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Monday, 06 July, 2015 Bringing China to the World

Financial Table

11A 12A 13A 14A

Revenue (m) 71 9 9 660 YoY (%) -14.7% -88.0% 7.8% 7050.3% Net income (m) (43) (11) (8) 15 YoY (%) 81.6% -74.9% -28.6% -288.6% Diluted EPS -0.06 -0.01 -0.01 0.00 YoY (%) 30.5% -79.6% -58.5% -166.6% ROE (%) -17.8% -4.6% -2.8% 1.0% Dividend yield (%) 0.0% 0.0% 0.0% 0.0% Free cashflow per share -0.03 -0.03 -0.01 -0.14 PE (x) - - - 379.5 PB (x) 0.4 0.9 1.1 4.0 EV/Ebitda - - - 484.8 Debt/Equity 0.03 0.03 0.04 0.30

Source: SWS Research, Bloomberg Please also find SWS Research on your Bloomberg terminal at SWSR <GO>, FactSet and S&P Capital IQ.

Company Visit Not rated Kong Sun Holdings Sector: Utilities Industry: Independent Power and Renewables Sub-industry: Renewable Electricity Key data Price (HK$) 1.15 52wk High (HK$) 1.81 52wk Low (HK$) 0.86 Market Cap (HK$m) 11,256 Market Cap (US$m) 1,452 Shares outstanding (m) 8,291 Free float 24.8% 1M Return -21.8% 6M Return -5.7% 52wk Return -15.4% YTD Return -10.2% Dividend yield (FY13) - S&P - HSCEI 12,803 Inst Ownership (Top 5) POHUA JT PRIVATE EQU 59.63% CAITONG INTERNATIONA 8.94% TIANAN PROPERTY INSU 8.04% XIANG JUN 7.52% VANGUARD GROUP INC 0.22%

Source: Bloomberg

Analyst

Vincent Yu A0230513070005 BAM599 [email protected] Phone number +86 21 2329 7818

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Source: Bloomberg

295:HK – 江山控股

独立光伏电站运营商

江山控股 2014 年进军光伏行业，该公司之前主要从事物业投资，生产和销售的仿真

植物等业务。江山定位在成为光伏下游产业的独立电力生产商与能源贸易商，核心

业务涉及 EPC 和电力销售，其中电力销售将成为公司未来收入的主要来源。江山目

前已投产的光伏电站达近 300MW，另有约 1.4GW 电站处于在建设，准备建设和储

备阶段。公司将独立开发兼以收购来快速提升自有太阳能发电资产。

装机量迅猛增长。到 2015 年 6 月，公司共拥有约 1.7GW 太阳能电站的资源，包括

所有已并网，建设中，待建的或储备的电站资源。其中，近 300MW 已并网投产。

公司拥有的电站资源大多位于中国北部和西部地区，光照条件充足。考虑到公司打

算收购电站的计划和现有的光伏电站资源，公司 2015 年装机容量目标为 1.5GW，

保守估计 1.2GW。三年装机目标分别为 2015 年 1.5GW（同比上升 673％），

2016 年 3GW（同比上升 100％）和 17 年 5GW（同比上升 67％）。

电力销售将成为主要收入来源。江山控股 2014 年有四个收入来源，电力销售

（1.82％），太阳能相关产品（96.95％），仿真植物（0.91％）和物业租金收入

（0.32％）。总收入从 2013 年的 7 百万人民币上升到 2014 年的 5 亿多。未来公司

装机量的上升会带来电力销售的快速增长，电力销售将成为江山控股的主要收入来

源。

中国光伏行业状况。政府制定了 17.8GW 的 2015 年新增光伏装机目标使得整个光

伏行业异常活跃。但鉴于光伏是资本密集型行业，行业壁垒较高，整个市场并未因

为新进入者的增多而在盈利能力上受到挑战，2014 年 14GW 的政府目标市场仅完

成了 70％。 2015 年在新目标的指引下，第一个季度就完成了 5GW 多的装机增量。

光伏上网电价近期没有变动，2015 年内电价下调概率不大。中国西部地区的部分光

伏电厂会有 10％-20％限电量，但限电情况会伴随特高压的建设和储能的应用而得

到逐渐缓解。

估值。公司近期在 126 亿市值左右，最近一季度市净率在 4.74x 水平。较高的市净

率水平包含了市场对公司装机量迅速增长和通过融资进一步收购电站的预期。


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Kong Sun Holdings’ business involves property investment and the manufacturing and sale of synthetic plants. In 2014, the company entered the solar market. The firm aims to transition into an independent power producer (IPP) in the downstream solar market, with particular focus on engineering, procurement and construction (EPC) and solar power plant operation. We believe the company’s electricity sales will be its primary source of revenue in the coming years. Kong Sun currently operates nearly 300MW of grid-connected solar capacity, with c.1,400MW under construction or in reserve. The company aims to expand its solar power assets via M&A, financed through both equity and debt.

