Global Equity Market Performance

Weekly Equity Capital Markets Newsletter Piper Jaffray Asia Securities Limited October 25, 2010

Global Equity Market Update Piper Jaffray Asia Capital Markets Group

U.S. stocks rose for the third consecutive week on the back of J. West Riggs (Head of Asia ECM), [email protected], Tel: 852 3755 - 2333

robust corporate earnings, but the rise tapered due to currency Derrick Lau (MD ECM), [email protected], Tel: 852 3755 - 2338 tensions at a summit of the world's major economies. The technology sector led the market’s recent rally, with Baidu reporting Michael Cheung (Principal), [email protected], Tel: 852 3755 - 2323 better-than-expected results. For the week, the Dow and S&P500 Amanda Lui (Associate), amanda. my. lui@pjc. com, Tel: 852 3755 - 2318 both rose 0.6 percent, to close at 11,132.6 and 1,183.1 respectively, while the NASDAQ climbed 0.4 percent, to close at 2,479.4. Crude Michael Basset (Associate), [email protected], Tel: 852 3755 - 2322 futures closed at US$81.69 per barrel, marginally down by 0.3 Gaby Zhang (Analyst), [email protected], Tel: 852 3755 - 2321 percent over the week. European shares retreated last Friday after reaching their six-month Global Market Performance high on Thursday last week as investors remained cautious prior to the G20 meeting. Uncertainty over the outcome of the G20 nations’ Performance (%) finance chiefs meeting in South Korea has left experts skeptical as to Last price 1 day 1 week 1 month YTD whether a binding agreement to manage global trade would be Global Indices reachdhed btbetween thecountitries. However, strong earnings gave some Dow Jones 11,132.6 (0.1%) 0.6% 3.7% 6.8% support to the markets; Ericsson soared 4.2 percent after it posted higher-than-expected earnings. The FTSE posted marginal gains of S&P500 1,183.1 0.2% 0.6% 4.3% 6.1% 0.7 percent for the week, to close at 5,741.4, while the Euro STOXX NASDAQ 2,479.4 0.8% 0.4% 6.2% 9.3% 50 was up 1.1 percent to close at 2873.74. FTSE 5,741.4 (0.3%) 0.7% 3.4% 6.1% Asian stocks ended mixed last Friday as investors remained Asian Indices circumspect ahead of the G20 economies meeting. Further, the Hang Seng 23,517.5 0.6% (1.0%) 6.7% 7.5% slower rate of growth and unexpected tightening of monetary policy in the Chinese economy also weighed on the investor sentiment. HSCEI 13,494.8 (0.9%) (0.9%) 10.6% 5.5% The Nikkei inched down 0.8 percent during the week to close at Shanghai A 3,117 .2 ((3)0.3%) 0.1% 14.8% (9.3 %) 9,426.7, while MSCI Asia Pacific ex. Japan index rose by 3.7 percent Nikkei 225 9,426.7 0.5% (0.8%) (1.5%) (10.6%) to close at 415.2.

HK Weekly Market Update Global Indices Performance (Rebased to 100) Hong Kong shares mostly declined last Friday as investors remained cautious and booked profits ahead of earnings reports 200 from banks, due this week, and the G20 meeting. Chinese Central Bank’s decision to raise the interest rates by 25 basis points, further 180 weighed on the investor sentiment. The Hang Seng Index declined 160 1.0 percent over the last week to close at 23,517.5. Among Index constituents, 14 gained, 30 declined while one 140 remained unchanged. Among gainers, Hutchison Whampoa was up 120 7.3 percent, Ping An Insurance Group rose 5.3 percent, while Citic Pacific was up 4.4 percent. Among losers, China Resources Land 100 declined 6.7 percent, China Resources Power fell by 6.1 percent and China Overseas Land & Investment slid by 6.0 percent. 80

