1 of 3 China IPO files

Pre-IPO analysis, grading & scoring

. Business Model Rating Criteria

A = high growth market, potential leader; B = more competitive market; C= 'public venture capital'

. Calculations

. IPO Price to annualized Sales Ratio -- (Price / Sales)

Numerator

Denominator

IPO market capitalization…

Annualized Sales (based on recent results)

(post-IPO # of shares times mid-point of IPO price range)

. IPO Price to annualized Earnings (loss) -- (Price / Earnings)

Numerator

Denominator

IPO market cap

Annualized Earnings (loss) from the last quarter

===================

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or ticker for analysis

below

===================

China Nepstar Chain Drg (NPD): C+, 7

largest retail drugstore chain in China

Nov 8, 2007 @ $16.20

Agria (GRO)

China-based agri-solutions provider: C+, 7

Nov 6, 2007 @ $16.50

AirMedia (AMCN)

China air travel ad network: C+, 7

Nov 6, 2007 @ $15

Giant Interactive (GA)

Chinese multiplayer game developer: B, 8

Oct 31, 2007 @ $15.50

CNinsure Inc. (CISG)

Chinese insurance/brokerage: B-, 8

Oct 30, 2007 @ $16

Longtop Fincl Tech (LFT)

financial/IT services in China: B-, 8

Oct 23, 2007 @ $17.50

Fuqi Intern'l (FUQI)

Chinese designer of jewelry: C+, 7

Oct 22, 2007 @ $9

Noah Education (NED)

interactive education content in China: B-, 8

Oct 18, 2007 @ $14

===================

Agria

GRO, C+, 7

China-based agri-solutions provider

Post-IPO ADS equivalents: 63mm

Beijing, China

June, 06

June, 07*

IPO Mkt

Rev ($mm)

$64

$37

Cap (mm)

Gross Profit %

58%

57%

$980

Profit (loss) $mm -- not taxed

$33

$19

@$15.5

Profit (loss) %

52%

51%

*June six months

VALUATION RATIOS

IPO Mrkt

Price /

Price /

Price /

Price /

% offered

Cap (mm)

Sales

Earnings**

BookValue

TangibleBV

in IPO

**annualized, not taxed

Agria (GRO)

$980

13.2

26

4.2

4.4

27%

SCORECARD

Mgt

Market

Market Do-

Proprie-

Total

1-5, 5 is high

Growth

mination

tary

rating

20 is perfect

2

2

2

1

7

Each ADS represents two ordinary shares, par value $0.0000001 per share.

Business

. A fast-growing China-based agri-solutions provider engaged in research and development, production and

sale of upstream agricultural products.

. Offers corn seeds, sheep breeding products and seedling products.

. Grows corn seed products in seven provinces in China through contractual arrangements with village

collectives and seed production companies under which GRO provides farming, harvesting and other

. Sales of proprietary corn seeds collectively accounted for approximately 55.8% and 64.6% of total corn

seed revenues in 2006 and the six months ended June 30, 2007, respectively.

Competition

The agricultural industry in China is highly fragmented, largely regional and competitive

PRC Government Support for the Agricultural Industry

. The success of GRO's business depends to a large extent on the existence and the level of PRC

government support for production of agricultural products.

. The PRC government has implemented various favorable policies and provided incentives to agricultural

companies in China, lowered fees and taxes in the agricultural industry, and increased spending on rural

infrastructure, including providing subsidies to farmers and establishing and maintaining BIRS and other

government-run entities to provide distribution and other support to farmers.

Taxation

. As a "key technology enterprise" in Shanxi province, has been exempt from the PRC enterprise income

tax, or EIT, based on the approval of the local tax authority since 2002. It has also been exempt from the

PRC value-added tax, or VAT, since 2002 pursuant to the relevant PRC regulations and policies regarding

the VAT applicable to producers of certain agricultural products

Use of $168mm from sale of 12mm ADSs

(shareholders intend to sell 5.15mm ADSs)

o $50 million to fund expansion of our production capacity through leasing of additional land and

acquisitions of new facilities and equipment;

o $15 million to fund establishment of our research and development center and expansion of our research

and development capability;

o $27 million to repay the shareholder's loan;

o $3.5 million to repay all of our bank loans; and

o remainder for general corporate purposes, including funding potential strategic acquisitions, although

has not entered into any agreement with respect to any acquisition.

