ccme oct 18th, 2010 global hunter securities report

SEE ANALYST CERTIFICATION AND OTHER IMPORTANT DISCLOSURES AT THE END OF THIS REPORT

Joe Giamichael 212-644-8916 [email protected] Dmitriy Shapiro 646-264-5606 [email protected] Ping Luo, CFA 646-264-5688 [email protected] Jodi Dai 646-264-5666 [email protected]

GHS China Weekly Update 10/11 – 10/17

China Macro Headlines ……………….……………………………….2 • Chinese property prices rebound. • Auto prices expected to continue falling: NDRC. • China rubber to extend rally from record. • China's Sept FDI hits $8.4b, up 6.1% y-o-y. • CPC session opens to discuss nation's next five-year plan. • More…

GHS China Research Weekly Recap …..………………………..….3 • 10/15, ALN; ALN announces the resignation of its CFO. • 10/15, CCME; Our extensive due diligence reinforces our thesis; Reiterate Buy. • 10/15, China; China Impression. • 10/11, CAGC; Update on engaging a “Big Four” auditor; Reiterate $20 price

target Buy rating. • 10/11, HOGS; Reiterate Buy rating and raising price target to $24.

GHS Analyst Top Picks …………………………………………….....8 • Joe Giamichael – DEER (Closing $11.34; Price Target: $14.00) • Ping Luo – CMFO (Closing $6.36; Price Target $10), ZOOM (Closing $4.08;

Price Target: $8.00) • Dmitriy Shapiro – LIWA (Closing $9.04; Price Target: $17.00), FSIN (Closing

$9.62; Price Target: $15.00)

Weekly Gainers & Decliners …...………………….…………..……..9 • Top Gainers (Price>$5): CCME, CNIT, KH, OINK, KONG, LDK, SKBI, RINO,

CMFO, CEU, PUDA, CHBT, SFUN, HRBN, QKLS • Top Losers (Price>$5): DGW, VALV, CAGC, FUQI, SOLF, CHDX, NFEC, CSKI,

ASIA, CGA, CAST, CHOP, SYUT, CIEC, WX Valuation Index (P/E and EV/EBITDA) ….…………………………10

• Cheap 20 (P/E Based): SGAS, CHLN, UTA, XIN, HQS, ZOOM, ZSTN, CFMI, SIHI, FUQI, WEMU, CNBI, CTXI.F, NIV, SPU, RDBO, SKBI, YUII, BEST, JGBO

• Expensive 20 (P/E Based): ATV, TCM, LONG, BJGP, HTHT, VIT, SVN, KH, AMAP, DL, NPD, HSFT, HMIN, CHDX, CO, JOBS, CTC, VISN, CHC, KONG

• Cheap 20 (EV/EBITDA Based): NTE, HQS, UTA, PUDA, DGW, ZSTN, CELM, SGAS, CTXI.F, CBPO, CCME, LIWA, CNBI, CHOP, CNYD, CNGL, CEDU, SIHI, QKLS, AMCF

• Expensive 20 (EV/EBITDA Based): ATAI, VIT, HSFT, ADY, AMAP, CIS, KH, JOBS, JRJC, HTHT, DL, NPD, HMIN, HOLI, CRIC, SVN, CHDX, SCR, CHRM, SEED

Top 25 Highest Short Interest…………………….………………...12 • RINO, CHBT, CCME, CMED, CAGC, ADY, CRIC, CBEH, CFSG, DGW, HRBN,

FUQI, LDK, SEED, TSTC, CHNG, CBPO, GFRE, CSUN, CAAS, DEER, APWR, CGA, CSKI, CNAM

GHS Upcoming Events, Roadshows, Analyst Calls…..………...13 • 10/11-10/29: Analyst Joe Giamichael Due Diligence Trip to China • 10/18-10/19: China RuiTai International Holdings (CRUI.OB) Non-Deal

Roadshow in New York • 10/18-10/19: Yasheng Group (YHGG) meeting w/ mgmt in Lanzhou, Gansu

GHS Block Trading Solutions ………………………………….......13 GHS China Research Coverage Universe …………..……………14 Monitor List ………....…………………………………………………15 Appendix: Components for GHS Sector Based Index ..………..16 Disclosure ……………...………………………………………………21

Last week's Performance

MTD Performance

QTD Performance

YTD Performance

TTM Performance

GHS China Index 25.9% 38.8% 49.6% 37.0% 48.0%GHS China Alternative Energy Index 5.9% 17.9% 26.5% 13.2% 33.9%GHS China Energy Index 5.9% 20.8% 18.7% 21.9% 34.9%GHS China Environmental Index 6.1% 15.3% 7.0% -40.5% -35.9%GHS China Basic Materials Index 3.9% 14.3% 7.5% 5.6% 11.7%GHS China Industrial Index 1.5% 6.1% 0.8% -19.5% -4.0%GHS China Agriculture Index 3.2% 18.3% 25.2% 11.0% 27.2%GHS China Food & Beverage Index 5.7% 23.9% -0.2% 5.7% 0.3%GHS China Consumer Index 2.6% 23.4% 18.0% -7.7% -6.0%GHS China Automotive Index 5.3% 5.1% 4.3% 1.8% 24.0%GHS China Education Index 5.8% 12.3% 90.4% 74.8% 71.0%GHS China Services Index 10.1% 28.5% 60.3% 118.7% 141.9%GHS China Healthcare Index 3.5% 7.4% 16.5% 0.6% 14.5%GHS China Internet & Software Index 114.6% 136.2% 159.1% 120.1% 98.0%GHS China Media Index 13.3% 24.8% 35.5% 13.7% 17.4%GHS China Real Estate Index 1.0% 12.5% 17.4% 10.5% 78.3%GHS China Telecom & Electronics Index 4.5% 7.1% 22.2% 16.0% 20.4%DJIA 0.5% 4.6% 9.6% 6.1% 9.9%Nasdaq 2.8% 7.3% 13.3% 8.8% 13.6%S&P 500 0.9% 4.5% 10.5% 5.5% 7.3%Russell 2000 1.6% 8.0% 15.4% 12.7% 13.1%

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140.0% TTM China Subsector Weekly Performance

GHS China Environmental Index GHS China Industrial IndexGHS China Energy Index GHS China Basic Materials IndexGHS China Alternative Energy Index GHS China Agriculture IndexGHS China Food & Beverage Index GHS China Consumer IndexGHS China Automotive Index GHS China Services IndexGHS China Services Index GHS China Healthcare IndexGHS China Internet & Software Index GHS China Media IndexGHS China Real Estate Index GHS China Telecom & Electronics Index

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GHS China Research Weekly Update Week 10/11 – 10/17 October 18, 2010

Global Hunter Securities, LLC Equity Research

China Macro Headlines

• Chinese property prices rebound. Property prices and sales in China rebounded in September after a four-month period of weakness driven by a government crackdown, official data issued Friday show, underscoring the government's continuing struggle to stabilize a soaring real-estate market. The return of bullish sentiment to the market in September was apparently the trigger for another round of tighter government policies announced at the end of last month. Those added to the original set of measures launched in April, which had achieved limited success in curbing speculation and making housing more affordable.

• Auto prices expected to continue falling: NDRC. China's top economic planner said Thursday that auto prices fell slightly in September for a third consecutive month, and were expected to continue falling in the fourth quarter. Prices of cars made in China were down 0.4 percent from August and 0.3 percent from September last year, the National Development and Reform Commission (NDRC) said in a statement on its website.

• China rubber to extend rally from record: technical analysis. Rubber’s rally to a record today in China may be extended after prices broke a key resistance level and demand rises amid tight supply, according to technical analysis by Yongan Futures Co. The breaking of 30,000 yuan ($4,513) a metric ton was a key resistance level, Guo Cheng, analyst at Yongan, said by phone from Beijing. Resistance is a level on a chart where sell orders may be clustered, and support is a level where there may be buy orders.

• China's Sept FDI hits $8.4b, up 6.1% y-o-y. Foreign direct investment (FDI) in China in September rose 6.14 percent year on year, compared with a growth rate of just 1.38 percent in August. China received $8.384 billion in FDI last month, compared with $7.602 billion in August, the Ministry of Commerce (MOC) said Friday.

• CPC session opens to discuss nation's next five-year plan. The 17th Central Committee of the Communist Party of China (CPC) opened its fifth plenary session in Beijing Friday to discuss the nation's next five-year development plan. The four-day meeting will review proposals for the country's 12th five-year program (2011-2015) on national economic and social development.

• China steel output up on production restart: CISA. China's crude steel production recovered quickly in late September as some mills in northern Hebei province resumed output, Reuters reported on Thursday according to industry data. China Iron & Steel Association (CISA) data showed daily crude steel output was 1.678 million tons in the last 10 days of September, 8.5 percent higher than the middle 10 days of the month.

• China trade surplus narrows. China's foreign-exchange reserves swelled to $2.648 trillion at the end of September, in a record surge that highlights the extent of the nation's intervention in currency markets at a time of rising global tensions over exchange rates. The reserves, already by far the largest such stash in the world, jumped by $194.03 billion in the third quarter of the year, central bank data issued Wednesday show, marking their biggest-ever quarterly gain.

• China's business climate index gain in Q3. China's business climate index, a major measure of macro-economic outlook, rose by 2 points in the third quarter while the entrepreneur confidence gained 2.9 points over the previous quarter, the National Bureau of Statistics (NBS) announced on Oct 13. The quarterly business climate index, based on a survey of about 20,000 Chinese firms, advanced to 137.9 points from 135.9 points in the second quarter, the NBS said in a statement on its website.

• Sept consumer prices likely to peak: Analysts. Analysts expected China's consumer price index (CPI) to have reached its 2010 peak in September and inflation pressure to gradually ease in the fourth quarter, while views were divided on whether the government will raise interest rates. CPI, the major inflation gauge, rose to a 22-month year-on-year high of 3.5 percent in August, which is 0.2 percentage points higher than July's rate, National Bureau of Statistics figures show.

• China’s consumer socks are attractive, Global X says. China’s consumer discretionary stocks are becoming more attractive as incomes rise and the economy relies more on domestic spending, according to New York- based asset manager Global X Management Company LLC. Rising Chinese interest rates won’t be a deterrent because consumption growth is based more on higher incomes than on credit, Bruno del Ama, chief executive officer of Global X, said in e-mailed comments yesterday.

• China steps up its steelmaking game. The head of one of China's top steel companies said the world's largest steel industry needs to consolidate production and improve quality, pressing a theme that carries good and bad news for global competitors. Deng Qilin, president of Wuhan Iron & Steel Group Corp., one of China's larger steelmakers, said at a conference here that the country has too many small and midsize players and needs to consolidate.

• Diamond market shines bright. Nation becoming a major player in international trade of precious gems. HONG KONG - Mention diamonds and the chances are people will think of South Africa, home to the gemstone-rush in the late 1800s after a young shepherd named Erasmus Jacobs found a small white pebble along the bank of the Orange River. That white pebble turned out to be a 21.25 carat diamond, dubbed the "Eureka".

• 'Modest' rise in electricity price planned. A multistep electricity pricing system, in which household tariffs will increase with usage, is being planned by the National Development and Reform Commission (NDRC). The nation's top economic planner said on Saturday that the moves will help encourage energy conservation.

Source: ChinaDaily.com, WSJ.com, Bloomberg.com, Reuters

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GHS China Research Weekly Recap

GHS Notes: 10/15 American Lorain Corp. (NYSE: ALN); Buy; Target: $6.00 Joe Gaimichael, 212-644-8916, [email protected]

Dmitriy Shapiro, 646-264-5606, [email protected] Event: ALN announces the resignation of its CFO. Click Here For Print Version of Full Report Summary: Yesterday after the markets closed, American Lorain announced the resignation of its CFO, Mr. Yilun Jin, and the appointment of Ms. Lin Fu as interim CFO. This is a transition that we have been anticipating and we think that the disruption to the company should be minimal. Highlights Yesterday after the markets closed, American Lorain announced the resignation of its CFO, Mr. Yilun Jin. The company appointed Ms. Lin Fu as interim CFO while it is searching for a full time replacement. Ms. Fu graduated from Shandong University of Finance and joined the company in 1996. Since then, she has served various roles within the company’s finance and accounting department, most recently serving as ALN’s Chief Accountant. While it is never positively received to see a CFO depart, this is a transition that we have been anticipating and we think that the disruption to the company should be minimal as Mr. Jin's work was focused primarily on building internal reporting systems. Ms. Fu was appointed from within the company and we believe that she was familiar with the internal processes and will be able to continue Mr. Jin’s work until the company finds a new full time CFO. Reiterating Buy Rating and $6 price target. We are reiterating our Buy rating and 12-18 month price target of $6 at this time. Our $6 price target is predicated on 8.9x FY2011 on a P/E basis and 5.1x FY2011 on an EV/EBITDA basis, significantly below the peer group’s respective averages of $13.2x and 6.3x. Our peer group consists of profitable Chinese companies in the food processing, packaged foods and convenience food spaces, as well as similar sized international and larger US food processing/packaged food companies (excluding several outliers from the peer group average calculation) Company Description: American Lorain Corporation develops, manufacturers, and sells various food products, including chestnut products, convenience food products and frozen food products. The company currently sells over 230 products to 26 provinces and administrative regions in China as well as to 42 foreign countries.

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GHS Notes: 10/15 China MediaExpress Holdings, Inc. (Nasdaq: CCME); Buy; Target: $21.00 Ping Luo, 646-264-5688, [email protected] Jodi Dai, 646-264-5666, [email protected]

Event: Our extensive due diligence reinforces our thesis; Reiterate Buy. Click Here For Print Version of Full Report Summary: During our recent trip to China, we conducted extensive due diligence and channel checks on CCME’s business. We met with the company's entire management team including six regional managers, checked CCME’s sales contracts and bank statements, and interviewed advertising agencies, direct advertisers and bus operators. We took buses in Beijing, Fuzhou and Guangzhou to view the company’s operation and advertising programs. In addition, we met with a representative from CTR, a market research firm, and two directors at Starr International. Our due diligence results reinforce our thesis on the company and we continue to believe that CCME is a leader in its niche market. We believe the fundamentals of the business remain solid. Thus, we reiterate our Buy rating. Highlights Interviews with advertising customers. CCME works with ~30 ad agencies who contribute ~70% of total revenue, with the remaining 30% from direct advertisers. We interviewed a number of ad agencies and direct advertisers, including agencies which purchase advertising time in Beijing and Guangzhou airports. The revenue amount these agencies disclosed to us matched that in the sales contracts and the customer list and revenue breakdown presented by CCME. These customers represent annual contract value of approximately RMB400MM ($60MM), or ~30% of our estimated ‘10 revenue. The agencies receive business either directly from brands or from 4As or other large advertising agencies. These advertisers stated that CCME’s large network and quality customer service make it the top choice in the inter-city bus market. Interviews with bus operators. CCME’s network currently covers over 60 bus operators and close to 25,000 buses. The bus operators we interviewed ran a total of 4,000 buses. They receive concession fees ranging between RMB600 and RMB1,500 per bus per month, which we view as considerably low as compared to its peers in other outdoor media markets. We believe the low cost is due to a lack of major competitors in this niche market as well as weak bargaining power from bus operators who operate in a highly fragmented market. Concession fees typically account for 70%+ of COGS of a media company. Continuing to control concession fees is a key task for a media company. We believe this low level of concession charges explains CCME’s high margin profile. Taking the rides. We took CCME’s buses in Beijing, Fuzhou and Guangzhou to view its operation and programs. The programs were rotated with 30 minutes of entertainment content and 10 minutes of advertisements. We saw brands including multinational names such as Pepsi-Cola, P&G, Coca-Cola, Siemens, and Samsung, and well-known domestic brands such as China Mobile, China Post, Wanglaoji Beverage, Tongyi Green Tea, Huangjin Dadang Nutrition and Yili Dairy, among others. Bus operators expressed favorable feedback from passengers; we believe the availability of various entertainment content makes passengers more receptive to advertising programs. Meeting regional managers. We met with regional managers in charge of sales and customer service in Beijing, Guangdong, Sichuan, Jiangsu, Hubei and Fujian. We cross checked with them the number of buses, top agency customers and total revenues in each region. Currently there are ~30 people in each region who provide customer service to existing customers and develop new local customers (esp. direct advertisers) in the region. Visit to Starr International. We visited Starr’s Shanghai office and met with directors who stated they have done a thorough due diligence before their $30MM investment in January, including hiring ACNielsen to conduct due diligence and market research, and Deloitte to audit CCME’s financials. They indicated that they monitored CCME’s operation and financial results on a monthly basis and continued to believe in its fundamentals, which is further evidenced by Starr’s additional investment of $13.5MM announced earlier this week to purchase 1.5MM common shares from early investors of the company. Reiterate Buy. We have spent substantial time and effort in our ongoing due diligence over the last three months, the results of which reinforced our thesis. Shares are currently trading at just 6x our ’10 EPS (or 4x after backing out $139MM or $3.89/share in net cash). We expect more positive catalysts in the near term as the company continues to expand its network. As such, we reiterate our Buy rating and $21 price target, which is 9x our ’10 EPS of $2.38. Company Description: China MediaExpress provides TV advertising network on inter-city express buses and airport express buses in China.