China’s National Bureau of Statistics reported on Thursday that the 60 country’s annual GDP growth slowed to 9.6 percent in 3Q10 as 1-Jan-09 12-May-09 21-Sep-09 31-Jan-10 12-Jun-10 22-Oct-10 compared to 10.3 percent in 2Q10. The country’s inflation rose 0.6 S&P 500 NASDAQ FTSE Hang Seng Shanghai A percent in September 2010 from August 2010. HSI Weekly Performance HSI Sectoral Weekly Performance

20 24,000 1% 23,763.7 23,556.5 23,649.5 23,517.5 0.1% 15 23,469.4 0% 23,500 10 15.2 12.7 12.1 10.9 10.8 (1%) (0.7%) 5 23,000 (1.4%) 18-Oct-10 19-Oct-10 20-Oct-10 21-Oct-10 22-Oct-10 (2%) (1.5%) Turnover (in US$ billion) Close Utilities Finance Property Comm/Indu

Source: DataStream, Reuters, Hang Seng Index Website

1 Weekly Equity Capital Markets Newsletter Piper Jaffray Asia Securities Limited October 25, 2010

Piper Jaff r ay Chin a In dex

PJ China Index Performance Since January 2009 Sector Breakdown and Performance

Current Level: 2,568.92

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 13% 1,000 Business Services and Industrial Growth 28% 500 1-Jan-09 12-May-09 21-Sep-09 31-Jan-10 12-Jun-10 22-Oct-10

2.0% 0.94% PJ China Index 0.72% 0.03% 0.0% 52.04 (0.22%) Week-to-date change 2.07% (2.0)% (1.23% )

2010 Year-to-date change 444.87 20.94% (4.0)%

LTM change 530.19 26.01% (6.0)% (6.08% ) 6-month change 340.84 15.30% (8.0)% 2010 Year-to-date high (pts) 2,568.92 22-Oct-10 Consum er Telecom , Media & Technology 2010 Year-to-date low (pts) 1,914.24 29-Jan-10 Business Services and Industrial Growth Financial/Real Estate Health Care Clean Tech/Energy

Top Five Weekly Gainers and Losers

30.0% 20.8% 20.0% 14.4% 11.6% 11.2% 11.0% 10.0%

0.0%

(10.0%) (9.4%) (9.6%) (10.0%) (11.2%) (11.4%) (20.0%)

Jinpan Lihua CDC Software Telestone Qiao Xing SmartHeat China Global Sources Yingli Green LDK Solar International International Technologies Universal Information Energy Corporation Resources Technology

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 October 25, 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$1,372.20 per ounce Current Level: US$3.849 per pound Current Level: 18.78

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 12-May-09 21-Sep-09 31-Jan-10 12-Jun-10 22-Oct-10 2-Jan-09 13-May-09 22-Sep-09 31-Jan-10 12-Jun-10 22-Oct-10 2-Jan-09 13-May-09 22-Sep-09 31-Jan-10 12-Jun-10 22-Oct-10

Spot WTI Crude Stowe Global Coal Index Baltic Dry Index

US$/barrel Current Level: US$81.69 per barrel Current Level: 5,454.68 Current Level: 2,727.0

90 6,000 5,000

80 5,000 4,000

70 4,000 3,000 60

3,000 2,000 50

2,000 40 1,000

30 1,000 0 2-Jan-09 13-May-09 22-Sep-09 31-Jan-10 12-Jun-10 22-Oct-10 2-Jan-09 13-May-09 22-Sep-09 31-Jan-10 12-Jun-10 22-Oct-10 2-JJ9an-09 133y9-May-09 22-Sepp9-09 33J1-Jan-10 12-Jun-10 22-Oct-10

Euro Sterling Japanese Yen

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

Current Level: 1.3949 Current Level: 1.5683 Current Level: 81.35

1.6 1.7 105

1.5 1.6 100

1.4 1.5 95 1.3

1.4 90 1.2

1.3 85 1.1

1.0 1.2 80 1-Jan-09 12-May-09 21-Sep-09 31-Jan-10 12-Jun-10 22-Oct-10 1-Jan-09 12-May-09 21-Sep-09 31-Jan-10 12-Jun-10 22-Oct-10 1-Jan-09 12-May-09 21-Sep-09 31-Jan-10 12-Jun-10 22-Oct-10