Rapidly growing solar capacity. By June 2015, the company held c.1.7GW worth of solar power plant resources, including those connected, under construction, in reserve and set to be built. So far, c.300MW is connected to the grid. Most solar power plants are located in the northern and western China, providing ample amounts of sunshine resources. Given its potential acquisition of completed solar power plants, the company aims to reach 1.5GW installed in 2015 with 1.2GW bottom line. The three year installation targets are 1.5GW (+673%YoY) in 2015, 3GW (+100%YoY) in 2016 and 5GW (+67%YoY) in 2017.

Electricity sales on the rise. Kong Sun has four sources of revenue, sales of electricity (accounting for 1.82% of total sales in 2014), sales of solar energy related products (96.95%), sales of synthetic plants (0.91%) and rental income (0.32%). Revenue surged from Rmb7m in 2013 to Rmb524m in 2014. We expect the sale of electricity to generate provide the highest revenue contribution as more solar power plants are installed.

China’s solar sector. The sector is stimulated by higher-than-ever government support with a target of 17.8GW in 2015. New market entrants are at an accelerated. However, given the due high capital demand entry barrier, the sector is far from competitive. The government’s previous target of 14GW in 2014 saw just 70% completion. In 1Q15, 5GW was newly installed, representing half of incremental capacity in 2014. On-grid tariffs remain stable and we do not expect any cuts in 2015. A normal 10-20% curtailment rate could apply to power plants in western China, however, the situation will be relieved with the development to Ultra-high vacuum (UHV) and energy storage management.

Valuation. The company’s market cap is c.HK$12.6bn, trading at c.4.74x PB in the most recent quarter (MRQ). The higher than average PB indicates higher growth expectation from the market and more asset acquisitions through equity financing in the near future.


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Entering the solar business in 2014

The company engaged in properties investment, manufacturing and sale of life-like plants and securities investment before end-2013. The turning point appeared in the company’s 2013 annual report, when its chairman announced plans to look for strategic investment opportunities in clean energy development with an emphasis on solar energy. The group’s investment interest includes opportunities in off-grid solar businesses, distributed solar energy businesses, wind energy, energy management and smart grid businesses.

Figure 1: Roadmap for Kong Sun

Source: Company, SWS Research

On June, 2014, Kong Sun sold 6.5bn shares, 370% of its original shares, to Pohua JT Private Equity Fund and five consultants, providing a fundamental change in its shareholding structure. Pohua JT Private Equity Fund is a long-term financial investor who is bullish towards solar power sector investments but does not participate in company’s daily operation. The five consultants are industry experts with multiple years of experience in solar power development. The raised capital will be primarily used to finance the acquisition and development of photovoltaic power projects, representing company’s official entry into the solar energy sector.

Kong Sun made two rounds of placements to finance its investment and acquisition in photovoltaic power projects in 1H15. This resulted in diluting Pohua JT Private Equity Fund’s stake from 70% to 59.6%. By end-June 2015, the group held near c.300MW solar power plants connected to the grid. The firm now aims to rapidly expand its solar power plants while seeking opportunities in downstream EPC business in the near term.


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Figure 2: Historical placement since 2012, finance for PV development since 2014

Announcement date

Completion date

Subscription price

Capital raised

(HK$ million)

New shares issued

(million)

Proportion to original

shares

Total shares

outstanding after

placement

Use of proceeds

2012-06-13 2012-10-12 0.07 52.50 750.00 104% 1,468.96 Acquisition of property (ies). The target properties under review are of commercial use and include shops and offices.

2013-09-06 2013-10-03 0.086 25.26 293.70 20% 1,762.66 Future potential investment opportunities which have not yet been identified.

2014-06-10 2014-08-08 0.36 2,350.11 6,528.08 370% 8,290.74 (i) To finance the acquisition and development of photovoltaic power projects of the Group and (ii) as general working capital of the Group.