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GHS Notes: 10/15 China Ping Luo, 646-264-5688, [email protected] Jodi Dai, 646-264-5666, [email protected]

Event: China Impression. Click Here For Print Version of Full Report Highlights Recent China trip. We traveled across China in late September visiting a dozen US-listed China-based companies. We met with management teams and discussed their thoughts on the current market condition and actions that can be taken to unlock shareholder value. Depressed valuation. US-listed China stocks have been depressed since the beginning of the year. We believe this was due to a reduced outlook for China's economic growth. However, during the last three months especially, these stocks experienced a substantial amount of negative press and as a result, increased scrutiny from US investors, which further deteriorated the situation. Growth perspectives remain. We believe, however, that growth perspectives of many companies have not actually changed much. Admittedly, the property sector continues to be under pressure due to the tightened policies from the central government, while most other sectors are still experiencing strong domestic demand and favorable government policies. Expansion slowing down as capital markets dry up. Most of the companies we met with are still growing, which requires continued investment, either for capacity expansion or acquisition. However, these companies are reluctant to come to the equity market given such depressed valuations. Instead many chose to slow down their growth by giving up some acquisition opportunities or postponing capacity expansion. Seeking to unlock value. Facing the current situation, some management teams have experienced turnover, some are resistant and some have begun to explore strategic alternatives to unlock their value. This includes attracting investment from China’s domestic investors under the QDII (Qualified Domestic Institutional Investors) program, seeking a management buyout or pursuing a listing in the China domestic market or HK Stock Exchange. Harbin Electric (HRBN) set an example of an MBO earlier this week. We believe it could be the beginning of a trend as we see increasing interest from both companies and private equity funds, especially those based in Asia. We believe these PE funds have begun to realize the significant valuation gap between US-listed Chinese companies and HK/China listed companies and the tremendous return they could generate by taking some of these companies private and relisting in the HK/China exchanges. Companies with strong fundamentals are likely to become the first group of targets. Improving infrastructure as a public company. While we believe PE driven buyout activity is still at a very early stage, a majority of the companies we met are making more of an effort to comply with US investors’ expectations, mainly to improve their infrastructure as a US publicly listed company. For example, many are planning to upgrade their auditors, strengthen their board of directors, use English-speaking CFO’s who have international experience, as well as improve internal control processes. Becoming more capital market friendly. Given the current environment, we believe both portfolio managers and sell side analysts will be much more selective in picking stocks, which helps to push forward the process. We also expect the current scrutiny to deter a small number of companies from engaging activities not welcomed by the capital markets, such as related party transactions, dilutive acquisitions or financings, and/or inconsistent financial reporting with SEC and domestic agencies. Flight to quality. We continue to believe the growth profile of many Chinese companies will remain strong for the next 3-5 years and the China space will stay attractive to many US investors. We believe the current shake up will provide a stronger incentivize for companies to improve. We believe the companies with both strong earnings power and corporate governance will stand out on the radar of investors, while others who do not fit the US capital markets will drift away. Company visits. We met the following companies on our trip: AMCN, CADC, CCGY, CCME, CELM, CMFO, CNYD, JADE, JNGW, QKLS, SIHI, VALV and ZOOM. Brief summaries of a few of our meetings are provided on the following page. Please contact your GHS institutional sales representative if you are interested in discussing any of these names.

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GHS Notes: 10/11 China Agritech Inc. (Nasdaq: CAGC); Buy; Target: $20.00 Joe Gaimichael, 212-644-8916, [email protected]

Dmitriy Shapiro, 646-264-5606, [email protected] Event: Update on engaging a “Big Four” auditor; Reiterate $20 price target Buy rating. Click Here For Print Version of Full Report Highlights CAGC issued a press release Friday afternoon, providing updates on its intention to hire a “Big Four” auditor. The company announced that it plans to sign a formal contract engaging a “Big Four” auditor following the Q3 FY2010 earnings release. The new auditing firm will conduct the audit of China Agritech’s FY2010 financial results. The company first announced its decision to engage a “Big Four” auditing firm in the beginning of September and was addressed in our note published on September 9, 2010. We believe that engaging a “Big Four” auditor is the best way for any US listed Chinese company to improve its corporate governance, increase transparency, alleviate investors' concerns regarding the quality of its earnings and eliminate some of the “China discount” which has been present in the sector during the last few months. Addressing recent market rumors. Management has also addressed recent rumor mongering and stated that the company “has not been involved in any improper related-party transactions and management has not taken part in activities against their professional integrity”. The company believes that these rumors were created specifically to damage CAGC’s corporate image and the credibility of its management and plans to do everything in its power to defend it. Recall that China Agritech issued a press release about a month ago reiterating confidence in achieving its FY2010 guidance of $114MM in revenues and $23.5MM in non-GAAP net income. We are currently reiterating our prior FY2010 and FY2011 estimates of $115.3MM and $140.7MM in revenues and $24.1MM and $27.8MM in non-GAAP net income, respectively. This translates to non-GAAP EPS estimates of $1.22 and $1.31 for FY2010 and FY2011, respectively. It is important to note that our current estimates do not contain any benefit from the rollout of the distribution centers; we intend to include the contribution as sites come on line and as we can become more comfortable with the economic contribution. We reiterate our Buy rating and $20 price target and continue to believe that CAGC remains the best way for US investors to play the compound fertilizer space. We will be visiting the company in the next few weeks and will tour the new distribution center. We will provide investors with an update afterwards. Valuation. At Friday’s closing price of $12.79, CAGC is traded at 10.5x on a P/E basis and 6.7x on an EV/EBITDA basis.Our target price of $20 per share is predicated on a 16.4x FY2010 on a P/E basis and 11.5x FY2010 on an EV/EBITDA basis, in line with the peer group. Using FY2011 estimates, it translates to 15.3x on a P/E basis and 9.1x on an EV/EBITDA basis, slightly below the peer group. In our opinion, a $20 price target is easily justified by CAGC’s significant growth potential in the domestic organic fertilizer market, through the entrance of the much larger granular fertilizer market, recent production capacity expansion and rapidly growing market reach. In addition, the entrance into the branded large-scale distribution centers (currently not included in our estimates) could help the company to capture additional market share and ramp revenues in 2011 and beyond. CAGC also has a solid balance sheet with over $50MM in cash (following the recent equity raise and warrant exercise) and no debt, which translates into net cash of $2.62 per share. Company Description: China Agritech, Inc. is engaged in the development, manufacture and distribution of liquid and granular organic compound fertilizers and related products in China. The company has developed proprietary formulas that provide a continuous supply of high-quality agricultural products while maintaining soil

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GHS Notes: 10/11 Zhongpin, Inc. (Nasdaq: HOGS); Buy; Target: $24.00 Joe Gaimichael, 212-644-8916, [email protected]

Dmitriy Shapiro, 646-264-5606, [email protected] Event: F4Q Reiterate Buy rating and raising price target to $24. Click Here For Print Version of Full Report Highlights Raising our price target to $24. Our original $18 price target was based on a very conservative valuation methodology, in which we valued the company at only 8x FY2011 P/E; however, as a result of the recent positive trends in pork prices coupled with increased investor interest we are comfortable expanding our target multiples. Several additional sell-side firms have recently initiated coverage with Buy ratings in the September/August period of this year, respectively, and TPG’s recent 13-D filing with the SEC showing that the fund increased its position size in HOGS by 484% to 1.8MM shares helped to raise investor confidence in the name. Our new price target is based on 11x FY2011 P/E and 9x FY2011 EV/EBITDA. Increasing nationwide footprint and raising capacity. By the end of 2010, Zhongpin is expected to have at least 563,760MT of capacity for chilled and frozen pork, 90,000MT for prepared pork products, 20,000MT for premium pork oil and 30,000MT for vegetables and fruits, with the aggregate total capacity of 703,760MT.On July 26 and June 11, Zhongpin announced plans to construct a new pork plant in the Nong'an county in the Jilin province of North Eastern China and a new processing plant and a distribution center in Jiangyan, Jiangsu province. Combined, the two plants will add 195,000 tons of chilled and frozen pork capacity by the end of 2011, or about 36% of existing capacity, and 60,000 tons of prepared pork capacity by mid 2012, or about 67% of existing capacity.These two projects will cost approximately $125MM.Zhongpin also started the production of premium pork oil with an annual capacity of 20,000MT in April, currently operating at about 40% utilization. In the fourth quarter of 2010, Zhongpin also plans to construct the second phase of its Tianjin pork plant, which should have an annual capacity of 36,000MT for prepared pork products, with production scheduled to begin in 3Q11. These projects are also strategically important as the company is in the midst of creating a true nationwide footprint within China, capable of serving nearly every major market from their existing and announced locations. Cold-chain logistics expansion, building a business model for the future of the industry. Zhongpin is currently expanding its cold-chain logistics system into a commercial level to provide third-party services to deliver food products of other companies. We think that this is a very positive and timely development as at the end of July 2010, the National Development and Reform Commission issued the Agriculture Products Cold Chain Logistics Development Guidelines. The guidelines give top priority on the development of logistics of fresh and chilled agriculture products. The guidelines also praised the progress Zhongpin has achieved in cold-chain logistics. Reiterate Buy rating. Our new $24 price target is based on 11.1x FY2011 on a P/E basis, below the peer group average of 16.5x, and at 9.1x FY2011 on an EV/EBITDA basis, somewhat above the peer group average of 8x. In our opinion, this target is easily justified by Zhongpin’s consistent profitability and significant historical and future growth opportunities, industry leader position in a large addressable market and solid balance sheet with about 26% of net debt to capital. In addition, HOGS’s 2008 – 2011 EPS CAGR is 22%, which translates to a PEG ratio of 0.9 using a $24 price target, compared to a peer group average of 1.4. Company Description: Zhongpin Inc. is a meat and food processing company that specializes in pork and pork products, vegetables and fruits in China. Its distribution network in China covers 20 provinces and includes more than 3,000 retail outlets. Zhongpin’s export markets include the European Union and Southeast Asia.

https://ghsecurities.bluematrix.com/docs/pdf/f2328a3f-9056-41c6-9543-32b2ee8bb077.pdf�



Company Ticker GHS Rating Price Mkt Cap ($

MM) Performance (YTD) 12 Month Price

Target

Joe GiamichaelDeer Consumer Products, Inc. (NasdaqGS:DEER) DEER Buy 11.34$ 380.9$ 0.3% 14.00$

Ping LuoChina Marine Food Group Limited (AMEX:CMFO) CMFO Buy 6.36$ 181.7$ -11.6% 10.00$

ZOOM Technologies, Inc. (NasdaqCM:ZOOM) ZOOM Buy 4.08$ 53.0$ -70.9% 8.00$

Dmitriy ShapiroLihua International, Inc. (NasdaqCM:LIWA) LIWA Buy 9.04$ 263.5$ -13.5% 17.00$

Fushi Copperweld, Inc. (NasdaqGS:FSIN) FSIN Buy 9.62$ 362.9$ -4.9% 15.00$ Fushi Copperweld (FSIN) Industry leader and world’s largest producer of bimetallic wire products (CCA and CCS), offering low cost/high quality substitutes tosolid copper products with minimal commodity price risk. The company should see a significant bump in demand in the current rising copper price environment.Proven and patented cold-rolling technology offers substantial quality benefits and acts as barrier to entry for new players. Targets diverse end markets, primarilytelecom, utility, and transportation, all of which expected to benefit from China’s infrastructure build-out and 3G mobile networks rollout. Fushi’s stronggovernment relationships, experienced multinational management team and robust expected growth stemming from expanding utilization rates provides one ofthe most attractive risk / return opportunities in the US listed China space. Strong balance sheet with approximately $2 per share in net cash and $8 per share inNAV eliminates near term dilution risk.

GLOBAL HUNTER SECURITIES CHINA TOP COVERAGE PICKS

Deer Consumer Products (DEER). The coompany has ~$2.50 in net cash and will likely report a very strong Q3; both on the private label export basis and thebranded domestic side. The company has signed several new customers to provide growth for the private label business and the continued roll out domestically,largely in Sunning and Gome should allow the branded business to grow to ~40% of revenues in the near term. This should provide revenue growth and marginexpansion while also increasing intrinsic value of the domestic retail distribution model, which we view as a hidden asset in the overall value.

China Marine Food Group Ltd. (CMFO). We believe the company’s Q3 results are likely to beat our estimates. We expect the company to increase full yearguidance by Q3. Hi-power sales have reached $15MM by end of Aug and is expected to exceed its $20MM ’10 sales target. We believe the company is likelyto upgrade to a top six auditor in the near future.

ZOOM Technologies , Inc. (ZOOM). We expect the company’s Q3 results to beat our estimates. Its top customer Tianyu has increased orders, and ZOOMexpects strong growth in its own brand phones, as mobile phone sales enter high seasons in 2H. We believe there is also a possibility for them to upgrade to abigger auditor during the next year.

Liwa International, Inc. (LIWA) The company recently beat estimates and raised guidance as a result of its continued capacity expansion. The company remainswell positioned to fund growth internally, leveraging its ~$3/share of net cash, to generate 70% revenue and 45% earnings growth in 2011 with shares trading at alow single digit forward P/E.



Ticker Name Price Market Cap (MM) Avg Volume % GainCCME China MediaExpress Holdings, Inc. (NasdaqGS:CCME) 16.20$ 555.5$ 579.21 50.7%CNIT China Information Technology, Inc. (NasdaqGS:CNIT) 6.75$ 349.7$ 260.56 28.8%KH China Kanghui Holdings (NYSE:KH) 19.43$ 423.6$ 209.35 24.5%OINK Tianli Agritech, Inc. (NasdaqGM:OINK) 5.96$ 60.3$ 43.65 24.2%KONG Kongzhong Corp. (NasdaqGS:KONG) 7.84$ 276.2$ 87.64 24.1%LDK LDK Solar Co., Ltd. (NYSE:LDK) 12.12$ 1,592.9$ 4137.92 23.7%SKBI Skystar Bio Pharmaceutical Company (NasdaqCM:SKBI) 8.01$ 56.9$ 22.76 20.8%RINO RINO International Corporation (NasdaqGS:RINO) 17.27$ 494.0$ 577.83 20.6%CMFO China Marine Food Group Limited (AMEX:CMFO) 6.38$ 182.2$ 200.46 19.7%CEU China Education Alliance Inc. (NYSE:CEU) 5.55$ 175.7$ 134.36 19.6%PUDA Puda Coal Inc. (AMEX:PUDA) 9.35$ 189.7$ 259.55 18.7%CHBT China-Biotics, Inc. (NasdaqGM:CHBT) 13.02$ 291.3$ 522.3 18.6%SFUN SouFun Holdings Ltd. (NYSE:SFUN) 75.33$ 1,399.4$ 409.2 17.4%HRBN Harbin Electric, Inc. (NasdaqGS:HRBN) 23.20$ 720.8$ 395.37 16.2%QKLS QKL Stores Inc. (NasdaqCM:QKLS) 5.23$ 155.4$ 28.25 16.0%

Ticker Name Price Market Cap (MM) Avg Volume % GainAKRK Asia Cork, Inc. (OTCBB:AKRK) 0.39$ 10.7$ 16.94 62.5%GCHT GC China Turbine Corp (OTCBB:GCHT) 0.86$ 38.5$ 0 48.2%CRTP China Ritar Power Corp. (NasdaqGM:CRTP) 4.12$ 90.1$ 49.27 47.7%ENHD Energroup Holdings Corp. (OTCBB:ENHD) 2.40$ 48.8$ 36.49 41.2%CHGI China Carbon Graphite Group, Inc. (OTCBB:CHGI) 0.65$ 12.9$ 21.95 41.0%KONE Kingtone Wirelessinfo Solution Holding Ltd. (NasdaqCM:KONE) 3.80$ 53.2$ 59.35 39.7%YYIN Yayi International Inc. (OTCBB:YYIN) 1.65$ 39.1$ 15.5 37.5%CNOA China Organic Agriculture, Inc. (OTCBB:CNOA) 0.59$ 42.4$ 120.24 37.2%CIHD Changda International Holdings, Inc. (OTCBB:CIHD) 0.55$ 10.2$ 20.22 30.9%CABL China Cablecom Holdings, Ltd. (NasdaqCM:CABL) 0.60$ 4.0$ 105.3 30.4%CHCG China 3C Group (OTCBB:CHCG) 0.31$ 18.6$ 70.55 29.2%JPAK Jpak Group, Inc. (OTCBB:JPAK) 0.32$ 9.1$ 7.5 28.0%NIV NIVS IntelliMedia Technology Group, Inc. (AMEX:NIV) 2.65$ 127.1$ 397.76 27.4%CTDC China Technology Development Group Corporation (NasdaqCM:CTDC 2.42$ 51.7$ 31.57 27.4%YTEC Yucheng Technologies Limited (NasdaqGS:YTEC) 4.02$ 74.6$ 66.29 25.6%

Top 15 Weekly Gainers (Price >= $5)

Top 15 Weekly Gainers (Price >= $0.25 & <$5)

Ticker Name Price Market Cap (MM) Avg Volume % GainDGW Duoyuan Global Water Inc. (NYSE:DGW) 13.22$ 325.4$ 485.54 -10.3%VALV Shengkai Innovations, Inc. (NasdaqGM:VALV) 6.02$ 139.6$ 5.71 -7.1%CAGC China Agritech Inc. (NasdaqGM:CAGC) 11.95$ 248.2$ 1061.38 -6.6%FUQI Fuqi International, Inc. (NasdaqGS:FUQI) 7.76$ 214.4$ 969.65 -4.9%SOLF Solarfun Power Holdings Co. Ltd. (NasdaqGS:SOLF) 11.07$ 792.3$ 2929.79 -4.8%CHDX Chindex International Inc. (NasdaqGS:CHDX) 14.07$ 226.6$ 89.18 -4.2%NFEC NF Energy Saving Corp. (NasdaqGM:NFEC) 5.66$ 30.1$ 5.48 -4.1%CSKI China Sky One Medical, Inc. (NasdaqGS:CSKI) 8.83$ 148.3$ 209.54 -3.7%ASIA AsiaInfo-Linkage,Inc. (NasdaqGS:ASIA) 20.56$ 1,525.0$ 1207.38 -3.6%CGA China Green Agriculture, Inc. (NYSE:CGA) 9.51$ 255.3$ 511.49 -3.2%CAST ChinaCast Education Corporation (NasdaqGS:CAST) 7.48$ 372.3$ 274.66 -3.0%CHOP China Gerui Advanced Materials Group Ltd. (NasdaqGM:CHOP) 5.92$ 268.9$ 61.65 -3.0%SYUT Synutra International Inc. (NasdaqGS:SYUT) 11.04$ 632.6$ 254.13 -2.0%CIEC Chisen Electric Corp. (OTCBB:CIEC) 5.20$ 253.5$ 0 -1.9%WX WuXi PharmaTech (Cayman) Inc. (NYSE:WX) 16.71$ 1,197.9$ 520.69 -1.6%