Source: DataStream, Reuters

3 Weekly Equity Capital Markets Newsletter Piper Jaffray Asia Securities Limited October 25, 2010

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

HK and U.S. China IPO Activity by Month

15 24,000

20,000 12

16, 000 Capital Raised (US$mCapital Raised 9

12, 000 # of IPOs # of

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) ShangPharma William Blair; 18/10/2010 SHP $87.0 $14.50 - $16.50 $15.00 (8.20%) Citi; JPMorgan Corporation Oppenheimer Credit Suisse; Piper Jaffray; 19/10/2010 XRS TAL Education Group $138.0 $8.00 - $10.00 $10.00 47.60% Morgan Stanley 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

Springland International 13/10/10 21/10/10 1700 $549.3 $4.85 - $5.93 $5.93 11.64% DBS; Morgan Stanley Holdings Original $2.20 - BOC International; 13/10/10 21/10/10 1029 IRC $241. 3 $3. 00 (Revised $1. 80 (8.33%) BofA Merrill Lynch; to $1.80) UBS 15/10/10 20/10/10 1685 Boer Power Holdings $154.2 $4.38 - $6.38 $6.38 13.95% CCB; UBS Sihuan Pharmaceutical 21/10/10 28/10/10 460 $741.1 $3.88 - $4.60 $4.60 N/A Morgan Stanley; UBS Holdings Group 21/10/10 28/10/10 1007 Global Dairy Holdings $235.4 $3.60 - $5.30 $4.39 N/A 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 N/A Lynch; Credit Suisse; UBS; ICBC; Barclays; JPMorgan; CIMB 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 October 25, 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

10 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

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

Rodman & Placing of New Renshaw; Brean 20/10/2010 YUII Yuhe International $25.2 Roth Capital (2.37%) 20.57% Shares Murray Carret; Global Hunter

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

20/10/2010 850 PetroAsian Energy $28.4 Top-up Placement Cantor Fitzgerald (15.38%) 0.00% Holdings 20/10/2010 257 China Everbright $91.4 Placing of Existing shares Bank of China (3.99%) 3.42% International 21/10/2010 474 Hao Tian Resources $42.2 Placing of New shares Kingston (10.89%) 1.11% Group 21/10/2010 279 Freeman Corporation $70.8 Placing of New shares Radland (14.06%) 23.64%

22/10/2010 198 SMI Corporation $41.6 Top-up Placement Cantor Fitzgerald (18.64%) (2.08%)

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 October 25, 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 Le Gaga Holdings BofA Merrill Lynch; Oppenheimer; $106.3 $7.50 - $9.50 28/10/2010 Greenhouse vegetable NASDAQ UBS Piper Jaffray producer Mecox Lane Credit Suisse; UBS Oppenheimer; $80.3 $8.00 - $10.00 25/10/2010 Operates online NASDAQ Roth platform for apparel and accessories Noah Holdings JPMorgan; BofA Oppenheimer; $90.0 TBA TBA Distributes wealth NYSE Merrill Lynch Roth management products to high net worth population RDA Microelectronics Morgan Stanley; Caris $100.0 TBA TBA Fabless semiconductor NASDAQ Credit Suisse company

SinoTech Energy Citi; UBS; Deutsche Lazard $100.0 $7.50 - $9.50 TBA 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 Education Group Goldman Sachs Robert W Baird; $120.0 $7.25 - $9.25 TBA Primary and NYSE 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 BofA Merrill Lynch; Manganese mining and CITIC Dameng Holdings $400.0 TBA 11/11/2010 Main Board UBS; CITIC downstream processing Evergreen International Menswear and brands Piper Jaffray; CLSA $139.9 $3.80 - $4.60 28/10/2010 Main Board Holdings operator in the PRC

Manufacturer pediatric BofA Merrill Lynch; Yashili International Holdings $346.5 $3.55 - $4.80 25/10/2010 milk formula and Main Board CITIC; UBS nutritional food products

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 October 25, 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 UUnderwriter(s)nderwriter(s) (US$(US$m)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 October 25, 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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