GS 高盛：每日中国报告 08.02

China Daily Insights

August 2, 2007 9页

Today’s focus
Ctrip.com International (CTRP): Two-for-one stock split effective on July 31
China Resources Enterprise (0291.HK): China trip highlights; 1H results preview; staying positive
China: Banks: Some sub-prime MBS exposure; retain Neutral sector stance
Zhejiang Glass (0739.HK) Buy: Six drivers accelerating growth, earnings and target price raised
Headline news
China warns firms off illegal stock investment (Yahoo)
NDRC: China no steel mill for the world (China Daily)
People's Bank of China buys stake in BG (China Daily)
China reassure foreign investors on M&As (Xinhua)
China authorises first joint venture fund to invest overseas under QDII (Xinhua)
Ctrip.com International (CTRP): Two-for-one stock split effective on July 31, James Mitchell, CFA
• What's changed: Effective from July 31, 2007, two ADRs of Ctrip (CTRP, US$37.46, Neutral) have become equivalent to one ordinary share, compared to the previous level of one ADR to one ordinary share, equivalent to a two-for-one stock split.
• Implications: Stocks in our coverage universe have performed differently post