Ticker Name Price Market Cap (MM) Avg Volume % GainPBEP Pacific Bepure Industry Inc. (OTCPK:PBEP) 0.51$ 7.7$ 0 -79.6%CGYV China Energy Recovery, Inc. (OTCPK:CGYV) 0.34$ 10.0$ 29.98 -25.6%VNTI Vantone International Group, Inc. (OTCBB:VNTI) 0.72$ 21.6$ 8.96 -24.2%GHNA GHN Agrispan Holding Company (OTCBB:GHNA) 0.60$ 24.3$ 10.95 -21.1%TXIC Tongxin International, Ltd. (OTCPK:TXIC) 3.14$ 42.2$ 144.3 -18.9%MOQZ Moqizone Holding, Corp. (OTCBB:MOQZ) 1.70$ 30.1$ 3.17 -15.0%CSOL China Solar & Clean Energy Solutions, Inc. (OTCBB:CSOL) 0.30$ 4.8$ 15.48 -14.3%SUWG Sunway Global, Inc. (OTCBB:SUWG) 1.29$ 23.9$ 1.28 -14.0%CVDT China VoIP & Digital Telecom, Inc. (OTCBB:CVDT) 0.26$ 16.6$ 18.4 -13.3%CSNH China Shandong Industries, Inc. (OTCBB:CSNH) 4.00$ 51.5$ 3.39 -11.1%BRBH Birch Branch Inc. (OTCBB:BRBH) 4.00$ 143.9$ 1.64 -10.9%SGTI Shengtai Pharmaceutical Inc. (OTCBB:SGTI) 1.04$ 18.7$ 17.81 -9.6%HHGM Huiheng Medical, Inc. (OTCBB:HHGM) 1.27$ 19.6$ 2.23 -9.3%SGAS Sino Gas International Holdings, Inc. (OTCBB:SGAS) 0.40$ 11.0$ 55.69 -7.0%VISN VisionChina Media Inc. (NasdaqGM:VISN) 4.25$ 343.3$ 368.18 -6.8%

Top 15 Weekly Decliners (Price >= $5)

Top 15 Weekly Decliners (Price >= $0.25 & <$5)



Ticker Name Market Cap (MM) P / E (2011)SGAS Sino Gas International Holdings, Inc. (OTCBB: 11.0$ 2.1CHLN China Housing and Land Development, Inc. (N 74.8$ 2.8UTA Universal Travel Group (NYSE:UTA) 96.9$ 3.1XIN Xinyuan Real Estate Co., Ltd. (NYSE:XIN) 231.0$ 3.3HQS HQ Sustainable Maritime Industries, Inc. (AME 52.9$ 3.3ZOOM ZOOM Technologies, Inc. (NasdaqCM:ZOOM) 53.0$ 3.3ZSTN ZST Digital Networks, Inc. (NasdaqGM:ZSTN) 78.1$ 3.3CFMI China Pharmaceuticals, Inc. (OTCBB:CFMI.D 61.1$ 3.4SIHI SinoHub, Inc. (AMEX:SIHI) 61.4$ 3.4FUQI Fuqi International, Inc. (NasdaqGS:FUQI) 214.4$ 3.4WEMU Worldwide Energy & Manufacturing USA, Inc. ( 22.9$ 3.5CNBI Purden Lake Resource Corp. (OTCBB:CNBI) 122.1$ 3.7CTXI.F China Linen Textile Industry, Ltd. (OTCBB:CTX 30.3$ 3.8NIV NIVS IntelliMedia Technology Group, Inc. (AME 127.1$ 3.9SPU SkyPeople Fruit Juice, Inc. (NasdaqGM:SPU) 125.9$ 4.2RDBO Rodobo International Inc. (OTCBB:RDBO) 53.2$ 4.2SKBI Skystar Bio Pharmaceutical Company (Nasda 56.9$ 4.3YUII Yuhe International, Inc. (NasdaqCM:YUII) 119.8$ 4.3BEST Shiner International, Inc. (NasdaqCM:BEST) 32.0$ 4.3JGBO Jiangbo Pharmaceuticals, Inc (NasdaqGM:JGB 94.2$ 4.4

20 Cheapest Companies based on 2011 Consensus P/E

Ticker Name Market Cap (MM) P / E (2011)ATV Acorn International, Inc. (NYSE:ATV) 133.3$ 112.5TCM Tongjitang Chinese Medicines Co. (NYSE:TCM 102.8$ 79.0LONG eLong Inc. (NasdaqGM:LONG) 425.9$ 48.5BJGP BMP Sunstone Corporation (NasdaqGM:BJGP 327.0$ 45.6HTHT China Lodging Group, Limited (NasdaqGM:HT 1,574.5$ 43.8VIT VanceInfo Technologies Inc. (NYSE:VIT) 1,371.4$ 37.3SVN 7 Days Group Holdings Limited (NYSE:SVN) 1,002.2$ 37.0KH China Kanghui Holdings (NYSE:KH) 423.6$ 36.3AMAP AutoNavi Holdings Limited (NasdaqGS:AMAP) 911.5$ 36.0DL China Distance Education Holdings Limited (N 184.0$ 35.2NPD China Nepstar Chain Drugstore Ltd. (NYSE:NP 484.2$ 34.7HSFT hiSoft Technology International Ltd. (NasdaqG 739.0$ 33.0HMIN Home Inns & Hotels Management Inc. (Nasdaq 2,111.8$ 32.7CHDX Chindex International Inc. (NasdaqGS:CHDX) 226.6$ 31.6CO China Cord Blood Corporation (NYSE:CO) 347.0$ 28.1JOBS 51job Inc. (NasdaqGS:JOBS) 1,199.0$ 27.8CTC IFM Investments Limited (NYSE:CTC) 259.1$ 26.4VISN VisionChina Media Inc. (NasdaqGM:VISN) 343.3$ 24.2CHC China Hydroelectric Corporation (NYSE:CHC) 358.2$ 23.8KONG Kongzhong Corp. (NasdaqGS:KONG) 276.2$ 23.8

20 Expensive Companies based on 2011 Consensus P/E



Ticker Name Market Cap (MM) EV / EBITDA (2011)NTE Nam Tai Electronics, Inc. (NYSE:NTE) 211.5$ 0.2HQS HQ Sustainable Maritime Industries, Inc. (AME 52.9$ 0.5UTA Universal Travel Group (NYSE:UTA) 96.9$ 1.1PUDA Puda Coal Inc. (AMEX:PUDA) 189.7$ 2.0DGW Duoyuan Global Water Inc. (NYSE:DGW) 325.4$ 2.0ZSTN ZST Digital Networks, Inc. (NasdaqGM:ZSTN) 78.1$ 2.0CELM China Electric Motor, Inc. (NasdaqGM:CELM) 108.3$ 2.1SGAS Sino Gas International Holdings, Inc. (OTCBB: 11.0$ 2.1CTXI.F China Linen Textile Industry, Ltd. (OTCBB:CTX 30.3$ 2.1CBPO China Biologic Products, Inc. (NasdaqGM:CBP 257.5$ 2.2CCME China MediaExpress Holdings, Inc. (NasdaqGS 555.5$ 2.2LIWA Lihua International, Inc. (NasdaqCM:LIWA) 263.5$ 2.4CNBI Purden Lake Resource Corp. (OTCBB:CNBI) 122.1$ 2.5CHOP China Gerui Advanced Materials Group Ltd. (N 268.9$ 2.6CNYD China Yida Holding, Co. (NasdaqCM:CNYD) 182.8$ 2.6CNGL China Nutrifruit Group Limited (AMEX:CNGL) 112.4$ 2.6CEDU ChinaEdu Corporation (NasdaqGM:CEDU) 112.9$ 2.6SIHI SinoHub, Inc. (AMEX:SIHI) 61.4$ 2.6QKLS QKL Stores Inc. (NasdaqCM:QKLS) 155.4$ 2.7AMCF Andatee China Marine Fuel Services Corporat 47.0$ 2.7

20 Cheapest Companies based on 2011 Consensus EV/EBITDA

Ticker Name Market Cap (MM) EV / EBITDA (2011)ATAI ATA, Inc. (NasdaqGM:ATAI) 69.6$ 70.3VIT VanceInfo Technologies Inc. (NYSE:VIT) 1,371.4$ 24.6HSFT hiSoft Technology International Ltd. (NasdaqG 739.0$ 23.5ADY Feihe International, Inc. (NYSE:ADY) 216.7$ 20.6AMAP AutoNavi Holdings Limited (NasdaqGS:AMAP) 911.5$ 20.5CIS Camelot Information Systems Inc. (NYSE:CIS 808.2$ 18.0KH China Kanghui Holdings (NYSE:KH) 423.6$ 17.6JOBS 51job Inc. (NasdaqGS:JOBS) 1,199.0$ 17.5JRJC China Finance Online Co. Ltd. (NasdaqGM:JR 174.5$ 17.3HTHT China Lodging Group, Limited (NasdaqGM:HT 1,574.5$ 16.4DL China Distance Education Holdings Limited (N 184.0$ 16.3NPD China Nepstar Chain Drugstore Ltd. (NYSE:NP 484.2$ 15.8HMIN Home Inns & Hotels Management Inc. (Nasdaq 2,111.8$ 13.9HOLI Hollysys Automation Technologies, Ltd (Nasda 655.0$ 13.6CRIC China Real Estate Information Corporation (Na 1,499.8$ 13.3SVN 7 Days Group Holdings Limited (NYSE:SVN) 1,002.2$ 13.2CHDX Chindex International Inc. (NasdaqGS:CHDX) 226.6$ 11.5SCR Simcere Pharmaceutical Group. (NYSE:SCR) 521.4$ 11.4CHRM Charm Communications Inc. (NasdaqGM:CHR 710.2$ 11.2SEED Origin Agritech Limited (NasdaqGS:SEED) 206.7$ 11.2

20 Expensive Companies based on 2011 Consensus EV/EBITDA



Ticker Company Name Price Market SI as % Shares Float Short Days toCap Float Outstanding Interest Cover

RINO RINO International Corporation (NasdaqGS:RINO) 17.27 494.0 64.9% 28.6 7.3 4.7 8.19CHBT China-Biotics, Inc. (NasdaqGM:CHBT) 13.02 291.3 47.7% 22.4 9.4 4.5 8.53CCME China MediaExpress Holdings, Inc. (NasdaqGS:CCME) 16.20 555.5 40.3% 34.3 11.0 4.4 7.67CMED China Medical Technologies Inc. (NasdaqGS:CMED) 11.43 360.9 33.1% 31.6 19.9 6.6 24.75CAGC China Agritech Inc. (NasdaqGM:CAGC) 11.95 248.2 29.7% 20.8 8.3 2.5 2.33ADY Feihe International, Inc. (NYSE:ADY) 9.72 216.7 25.1% 22.3 10.2 2.6 10.68CRIC China Real Estate Information Corporation (NasdaqGS:CRIC) 10.34 1,499.8 24.0% 143.4 17.5 4.2 14.32CBEH China Integrated Energy, Inc. (NasdaqCM:CBEH) 7.93 268.3 22.9% 33.8 10.1 2.3 10.61CFSG China Fire & Security Group, Inc. (NasdaqCM:CFSG) 8.64 238.4 22.7% 27.6 3.1 0.7 8.31DGW Duoyuan Global Water Inc. (NYSE:DGW) 13.22 325.4 22.3% 24.6 10.3 2.3 4.70HRBN Harbin Electric, Inc. (NasdaqGS:HRBN) 23.20 720.8 21.2% 31.1 20.4 4.3 10.92FUQI Fuqi International, Inc. (NasdaqGS:FUQI) 7.76 214.4 20.3% 27.6 15.3 3.1 3.22LDK LDK Solar Co., Ltd. (NYSE:LDK) 12.12 1,592.9 19.4% 131.4 58.8 11.4 2.76SEED Origin Agritech Limited (NasdaqGS:SEED) 8.98 206.7 18.8% 23.0 10.4 2.0 3.07TSTC Telestone Technologies Corp. (NasdaqGS:TSTC) 11.49 121.3 18.1% 10.6 6.8 1.2 5.83CHNG China Natural Gas, Inc. (NasdaqGM:CHNG) 5.85 124.1 17.7% 21.2 15.5 2.7 9.41CBPO China Biologic Products, Inc. (NasdaqGM:CBPO) 10.95 257.5 17.1% 23.5 5.5 0.9 13.89GFRE Gulf Resources, Inc. (NasdaqGS:GFRE) 8.69 301.0 17.0% 34.6 14.2 2.4 10.23CSUN China Sunergy Co. Ltd. (NasdaqGM:CSUN) 4.68 208.5 16.7% 44.5 9.4 1.6 3.50CAAS China Automotive Systems Inc. (NasdaqCM:CAAS) 17.25 467.7 16.0% 27.1 8.3 1.3 3.81DEER Deer Consumer Products, Inc. (NasdaqGS:DEER) 11.34 380.9 15.8% 33.6 14.8 2.3 6.22APWR A-Power Energy Generation Systems, Ltd. (NasdaqGS:APWR) 7.87 364.9 15.7% 46.4 33.6 5.3 6.57CGA China Green Agriculture, Inc. (NYSE:CGA) 9.51 255.3 15.6% 26.8 17.4 2.7 5.32CSKI China Sky One Medical, Inc. (NasdaqGS:CSKI) 8.83 148.3 15.6% 16.8 9.1 1.4 6.77CNAM China Armco Metals, Inc. (AMEX:CNAM) 4.57 69.4 14.3% 15.2 5.2 0.7 2.24

25 Highest Short Interest as % of Float



GHS Upcoming Events, Roadshows, Analyst Calls Global Hunter sponsors a number of on going management and or analyst conference calls, non deal roadshows, conferences and industry overviews, below is a list of our upcoming events, please contact your GHS sales representative for additional information.

10/11-10/29 Analyst Joe Giamichael Due Diligence Trip to China Next Week's GHS Events

10/18-10/19 China RuiTai International Holdings Co., Ltd. (CRUI.OB) Non-Deal Roadshow in New York 10/18-10/19 Yasheng Group (YHGG) Meeting with management in Lanzhou, Gansu

10/13-10/14 NIVS IntelliMedia Technology Group Inc. (NIV) Non-Deal Roadshow in New York and Boston This Week's GHS Events

10/16 China Energy Recovery Inc (CGYV) Meeting with management in Shanghai, China

10/04 City Telecom HK Ltd. (CTEL) 1x1 Meeting with Management in Newport Beach Last Week's GHS Events

GHS Block Trading Solutions Global Hunter has created a “Liquidity Solutions” offering in which we work with small cap companies and investors to locate and distribute blocks of shares, in registered and unregistered stock. These tend to be larger blocks of stock in fairly illiquid names; in which we will be opening accounts to put the block in and doing the trades on the tape to ensure a successful transfer of ownership. Below is a list of recent transactions as well as a sample of potential transactions; please contact your GHS sales representative for further details. Recent Block Transactions Done by GHS BSPM - 960k shares CAGM - 200k shares CIVN - 1MM shares EMDY - 800k shares Block Transactions under Actively Marketing CIVN - live



GHS Market Avg LTM YTDGHS Price Current Cap Vol Sales Performance

Ticker Company Name Primary Industry Rating Target Price (MMs) (000s) (MMs) %

GHS COVERAGE LISTCHINA: AGRICULTURE ALN American Lorain Corporation Food & Beverage Buy 6.00 3.06 92.5 47.1 24.6 0.3%

CAGC China Agritech Inc. Agriculture Buy 20.00 11.95 248.2 1,061 102.0 18.7%

DEER Deer Consumer Products, Inc. Consumer Buy 14.00 11.34 380.9 376 117.5 -31.8%

SEED Origin Agritech Limited Agriculture Neutral N/A 8.98 206.7 642 82.6 -32.3%

YUII Yuhe International, Inc. Agriculture Buy 16.00 7.58 119.8 58 50.7 -13.0%

HOGS Zhongpin, Inc. Agriculture Buy 18.00 20.92 726.4 416 829.7 6.1%

CHINA: BASIC MATERIALSCHOP China Gerui Advanced Materials Group Ltd. Basic Materials Neutral N/A 5.92 268.9 62 242.4 5.7%

FSIN Fushi Copperweld, Inc. Basic Materials Buy 15.00 9.63 363.2 264 227.9 -19.8%

LIWA Lihua International, Inc. Basic Materials Buy 17.00 9.04 263.5 123 230.9 -13.5%

RINO RINO Internatinal Corp Environmental Buy 20.00 17.27 494.0 578 229.6 -37.5%

AMCN AirMedia Group Inc. Media Buy 8.00 5.70 373.9 327 184.3 -24.1%

CAAS China Automotive Systems Inc. Automotive Neutral 22.00 17.25 467.7 347 317.7 -7.8%

CHLN China Housing and Land Development, Inc. Real Estate Buy 7.00 2.26 74.8 114 112.2 -45.3%