2015-03-23 2015-04-10 1.07 376.64 352.00 4% 8,642.74

HK$329.5m from the net proceeds will be used in the investment in and acquisition of photovoltaic power plants, and the remaining HK$36.6m from the net proceeds will be used by the Company as general working capital.

2015-04-28 2015-06-11 1.20 1,373.64 1,144.70 13% 9,787.44

HK$1,228.2m from the net proceeds will be used in the investment in and acquisition of photovoltaic power plants, and the remaining HK$136.5m from the net proceeds will be used by the company as general working capital.

Source: Wind, Company, SWS Research

The free float is relatively limited with other public shareholders, occupying just 13% of total outstanding shares. The company aims to continue to dilute the Pohua JT Private Equity Fund’s stake by further equity raising and increasing its public float.

Figure 3: Shareholding structure after 10 June 2014 Figure 4: Current shareholding structure


Solar business

Kong Sun solar business targets downstream solar power development, primarily in EPC and solar power generation.

Although the company is not early bird in solar power generation, its transition to the solar energy sector in 2014 brought about substantial revenue contributions. Kong Sun has four business segments including the sales of electricity, sales of solar energy related products, sales of synthetic plants and rental income. More than 98% of revenue in 2014 was generated from its new solar business.

Pohua JT Private

Equity Fund L.P.,

5836m, 71%

Xiang Jun, 676m, 8%

Chang Donglai,

5m, 0.06%

Luo Tiegang,

3m, 0.04%

Lu Bin, 5m, 0.06%

Deng Chengli,

3m, 0.04%

Others, 1763m,

21%

Pohua JT Private

Equity Fund L.P.,

5836m, 60%

Caitong Secuirites

Co, Limited , 1125m,

11%

Tianan Property

Insurance 787m, 8%

Xiang Jun, 736m, 8%

Others, 1304m,

13%


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Figure 5: Revenue breakdown 2013-14 Figure 6: Solar business made a difference in revenue


By June 2015, the company held c.1.7GW worth of solar power plant resources, including those connected, under construction, in reserve and set to be built. So far, c.300MW is connected to the grid. Most solar power plants are located in the northern and western China, providing ample amounts of sunshine resources. Given its potential acquisition of completed solar power plants, the company aims to reach 1.5GW installed in 2015E with 1.2GW bottom line. The three year installation targets are 1.5GW (+673%YoY) in 15E, 3GW (+100%YoY) in 16E and 5GW (+67%YoY) in 17E.

Figure 7: Solar power project resource Figure 8: Target capacity


The invested power plant is mainly distributed in northern and western China, where annual sunshine hours are above 2,200 hours. The effective utilisation hours could be c.1,400 hours conservatively.

Sales of synthetic

plants86.50%

Properties rental income

13.50%

Sales of electricity1.82%

Sales of solar energy related

products96.95%

Sales of synthetic plants…

Properties rental income0.32%

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Properties rental income

Sales of life-like plants

Sales of solar energy related products

Sales of electricity

Rmb7m

Rmb524m

To be built, c.350MW,

21%

Connected, c.300MW,

16%

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3%

In construction, c.900MW,

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Total c.1.7GW


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Figure 9: Solar power resource distribution


Kong Sun has ample financing resources to support its solar power development. Besides holding Rmb1bn in cash at end-2014, the company raised Rmb1.4bn from the capital market in 1H15, and may further finance its solar power via equity financing. Meanwhile, the debt-to-equity ratio is relatively low among the capital-intensive industry, with just c.30% in 2014.

Management team biography

Figure 11: Management team biography

Name Age Summary

EXECUTIVE DIRECTORS

Mr. Liu Wen Ping

37

Liu Wen Ping, joined the Group on 21 March 2014. Liu received his Ph.D. degree from Shanghai Institute of Microsystem and Information Technology, Chinese Academy of Sciences and has a Bachelor degree in Physics from Peking University. Liu has worked in financial industries in China for six years, and has nine years experiences in solar industry. Liu is designated as chairman of the Board on 7 November 2014.

Mr. Chang

Hoi Nam 36

Chang Hoi Nam joined the Group on 30 September 2013, Chang obtained a bachelor degree in business management from the University of New Brunswick Of Canada in September 2000. Chang is currently an executive director and the chief executive officer of China Assurance Finance Group (8090:HK). Chang was an independent non-executive director of Sincere Watch (444:HK) from June 2012 to September 2012.


