P reparing for the challenges ahead
􀂄 The year begins with many unanswered questions
Consistent double-digit growth has been a hallmark of the Chinese economy in
recent years, and global investors have been eager to participate in this unique
dynamic. But, against the background of the global recession, how fast will
China’s economy grow in 2009? Will the government’s concerted policy measures
reflate the economy? Will the transition from export-led growth to domestic
consumption be rapid enough to save the day? Will the domestic construction and
property markets revive? And should Chinese corporates focus on consolidation
domestically, or should they take advantage of current overseas market
opportunities to expand internationally?
􀂄 Hosting 190 companies alongside the UBS equity research team
Our Greater China Conference 2009 in Shanghai brings together 190 companies
alongside industry experts and the UBS equity research team to provide investors
in Greater China a unique forum to address these questions and more. This flagship
event, now in its ninth year, will once again provide an ideal opportunity to prepare
for the undoubtedly challenging year ahead.
Global Equity Research
Asia
6 January 2009
www.ubs.com/investmentresearch
Grant Chum
Analyst
UBS Securities Asia Limited
grant.chum@ubssecurities.com
+852-2971 8173
Henry Wu
Analyst
UBS Securities Co. Limited
henry.wu@ubssecurities.com
+8621-3866 8892
William Dong
Analyst
UBS Securities Pte. Ltd., Taipei Branch
william.dong@ubs.com
+8862-8722 7338
Li Chen
Strategist
UBS Securities Co. Limited
chen.li@ubssecurities.com
+86 021 3866 8831
Contents page
UBS Analysts 7
China By The Numbers (December 2008) 21
Hong Kong By The Numbers (November 2008) 47
Taiwan By The Numbers (November 2008) 69
Companies in alphabetical order 93
— Air China...............................................................................................................94
— AirMedia Group ....................................................................................................97
— Ajisen (China) Holdings......................................................................................100
— American Oriental Bioengineering......................................................................102
— AMVIG Holdings Limited ....................................................................................104
— Anhui Conch Cement .........................................................................................107
— AsiaInfo Holdings, Inc. .......................................................................................110
— ASM Pacific Technology.....................................................................................112
— Aupu Group Holding Company Limited .............................................................115
— Bank of China (Hong Kong)................................................................................117
— Bank of Communications....................................................................................119
— Baosteel..............................................................................................................121
— Baoye Group Company Ltd. ..............................................................................124
— Beijing Airport .....................................................................................................126
— Beijing Capital Co., Ltd. .....................................................................................129
— Beijing North Star ..............................................................................................131
— Beijing Tongrentang ...........................................................................................133
— Beiqi Foton Motor ...............................................................................................136
— Belle International Holdings................................................................................139
— Bosideng International .......................................................................................142
— Café de Coral .....................................................................................................144
— Canadian Solar ..................................................................................................147
— CC Land Holdings .............................................................................................149
— Champion REIT..................................................................................................151
— China BlueChemical...........................................................................................154
— China Coal Energy .............................................................................................157
— China Communications Construction .................................................................160
— China Communications Services .......................................................................163
— China Construction Bank....................................................................................166
— China COSCO Holdings.....................................................................................168
— China Fishery Group .........................................................................................171
— China Flavors & Fragrances ..............................................................................173
— China Gas Holdings............................................................................................175
— China Hongxing Sports ......................................................................................178
— China Medical System Holdings ........................................................................180
— China Merchants Bank .......................................................................................182
— China Merchants Energy Shipping.....................................................................184
— China Merchants Hldg........................................................................................187
— China National Building Materials ......................................................................190
— China Nepstar ....................................................................................................193

— China Overseas Land & Investment...................................................................195
— China Power Intl .................................................................................................198
— China Railway Group..........................................................................................201
— China Resources Enterprise ..............................................................................204
— China Resources Land ......................................................................................207
— China Resources Power.....................................................................................209
— China Security & Surveillance Tech. Inc. ..........................................................212
— China Shenhua Energy ......................................................................................214
— China Shipping Container Lines.........................................................................217
— China Southern Airlines......................................................................................220
— China State Construction International Holdings ...............................................223
— China Telecom ...................................................................................................225
— China Vanke.......................................................................................................228
— China Yangtze Power.........................................................................................231
— China Yurun Food ..............................................................................................234
— Chindex .............................................................................................................237
— Clear Media Ltd .................................................................................................239
— CLP Holdings......................................................................................................241
— CNOOC Ltd ........................................................................................................244
— Comba Telecom Systems Holdings Ltd. ...........................................................245
— COSCO Shipping ..............................................................................................247
— Country Garden..................................................................................................249
— Ctrip.com International ......................................................................................252
— Dalian Port .........................................................................................................254
— Daphne International ..........................................................................................256
— Datang International Power................................................................................259
— Digital China Holdings Ltd. ................................................................................262
— Dynasty Fine Wine ............................................................................................264
— E-House (China) ................................................................................................266
— Embry Form .......................................................................................................268
— Focus Media Holding..........................................................................................270
— Forte Land ..........................................................................................................273
— Fosun International.............................................................................................275
— Galaxy Entertainment Group..............................................................................278
— GD Midea Electric Appliances............................................................................281
— Gemdale.............................................................................................................284
— Giant Interactive Group ......................................................................................287
— Giordano.............................................................................................................290
— Giti Tire ...............................................................................................................293
— Global Bio-Chem Tech .......................................................................................295
— Golden Meditech Company Ltd. .........................................................................297
— Gome Electrical Appliances................................................................................299
— Great Eagle ........................................................................................................302
— Greentown China Holdings.................................................................................304
— Guangdong Investment Limited .........................................................................307
— Guangshen Railway ...........................................................................................310
— Haier Electronics ................................................................................................313

