research Analyst Research Analyst Expert call alert: Operational update (+852 ) 2203 6464 (+852 ) 2203 6141 [email protected] [email protected] on China budget

Industry specialist conference call on China budget hotel’s market share and Focus stocks operations; Friday Mar 3, 3:00pm HKT China Lodging (HTHT.OQ),USD55.98 Buy Price We will host a conference call with a specialist in economy hotels in China, Mr. Target USD60.00 Shengyang Hu (Chief Executive Officer, Inntie Hotel Management). Hote (2006.HK),HKD2.24 Inntie is the top 1 consulting brand of budget hotel in China. Buy Price Target HKD3.70 Jinjiang Hotels Development When: Friday Mar 3, 3:00pm HKT (7:00am GMT/ 2:00am ET) (600754.SS),CNY30.18 Hold Price Target CNY36.00 Speaker Biography Source: Deutsche Bank Shengyang Hu, Chief Executive Officer, Shanghai Inntie Hotel Management In this position, he is responsible for budget hotel industry research, hotel management and training, consulting for hotel M&A. He regularly conducts research on top 10 budget hotels in China such as HOME , 7 days, HanTing & Hotels, JINJIANG INN, HOTEL, , Green Tree Inn, HOTEL, Pudding and etc. He liaises directly with CEOs or senior management of the top 10 budget hotels in China. He has extensive knowledge on general industry trends, competitive landscape, pricing strategy, hotel operation and branding of China budget hotels. He has been in this industry since 2005. He is located in Shanghai, China. Dial- in detials  China: 8008700210/4001203170

 HK: 800906648/+852 30512792

 Singapore: 8006162313/+65 31580667

 UK: 08082341369/+44 2036514876

 US: 18007429301/+18455071610

 Moderator: Tallan Zhou

 Conference ID: 75513524

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Deutsche Bank AG/Hong Kong Distributed on: 20/02/2017 03:21:29 GMT The views expressed above accurately reflect the personal views of the authors about the subject companies and its(their) securities. The authors have not and will not receive any compensation for providing a specific recommendation or view. Deutsche Bank 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. Prices are current as of the end of the previous trading session unless otherwise indicated and are sourced from local exchanges via Reuters, Bloomberg and other vendors. FOR OTHER IMPORTANT DISCLOSURES PLEASE VISIT http://gm.db.com/ger/disclosure/DisclosureDirectory.eqsr; MCI (P) 057/04/2016.