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NON-EXECUTIVE DIRECTOR

Mr. Chang

Tat Joel 46

Chang Tat Joel joined the Group on 7 November 2014, Chang is a partner of Pohua JT Private Equity Fund L.P., a substantial shareholder of the Company. Chang is one of the founders of AID Partners Capital, an Asian-based private equity investment company established in 2007. He is responsible for its strategic investment planning and overseeing its investment portfolio. He is also the founder of Genius Link Asset Management, a diversified investment company with focuses in the property, media and entertainment, and food and agricultural sectors. He is a member of the Australian Society of Certified Practicing Accountants and the Hong Kong Institute of Certified Public Accountants. He obtained a bachelor’s degree in Economics from Monash University in 1990.

INDEPENDENT NON-

EXECUTIVE DIRECTORS

Mr. Miu Hon Kit

47

Miu joined the Group on 8 July 2014, Miu is a qualified accountant with over 20 years of professional experience in auditing, accounting, compliance, corporate finance and private equity investments. He is currently the Adjunct Professor in the Department of Finance of The Chinese University of Hong Kong. Miu received a Master’s degree in Business Administration from Imperial College London and a Bachelor of Arts in Accountancy with Honours from City University of Hong Kong. Miu is a fellow member of the Hong Kong Institute of Certified Public Accountants and the Association of Chartered Certified Accountants (UK). He is also admitted to the membership of The Institute of Chartered Accountants in England and Wales.

Mr. Wang

Haisheng 37

Wang Haisheng joined the Group on 30 September 2014, Mr. Wang has more than twelve years of experience in the areas of power equipment and new energy, with essential positions in corporate management, investment, strategic M&A and industry research. Wang was the chief analyst of several leading PRC securities companies for five years focusing in the new energy sector. Wang has obtained multiple awards of “Best Analyst”. He is currently the executive general manager of Ping An Securities. Wang graduated from Tsinghua University with a bachelor degree and a master degree in automation.

Mr. Lu Hongda

44

Lu Hongda joined the Group on 7 November 2014, Lu is a partner with Beijing Zhong Lun Law and has more than twenty years of experience practicing law. He joined Beijing Zheng Ping Law Firm and worked as an associate between March 1997 and May 2000. Lu joined Beijing Zhong Lun Law Firm in June 2000 and is experienced in advising clients on capital market and securities transactions, M&A, private equity and investment funds, as well as initial public offerings. Lu graduated from the Law School of the Southwest University of Finance and Economics with a LLB degree and obtained a LLM degree from the University of Dundee in the United Kingdom.

SENIOR MANAGEMENT

Mr. Fung Che Wai

46

Fung Che Wai has been appointed as the company secretary and authorized representative of the Company with effect from 1 September 2014. Fung joined the Company in July 2014 as the chief financial officer. Fung has over 22 years of professional experience in auditing, advisory accounting, financial management and investor relations. He worked for an international audit firm and a financial consulting firm for over seven years. From January 2011 to July 2014, Fung was the chief financial officer and company secretary of Zall Development Group (2098:HK). Fung is a fellow member of the Hong Kong Institute of Certified Public Accountants and the Association of Chartered Certified Accountants.

Source: Company


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EBITDA

Source: SWS Research, Bloomberg

Diluted EPS Bef XO Items


Net Income/Net Profit (Losses)