===================

AirMedia

AMCN, C+, 7

China air travel ad network

Post-IPO ADS equivalents: 66mm

Beijing, China

2006

June, 06*

June, 07*

IPO Mkt

Rev ($mm)

$19

$7

$17

Cap (mm)

Gross Profit %

42%

35%

40%

$662

Profit (loss) $mm -- not taxed

$4

$1

$4

@$15

Profit (loss) %

21%

13%

24%

*June six months

VALUATION RATIOS

IPO Mrkt

Price /

Price /

Price /

Price /

% offered

Cap (mm)

Sales

Earnings

BookValue

TangibleBV

in IPO

AirMedia (AMCN)

$662

19.5

166

4.1

4.2

23%

SCORECARD

Mgt

Market

Market Do-

Proprie-

Total

1-5, 5 is high

Growth

mination

tary

rating

20 is perfect

2

2

2

1

7

Each ADS represents two ordinary shares.

Business

. Operates the largest digital media network in China dedicated to air travel advertising.

. Operates over 95% of the digital TV screens that display advertisements in the 15 largest airports in

China, according to an August 2007 report of Sinomonitor, or the Sinomonitor report.

. Currently have contractual concession rights to operate digital TV screens in 52 airports, including 28 out

of the 30 largest airports in China.

. AMCN's digital TV screens are currently located in 37 airports in China, including the five largest

airports, Beijing Capital International Airport, Shanghai Pudong International Airport, Guangzhou Baiyun

International Airport, Shanghai Hongqiao International Airport and Shenzhen International Airport.

. Plans to gradually roll out operations in the additional 15 airports where AMCN has contractual

concession rights to operate digital TV screens.

. In addition, we have contractual concession rights to place our programs on the routes operated by nine

airlines, including the three largest airlines in China, China Southern Airlines, China Eastern Airlines and

Air China.

Competition

o advertising companies that operate airport advertising networks, such as JC Decaux, and out-of-home

digital advertising networks beyond the air travel sector, such as Focus Media;

o in-house advertising companies of airports and airlines that may operate their own advertising networks;

o other advertising media companies, such as Internet, street furniture displays, billboard and public

transport advertising companies, and with traditional advertising media, such as newspapers, television,

magazines and radio, some of which may advertise in the airports in which we have exclusive contract

rights to operate digital TV screens

Use of $106mm in IPO proceeds from sale of 11.75ADSs

(shareholders intend to sell 3.25mm ADSs)

To fund capital expenditures and for other general corporate purposes, which may include strategic

acquisitions of businesses that could complement existing capabilities and businesses. Not currently

negotiating any material acquisitions.

===================

China Nepstar Chain Drg

NPD, C+, 7

largest retail drugstore chain in China

Post-IPO ADS equivalents: 103mm

Guangdong Province, China

June, 06*

June, 07*

IPO Mkt

Rev ($mm)

$228

$124

Cap (mm)

Gross Profit %

35%

40%

$1,289

Reported profit $mm

$32

$67

@$12.5

Profit (loss) $mm (25% tax rate)

$1.8

$5.7

Profit (loss) %

1%

5%

*June six months

VALUATION RATIOS

IPO Mrkt

Price /

Price /

Price /

Price /

% offered

Cap (mm)

Sales

Earnings

BookValue

TangibleBV

in IPO

ChinaNepstrDrgstr NPD

$1,289

5.2

113

5.0

4.8

20%

SCORECARD

Mgt

Market

Market Do-

Proprie-

Total

1-5, 5 is high

Growth

mination

tary

rating

20 is perfect

2

2

2

1

7

Each ADS represents two ordinary shares

Business

. Largest retail drugstore chain in China based on the number of directly operated stores.

. As of September 30, 2007, store network was comprised of 1,791 directly operated drugstores located in

62 cities in China

. NPD believes that it is the leading market position in a number of the most developed cities in China,

including Shenzhen, Guangzhou, Dalian, Hangzhou, Ningbo, Suzhou and Kunming, in terms of store

count.

. According to the China Drugstore Magazine, NPD had the highest revenue among all directly operated

retail drugstore chains in China in 2004, 2005 and 2006.

. The drugstore industry in China is highly fragmented, and NPD estimates that its share of the retail market

of pharmaceutical products in China was less than 0.5% of the total transaction value in each of these three

years.

Competition

. Main competitors in Shenzhen include Shenzhen Accord Pharmacy Co., Ltd. and Shenzhen Associate

Pharmacy Co., Ltd.; our main competitors in Guangzhou are Guangzhou Pharmaceutical Company,

Jianmin Chain Drugstore and Guangzhou Caizhilin Chain Drugstore

. Main competitors in Dalian, Hangzhou and Ningbo are Liaoning Chengda Co., Ltd., Hangzhou Wulin

Drugstore Co., Ltd. and Ningbo Siming Dayaofang Co., Ltd., respectively.

. There are significant differences between regions in the PRC due to distinctive demographics, local

regulations and shopping habits, among other factors.