CHC China Hydroelectric Corporation Alternative Energy Buy 12.00 7.01 358.2 46 57.1 -

CMFO China Marine Food Group Limited Food & Beverage Buy 10.00 6.36 182.2 200 85.5 -11.6%

CCME China MediaExpress Holdings, Inc. Media Buy 21.00 16.20 555.5 579 156.1 52.8%

CRTP China Ritar Power Corp. Alternative Energy Buy 5.50 4.12 90.1 49 119.2 -14.2%

CVVT China Valves Technology, Inc. Industrial Buy 17.00 7.87 288.4 258 128.9 -14.8%

CNYD China Yida Holding, Co. Services Buy 15.00 9.35 182.8 31 59.7 -32.8%

CAST ChinaCast Education Corporation Education Buy 10.00 7.48 372.3 275 60.9 -1.1%

HRBN Harbin Electric, Inc. Industrial Buy 28.00 23.20 720.8 395 365.1 13.0%

QKLS QKL Stores Inc. Consumer Buy 7.00 5.23 155.4 28 277.5 -21.9%

SDTH ShengdaTech, Inc. Basic Materials Buy 8.50 6.30 341.5 194 118.9 2.8%

VALV Shengkai Innovations, Inc. Industrial Buy 13.00 6.02 139.6 6 54.1 16.9%

SIHI SinoHub, Inc. Internet & Software Buy 6.00 2.15 61.4 54 161.4 -46.3%

WATG Wonder Auto Technology, Inc. Automotive Buy 14.00 10.07 341.0 461 253.5 -14.2%

ZOOM ZOOM Technologies, Inc. Telecom & Electronics Buy 8.00 4.08 53.0 93 201.0 -34.0%

GHS China Coverage Universe

Joe Giamichael ([email protected]; 212-644-8916)

CHINA: INDUSTRIAL, CONSUMER & CLEAN TECHNOLOGY Ping Luo, CFA ([email protected]; 646-264-5688), Jodi Dai ([email protected]; 646-264-5666)

Dmitriy Shapiro ([email protected]; 646-264-5606)



Ticker Company Name Primary IndustryCurrent

PriceMarket Cap

(MMs) Avg Vol LTM SalesYTD

PerformanceAERL Asia Entertainment & Resources Ltd. (NasdaqGM:AERL) Services 5.30$ 66.81$ 14 30.17$ NA

AOB American Oriental Bioengineering Inc. (NYSE:AOB) Healthcare 2.69$ 211.38$ 416 309.90$ -41.1%

APWR A-Power Energy Generation Systems, Ltd. (NasdaqGS:APWR) Alternative Energy 7.87$ 364.88$ 803 364.68$ -10.0%

BEST Shiner International, Inc. (NasdaqCM:BEST) Basic Materials 1.30$ 31.96$ 41 44.24$ -7.9%

BJGP BMP Sunstone Corporation (NasdaqGM:BJGP) Healthcare 7.76$ 327.05$ 182 155.00$ 85.2%

CAGM China Green Material Technologies, Inc. (OTCBB:CAGM) Consumer 1.50$ 39.24$ 13 15.02$ 65.1%

CBAK China BAK Battery, Inc. (NasdaqGM:CBAK) Alternative Energy 2.05$ 130.41$ 389 216.76$ -50.1%

CBP Renhuang Pharmaceuticals, Inc. (AMEX:CBP) Healthcare 2.14$ 79.69$ 19 52.99$ 86.1%

CDII China Direct Industries, Inc. (NasdaqGM:CDII) Basic Materials 1.46$ 46.12$ 270 89.60$ 6.1%

CFSG China Fire & Security Group, Inc. (NasdaqCM:CFSG) Industrial 8.64$ 238.43$ 84 85.51$ -53.1%

CGA China Green Agriculture, Inc. (NYSE:CGA) Agriculture 9.51$ 255.32$ 511 52.09$ -15.7%

CHBT China-Biotics, Inc. (NasdaqGM:CHBT) Healthcare 13.02$ 291.26$ 522 90.89$ 3.9%

CHCG China 3C Group (OTCBB:CHCG) Telecom & Electronics 0.31$ 18.64$ 71 158.18$ -55.7%

CHDX Chindex International Inc. (NasdaqGS:CHDX) Healthcare 14.07$ 226.60$ 89 167.35$ 18.6%

CHGS China GengSheng Minerals, Inc (AMEX:CHGS) Basic Materials 1.47$ 35.71$ 69 57.04$ -19.7%

CHME China Medicine Corporation (OTCBB:CHME) Healthcare 2.50$ 59.41$ 22 67.36$ 67.7%

CMED China Medical Technologies Inc. (NasdaqGS:CMED) Healthcare 11.43$ 360.88$ 266 103.22$ -33.0%

CNGL China Nutrifruit Group Limited (AMEX:CNGL) Food & Beverage 3.06$ 112.36$ 9 73.19$ -13.1%

CREG China Recycling Energy Corp (NasdaqGM:CREG) Alternative Energy 3.14$ 121.76$ 19 61.44$ 24.6%

CRUI China RuiTai International Holdings Co., Ltd. (OTCBB:CRUI) Basic Materials 0.70$ 18.20$ 9 40.45$ -31.4%

CSOL China Solar & Clean Energy Solutions, Inc. (OTCBB:CSOL) Alternative Energy 0.30$ 4.80$ 15 23.96$ -38.2%

CTFO China TransInfo Technology Corp. (NasdaqGM:CTFO) Internet & Software 6.39$ 161.32$ 85 96.53$ -35.5%

FEED AgFeed Industries, Inc. (NasdaqGS:FEED) Agriculture 2.87$ 143.63$ 917 191.77$ -34.8%

GFRE Gulf Resources, Inc. (NasdaqGS:GFRE) Basic Materials 8.69$ 301.02$ 235 133.50$ 12.0%

GSI General Steel Holdings, Inc. (NYSE:GSI) Basic Materials 3.03$ 165.17$ 335 1,891.41$ -15.5%GSOL Global Sources Ltd. (NasdaqGS:GSOL) Services 8.48$ 378.67$ 78 177.88$ 16.3%

HEAT SmartHeat Inc. (NasdaqGM:HEAT) Industrial 7.05$ 231.32$ 411 95.99$ -42.7%

HFGB Huifeng Bio-Pharmaceutical Technology, Inc. (OTCBB:HFGB) Healthcare 0.75$ 17.31$ 39 20.20$ 87.5%

HHGM Huiheng Medical, Inc. (OTCBB:HHGM) Healthcare 1.27$ 19.58$ 2 9.71$ -3.0%

HIHO Highway Holdings Ltd. (NasdaqCM:HIHO) Telecom & Electronics 2.09$ 7.90$ 5 23.58$ 24.8%

HQS HQ Sustainable Maritime Industries, Inc. (AMEX:HQS) Food & Beverage 3.60$ 52.85$ 209 80.47$ -52.5%

JNGW Jingwei International Limited (NasdaqGM:JNGW) Internet & Software 4.70$ 80.13$ 21 35.58$ 91.8%

LTUS Lotus Pharmaceuticals, Inc. (OTCBB:LTUS) Healthcare 1.10$ 59.81$ 108 66.42$ 29.6%

NED Noah Education Holdings, Ltd. (NYSE:NED) Education 2.02$ 77.74$ 97 100.27$ -59.1%

NEWN New Energy Systems Group (AMEX:NEWN) Alternative Energy 6.13$ 72.71$ 90 64.22$ 44.3%

NOEC New Oriental Energy & Chemical Corp (NasdaqCM:NOEC) Agriculture 1.25$ 17.63$ 16 37.81$ 29.1%

RDBO Rodobo International Inc. (OTCBB:RDBO) Food & Beverage 1.94$ 53.21$ 4 53.81$ 6.7%

RINO RINO International Corporation (NasdaqGS:RINO) Environmental 17.27$ 494.01$ 578 229.56$ -19.0%

SHZ China Shen Zhou Mining & Resources, Inc. (AMEX:SHZ) Basic Materials 1.40$ 39.17$ 39 5.95$ 15.2%

SKBI Skystar Bio Pharmaceutical Company (NasdaqCM:SKBI) Healthcare 8.01$ 56.93$ 23 36.85$ -15.6%

SKBI Skystar Bio Pharmaceutical Company (NasdaqCM:SKBI) Healthcare 8.01$ 56.93$ 23 36.85$ -15.6%

SORL SORL Auto Parts, Inc. (NasdaqGM:SORL) Automotive 8.94$ 172.59$ 88 159.00$ 51.3%

TBYH T-Bay Holdings, Inc. (OTCBB:TBYH) Telecom & Electronics 0.07$ 1.99$ 39 33.89$ -80.0%

TCM Tongjitang Chinese Medicines Co. (NYSE:TCM) Healthcare 3.95$ 102.77$ 26 74.76$ -28.1%

TRIT Tri-Tech Holding, Inc. (NasdaqCM:TRIT) Environmental 13.76$ 106.93$ 70 23.15$ -0.6%

TXIC Tongxin International, Ltd. (OTCPK:TXIC) Automotive 3.14$ 42.25$ 144 121.63$ -67.1%

UTA Universal Travel Group (NYSE:UTA) Services 4.87$ 96.90$ 562 126.83$ -51.1%

WWIN Winner Medical Group Inc. (NasdaqGM:WWIN) Healthcare 5.99$ 143.47$ 47 114.46$ 5.5%

WX WuXi PharmaTech (Cayman) Inc. (NYSE:WX) Healthcare 16.71$ 1,197.95$ 521 305.56$ 32.9%

YONG Yongye International, Inc. (NasdaqGS:YONG) Agriculture 8.17$ 393.24$ 539 153.73$ 3.9%YSYB Yanglin Soybean, Inc. (OTCBB:YSYB) Agriculture 1.01$ 20.67$ 1 162.84$ -67.7%

YTEC Yucheng Technologies Limited (NasdaqGS:YTEC) Services 4.02$ 74.61$ 66 51.05$ -46.3%

YYIN Yayi International Inc. (OTCBB:YYIN) Food & Beverage 1.65$ 39.12$ 16 22.02$ 26.2%

GHS CHINA MONITORED LIST



Appendix: Components for GHS Small Cap Sector Based Index of US Listed Chinese Companies - We have created a market cap weighted index of US listed Chinese companies (all major exchanges and OTC BB). This index has been created with the intention of developing an accurate benchmark that is representative of the evolving, small cap oriented, US listed China space. The index is composed of companies with market capitalizations below $2 billion to prevent performance skew from larger capitalization outliers. The index is also divided into 16 sub-sectors enabling investors to track performance on an accurate peer comparables basis. This index, much like the underlying universe of companies that it represents, will remain a constantly evolving entity and will be updated to account for new market participants on a regular basis.

Ticker Company Name Weight in Price Market Cap EV Net Cash Current Short Int P/E EV/EBITDA Total Debt / Performance Avg VolumeOverall Index (MM) (MM) (MM) (MM) 2011.0 2011.0 Total Equity (TTM) (000)

ALTERNATIVE ENERGYABAT Advanced Battery Technologies, Inc. (NasdaqCM:ABAT) 0.3% 3.96$ 271.7$ 209.2$ 62.4$ 6.2 - - 0.0% 0.2% 674.8APWR A-Power Energy Generation Systems, Ltd. (NasdaqGS:APW 0.4% 7.87$ 364.9$ 303.9$ 61.0$ 5.3 6.3 4.2 20.7% -10.0% 803.3ASOE Apollo Solar Energy, Inc. (OTCBB:ASOE) 0.2% 3.30$ 165.4$ 168.9$ (3.5)$ 0.0 - - 14.5% -26.5% 6.6BLSP Blue Sphere Corp. (OTCBB:BLSP) 0.0% 0.38$ 25.0$ 24.8$ 0.1$ 0.0 - - 0.0% NA 12.3CBAK China BAK Battery, Inc. (NasdaqGM:CBAK) 0.1% 2.05$ 130.4$ 322.4$ (192.0)$ 1.7 18.6 8.8 139.5% -50.1% 388.5CCGY China Clean Energy, Inc. (OTCBB:CCGY) 0.0% 0.85$ 26.5$ 25.2$ 1.2$ 0.0 - - 17.7% -1.2% 62.4CGYV China Energy Recovery, Inc. (OTCPK:CGYV) 0.0% 0.34$ 10.0$ 14.7$ (4.7)$ 0.0 - - 116.8% -66.5% 30.0CHC China Hydroelectric Corporation (NYSE:CHC) 0.4% 7.01$ 358.2$ 530.3$ (172.1)$ 0.0 23.8 7.6 60.1% NA 46.1CIEC Chisen Electric Corp. (OTCBB:CIEC) 0.3% 5.20$ 253.5$ 334.6$ (81.1)$ 0.0 - - 281.4% 23.7% 0.0CNER China New Energy Group Co. (OTCBB:CNER) 0.0% 0.25$ 26.8$ 26.5$ 0.3$ 0.0 - - 0.0% 40.9% 11.5CREG China Recycling Energy Corp (NasdaqGM:CREG) 0.1% 3.14$ 121.8$ 166.9$ (45.1)$ 0.1 6.2 3.7 87.6% 24.6% 19.4CRTP China Ritar Power Corp. (NasdaqGM:CRTP) 0.1% 4.12$ 90.1$ 87.1$ 3.0$ 0.0 6.5 5.0 10.9% -20.0% 49.3CSGH China Sun Group High-Tech Co. (OTCBB:CSGH) 0.1% 1.15$ 63.6$ 44.2$ 19.4$ 0.0 - - 0.0% -20.7% 89.0CSOL China Solar & Clean Energy Solutions, Inc. (OTCBB:CSOL) 0.0% 0.30$ 4.8$ 5.3$ (0.5)$ 0.0 - - 14.9% -38.2% 15.5CSUN China Sunergy Co. Ltd. (NasdaqGM:CSUN) 0.2% 4.68$ 208.5$ 231.3$ (22.8)$ 1.6 8.3 5.4 78.6% 14.4% 449.7CTDC China Technology Development Group Corporation (Nasda 0.1% 2.42$ 51.7$ 43.5$ 8.2$ 0.0 - - 0.0% 22.2% 31.6CWS China Wind Systems, Inc. (NasdaqGM:CWS) 0.1% 4.71$ 84.1$ 83.7$ 0.4$ 0.2 6.9 - 2.0% -5.2% 40.1DFEL China TMK Battery Systems Inc. (OTCBB:DFEL) 0.0% 1.05$ 38.7$ 38.7$ -$ 0.0 - - 0.0% NA 0.0EVCP CleanTech Innovations, Inc. (OTCBB:EVCP) 0.2% 8.50$ 190.9$ 190.9$ -$ 0.0 - - 70.5% NA 23.7GCHT GC China Turbine Corp (OTCBB:GCHT) 0.0% 0.86$ 38.5$ 38.5$ -$ 0.0 - - 0.0% NA 0.0GU Gushan Environmental Energy Limited (NYSE:GU) 0.1% 0.99$ 83.2$ 10.2$ 73.0$ 0.1 - - 0.0% -45.3% 496.8HPJ Hong Kong Highpower Technology, Inc. (NasdaqGM:HPJ) 0.1% 3.99$ 54.2$ 66.8$ (12.6)$ 0.0 6.8 5.9 66.5% -11.2% 53.3JASO JA Solar Holdings Co., Ltd. (NasdaqGS:JASO) 1.6% 9.11$ 1,481.9$ 1,510.0$ (28.1)$ 12.2 8.4 4.9 44.7% 123.4% 8684.6JKS JinkoSolar Holding Co., Ltd. (NYSE:JKS) 0.7% 30.20$ 656.3$ 783.9$ (127.6)$ 0.5 7.3 5.0 79.7% NA 590.7LDK LDK Solar Co., Ltd. (NYSE:LDK) 1.7% 12.12$ 1,592.9$ 3,250.1$ (1,657.2)$ 11.4 10.6 8.0 229.4% 77.2% 4137.9LNDT LianDi Clean Technology, Inc. (OTCBB:LNDT) 0.1% 3.43$ 101.4$ 60.0$ 41.4$ 0.0 - - 11.7% NA 23.1NEWN New Energy Systems Group (AMEX:NEWN) 0.1% 6.13$ 72.7$ 69.4$ 3.3$ 0.0 - - 0.9% 44.3% 89.7NFEC NF Energy Saving Corp. (OTCBB:NFEC) 0.0% 5.66$ 30.1$ 31.4$ (1.2)$ 0.0 4.5 3.6 7.4% -43.3% 5.5PFGY PerfectEnergy International Limited (OTCBB:PFGY) 0.0% 0.11$ 3.0$ 1.5$ 1.4$ 0.0 - - 0.0% -56.5% 48.3SOLA ReneSola Ltd. (AIM:SOLA) 1.3% 7.13$ 1,238.3$ 1,639.3$ (400.9)$ 0.0 9.1 6.9 128.9% 213.1% 345.8SOLF Solarfun Power Holdings Co. Ltd. (NasdaqGS:SOLF) 0.9% 11.07$ 792.3$ 927.1$ (134.8)$ 3.2 6.8 5.3 55.5% 167.7% 2929.8STP Suntech Power Holdings Co. Ltd. (NYSE:STP) 1.8% 9.42$ 1,688.4$ 2,540.7$ (852.2)$ 17.8 10.9 6.9 111.0% -36.2% 3287.9UNSS Universal Solar Technology, Inc. (OTCBB:UNSS) 0.0% 0.45$ 10.2$ 16.5$ (6.4)$ 0.0 - - NA -11.8% 5.0WEMU Worldwide Energy & Manufacturing USA, Inc. (OTCBB:WEM 0.0% 4.15$ 22.9$ 12.4$ 10.5$ 0.0 3.5 - 18.3% 57.2% 13.8YGE Yingli Green Energy Holding Co. Ltd. (NYSE:YGE) 2.1% 13.12$ 1,963.0$ 2,426.0$ (463.0)$ 5.9 10.3 5.7 99.3% 3.9% 3150.1