— Haitian ................................................................................................................316
— Henderson Land.................................................................................................319
— Hidili Industry Int'l Development .........................................................................321
— Hua Xia Healthcare Holdings Ltd. ......................................................................324
— Huabao International ..........................................................................................326
— Huadian Power International ..............................................................................328
— ICBC...................................................................................................................331
— Industrial Bank....................................................................................................333
— IT Ltd ..................................................................................................................335
— Jiangsu Expressway...........................................................................................337
— Jinxi Axle Company Ltd ......................................................................................340
— Ju Teng International..........................................................................................343
— K. Wah International...........................................................................................345
— Kingdee International Software Group ...............................................................347
— KWG Property Holding .......................................................................................349
— Lai Fung..............................................................................................................352
— LDK Solar Co Ltd................................................................................................354
— Li Ning ................................................................................................................357
— Lianhua Supermarket Holdings ..........................................................................359
— Link REIT............................................................................................................362
— Little Sheep Group..............................................................................................364
— Lonking Holdings Limited ...................................................................................366
— Mingyuan Medicare Development......................................................................369
— Minth Group........................................................................................................371
— MTR Corporation Limited ...................................................................................373
— Nanjing Tanker Corporation ...............................................................................376
— Neo-China Land Group ......................................................................................378
— New World Dev...................................................................................................380
— North China Pharmaceutical ..............................................................................382
— NWS Holdings ....................................................................................................384
— Pacific Basin Shipping........................................................................................386
— Pacific Insurance ................................................................................................389
— Perfect World......................................................................................................391
— PetroChina..........................................................................................................393
— Ping An Insurance (Group).................................................................................394
— Ports Design .......................................................................................................395
— Qingdao Haier ....................................................................................................398
— Renhe Commercial Holdings..............................................................................401
— Rizhao Port.........................................................................................................403
— Royal Dutch Shell ...............................................................................................406
— Samson Holdings ...............................................................................................408
— Shandong Dong-E E-Jiao...................................................................................410
— Shanghai Automotive .........................................................................................413
— Shanghai Fosun Pharmaceutical .......................................................................416
— Shanghai Industrial Holdings..............................................................................418
— Shanghai International Port (Group) ..................................................................420
— Shanghai Jin Jiang Int'l Hotels ...........................................................................423

— Shanghai Prime Machinery ................................................................................426
— Shenyin Wanguo (HK)........................................................................................428
— Shenzhen Chiwan Wharf Holdings - A ...............................................................430
— Shenzhen Investment Ltd...................................................................................433
— Shenzhou International Group Holdings ............................................................436
— Shimao Property Holdings..................................................................................438
— Shui On Construction and Materials...................................................................441
— Sihuan Pharmaceutical.......................................................................................443
— Singamas Container Holdings............................................................................445
— Sino Land ...........................................................................................................447
— SINOMA .............................................................................................................449
— Sino-Ocean Land................................................................................................452
— Sinopec...............................................................................................................454
— Sinotrans Air Trans.............................................................................................455
— Sinotrans Limited................................................................................................458
— Sinotrans Shipping .............................................................................................461
— Sinotruk (Hong Kong).........................................................................................464
— Sinovac Biotech..................................................................................................467
— SJM Holdings .....................................................................................................469
— SMIC...................................................................................................................471
— SOHO China.......................................................................................................474
— Solarfun Power Holdings Co., Ltd. .....................................................................477
— Solargiga Energy................................................................................................479
— SRE Group .........................................................................................................481
— Stella...................................................................................................................483
— Sun Hung Kai P..................................................................................................485
— Suntech Power Holdings ....................................................................................487
— TA Yang Group Holdings....................................................................................490
— The9 Limited.......................................................................................................492
— Tianjin Development Holdings............................................................................494
— Tianjin Port Development Holdings ....................................................................497
— Tianjin Tasly Pharmaceuticals............................................................................499
— Tianneng Power International ............................................................................502
— TPV Technology Limited ....................................................................................504
— Trina Solar Ltd. ...................................................................................................507
— Tsingtao Brewery................................................................................................509
— UFIDA Software..................................................................................................512
— VisionChina Media..............................................................................................514
— Want Want China Holdings ................................................................................516
— Weiqiao Textile ...................................................................................................519
— Western Mining...................................................................................................521
— Wumart Store .....................................................................................................524
— WuXi PharmaTech(Cayman)..............................................................................526
— Wuyi Pharmaceutical..........................................................................................529
— Xinao Gas Holdings............................................................................................532
— Xingda International Holdings Limited................................................................535
— Xinhua Finance Media Limited ...........................................................................537

— Xtep International Holdings ................................................................................540
— Yangzijiang .........................................................................................................543
— Yanlord Land ......................................................................................................546
— Yucheng Technologies.......................................................................................548
— Zhejiang Expressway Co Ltd..............................................................................550
— Zhejiang Hisun Pharmaceutical..........................................................................553
— Zhongjin Gold .....................................................................................................556
— ZTE Corporation .................................................................................................558
Asian Credit Research 561
— Asia Aluminum Holdings.....................................................................................562
— China Fishery Group Limited..............................................................................564
— China Overseas Land & Investment...................................................................566
— CITIC Resources................................................................................................568
— Coastal Greenland Limited.................................................................................570
— Country Garden Holdings...................................................................................572
— Galaxy Casino ....................................................................................................574
— GITI Tire Pte. Ltd. ...............................................................................................576
— Greentown China Holdings.................................................................................578
— Lai Fung Holdings...............................................................................................580
— Neo-China Land Group (Holdings) Limited ........................................................582
— Shimao Property.................................................................................................584
— SRE Group .........................................................................................................586
— Xinao Gas Holdings Limited ...............................................................................588