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Appendix

Income Statement

HK$m 2011 2012 2013 2014

Revenue 71.43 8.56 9.23 659.90

Operating Income (21.17) (28.82) (11.89) 15.19

Pretax Income (43.59) (12.25) (8.04) 26.16

Income bef XO Items (43.42) (10.90) (7.79) 14.68

Net Income (43.42) (10.90) (7.79) 14.68

Basic EPS Before XO Items (0.07) (0.03) (0.01) 0.00

Basic EPS (0.06) (0.01) (0.01) 0.00

Diluted EPS Before XO Items (0.07) (0.03) (0.01) 0.00

Diluted EPS (0.06) (0.01) (0.01) 0.00

Dividends per Share - - - -

Ebitda (16.46) (23.25) (7.12) 21.06

Return on Common Equity (17.76) (4.57) (2.84) 1.00

Source: Bloomberg

Balance Sheet

HK$m 2011 2012 2013 2014

Total Current Assets 91.07 114.60 126.85 2,207.95

Total Long-Term Assets 161.13 174.42 193.79 2,161.24

Total Assets 252.20 289.02 320.65 4,369.19

Total Current Liabilities 24.55 22.18 22.74 1,184.04

Total Long-Term Liabilities 9.97 7.75 8.46 560.07

Total Liabilities 34.52 29.93 31.20 1,744.11

Total Shareholders' Equity 217.68 259.09 289.45 2,625.08

Shares Outstanding 718.96 1,468.96 1,762.66 8,290.74

Book Value per Share 0.30 0.18 0.16 0.32

Tangible Book Value / Sh 0.29 0.18 0.16 0.31

Shareholder Equity/Total Liab 86.31 89.65 90.27 60.08

Source: Bloomberg

Cash Flow Statement

HK$m 2011 2012 2013 2014

Net Income (43.42) (10.90) (7.79) 14.68

Depreciation and Amortisation 4.72 5.57 4.77 5.87

Change in Working Capital (75.82) 25.90 11.69 922.39

Cash - Operating Activities (18.26) (2.80) (11.99) (380.52)

Capital Expenditures (2.50) (25.48) (2.50) (250.22)

Cash - Investing Activities 102.44 (5.50) (8.14) (1,019.82)

Cash - Financing Activities (40.41) 53.53 26.33 2,558.79

Net Changes in Cash 43.77 45.23 6.20 1,158.45

Free Cash Flow (20.76) (28.28) (14.49) (630.73)

Free Cash Flow / Basic Sh (0.03) (0.03) (0.01) (0.14)

Free Cash Flow / Diluted Sh (0.03) (0.03) (0.01) (0.14)

Cashflow per Share (0.03) (0.00) (0.01) (0.09)

Source: Bloomberg




Information Disclosure：

The views expressed in this report accurately reflect the personal views of the analyst. The analyst declares that neither he/she nor his/her associate serves as an officer of nor has any financial interests in relation to the listed corporation reviewed by the analyst. None of the listed corporations reviewed or any third party has provided or agreed to provide any compensation or other benefits in connection with this report to any of the analyst, the Company or the group company(ies). A group company(ies) of the Company confirm that they, whether individually or as a group (i) are not involved in any market making activities for any of the listed corporation reviewed; or (ii) do not have any individual employed by or associated with any group company(ies) of the Company serving as an officer of any of the listed corporation reviewed; or (iii) do not have any financial interest in relation to the listed corporation reviewed or (iv) do not, presently or within the last 12 months, have any investment banking relationship with the listed corporation reviewed.

Undertakings of the Analyst

I (We) am (are) conferred the Professional Quality of Securities Investment Consulting Industry by the Securities Association of China and have registered as the Securities Analyst. I hereby issue this report independently and objectively with due diligence, professional and prudent research methods and only legitimate information is used in this report. I am also responsible for the content and opinions of this report. I have never been, am not, and will not be compensated directly or indirectly in any form for the specific recommendations or opinions herein.

Disclosure with respect to the Company

The company is a subsidiary of Shenwan Hongyuan Securities. The company is a qualified securities investment consulting institute approved by China Securities Regulatory Commission with the code number ZX0065.

Releasing securities research reports is the basic form of the securities investment consulting services. The company may analyze the values or market trends of securities and related products or other relevant affecting factors, provide investment analysis advice on securities valuation/ investment rating, etc. by issuing securities research reports solely to its clients.

The Company fulfills its duty of disclosure within its sphere of knowledge. The clients may contact [email protected] for the relevant disclosure materials or log into www.swsresearch.com for the analysts' qualifications，the arrangement of the quiet period and the affiliates’ shareholdings.

Introduction of Share Investment Rating

Security Investment Rating：

When measuring the difference between the markup of the security and that of the market’s benchmark within six months after the release of this report, we define the terms as follows:

Trading BUY: Share price performance is expected to generate more than 20% upside over a 6-month period.

BUY: Share price performance is expected to generate more than 20% upside over a 12-month period.

Outperform: Share price performance is expected to generate between 10-20% upside over a 12-month period.

Hold: Share price performance is expected to generate between 10% downside to 10% upside over a 12-month period.

Underperform: Share price performance is expected to generate between 10-20% downside over a 12-month period.

SELL: Share price performance is expected to generate more than 20% downside over a 12-month period.

Industry Investment Rating:

When measuring the difference between the markup of the industry index and that of the market’s benchmark within six months after the release of the report, we define the terms as follows:

Overweight：Industry performs better than that of the whole market；

Equal weight： Industry performs about the same as that of the whole market；

Underweight：Industry performs worse than that of the whole market.