ENERGYAMCF Andatee China Marine Fuel Services Corporation (NasdaqG 0.1% 4.89$ 47.0$ 38.7$ 8.3$ 0.0 5.0 2.7 12.3% NA 28.8BRBH Birch Branch Inc. (OTCBB:BRBH) 0.2% 4.00$ 143.9$ 307.7$ (163.8)$ 0.0 - - 405.5% NA 1.6CBEH China Integrated Energy, Inc. (NasdaqCM:CBEH) 0.3% 7.93$ 268.3$ 214.0$ 54.3$ 2.3 6.6 3.8 2.4% 22.3% 218.1CHGY China Energy Corp. (OTCBB:CHGY) 0.1% 1.70$ 72.9$ 94.8$ (21.9)$ 0.0 - - 76.9% 88.4% 52.7CHNG China Natural Gas, Inc. (NasdaqGM:CHNG) 0.1% 5.85$ 124.1$ 128.0$ (3.9)$ 2.7 5.2 3.1 30.0% -56.0% 290.4CHNR China Natural Resources Inc. (NasdaqCM:CHNR) 0.3% 10.73$ 243.8$ 240.7$ 3.1$ 0.1 - - 46.8% 8.6% 5.5LDSR LandStar, Inc. (OTCPK:LDSR) 0.0% 0.00$ 0.4$ 0.7$ (0.2)$ 0.0 - - 20.2% -84.8% 7337.0LPH Longwei Petroleum Investment Holding Limited (AMEX:LP 0.3% 2.97$ 277.0$ 266.9$ 10.1$ 0.2 4.6 - 0.0% 55.2% 276.9NEP China North East Petroleum Holdings Limited (AMEX:NEP) 0.2% 7.70$ 227.2$ 185.6$ 41.6$ 1.0 6.2 2.7 4.4% 107.4% 809.5PUDA Puda Coal Inc. (AMEX:PUDA) 0.2% 9.35$ 189.7$ 162.0$ 27.7$ 0.6 4.6 2.0 32.7% 45.9% 259.6RCON Recon Technology, Ltd. (NasdaqCM:RCON) 0.0% 5.72$ 22.6$ 22.6$ (0.0)$ 0.1 - - 11.3% -26.5% 7.2SCEI Sino Clean Energy Inc (NasdaqGM:SCEI) 0.1% 7.06$ 118.3$ 92.8$ 25.5$ 0.1 - - 0.2% 112.4% 29.2SGAS Sino Gas International Holdings, Inc. (OTCBB:SGAS) 0.0% 0.40$ 11.0$ 21.9$ (10.9)$ 0.0 2.1 2.1 27.4% -51.2% 55.7SNEN Sinoenergy Corporation (NasdaqCM:SNEN) #VALUE! (Invalid Idenvalid Identifier) #VALUE! #VALUE! (Invalid Identifier) #VALUE! #VALUE! NA NA #VALUE!

ENVIRONMENTALCNVP China Environmental Protection, Inc. (OTCBB:CNVP) 0.0% 2.10$ 36.1$ 36.1$ -$ 0.0 - - 0.0% NA 0.0TRIT Tri-Tech Holding, Inc. (NasdaqCM:TRIT) 0.1% 13.76$ 106.9$ 75.4$ 31.6$ 0.1 10.0 6.4 0.1% -0.6% 70.0CHWG China Water Group, Inc. (OTCPK:CHWG) 0.0% 0.03$ 3.9$ 7.1$ (3.1)$ 0.0 - - 81.9% -68.9% 44.6DGW Duoyuan Global Water Inc. (NYSE:DGW) 0.4% 13.22$ 325.4$ 114.5$ 210.9$ 2.3 8.5 2.0 0.0% -61.0% 485.5EESC Eastern Environment Solutions Corp. (OTCBB:EESC) 0.0% 2.20$ 32.9$ 33.7$ (0.7)$ 0.0 - - 9.4% 272.9% 13.7RINO RINO International Corporation (NasdaqGS:RINO) 0.5% 17.27$ 494.0$ 421.7$ 72.3$ 4.7 7.2 5.5 6.4% -19.0% 577.8CAON Chang-On International, Inc (OTCBB:CAON) 0.0% 0.01$ 0.7$ 0.6$ 0.1$ 0.0 - - 0.0% -54.5% 5.3CIWT China Industrial Waste Management, Inc. (OTCBB:CIWT) 0.0% 1.72$ 26.1$ 41.2$ (15.1)$ 0.0 - - 69.5% -6.7% 8.3SRRY Sancon Resources Recovery, Inc. (OTCBB:SRRY) 0.0% 0.34$ 7.8$ 3.5$ 4.3$ 0.0 - - 12.1% -36.0% 15.5CLWT Euro Tech Holdings Co. Ltd. (NasdaqCM:CLWT) 0.0% 1.74$ 20.1$ 13.1$ 7.0$ 0.0 - - 0.0% -31.5% 13.2




BASIC MATERIALSAWRC.F Asia Pacific Wire & Cable Corp. Ltd. (OTCBB:AWRC.F) 0.1% 4.85$ 65.7$ 82.8$ (17.1)$ 0.0 - - 44.9% 58.3% 11.1BEST Shiner International, Inc. (NasdaqCM:BEST) 0.0% 1.30$ 32.0$ 33.4$ (1.5)$ 0.0 4.3 3.0 14.5% -7.9% 41.0BFTI BEFUT International Co., Ltd. (OTCPK:BFTI) 0.0% 1.02$ 30.3$ 50.1$ (19.8)$ 0.0 - - 54.2% 584.7% 1.1CAAH China America Holdings, Inc. (OTCBB:CAAH) 0.0% 0.02$ 3.5$ 8.2$ (4.6)$ 0.0 - - 198.3% -3.5% 384.9CDII China Direct Industries, Inc. (NasdaqGM:CDII) 0.1% 1.46$ 46.1$ 30.4$ 15.7$ 0.3 - - 3.6% 6.1% 269.6CGYG China Longyi Group International Holdings Limited (OTCBB 0.0% 0.20$ 15.5$ 15.0$ 0.5$ 0.0 - - 2.4% -20.0% 1.8CHGS China GengSheng Minerals, Inc (AMEX:CHGS) 0.0% 1.47$ 35.7$ 63.1$ (27.4)$ 0.0 6.1 - 63.7% -19.7% 69.0CHJI China Changjiang Mining & New Energy Co., LTD. (OTCBB:C 0.0% 0.20$ 0.6$ 7.5$ (7.0)$ 0.0 - - 48.9% 58.1% 3.3CHNC China Infrastructure Construction Corporation (OTCBB:CHN 0.0% 2.80$ 31.7$ 35.8$ (4.2)$ 0.0 - - 9.6% NA 10.1CHOP China Gerui Advanced Materials Group Ltd. (NasdaqGM:CH 0.3% 5.92$ 268.9$ 289.4$ (20.5)$ 0.5 5.3 2.6 95.6% 1.1% 61.7CNAM China Armco Metals, Inc. (AMEX:CNAM) 0.1% 4.57$ 69.4$ 70.7$ (1.3)$ 0.7 - - 18.8% 111.4% 333.0CPC Chemspec International Limited (NYSE:CPC) 0.2% 6.31$ 228.4$ 218.0$ 10.5$ 0.0 6.2 4.0 7.9% -13.3% 46.6CPSL China Precision Steel, Inc. (NasdaqCM:CPSL) 0.1% 1.61$ 75.0$ 90.0$ (15.0)$ 2.0 8.5 - 34.7% -43.7% 292.1CRJI China Runji Cement Inc. (OTCBB:CRJI) 0.0% 0.11$ 8.7$ 34.8$ (26.1)$ 0.0 - - 99.1% -56.0% 2.2CRUI China RuiTai International Holdings Co., Ltd. (OTCBB:CRUI) 0.0% 0.70$ 18.2$ 91.6$ (73.4)$ 0.0 - - 337.5% -31.4% 9.4CSGJ China Shuangji Cement, Ltd. (OTCBB:CSGJ) 0.0% 0.62$ 17.4$ 18.6$ (1.2)$ 0.0 - - 4.3% -54.8% 77.9FFHL Fuwei Films (Holdings) Co., Ltd. (NasdaqGM:FFHL) 0.0% 1.40$ 18.3$ 36.2$ (17.9)$ 0.0 - - 33.6% 15.9% 28.6FSIN Fushi Copperweld, Inc. (NasdaqGS:FSIN) 0.4% 9.63$ 363.2$ 289.6$ 73.6$ 2.0 6.5 3.3 0.1% 52.7% 264.0GFRE Gulf Resources, Inc. (NasdaqGS:GFRE) 0.3% 8.69$ 301.0$ 245.8$ 55.2$ 2.4 5.7 3.4 0.0% 12.0% 235.2GPRC Guanwei Recycling Corp. (NasdaqCM:GPRC) 0.1% 3.39$ 67.8$ 67.8$ -$ 0.1 - - 0.0% NA 0.0GSI General Steel Holdings, Inc. (NYSE:GSI) 0.2% 3.03$ 165.2$ 779.1$ (613.9)$ 1.2 10.1 9.5 734.9% -15.5% 334.8JPAK Jpak Group, Inc. (OTCBB:JPAK) 0.0% 0.32$ 9.1$ 11.5$ (2.4)$ 0.0 - - 25.9% -47.9% 7.5LIWA Lihua International, Inc. (NasdaqCM:LIWA) 0.3% 9.04$ 263.5$ 178.1$ 85.4$ 1.0 4.9 2.4 1.7% 25.5% 123.3SCOK SinoCoking and Coke Chemical Industries, Inc. (NasdaqCM 0.2% 8.38$ 174.9$ 175.7$ (0.8)$ 0.2 12.5 5.0 29.2% NA 281.5SDTH Shengdatech, Inc. (NasdaqGS:SDTH) 0.4% 6.30$ 341.5$ 314.1$ 27.4$ 0.6 10.4 5.1 44.9% -8.2% 194.2SHZ China Shen Zhou Mining & Resources, Inc. (AMEX:SHZ) 0.0% 1.40$ 39.2$ 48.7$ (9.5)$ 0.0 - - 43.0% 15.2% 38.5SUTR Sutor Technology Group Limited (NasdaqCM:SUTR) 0.1% 1.93$ 78.5$ 150.8$ (72.2)$ 0.0 5.1 4.7 50.1% -39.5% 68.5XING Qiao Xing Universal Resources, Inc. (NasdaqGS:XING) 0.2% 1.54$ 141.8$ (273.1)$ 414.9$ 0.8 - - 25.3% -6.8% 207.8

INDUSTRIALACTN Longhai Steel Inc. (OTCPK:ACTN) 0.0% 15.00$ 2.3$ 2.3$ -$ 0.0 - - 0.0% NA 0.0AEPW Asia Electrical Power International Group, Inc. (OTCPK:AEP 0.0% 0.00$ 0.2$ (0.3)$ 0.4$ 0.0 - - 22.2% -94.0% 9.0AKRK Asia Cork, Inc. (OTCBB:AKRK) 0.0% 0.39$ 10.7$ 10.5$ 0.2$ 0.0 - - 3.9% -21.2% 16.9BPAC Biopack Environmental Solutions, Inc. (OTCBB:BPAC) 0.0% 0.13$ 5.5$ 6.5$ (1.0)$ 0.0 - - 1831.5% -65.1% 51.4BWOW Wowjoint Holdings Limited (NasdaqGM:BWOW) 0.0% 3.58$ -$ -$ -$ 0.0 - - 0.0% NA 0.0CAEI China Architectural Engineering, Inc. (NasdaqGS:CAEI) 0.1% 0.85$ 46.9$ 83.4$ (36.5)$ 0.2 - - 93.4% -48.2% 139.6CCLT.F China Ceramics Co., Ltd. (OTCBB:CCLT.F) 0.1% 6.75$ 80.2$ 85.6$ (5.4)$ 0.0 - - 17.5% NA 4.3CELM China Electric Motor, Inc. (NasdaqGM:CELM) 0.1% 5.22$ 108.3$ 70.5$ 37.9$ 0.0 4.7 2.1 0.0% NA 112.2CFSG China Fire & Security Group, Inc. (NasdaqCM:CFSG) 0.3% 8.64$ 238.4$ 210.7$ 27.8$ 0.7 5.1 4.4 0.0% -53.1% 84.4CHGI China Carbon Graphite Group, Inc. (OTCBB:CHGI) 0.0% 0.65$ 12.9$ 16.9$ (4.0)$ 0.0 - - 31.2% -49.0% 22.0CHHN CH Lighting International Corp. (OTCPK:CHHN) 0.0% 0.30$ 36.0$ 156.9$ (120.9)$ 0.0 - - 582.1% -92.1% 5.0CIIC China Infrastructure Investment Corp. (NasdaqCM:CIIC) 0.1% 0.61$ 48.9$ 521.2$ (472.2)$ 0.0 - - 258.1% -50.3% 297.5CPAK China Packaging Group Inc. (OTCBB:CPAK) 0.3% 7.40$ 232.8$ 232.8$ -$ 0.0 - - 0.0% NA 0.0CPQQ China Power Equipment, Inc. (OTCBB:CPQQ) 0.1% 2.66$ 49.2$ 35.8$ 13.5$ 0.0 5.7 - 0.7% 107.7% 17.2CSNH China Shandong Industries, Inc. (OTCBB:CSNH) 0.1% 4.00$ 51.5$ 56.0$ (4.6)$ 0.0 - - 24.6% NA 3.4CSOF China Stationery and Office Supply Inc. (OTCBB:CSOF) 0.0% 0.04$ 0.5$ 15.2$ (14.8)$ 0.0 - - NA -3.5% 5.7CVVT China Valves Technology, Inc. (NasdaqGM:CVVT) 0.3% 7.87$ 288.4$ 281.6$ 6.8$ 1.6 5.5 4.0 4.1% 0.9% 257.7DCRD Décor Products International, Inc. (OTCBB:DCRD) 0.0% 0.75$ 5.1$ 8.2$ (3.0)$ 0.0 - - 14.0% -88.0% 0.9DGNG Diguang International Development Company Ltd. (OTCBB 0.0% 0.55$ 12.1$ 19.7$ (7.5)$ 0.0 - - 89.4% 48.6% 7.7DYP Duoyuan Printing, Inc. (NYSE:DYP) 0.1% 2.90$ 88.6$ 11.8$ 76.8$ 0.4 - - 7.4% NA 605.6EQPI Zhongchai Machinery, Inc. (OTCBB:EQPI) 0.0% 0.45$ 12.4$ 12.4$ 0.1$ 0.0 - - 13.5% 150.0% 7.7FLUG Flurida Group, Inc. (OTCBB:FLUG) 0.0% 0.15$ 5.8$ 5.7$ 0.1$ 0.0 - - 0.0% -25.0% 8.3HEAT SmartHeat Inc. (NasdaqGM:HEAT) 0.3% 7.05$ 231.3$ 200.0$ 31.3$ 2.6 8.5 5.5 0.3% -42.7% 410.6HOLI Hollysys Automation Technologies, Ltd (NasdaqGS:HOLI) 0.7% 12.03$ 655.0$ 585.6$ 69.4$ 1.7 17.7 13.6 23.1% 41.2% 236.6HRBN Harbin Electric, Inc. (NasdaqGS:HRBN) 0.8% 23.20$ 720.8$ 737.5$ (16.7)$ 4.3 7.2 5.2 15.3% 26.7% 395.4JST Jinpan International Ltd. (NasdaqGS:JST) 0.2% 11.08$ 182.0$ 170.2$ 11.8$ 0.1 5.3 5.2 3.9% -29.9% 99.6KEYP Keyuan Petrochemicals, Inc. (NasdaqCM:KEYP) 0.0% 5.35$ 17.0$ 139.2$ (122.2)$ 0.0 - - 286.2% NA 9.5ONP Orient Paper, Inc. (AMEX:ONP) 0.1% 4.86$ 89.1$ 75.0$ 14.1$ 1.1 - - 8.7% 10.8% 539.1THTI THT Heat Transfer Technology, Inc. (NasdaqCM:THTI) 0.1% 4.01$ 64.2$ 69.6$ (5.5)$ 0.0 9.0 - 31.4% -5.6% 4.1UCHC Uni Core Holdings Corporation (OTCBB:UCHC) 0.0% 0.11$ 0.1$ 0.1$ -$ 0.0 - - 0.0% NA 0.0VALV Shengkai Innovations, Inc. (NasdaqGM:VALV) 0.2% 6.02$ 139.6$ 121.3$ 18.3$ 0.1 7.6 3.6 NA 46.8% 5.7WH WSP Holdings Ltd. (NYSE:WH) 0.2% 1.35$ 138.0$ 746.1$ (608.2)$ 0.0 6.8 6.5 180.3% -72.5% 117.1WTFS Xinde Technology Company (OTCBB:WTFS) 0.3% 5.15$ 309.0$ 298.2$ 10.8$ 0.0 - - 9.6% NA 0.0WUHN Wuhan General Group (China) Inc. (NasdaqCM:WUHN) 0.0% 1.31$ 33.2$ 81.4$ (48.2)$ 0.0 - - 69.6% -36.1% 5.9

