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12 months, significant advice or invest- ment services in relation to the investment concerned or a related investment or investment banking services to the company(ies) mentioned in this report. Furthermore, China Galaxy International may have received compensation for investment banking services from the company(ies) mentioned in this report within the preceding

12 months and may currently seeking investment banking mandate from the subject company(ies). Analyst Certification The analyst who is primarily responsible for the content of this report, in whole or in part, certifies that with respect to the securities or issuer covered in this report: (1) all of the views expressed accurately reflect his or her personal views about the subject, securities or issuer;

and (2) no part of his or her compensation was, is, or will be, directly or indirectly, related to the specific views expressed by the analyst in this report. Besides, the analyst confirms that neither the analyst nor his/her associates (as defined in the code of conduct issued by The Hong Kong Securities and Futures Commission) (1) have dealt in or traded in the securities covered in this research report within

30 calendar days prior to the date of issue of this report;

(2) will deal in or trade in the securities covered in this research report three business days after the date of issue of this report;

(3) serve as an officer of any of the Hong Kong-listed companies covered in this report;

and (4) have any financial interests in the Hong Kong listed companies cov- ered in this report. Explanation on Equity Ratings Copyright Reserved No part of this material may be reproduced or redistributed without the prior written consent of China Galaxy International Securities (Hong Kong) Co., Limited. China Galaxy International Securities (Hong Kong) Co. Limited, CE No.AXM459 Room 3501-3507, 35/F, Cosco Tower, Grand Millennium Plaza,

183 Queen's Road Central, Sheung Wan, Hong Kong. General line: 3698-6888. BUY share price will increase by >20% within

12 months in absolute terms : SELL share price will decrease by >20% within

12 months in absolute terms : HOLD no clear catalyst, and downgraded from BUY pending clearer signal to reinstate BUY or further downgrade to outright SELL :