Use of $232mm in IPO proceeds

o US$52.0 million to open new stores;

o US$27.0 million to set up two new distribution centers; and

o US$11.0 million to upgrade our information management and inventory control system.

> May also use the remaining portion of the net proceeds for other general corporate purposes and for

potential acquisitions of retail drugstore chains or independently operated drugstores in cases where they

complement the existing store network or help NPD establish a presence in new markets.

> In particular, plans to grow in cities such as Beijing and Shanghai through acquisitions, where local

regulations prohibit the opening of new drugstores within certain distances of an existing drugstore, and in

cities that are close to NPD's distribution centers in order to gain operational efficiencies in distribution and

leverage the information technology infrastructure over a broader store base

===================

CNinsure Inc.

CISG, B-, 7

Chinese insurance/brokerage co

Post-IPO shrs: 44mm

Guangzhou, China

June, 06*

June, 07*

IPO Mkt

Rev ($mm)

$32

$23

Cap (mm)

Commissions paid

54%

51%

$528

Profit (loss) $mm**

$8

$8

@$12

Profit (loss) %

23%

34%

** not fully taxed on a US comparable basis

*June six months

VALUATION RATIOS

IPO Mrkt

Price /

Price /

Price /

Price /

% offered

Cap (mm)

Sales

Earnings

BookValue

TangibleBV

in IPO

CNinsure Inc. (CISG)

$528

11.5

34

3.7

3.6

26%

SCORECARD

Mgt

Market

Market Do-

Proprie-

Total

1-5, 5 is high

Growth

mination

tary

rating

20 is perfect

2

2

2

1

7

44mm ADS equivalents

Each ADS represents 20 of ordinary shares.

Business

. A leading independent insurance agency and brokerage company operating in China.

. 11,000 sales professionals and approximately 170 sales and service outlets operating in eight provinces as

of September 30, 2007

. Distribution network reaches some of China’s most economically developed regions and some of the most

affluent cities in China, such as Beijing, Shanghai, Guangzhou and Shenzhen.

Competition

• Professional insurance intermediaries.

. The professional insurance intermediary sector in China is at an early stage of development and highly

fragmented, accounting for only 4.1% and 4.2% of the total insurance premiums generated in China in

2006 and the first half of 2007, respectively.

. Several insurance intermediary companies have received private equity or venture capital funding in

recent years and are actively pursuing expansion, including China Zhonghe Ltd., Cars.cn Ltd. And

HuaKang Financial Service Inc

• Insurance companies.

. Insurance companies that rely on their own sales force to distribute their products.

. The distribution of individual insurance products in China historically has been dominated by insurance

companies, which usually use both in-house sales force and exclusive sales agents to distribute their own

products.

• Other business entities

. In recent years, business entities that distribute insurance products as an ancillary business, primarily

commercial banks and postal offices, have been playing an increasingly important role in the distribution of

insurance products, especially life insurance products.

. However, the insurance products distributed by these entities are usually confined to those related to their

main lines of business, such as endowment and annuity life insurance products

Use of $102mm in IPO proceeds

• up to US$60 million to fund acquisitions and establishment of joint ventures in order to enter new

geographical markets and further expand product and service offerings;

• up to US$40 million to fund enhancement of service systems, including approximately US$28 million for

the upgrading of IT infrastructure, approximately US$8 million for the expansion of call center operations

===================

Giant Interactive

GA, B, 8

Chinese multiplayer game developer

Post-IPO shrs: 259mm

Shanghai, China

June, 06*

June, 07*

IPO Mkt

Rev ($mm)

$54

$90

Cap (mm)

Gross Profit %

89%

91%

$3,367

Reported profit $mm

$32

$67

@$13

Profit (loss) $mm if fully taxed

$13

$42

Profit (loss) %

23%

46%

*June six months

VALUATION RATIOS

IPO Mrkt

Price /

Price /

Price /

Price /

% offered

Cap (mm)

Sales

Earnings

BookValue

TangibleBV

in IPO

Giant Interactive (GA)

$3,367

9.3

40

5.0

5.1

22%

SCORECARD

Mgt

Market

Market Do-

Proprie-

Total

1-5, 5 is high

Growth

mination

tary

rating

20 is perfect

2

3

2

1

8

Business

. One of China's leading online game developers and operators in terms of revenues

. GA's online game ZT Online was the most popular online game in China in 2006, according to a report

published by International Data Corporation, or IDC, a leading market research firm.

. Focuses on massively multiplayer online, or MMO, games that are played through networked game

servers in which tens of thousands of players are able to simultaneously connect and interact.

ZT Online

. The first internally developed MMO game, ZT Online, was commercially launched in January 2006.