AGRICULTUREBBCZ Bodisen Biotech Inc. (OTCBB:BBCZ) 0.0% 0.60$ 10.9$ 7.5$ 3.4$ 0.0 - - 3.3% 176.2% 13.6CAGC China Agritech Inc. (NasdaqGM:CAGC) 0.3% 11.95$ 248.2$ 196.4$ 51.7$ 2.5 9.8 5.7 0.0% 83.3% 1061.4CGA China Green Agriculture, Inc. (NYSE:CGA) 0.3% 9.51$ 255.3$ 193.1$ 62.3$ 2.7 7.0 4.1 0.1% -15.7% 511.5CHBU China Agri-Business Inc. (OTCBB:CHBU) 0.0% 0.70$ 9.2$ (0.6)$ 9.8$ 0.0 - - 5.1% 0.0% 18.8CHFY China Forestry Inc., Prior To Reverse Merger With Financia 0.0% 0.01$ 0.7$ 0.8$ (0.1)$ 0.0 - - 22.4% -20.0% 5.0CHOR China Organic Fertilizer, Inc. (OTCBB:CHOR) 0.0% 1.01$ 6.0$ 6.0$ -$ 0.0 - - 0.0% NA 0.0CIHD Changda International Holdings, Inc. (OTCBB:CIHD) 0.0% 0.55$ 10.2$ 11.0$ (0.8)$ 0.0 - - 33.0% -84.6% 20.2CNOA China Organic Agriculture, Inc. (OTCBB:CNOA) 0.0% 0.59$ 42.4$ 45.2$ (2.8)$ 0.0 - - 42.3% -34.1% 120.2CSWG Sen Yu International Holdings, Inc. (OTCBB:CSWG) 0.1% 5.10$ 106.6$ 104.0$ 2.6$ 0.0 - - 10.2% 29677.1% 0.6ECBI Deyu Agriculture Corp (OTCBB:ECBI) 0.1% 7.00$ 70.0$ 70.0$ -$ 0.0 - - 0.0% NA 0.0ENHD Energroup Holdings Corp. (OTCBB:ENHD) 0.1% 2.40$ 48.8$ 71.9$ (23.0)$ 0.0 - - 34.4% -5.8% 36.5FEED AgFeed Industries, Inc. (NasdaqGS:FEED) 0.2% 2.87$ 143.6$ 125.0$ 18.7$ 4.0 9.6 - 3.7% -34.8% 917.0FRXT Fuer International Inc (OTCBB:FRXT) 0.1% 5.00$ 64.8$ 64.8$ -$ 0.0 - - 0.0% NA 0.0GPLB Green Planet Bioengineering Co. Limited. (OTCBB:GPLB) 0.0% 0.50$ 10.0$ 9.0$ 1.0$ 0.0 - - 13.1% -41.7% 6.9GRO Agria Corporation (NYSE:GRO) 0.1% 1.90$ 105.2$ (64.7)$ 169.9$ 0.1 - - 1.0% -23.6% 129.6HOGS Zhongpin, Inc. (NasdaqGS:HOGS) 0.8% 20.92$ 726.4$ 869.1$ (142.6)$ 3.1 10.3 8.6 56.0% 37.0% 416.5KWBT Kiwa Bio-Tech Products Group Corp. (OTCBB:KWBT) 0.0% 0.00$ 1.7$ 7.1$ (5.5)$ 0.0 - - NA -12.5% 651.9MSAH Man Shing Agricultural Holdings, Inc. (OTCBB:MSAH) 0.0% 0.39$ 13.3$ 15.1$ (1.8)$ 0.0 - - 22.5% -89.9% 72.0NOEC New Oriental Energy & Chemical Corp (NasdaqCM:NOEC) 0.0% 1.25$ 17.6$ 73.8$ (56.2)$ 0.0 - - NA 29.1% 16.1OINK Tianli Agritech, Inc. (NasdaqGM:OINK) 0.1% 5.96$ 60.3$ 59.5$ 0.9$ 0.0 - - 7.5% NA 43.7RNFU Rongfu Aquaculture, Inc. (OTCBB:RNFU) 0.1% 4.00$ 85.1$ 78.0$ 7.1$ 0.0 - - 0.0% NA 5.7SEED Origin Agritech Limited (NasdaqGS:SEED) 0.2% 8.98$ 206.7$ 181.6$ 25.1$ 2.0 16.8 11.2 48.8% 78.9% 642.2SIAF Sino Agro Foods, Inc. (OTCPK:SIAF) 0.1% 1.44$ 76.1$ 71.2$ 4.9$ 0.0 - - 5.4% 718.9% 564.5YHGG YaSheng Group (OTCPK:YHGG) 0.3% 1.98$ 307.1$ 328.7$ (21.6)$ 0.0 - - 1.8% 132.9% 22.0YONG Yongye International, Inc. (NasdaqGS:YONG) 0.4% 8.17$ 393.2$ 356.1$ 37.2$ 4.0 5.5 3.6 0.6% 3.9% 539.3YSYB Yanglin Soybean, Inc. (OTCBB:YSYB) 0.0% 1.01$ 20.7$ 9.8$ 10.9$ 0.0 - - 50.3% -67.7% 1.2YUII Yuhe International, Inc. (NasdaqCM:YUII) 0.1% 7.58$ 119.8$ 111.0$ 8.8$ 0.4 4.3 3.5 17.5% 22.9% 57.8




FOOD & BEVERAGEADY Feihe International, Inc. (NYSE:ADY) 0.2% 9.72$ 216.7$ 283.3$ (66.6)$ 2.6 15.3 20.6 54.4% -68.6% 239.8ALN American Lorain Corporation (AMEX:ALN) 0.1% 3.06$ 92.5$ 110.9$ (18.3)$ 0.2 4.4 3.0 0.0% 22.7% 47.1BORN China New Borun Corporation (NYSE:BORN) 0.5% 18.55$ 477.2$ 436.2$ 41.0$ 0.5 9.1 5.5 12.9% NA 767.5CHFR China Fruits Corp. (OTCBB:CHFR) 0.0% 0.03$ 1.2$ 2.5$ (1.2)$ 0.0 - - 63.1% -43.6% 6.6CMFO China Marine Food Group Limited (AMEX:CMFO) 0.2% 6.38$ 182.2$ 141.9$ 40.3$ 1.1 5.9 3.6 0.1% 52.8% 200.5CNGL China Nutrifruit Group Limited (AMEX:CNGL) 0.1% 3.06$ 112.4$ 85.7$ 26.7$ 0.0 5.5 2.6 0.0% -13.1% 8.6HQS HQ Sustainable Maritime Industries, Inc. (AMEX:HQS) 0.1% 3.60$ 52.9$ 9.0$ 43.8$ 0.2 3.3 0.5 0.0% -52.5% 208.8NWD New Dragon Asia Corp. (AMEX:NWD) 0.0% 0.04$ 4.3$ 5.1$ (0.8)$ 0.1 - - 7.2% -63.0% 501.6RDBO Rodobo International Inc. (OTCBB:RDBO) 0.1% 1.94$ 53.2$ 43.2$ 10.0$ 0.0 4.2 - 4.5% 6.7% 3.6SGLA Sino Green Land Corp. (OTCBB:SGLA) 0.0% 0.21$ 28.7$ 24.6$ 4.1$ 0.0 - - 0.0% 9.3% 12.8SPU SkyPeople Fruit Juice, Inc. (NasdaqGM:SPU) 0.1% 4.92$ 125.9$ 111.3$ 14.6$ 0.2 4.2 2.8 15.6% 61.5% 130.8SYUT Synutra International Inc. (NasdaqGS:SYUT) 0.7% 11.04$ 632.6$ 742.1$ (109.5)$ 1.0 - - 176.4% -8.1% 254.1YYIN Yayi International Inc. (OTCBB:YYIN) 0.0% 1.65$ 39.1$ 45.0$ (5.9)$ 0.0 - - 41.7% 26.2% 15.5

CONSUMERCAGM China Green Material Technologies, Inc. (OTCBB:CAGM) 0.0% 1.50$ 39.2$ 29.3$ 10.0$ 0.0 - - 0.8% 65.1% 13.4CJJD China Jo-Jo Drugstores, Inc. (NasdaqCM:CJJD) 0.1% 5.26$ 71.0$ 59.2$ 11.8$ 0.1 6.4 - 11.6% 36.6% 48.0CTXI.F China Linen Textile Industry, Ltd. (OTCBB:CTXI.F) 0.0% 1.49$ 30.3$ 29.9$ 0.4$ 0.0 3.8 2.1 13.8% 905.7% 33.1DEER Deer Consumer Products, Inc. (NasdaqGS:DEER) 0.4% 11.34$ 380.9$ 313.7$ 67.2$ 2.3 11.7 7.4 5.9% 29.5% 375.6EDS Exceed Company Ltd. (NasdaqGM:EDS) 0.3% 7.72$ 238.7$ 163.5$ 75.2$ 0.0 4.4 - 1.3% NA 26.4FRTW Franklin Towers Enterprises Inc. (OTCBB:FRTW) 0.0% 0.00$ 0.3$ 4.1$ (3.7)$ 0.0 - - NA -64.3% 3.7FUQI Fuqi International, Inc. (NasdaqGS:FUQI) 0.2% 7.76$ 214.4$ 89.6$ 124.8$ 3.1 3.4 - 16.7% -70.0% 969.7HSYT Home System Group (OTCBB:HSYT) 0.3% 3.50$ 236.2$ 254.6$ (18.4)$ 0.0 - - 55.1% 36.0% 12.4JADA Jade Art Group, Inc. (OTCBB:JADA) 0.0% 0.41$ 30.4$ 24.7$ 5.7$ 0.0 - - 0.0% 52.0% 154.3JADE LJ International Inc. (NasdaqGM:JADE) 0.1% 5.00$ 118.8$ 143.0$ (24.2)$ 0.4 9.4 6.8 36.3% 55.8% 236.4NPD China Nepstar Chain Drugstore Ltd. (NYSE:NPD) 0.5% 4.59$ 484.2$ 313.2$ 171.1$ 0.1 34.7 15.8 0.0% -28.8% 370.4PBEP Pacific Bepure Industry Inc. (OTCPK:PBEP) 0.0% 0.51$ 7.7$ 7.7$ -$ 0.0 - - 0.0% NA 0.0QING Qingdao Footwear, Inc. (OTCBB:QING) 0.0% 2.25$ 22.5$ 23.5$ (1.0)$ 0.0 - - 40.7% NA 0.9QKLS QKL Stores Inc. (NasdaqCM:QKLS) 0.2% 5.23$ 155.4$ 93.7$ 61.7$ 0.5 10.2 2.7 0.0% 4.1% 28.3SHNL Shentang International, Inc. (OTCBB:SHNL) 0.0% 0.04$ 0.8$ 0.8$ -$ 0.0 - - 0.0% NA 0.0VLOV VLOV, Inc. (OTCBB:VLOV) 0.1% 2.90$ 51.8$ 35.9$ 15.9$ 0.0 - - 2.5% -41.2% 7.0VNTI Vantone International Group, Inc. (OTCBB:VNTI) 0.0% 0.72$ 21.6$ 15.6$ 6.0$ 0.0 - - 0.0% 106.4% 9.0WKBT Weikang Bio-Technology Group Co., Inc. (OTCBB:WKBT) 0.1% 3.60$ 100.3$ 79.8$ 20.5$ 0.0 - - 0.0% 75.0% 28.1

AUTOMOTIVEAUTC AutoChina International Ltd. (NasdaqCM:AUTC) 0.5% 25.40$ 499.9$ 760.5$ (260.7)$ 0.2 7.9 - 143.1% 129.2% 12.1CAAS China Automotive Systems Inc. (NasdaqCM:CAAS) 0.5% 17.25$ 467.7$ 504.8$ (37.2)$ 1.3 14.3 7.2 65.5% 63.4% 346.9CALI China Auto Logistic Inc. (NasdaqGM:CALI) 0.1% 3.07$ 55.6$ 79.4$ (23.9)$ 0.0 - - 81.8% -43.6% 23.2CPLY China Premium Lifestyle Enterprise, Inc. (OTCBB:CPLY) 0.0% 0.06$ 1.5$ 5.9$ (4.4)$ 0.0 - - NA -74.7% 10.3CXDC China XD Plastics Company Ltd. (NasdaqGM:CXDC) 0.3% 5.66$ 250.7$ 255.6$ (4.9)$ 0.2 6.7 4.9 36.1% -6.7% 107.4KNDI Kandi Technologies, Corp (NasdaqCM:KNDI) 0.1% 5.55$ 120.4$ 159.3$ (38.9)$ 0.9 - - 143.4% 83.9% 199.8SORL SORL Auto Parts, Inc. (NasdaqGM:SORL) 0.2% 8.94$ 172.6$ 169.1$ 3.5$ 0.3 7.9 5.2 3.7% 51.3% 88.0WATG Wonder Auto Technology, Inc. (NasdaqGM:WATG) 0.4% 10.07$ 341.0$ 365.0$ (24.0)$ 2.8 7.8 5.4 40.5% -12.2% 461.2TXIC Tongxin International, Ltd. (OTCPK:TXIC) 0.0% 3.14$ 42.2$ 55.3$ (13.1)$ 0.1 - - 33.9% -67.1% 144.3EDUCATIONAMBO Ambow Education Holding Ltd. (NYSE:AMBO) 0.9% 11.74$ 836.9$ 801.0$ 35.8$ 0.5 18.4 9.5 13.3% NA 96.4ATAI ATA, Inc. (NasdaqGM:ATAI) 0.1% 3.13$ 69.6$ 37.3$ 32.3$ 0.0 - 70.3 0.0% -48.1% 17.3CAST ChinaCast Education Corporation (NasdaqGS:CAST) 0.4% 7.48$ 372.3$ 252.8$ 119.5$ 1.3 14.1 4.9 14.5% 15.7% 274.7CECX China Executive Education Corp. (OTCBB:CECX) 0.1% 2.50$ 56.7$ 50.0$ 6.7$ 0.0 - - 0.0% NA 1.3CEDT China Education Technology, Inc. (OTCBB:CEDT) 0.0% 0.02$ 0.4$ 1.2$ (0.8)$ 0.0 - - 131.6% -83.8% 19.9CEDU ChinaEdu Corporation (NasdaqGM:CEDU) 0.1% 7.05$ 112.9$ 59.1$ 53.9$ 0.0 17.5 2.6 0.0% -1.1% 19.2CEU China Education Alliance Inc. (NYSE:CEU) 0.2% 5.55$ 175.7$ 101.0$ 74.7$ 0.0 7.0 3.4 0.0% 2.6% 134.4CIVS China Ivy School, Inc. (OTCBB:CIVS) 0.0% 0.02$ 0.5$ 11.2$ (10.8)$ 0.0 - - 615.9% 2.6% 0.2DL China Distance Education Holdings Limited (NYSE:DL) 0.2% 5.34$ 184.0$ 137.1$ 46.8$ 0.0 35.2 16.3 0.0% -24.5% 12.0HQGE HQ Global Education Inc. (OTCBB:HQGE) 0.1% 4.45$ 132.3$ 132.3$ -$ 0.0 - - 0.0% NA 0.0HRCT Hartcourt Companies Inc. (OTCBB:HRCT.E) 0.0% 0.01$ 3.9$ 4.1$ (0.2)$ 0.0 - - 7.0% -23.1% 105.1NED Noah Education Holdings, Ltd. (NYSE:NED) 0.1% 2.02$ 77.7$ (6.6)$ 84.3$ 0.0 - - 0.0% -59.1% 97.1