We would like to remind you that different security research institutions adopt different rating terminologies and rating standards. We adopt the relative rating method to recommend the relative weightings of investment. The clients’ decisions to buy or sell securities shall be based on their actual situation, such as their portfolio structures and other necessary factors. The clients shall read through the whole report so as to obtain the complete opinions and information and shall not rely solely on the investment ratings to reach a conclusion. The Company employs its own industry classification system. The industry classification is available at our sales personnel if you are interested.

HSCEI is the benchmark employed in this report.




Disclaimer：

This report is to be used solely by the clients of SWS Research Co., Ltd. ( subsidiary of Shenwan Hongyuan Securities, hereinafter referred to as the “Company”). The Company will not deem any other person as its client notwithstanding his receipt of this report.

This report is based on public information, however, the authenticity, accuracy or completeness of such information is not warranted by the Company. The materials, tools, opinions and speculations contained herein are for the clients’ reference only, and are not to be regarded or deemed as an invitation for the sale or purchase of any security or other investment instruments.

The clients understand that the text message reminder and telephone recommendation are no more than a brief communication of the research opinions, which are subject to the complete report released on the Company’s website (http://www.swsresearch.com). The clients may ask for follow-up explanations if they so wish.

The materials, opinions and estimates contained herein only reflect the judgment of the Company on the day this report is released. The prices, values and investment returns of the securities or investment instruments referred to herein may fluctuate. At different periods, the Company may release reports which are inconsistent with the materials, opinions and estimates contained herein.

Save and except as otherwise stipulated in this report, the contactor upon the first page of the report only acts as the liaison who shall not provide any consulting services.

The clients shall consider the Company’s possible conflict of interests which may affect the objectivity of this report, and shall not base their investment decisions solely on this report. The clients should make investment decisions independently and solely at your own risk. Please be reminded that in any event, the company will not share gains or losses of any securities investment with the clients. Whether written or oral, any commitment to share gains or losses of securities investment is invalid. The investment and services referred to herein may not be suitable for certain clients and shall not constitute personal advice for individual clients. The Company does not ensure that this report fully takes into consideration of the particular investment objectives, financial situations or needs of individual clients. The Company strongly suggests the clients to consider themselves whether the opinions or suggestions herein are suitable for the clients’ particular situations; and to consult an independent investment consultant if necessary.

Under no circumstances shall the information contained herein or the opinions expressed herein forms an investment recommendation to anyone. Under no circumstances shall the Company be held responsible for any loss caused by the use of any contents herein by anyone. Please be particularly cautious to the risks and exposures of the market via investment.

Independent investment consultant should be consulted before any investment decision is rendered based on this report or at any request of explanation for this report where the receiver of this report is not a client of the Company.

The Company possesses all copyrights of this report which shall be treated as non-public information. The Company reserves all rights related to this report. Unless otherwise indicated in writing, all the copyrights of all the materials herein belong to the Company. In the absence of any prior authorization by the Company in writing, no part of this report shall be copied, photocopied, replicated or redistributed to any other person in any form by any means, or be used in any other ways which will infringe upon the copyrights of the Company. All the trademarks, service marks and marks used herein are trademarks, service marks or marks of the Company, and no one shall have the right to use them at any circumstances without the prior consent of the Company.

This report may be translated into different languages. The Company does not warrant that the translations are free from errors or discrepancies.

This report is for distribution in Hong Kong only to persons who fall within the definition of professional investors whether under the Securities and Futures Ordinance (Chapter 571 of the laws of Hong Kong) (the “SFO”) or the Securities and Futures (Professional Investor) Rules (Chapter 571D of the laws of the Hong Kong under the SFO).

This report is for distribution in the United Kingdom only to persons who (i) have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) order 2001 (as amended) (the “Order”) or (ii) are persons falling within Article 49(2)(a) to (d) (“High Net Worth Companies, Unincorporated Associations, etc”) of the Order (All such persons together being referred to as “Relevant Persons”). This document is directed only at Relevant Persons. Other Persons who are not Relevant Persons must not act or rely upon this document or any of its contents.

Distribution in Singapore

If distributed in Singapore, this report is meant only for Accredited Investors and Institutional Investors as defined under Section 4A of the Securities and Futures Act of Singapore. If you are not an Accredited Investor or an Institutional Investor, you shall ignore the report and its contents. The Singapore recipients of the report are to contact the Singapore office of Shenwan Hongyuan Singapore Private Limited at 65-6323-5208, or 65-6323-5209 in respect of any matters arising from, or in connection with, the report.

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