C ontents C
I. Executive Summary 4
II. Reality Check for Chinese Consumers 5
III. Implications for Investors 15
Company Analysis
Shinsegae (004170.KS) 21
Lotte Shopping (023530.KS) 24
LGH&H (051900.KS) 28
Nongshim (004370.KS) 33
The Basic House (084870.KS) 36
FnC Kolon (001370. KS) 41
Li Ning (2331.HK) 46
Belle International (1880.HK) 50
Parkson Retail Group (3368.HK) 54
Beijing Jingkelong (8245.HK) 58
Lianhua Supermarket (0980.HK) 60
Appendix
I. China Retail 63
II. Chinese Consumption level by Selective FMCG items 84
III. Chinese Consumer at a Glance 88