SERVICESAMAP AutoNavi Holdings Limited (NasdaqGS:AMAP) 1.0% 20.00$ 911.5$ 847.3$ 64.2$ 0.0 36.0 20.5 0.0% NA 71.5CHLO China Logistics Group, Inc. (OTCBB:CHLO) 0.0% 0.04$ 1.6$ 1.3$ 0.3$ 0.0 - - NA -42.8% 23.9CLGZ China Logistics, Inc. (OTCBB:CLGZ) 0.0% 0.01$ 0.5$ (0.6)$ 1.2$ 0.0 - - 0.0% -89.1% 68.8CNYD China Yida Holding, Co. (NasdaqCM:CNYD) 0.2% 9.35$ 182.8$ 156.7$ 26.1$ 0.2 4.6 2.6 3.5% 22.7% 30.6DRGN CN Dragon Corporation (OTCBB:DRGN) 0.0% 0.40$ 18.1$ 18.1$ -$ 0.0 - - 0.0% NA 0.0EGT Entertainment Gaming Asia Inc. (AMEX:EGT) 0.0% 0.39$ 44.9$ 48.6$ (3.7)$ 0.1 - - 32.9% 43.6% 135.0GHNA GHN Agrispan Holding Company (OTCBB:GHNA) 0.0% 0.60$ 24.3$ 22.5$ 1.8$ 0.0 - - 2.4% NA 11.0HMIN Home Inns & Hotels Management Inc. (NasdaqGS:HMIN) 2.3% 52.29$ 2,111.8$ 2,004.3$ 107.5$ 0.9 32.7 13.9 7.4% 73.2% 413.7HTHT China Lodging Group, Limited (NasdaqGM:HTHT) 1.7% 26.13$ 1,574.5$ 1,395.2$ 179.3$ 0.4 43.8 16.4 7.2% NA 122.6JOBS 51job Inc. (NasdaqGS:JOBS) 1.3% 43.40$ 1,199.0$ 991.2$ 207.8$ 0.7 27.8 17.5 0.0% 184.3% 152.9JRJC China Finance Online Co. Ltd. (NasdaqGM:JRJC) 0.2% 7.89$ 174.5$ 90.3$ 84.2$ 0.1 18.3 17.3 5.2% -9.1% 32.6LONG eLong Inc. (NasdaqGM:LONG) 0.5% 17.96$ 425.9$ 298.7$ 127.2$ 0.1 48.5 - 0.0% 41.6% 32.2NTYN New Taohuayuan Culture Tourism Co., Ltd. (OTCBB:NTYN) 0.0% 0.55$ 10.3$ 10.2$ 0.1$ 0.0 - - 0.0% NA 0.5NXMR NextMart Inc. (OTCBB:NXMR) 0.0% 0.00$ 2.4$ 3.6$ (1.2)$ 0.0 - - NA -37.5% 51.0SMPN SMSA Palestine Acquisition Corp. (OTCBB:SMPN) 0.2% 10.00$ 147.3$ 147.3$ -$ 0.0 - - 0.0% NA 0.0SNAS Sino Assurance, Inc (OTCBB:SNAS) 0.0% 0.50$ 30.0$ 29.0$ 1.0$ 0.0 - - 0.8% 733.3% 0.0SNPY Sino Payments, Inc. (OTCBB:SNPY) 0.0% 0.04$ 1.6$ 1.6$ (0.0)$ 0.0 - - NA -47.9% 138.1SOKF SOKO Fitness & Spa Group, Inc. (OTCBB:SOKF) 0.1% 4.04$ 80.9$ 58.6$ 22.3$ 0.0 - - 4.6% 76.2% 18.7SSHZ Sino Shipping Holdings Inc. (OTCPK:SSHZ) 0.0% 0.04$ 1.0$ 1.0$ 0.0$ 0.0 - - 0.0% -93.8% 10.6SUWG Sunway Global, Inc. (OTCBB:SUWG) 0.0% 1.29$ 23.9$ 17.2$ 6.6$ 0.0 - - 0.0% -71.3% 1.3SVN 7 Days Group Holdings Limited (NYSE:SVN) 1.1% 20.17$ 1,002.2$ 927.8$ 74.4$ 0.1 37.0 13.2 4.3% NA 211.5UTA Universal Travel Group (NYSE:UTA) 0.1% 4.87$ 96.9$ 53.3$ 43.6$ 1.5 3.1 1.1 0.0% -51.1% 561.6WLOL Winland Online Shipping Holdings Corp. (OTCBB:WLOL) 0.3% 1.90$ 240.5$ 277.5$ (37.0)$ 0.0 - - 144.7% -53.8% 1.6XNYH Xinyinhai Technology, Ltd. (OTCBB:XNYH) 0.0% 0.13$ 2.5$ 2.1$ 0.4$ 0.0 - - 0.0% -51.9% 19.7YTEC Yucheng Technologies Limited (NasdaqGS:YTEC) 0.1% 4.02$ 74.6$ 76.6$ (1.9)$ 0.4 12.0 - 16.9% -46.3% 66.3CHFI China Finance, Inc. (OTCPK:CHFI) 0.0% 0.09$ 5.2$ (7.6)$ 12.8$ 0.0 - - 0.0% -75.0% 46.5CISG Cninsure Inc. (NasdaqGS:CISG) 1.4% 24.77$ 1,249.6$ 1,060.9$ 188.8$ 3.0 16.1 10.9 0.0% 20.6% 445.1UIBG.F UIB Group Limited (OTCPK:UIBG.F) 0.0% 2.00$ 12.2$ 12.2$ 0.1$ 0.0 - - 0.0% -56.5% 1.5AERL Asia Entertainment & Resources Ltd. (NasdaqGM:AERL) 0.1% 5.30$ 66.8$ 103.0$ (36.2)$ 0.0 - - 309.1% NA 13.7GSOL Global Sources Ltd. (NasdaqGS:GSOL) 0.4% 8.48$ 378.7$ 197.0$ 181.7$ 0.9 14.6 6.9 0.0% 16.3% 77.8SFUN SouFun Holdings Ltd. (NYSE:SFUN) 1.5% 75.33$ 1,399.4$ 1,256.4$ 142.9$ 0.1 - - 0.0% NA 409.2




HEALTHCAREAOB American Oriental Bioengineering Inc. (NYSE:AOB) 0.2% 2.69$ 211.4$ 240.8$ (29.4)$ 4.2 7.0 4.9 31.0% -41.1% 415.9BFAR BioPharm Asia Inc. (OTCBB:BFAR) 0.2% 4.00$ 198.5$ 188.3$ 10.2$ 0.0 - - 12.2% -6.6% 24.4BJGP BMP Sunstone Corporation (NasdaqGM:BJGP) 0.4% 7.76$ 327.0$ 341.5$ (14.5)$ 2.0 45.6 - 23.3% 85.2% 181.7BOPH Bohai Pharmaceuticals Group, Inc. (OTCBB:BOPH) 0.0% 2.30$ 34.7$ 34.7$ -$ 0.0 - - 0.0% NA 0.0BPMA Benda Pharmaceutical, Inc (OTCPK:BPMA) 0.0% 0.03$ 3.0$ 26.9$ (23.9)$ 0.0 - - 187.1% 16.0% 50.1BSPM Biostar Pharmaceuticals, Inc. (NasdaqGM:BSPM) 0.1% 2.86$ 76.9$ 67.2$ 9.7$ 0.0 - - 0.0% 36.7% 74.8CBP Renhuang Pharmaceuticals, Inc. (AMEX:CBP) 0.1% 2.14$ 79.7$ 50.9$ 28.7$ 0.0 - - 0.0% 86.1% 19.4CBPO China Biologic Products, Inc. (NasdaqGM:CBPO) 0.3% 10.95$ 257.5$ 209.7$ 47.8$ 0.9 7.6 2.2 10.8% 30.0% 67.8CCM Concord Medical Services Holdings Limited (NYSE:CCM) 0.4% 7.20$ 353.9$ 252.0$ 101.9$ 0.0 12.3 3.8 9.2% NA 72.8CFMI China Pharmaceuticals, Inc. (OTCBB:CFMI.D) 0.1% 5.55$ 61.1$ 54.4$ 6.7$ 0.0 3.4 - 0.0% NA 0.8CHBT China-Biotics, Inc. (NasdaqGM:CHBT) 0.3% 13.02$ 291.3$ 154.5$ 136.7$ 4.5 8.0 3.1 13.1% 3.9% 522.3CHDX Chindex International Inc. (NasdaqGS:CHDX) 0.2% 14.07$ 226.6$ 168.4$ 58.2$ 0.6 31.6 11.5 20.8% 18.6% 89.2CHHE China Health Industries Holdings, Inc. (OTCBB:CHHE) 0.1% 0.85$ 56.0$ 42.8$ 13.3$ 0.0 - - 0.5% 350.0% 1.6CHME China Medicine Corporation (OTCBB:CHME) 0.1% 2.50$ 59.4$ 55.3$ 4.1$ 0.0 - - 4.0% 67.7% 22.2CHRI China Health Resource, Inc. (OTCBB:CHRI) 0.0% 0.02$ 1.6$ 2.2$ (0.6)$ 0.0 - - 48.2% 175.1% 98.9CKGT China Kangtai Cactus Bio-Tech Inc. (OTCBB:CKGT) 0.0% 1.30$ 25.9$ 24.6$ 1.3$ 0.0 - - 2.6% -19.3% 36.8CMED China Medical Technologies Inc. (NasdaqGS:CMED) 0.4% 11.43$ 360.9$ 628.2$ (267.3)$ 6.6 7.8 10.0 138.3% -33.0% 266.0CNBI Purden Lake Resource Corp. (OTCBB:CNBI) 0.1% 3.20$ 122.1$ 122.1$ 0.0$ 0.0 3.7 2.5 0.0% NA 31.2CO China Cord Blood Corporation (NYSE:CO) 0.4% 5.20$ 347.0$ 306.0$ 41.0$ 0.1 28.1 - 5.5% -26.3% 45.6CPDU China Pediatric Pharmaceuticals, Inc. (OTCBB:CPDU) 0.1% 4.60$ 46.8$ 40.7$ 6.1$ 0.0 - - 2.2% 602.6% 0.4CPHI China Pharma Holdings, Inc. (AMEX:CPHI) 0.1% 3.03$ 131.5$ 130.8$ 0.7$ 0.3 6.0 - 3.7% -7.7% 62.4CSKI China Sky One Medical, Inc. (NasdaqGS:CSKI) 0.2% 8.83$ 148.3$ 83.6$ 64.7$ 1.4 - - 0.0% -35.8% 209.5CVPH China Vitup Health Care Holdings, Inc. (OTCBB:CVPH) 0.0% 0.60$ 9.0$ 9.8$ (0.8)$ 0.0 - - 86.2% -40.0% 3.1CYXN China Yongxin Pharmaceuticals, Inc. (OTCBB:CYXN) 0.0% 2.70$ 14.8$ 14.8$ 0.0$ 0.0 - - 17.9% -33.2% 3.5DHRM Dehaier Medical Systems Limited (NasdaqCM:DHRM) 0.0% 6.09$ 27.4$ 22.3$ 5.1$ 0.0 - - 7.0% NA 11.6GFRP GFR Pharmaceuticals Inc. (OTCBB:GFRP) 0.0% 0.55$ 23.1$ 24.5$ (1.4)$ 0.0 - - 36.4% 266.7% 6.8HFGB Huifeng Bio-Pharmaceutical Technology, Inc. (OTCBB:HFGB 0.0% 0.75$ 17.3$ 17.5$ (0.2)$ 0.0 - - 10.1% 87.5% 39.0HHGM Huiheng Medical, Inc. (OTCBB:HHGM) 0.0% 1.27$ 19.6$ 19.5$ 0.1$ 0.0 - - 0.0% -3.0% 2.2JGBO Jiangbo Pharmaceuticals, Inc (NasdaqGM:JGBO) 0.1% 7.45$ 94.2$ 10.9$ 83.2$ 0.0 4.4 - 19.0% -30.7% 58.0KH China Kanghui Holdings (NYSE:KH) 0.5% 19.43$ 423.6$ 400.7$ 23.0$ 0.1 36.3 17.6 0.0% NA 209.4KUN China Shenghuo Pharmaceutical Holdings, Inc. (AMEX:KUN 0.0% 0.55$ 10.8$ 26.7$ (15.9)$ 0.0 - - 2299.6% -45.5% 7.7KURU Kun Run Biotechnology, Inc. (OTCPK:KURU) 0.0% 1.75$ 43.8$ 37.0$ 6.7$ 0.0 - - 1.9% -41.7% 1.1LTUS Lotus Pharmaceuticals, Inc. (OTCBB:LTUS) 0.1% 1.10$ 59.8$ 65.4$ (5.6)$ 0.0 - - 8.1% 29.6% 108.4LWLL Linkwell Corp. (OTCBB:LWLL) 0.0% 0.12$ 9.5$ 8.0$ 1.5$ 0.0 - - 8.8% -30.2% 46.6MDCE Medical Care Technologies Inc. (OTCBB:MDCE) 0.0% 0.02$ 2.0$ 2.0$ -$ 0.0 - - 0.0% NA 0.0MLOB.F Melo Biotechnology Holdings, Inc. (OTCBB:MLOB.F) 0.0% 0.01$ 0.2$ (1.5)$ 1.7$ 0.0 - - 0.0% -73.7% 3.0NKBP China Nuokang Bio-Pharmaceutical Inc. (NasdaqGM:NKBP) 0.1% 4.40$ 87.2$ 62.1$ 25.0$ 0.0 8.4 - 19.7% NA 13.2NUIN Nutrastar International Inc (OTCBB:NUIN) 0.0% 2.63$ 37.0$ 4.7$ 32.3$ 0.0 - - 0.0% -55.5% 8.0RNER RainEarth Inc. (OTCBB:RNER) 0.0% 0.00$ 0.2$ 0.2$ (0.0)$ 0.0 - - NA -84.1% 76.0SCR Simcere Pharmaceutical Group. (NYSE:SCR) 0.6% 9.49$ 521.4$ 513.7$ 7.6$ 0.2 23.5 11.4 9.3% 17.3% 71.1SGTI Shengtai Pharmaceutical Inc. (OTCBB:SGTI) 0.0% 1.04$ 18.7$ 79.1$ (60.4)$ 0.0 8.5 - 131.5% 31.9% 17.8SKBI Skystar Bio Pharmaceutical Company (NasdaqCM:SKBI) 0.1% 8.01$ 56.9$ 53.2$ 3.8$ 0.0 4.3 2.7 0.1% -15.6% 22.8SNBP Sinobiopharma, Inc. (OTCBB:SNBP) 0.0% 0.22$ 27.6$ 27.2$ 0.5$ 0.0 - - 11.7% 47.6% 134.6SSRX 3SBio Inc. (NasdaqGS:SSRX) 0.3% 13.93$ 308.8$ 198.5$ 110.3$ 0.2 18.2 8.0 0.0% 18.6% 77.1SUWN Sunwin International Neutraceuticals, Inc. (OTCBB:SUWN) 0.1% 0.31$ 46.8$ 35.5$ 11.3$ 0.0 - - 0.0% 25.2% 78.4SVA Sinovac Biotech Ltd. (NasdaqGM:SVA) 0.3% 4.25$ 230.0$ 136.6$ 93.4$ 0.9 14.7 4.7 8.4% -34.6% 304.6TBV Tiens Biotech Group USA Inc. (AMEX:TBV) 0.1% 1.30$ 92.7$ 87.2$ 5.6$ 0.0 - - 0.0% -72.0% 7.4TCM Tongjitang Chinese Medicines Co. (NYSE:TCM) 0.1% 3.95$ 102.8$ 87.0$ 15.7$ 0.0 79.0 - 28.5% -28.1% 25.9TBV Tiens Biotech Group USA Inc. (AMEX:TBV) 0.1% 1.30$ 92.7$ 87.2$ 5.6$ 0.0 - - 0.0% -72.0% 7.4TCM Tongjitang Chinese Medicines Co. (NYSE:TCM) 0.1% 3.95$ 102.8$ 87.0$ 15.7$ 0.0 79.0 - 28.5% -28.1% 25.9WWBP Worldwide Biotech & Pharmaceutical Company (OTCBB:WW 0.0% 0.01$ 0.3$ 5.6$ (5.3)$ 0.0 - - NA -79.3% 18.8WWIN Winner Medical Group Inc. (NasdaqGM:WWIN) 0.2% 5.99$ 143.5$ 131.5$ 12.0$ 0.2 8.8 5.4 0.7% 5.5% 46.9WX WuXi PharmaTech (Cayman) Inc. (NYSE:WX) 1.3% 16.71$ 1,197.9$ 1,144.8$ 53.2$ 0.7 16.7 11.0 15.2% 32.9% 520.7

INTERNET & SOFTWAREASIA AsiaInfo-Linkage,Inc. (NasdaqGS:ASIA) 1.7% 20.56$ 1,525.0$ 1,256.8$ 268.2$ 3.2 15.1 10.0 0.0% 45.0% 1207.4CDCS CDC Software Corporation (NasdaqGM:CDCS) 0.2% 6.83$ 191.2$ 180.6$ 10.6$ 0.0 5.4 3.4 7.4% -22.4% 50.8CHIO China INSOnline Corp. (NasdaqCM:CHIO) 0.0% 0.13$ 6.1$ 6.4$ (0.3)$ 0.1 - - 2.8% -88.9% 426.6CIS Camelot Information Systems Inc. (NYSE:CIS) 0.9% 18.44$ 808.2$ 789.6$ 18.6$ 0.0 22.2 18.0 0.0% NA 317.1CNIT China Information Technology, Inc. (NasdaqGS:CNIT) 0.4% 6.75$ 349.7$ 373.7$ (24.0)$ 1.9 8.0 - 23.2% -6.4% 260.6CTFO China TransInfo Technology Corp. (NasdaqGM:CTFO) 0.2% 6.39$ 161.3$ 145.0$ 16.3$ 0.4 6.1 - 10.7% -35.5% 84.9CVDT China VoIP & Digital Telecom, Inc. (OTCBB:CVDT) 0.0% 0.26$ 16.6$ 18.7$ (2.0)$ 0.0 - - 352.8% 109.1% 18.4CYOU Changyou.com Limited (NasdaqGS:CYOU) 1.7% 30.82$ 1,589.3$ 1,294.8$ 294.5$ 0.6 8.3 5.4 0.0% -8.6% 133.5EFUT e-Future Information Technology Inc. (NasdaqCM:EFUT) 0.0% 6.26$ 22.5$ 17.8$ 4.7$ 0.1 - - 0.0% -22.5% 11.9FLSW Forlink Software Corp Inc. (OTCBB:FLSW) 0.0% 0.35$ 1.6$ 1.7$ (0.0)$ 0.0 - - 8.6% 169.2% 4.4GA Giant Interactive Group, Inc. (NYSE:GA) 1.6% 6.48$ 1,467.3$ 730.8$ 736.5$ 0.2 10.7 4.5 0.0% -7.4% 251.9GAME Shanda Games Limited (NasdaqGS:GAME) 2.0% 6.52$ 1,878.0$ 1,433.5$ 444.5$ 0.6 9.3 5.3 0.0% -10.6% 1055.4HSFT hiSoft Technology International Ltd. (NasdaqGM:HSFT) 0.8% 26.57$ 739.0$ 687.7$ 51.3$ 0.5 33.0 23.5 0.2% NA 120.2JNGW Jingwei International Limited (NasdaqGM:JNGW) 0.1% 4.70$ 80.1$ 72.6$ 7.6$ 0.0 - - 0.8% 91.8% 21.4KONE Kingtone Wirelessinfo Solution Holding Ltd. (NasdaqCM:KO 0.1% 3.80$ 53.2$ 40.7$ 12.5$ 0.0 - - 39.9% NA 59.4KUTV Ku6 Media Co., Ltd. (NasdaqGM:KUTV) 16.0% 5.00$ 14,690.3$ 14,677.4$ 12.9$ 0.0 - - 0.0% NA 0.0MOQZ Moqizone Holding, Corp. (OTCBB:MOQZ) 0.0% 1.70$ 30.1$ 29.2$ 0.9$ 0.0 - - 0.0% -97.9% 3.2NCTY The9 Limited (NasdaqGS:NCTY) 0.1% 5.26$ 132.1$ (95.8)$ 227.9$ 0.3 - - 0.0% -31.2% 53.0NINE Ninetowns Internet Technology Group Company Limited (N 0.1% 1.40$ 49.2$ (48.9)$ 98.1$ 0.0 - - 0.0% -10.5% 6.8PSOF Pansoft Company Limited (NasdaqCM:PSOF) 0.0% 3.60$ 19.6$ 16.9$ 2.7$ 0.0 - - 0.0% -50.1% 7.0PWRD Perfect World Co., Ltd. (NasdaqGS:PWRD) 1.6% 29.20$ 1,476.0$ 1,222.5$ 253.5$ 2.5 9.4 5.8 0.0% -30.4% 648.5SIHI SinoHub, Inc. (AMEX:SIHI) 0.1% 2.15$ 61.4$ 70.1$ (8.7)$ 0.0 3.4 2.6 34.2% -43.9% 53.5SOHU Sohu.com Inc. (NasdaqGS:SOHU) 2.5% 61.59$ 2,330.1$ 1,731.0$ 599.1$ 3.5 14.0 5.6 0.0% -5.3% 680.6VIT VanceInfo Technologies Inc. (NYSE:VIT) 1.5% 34.36$ 1,371.4$ 1,291.7$ 79.7$ 1.5 37.3 24.6 0.0% 73.6% 607.9WWZD Web Wizard, Inc. (OTCBB:WWZD) 0.0% 1.05$ 8.6$ 8.7$ (0.0)$ 0.0 - - NA NA 1.0




MEDIAAAGH Asia Global Holdings Corp. (OTCBB:AAGH) 0.0% 0.00$ 0.5$ 0.6$ (0.1)$ 0.0 - - 0.0% 27.8% 0.0AMCN AirMedia Group Inc. (NasdaqGM:AMCN) 0.4% 5.70$ 373.9$ 290.4$ 83.5$ 0.2 19.7 6.2 0.0% -25.4% 327.2ATV Acorn International, Inc. (NYSE:ATV) 0.1% 4.50$ 133.3$ 19.6$ 113.7$ 0.0 112.5 3.5 0.3% -30.5% 53.7CABL China Cablecom Holdings, Ltd. (NasdaqCM:CABL) 0.0% 0.60$ 4.0$ 91.1$ (87.1)$ 0.0 - - 319.2% -40.5% 105.3CCME China MediaExpress Holdings, Inc. (NasdaqGS:CCME) 0.6% 16.20$ 555.5$ 416.2$ 139.3$ 4.4 5.9 2.2 0.0% NA 579.2CDGT China Digital Media Corp. (OTCBB:CDGT) 0.0% 0.10$ 2.6$ 7.5$ (5.0)$ 0.0 - - 100.1% -25.0% 8.7CGSX.F China TopReach Inc (OTCBB:CGSX.F) 0.1% 3.49$ 58.3$ 75.2$ (16.9)$ 0.0 - - 40.0% NA 1.7CHMD China Media Group Corp. (OTCBB:CHMD) 0.0% 0.02$ 6.9$ 9.0$ (2.1)$ 0.0 - - 255.6% 64.6% 242.8CHRM Charm Communications Inc. (NasdaqGM:CHRM) 0.8% 9.09$ 710.2$ 578.9$ 131.3$ 0.1 7.7 11.2 25.8% NA 41.6CMDI China New Media Corp. (OTCBB:CMDI) 0.1% 1.90$ 52.3$ 59.0$ (6.7)$ 0.0 - - 66.0% NA 2.7CMKM China Marketing Media Holdings, Inc. (OTCBB:CMKM) 0.0% 0.90$ 25.8$ 20.3$ 5.6$ 0.0 - - 0.0% NA 17.2CMM China Mass Media Corp. (NYSE:CMM) 0.1% 2.45$ 64.4$ (30.5)$ 94.9$ 0.0 - - 0.0% -35.4% 54.1CNET ChinaNet Online Holdings, Inc. (NasdaqGM:CNET) 0.1% 4.00$ 67.7$ 50.0$ 17.7$ 0.0 - - 0.5% -3.5% 22.6CNWH.F China Networks International Holdings, Ltd. (OTCBB:CNWH 0.0% 0.21$ 12.0$ 12.0$ -$ 0.0 - - NA 317.4% 0.0KONG Kongzhong Corp. (NasdaqGS:KONG) 0.3% 7.84$ 276.2$ 144.7$ 131.5$ 0.1 23.8 - 1.7% -51.4% 87.6LEGE Legend Media, Inc. (OTCBB:LEGE) 0.0% 0.04$ 4.5$ 4.9$ (0.4)$ 0.0 - - 8.5% -87.1% 20.2NWCN Network CN, Inc. (OTCBB:NWCN) 0.0% 0.02$ 6.3$ 9.1$ (2.8)$ 0.0 - - NA -76.1% 13.3SBAY Subaye, Inc. (NasdaqGM:SBAY) 0.1% 11.30$ 84.1$ 82.0$ 2.1$ 0.0 - - 0.0% 83.4% 16.2STV China Digital TV Holding Co., Ltd. (NYSE:STV) 0.5% 7.75$ 451.4$ 217.1$ 234.3$ 0.1 15.1 6.3 0.0% 9.1% 129.3UOLI Uonlive Corp. (OTCBB:UOLI) 0.0% 0.16$ 0.3$ 2.7$ (2.4)$ 0.0 - - NA 60.0% 0.5VISN VisionChina Media Inc. (NasdaqGM:VISN) 0.4% 0.02$ 6.3$ 9.1$ (2.8)$ 0.0 - - NA -49.0% 13.3XHUA Xinhua China Ltd. (OTCBB:XHUA) 0.0% 11.30$ 84.1$ 82.0$ 2.1$ 0.0 - - 0.0% -41.7% 16.2XSEL Xinhua Sports & Entertainment Limited (NasdaqGM:XSEL) 0.0% 7.75$ 451.4$ 217.1$ 234.3$ 0.1 15.1 6.3 0.0% -83.1% 129.3

REAL ESTATEHGSH China HGS Real Estate Inc. (NasdaqGM:HGSH) 0.2% 3.98$ 179.3$ 170.1$ 9.2$ 0.0 - - 1.4% 429.1% 8.9CGPI China Redstone Group, Inc. (OTCBB:CGPI) 0.1% 4.00$ 50.3$ 43.4$ 6.9$ 0.0 - - 6.9% NA 0.0CHLN China Housing and Land Development, Inc. (NasdaqCM:CH 0.1% 2.26$ 74.8$ 136.6$ (61.8)$ 1.4 2.8 3.6 142.9% -42.5% 114.2CNR China Metro-Rural Holdings Limited (AMEX:CNR) 0.2% 2.75$ 176.3$ 159.3$ 17.1$ 0.0 - - 68.8% NA 8.3CRIC China Real Estate Information Corporation (NasdaqGS:CRIC 1.6% 10.34$ 1,499.8$ 1,227.7$ 272.1$ 4.2 16.9 13.3 0.0% NA 292.9CTC IFM Investments Limited (NYSE:CTC) 0.3% 5.67$ 259.1$ 139.9$ 119.2$ 0.0 26.4 7.7 0.0% NA 52.6EJ E-House (China) Holdings Limited (NYSE:EJ) 1.6% 18.54$ 1,488.2$ 1,026.0$ 462.3$ 6.0 16.3 7.0 0.0% -13.0% 488.7EVEH Environment Ecology Holding Company of China (OTCPK:EV 0.0% 0.01$ 0.2$ (1.2)$ 1.4$ 0.0 - - 12.2% -81.7% 36.3GCIH Great China International Holdings Inc. (OTCBB:GCIH) 0.0% 0.25$ 2.9$ 14.3$ (11.3)$ 0.0 - - 80.8% -66.7% 5.1GHII Gold Horse International Inc. (OTCBB:GHII) 0.0% 4.30$ 7.9$ 11.1$ (3.1)$ 0.0 - - 11.3% 6.8% 2.9SRRE Sunrise Real Estate Group, Inc. (OTCBB:SRRE) 0.0% 0.10$ 2.4$ 9.2$ (6.8)$ 0.0 - - NA 0.0% 1.6XIN Xinyuan Real Estate Co., Ltd. (NYSE:XIN) 0.3% 3.05$ 231.0$ 349.8$ (118.8)$ 0.3 3.3 - 68.9% -30.6% 234.0

TELECOM & ELECTRONICSACTS Actions Semiconductor Co., Ltd. (NasdaqGS:ACTS) 0.2% 2.02$ 173.7$ (33.4)$ 207.1$ 0.0 - - 0.0% -22.2% 64.7BNSO Bonso Electronics International Inc. (NasdaqCM:BNSO) 0.0% 1.41$ 7.9$ 0.8$ 7.1$ 0.0 - - 21.8% 8.5% 3.3CHCG China 3C Group (OTCBB:CHCG) 0.0% 0.31$ 18.6$ (10.5)$ 29.1$ 0.0 - - 0.0% -55.7% 70.6CHWM China Wi-Max Communications, Inc. (OTCBB:CHWM) 0.0% 0.09$ 1.6$ 5.2$ (3.7)$ 0.0 - - NA -80.2% 17.4CNTF China Techfaith Wireless Communication Technology Ltd. ( 0.2% 4.04$ 213.8$ 54.3$ 159.5$ 0.2 - - 4.9% 39.0% 138.1COGO Cogo Group, Inc. (NasdaqGS:COGO) 0.3% 7.49$ 264.8$ 205.3$ 59.5$ 0.2 14.2 6.5 29.9% 10.5% 114.5CSKD China Skyrise Digital Service, Inc. (OTCPK:CSKD) 0.0% 0.31$ 18.6$ (10.5)$ 29.1$ 0.0 - - 0.0% 82.2% 70.6CSR China Security & Surveillance Technology, Inc. (NYSE:CSR) 0.6% 0.09$ 1.6$ 5.2$ (3.7)$ 0.0 - - NA 18.2% 17.4ECOH Aivtech International Group Co. (OTCBB:ECOH) 0.1% 4.04$ 213.8$ 54.3$ 159.5$ 0.2 - - 4.9% NA 138.1FTLK Funtalk China Holdings Limited (NasdaqGM:FTLK) 0.5% 8.03$ 424.4$ 582.6$ (158.2)$ 0.2 10.9 - 104.2% -4.7% 119.8GAI Global-Tech Advanced Innovations Inc. (NasdaqGM:GAI) 0.0% 8.77$ 28.3$ (9.5)$ 37.8$ 0.0 - - 6.3% 17.5% 2.7GRRF China GrenTech Corp. Ltd. (NasdaqGS:GRRF) 0.1% 2.22$ 51.3$ 142.3$ (91.0)$ 0.0 - - 55.9% -54.2% 34.0GZGT GuangZhou Global Telecom, Inc. (OTCBB:GZGT) 0.0% 0.00$ 0.4$ 2.6$ (2.2)$ 0.0 - - NA -72.9% 54.4HELI Heli Electronics Corp. (OTCBB:HELI) 0.0% 0.04$ 11.2$ 13.5$ (2.3)$ 0.0 - - 51.0% NA 5230.5HIHO Highway Holdings Ltd. (NasdaqCM:HIHO) 0.0% 8.77$ 28.3$ (9.5)$ 37.8$ 0.0 - - 6.3% 24.8% 2.7HMTO Home Touch Holding Company (OTCBB:HMTO) 0.0% 2.22$ 51.3$ 142.3$ (91.0)$ 0.0 - - 55.9% NA 34.0IFSG.E (Invalid Identifier) #VALUE! 0.00$ 0.4$ 2.6$ (2.2)$ 0.0 - - NA NA 54.4LTON Linktone Ltd. (NasdaqGM:LTON) 0.1% 1.40$ 59.0$ (26.0)$ 85.0$ 0.0 - - 4.3% -45.0% 31.8LTSC Lightscape Technologies, Inc. (OTCPK:LTSC) 0.0% 0.01$ 0.6$ 0.6$ (0.1)$ 0.0 - - 12.1% -96.7% 65.8NIV NIVS IntelliMedia Technology Group, Inc. (AMEX:NIV) 0.1% 2.65$ 127.1$ 165.1$ (38.0)$ 0.2 3.9 3.2 55.8% 22.1% 397.8NTE Nam Tai Electronics, Inc. (NYSE:NTE) 0.2% 4.72$ 211.5$ 8.4$ 203.0$ 0.0 10.5 0.2 0.0% -15.4% 75.3ORS Orsus Xelent Technologies Inc. (AMEX:ORS) 0.0% 0.19$ 5.6$ 16.0$ (10.4)$ 0.2 - - 25.0% -83.5% 106.7QXM Qiao Xing Mobile Communication Co., Ltd. (NYSE:QXM) 0.2% 0.01$ 0.6$ 0.6$ (0.1)$ 0.0 - - 12.1% 16.5% 65.8SGTL.F (Invalid Identifier) #N/A 2.65$ 127.1$ 165.1$ (38.0)$ 0.2 3.9 3.2 55.8% #N/A 397.8SMGH Smooth Global (China) Holdings, Inc (OTCBB:SMGH) 0.0% 4.72$ 211.5$ 8.4$ 203.0$ 0.0 10.5 0.2 0.0% -40.0% 75.3SPRD Spreadtrum Communications Inc. (NasdaqGM:SPRD) 0.7% 12.80$ 598.0$ 539.3$ 58.7$ 1.5 10.1 6.7 31.8% 138.4% 1084.3TACN TradeOn, Inc. (OTCBB:TACN) 0.1% 4.80$ 112.9$ 112.9$ -$ 0.0 - - 0.0% NA 0.0TBYH T-Bay Holdings, Inc. (OTCBB:TBYH) 0.0% 0.07$ 2.0$ 6.3$ (4.3)$ 0.0 - - 20.9% -80.0% 38.5TSTC Telestone Technologies Corp. (NasdaqGS:TSTC) 0.1% 11.49$ 121.3$ 119.4$ 1.9$ 1.2 4.8 3.5 8.6% 29.4% 209.9VIMC Vimicro International Corp. (NasdaqGM:VIMC) 0.2% 3.75$ 138.5$ 33.5$ 105.0$ 0.0 19.7 4.9 0.3% -6.5% 39.2ZOOM ZOOM Technologies, Inc. (NasdaqCM:ZOOM) 0.1% 4.80$ 112.9$ 112.9$ -$ 0.0 - - 0.0% 6.5% 0.0ZSTN ZST Digital Networks, Inc. (NasdaqGM:ZSTN) 0.1% 0.07$ 2.0$ 6.3$ (4.3)$ 0.0 - - 20.9% NA 38.5



GHS China Research Weekly Update Disclosures

I, Joe Giamichael, certify that the views expressed in this report accurately reflect my personal beliefs about this company and that I have not and will not receive compensation directly or indirectly in connection with my specific recommendations or views contained in this report.

Analyst Certification

I, Dimitriy Shapiro, certify that the views expressed in this report accurately reflect my personal beliefs about this company and that I have not and will not receive compensation directly or indirectly in connection with my specific recommendations or views contained in this report. I, Ping Luo, certify that the views expressed in this report accurately reflect my personal beliefs about this company and that I have not and will not receive compensation directly or indirectly in connection with my specific recommendations or views contained in this report. I, Jodi Dai, certify that the views expressed in this report accurately reflect my personal beliefs about this company and that I have not and will not receive compensation directly or indirectly in connection with my specific recommendations or views contained in this report.

GHS does and seeks to do business with the company covered in this research report. Important Disclosures

As with all employees of GHS, a portion of this analyst’s compensation is based on investment banking revenues.

Buy: We expect the stock to outperform the average total return of the stocks in the analyst’s industry (or industry team’s) coverage universe over the next six to twelve months.

Explanation of Ratings

Neutral: We expect the stock to perform in line with the average total return of the stocks in the analyst’s industry (or industry team’s) coverage universe over the next six to twelve months. Sell: We expect the stock to underperform the average total return of the stocks in the analyst’s industry (or industry team’s) coverage universe over the next six to twelve months.

Ratings Distribution

This material has been prepared by Global Hunter Securities, LLC ("Global Hunter") a registered broker-dealer, employing appropriate expertise, and in the belief that it is fair and not misleading. Information, opinions or recommendations contained in the reports and updates are submitted solely for advisory and information purposes. The information upon which this material is based was obtained from sources believed to be reliable, but has not been independently verified. Therefore except for any obligations under law, we do not guarantee its accuracy. Additional and supporting information is available upon request. This is not an offer or solicitation of an offer to buy or sell any security or investment. Any opinion or estimates constitute our best judgment as of this date, and is subject to change without notice. Global Hunter and our affiliates and their respective directors, officers and employees may buy or sell securities mentioned herein as agent or principal for their own account. Not all products and services are available outside of the US or in all US states. Copyright 2010

Disclaimer & Other Disclosures

Rating Count % of Total Count % of Total % of Rating CategoryBuy 92 82.9% 9 90.0% 9.8%Accumulate N/A N/A N/A N/A N/ANeutral 18 16.2% 1 10.0% 5.6%Reduce N/A N/A N/A N/A N/ASell 1 0.9% 0 0.0% 0.0%Total 111 100.0% 10 100.0% 9.0%

Research Coverage Investment Banking Clients*

*Investment banking clients are companies from whom GHS or an affiliate received compensation from investment banking services provided in the last 12 months.Note: Ratings Distribution as of September 30, 2010

ccme oct 18th, 2010 global hunter securities report

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