. ZT Online's compound quarterly growth rate was 39.6% and 45.3%, respectively, in terms of peak

concurrent users and average concurrent users from the quarter ended March 31, 2006 through the quarter

ended September 30, 2007.

. ZT Online had 120,037 quarterly peak concurrent users and 51,202 quarterly average concurrent users for

the quarter ended March 31, 2006 and had 888,146 quarterly peak concurrent users and 481,054 quarterly

average concurrent users for the quarter ended September 30, 2007.

Metrics

. ZT Online's quarterly active paying players and ARPU (average revenue per user) achieved compound

quarterly growth rates of 54.2% and 28.6%, respectively, from the quarter ended March 31, 2006 through

the quarter ended June 30, 2007.

. ZT Online had 143,110 and 1,247,791 quarterly active paying players in the quarters ended March 31,

2006 and June 30, 2007, respectively.

. In the three months ended September 30, 2007, ZT Online had 1,317,673 quarterly active paying players.

ZT Online had ARPU of RMB84 and RMB320 in the quarters ended March 31, 2006 and March 31, 2007,

respectively.

. In the quarter ended June 30, 2007, ZT Online's ARPU decreased to RMB295.

Success drivers

. GA believes that its success is largely attributable to our ability to internally develop, operate and market

a high quality MMO game tailored to China's core game player audience, defined as players between the

ages of 18 and 40.

. GA has a team of over 140 experienced game developers, which includes dedicated product development

and enhancement teams for each MMO games.

. Plans to commercially launch a second MMO game, ZT Online PTP, a pay-to-play game based on the ZT

Online free-to-play game, and a third MMO game, Giant Online, in the fourth quarter of 2007.

. GA believes that it will be able to leverage our national distribution and operational platform to market

these games to players throughout China.

. Acquired the intellectual property rights to a third free-to-play MMO game, King of Kings III, from

Taiwan Lager Network Technology Co., Ltd., or Lager Network, a developer in Taiwan, in the third

quarter of 2007, and currently intends to commercially launch the game in China in 2008.

Competition

> Three groups of competitors in China:

o domestic online game developers and operators in China, including CDC Corporation, Kingsoft

Corporation, Perfect World Co., Ltd., (a principal shareholder of which is controlled by Andrew Y. Yan,

our independent director) Shanda Interactive Entertainment Limited, Tencent Holdings Ltd and The9

Limited

o major Internet portal operators in China, including NetEase.com, Inc. and major Chinese Internet portals,

all of which leverage their existing strength in aggregating content, and marketing and cross-selling among

their established Internet user base to promote online games; and

o overseas online game developers, including Blizzard Entertainment, Nineyou International Limited and

Webzen Inc.

> MMO games are currently competing with, among others, the following MMO games in China:

o Fantasy Westward Journey, developed and operated by NetEase.com, Inc.;

o World of Warcraft, developed by Blizzard Entertainment and operated by The9 Limited in China;

o Tian Long, developed and operated by Sohu.com Inc.;

o Zhu Xian, developed and operated by Perfect World, Co., Ltd.; and

o MIR, developed and operated by Shanda Interactive Entertainment Limited

Use of $657mm in IPO proceeds

General corporate purposes, including capital expenditures and funding possible future acquisitions.

===================

Fuqi International (FUQI)

FUQI, C+, 7

Chinese designer of jewelry

Post-IPO shrs: 21mm

Shenzhen, China

2004

2005

2006

June, 06*

June, 07*

IPO Mkt

Rev ($mm)

$57

$73

$92

$49

$54

Cap (mm)

Gross profit %

10%

10%

10%

9%

11%

$320

Profit (loss) $mm

$4

$5.4

$5.8

$2.8

$3.4

@$15

Profit (loss) %

7%

7%

6%

6%

6%

*June six months

VALUATION RATIOS

IPO Mrkt

Price /

Price /

Price /

Price /

% offered

Cap (mm)

Sales

Earnings*

BookValue

TangibleBV

in IPO

Fuqi Intern'l(FUQI)

$320

2.9

47

34.7

-5.0

39%

SCORECARD

Mgt

Market

Market Do-

Proprie-

Total

1-5, 5 is high

Growth

mination

tary

rating

20 is perfect

2

2

2

1

7

Business

. A leading designer of high quality precious metal jewelry in China, developing, promoting, and selling a

broad range of products to the rapidly expanding Chinese luxury goods market.

. According to Global Industry Analysts, Inc., or GIA, China's jewelry industry grew to $14 billion in 2005

and China is expected to lead global jewelry processing and consumption by 2010.

Major Customers

. During the years ended December 31, 2005 and 2004 approximately 15% and 16% of sales were

generated from one customer, Beijing Hua Shang Rui Lin Trading Co., Ltd., which is a distributor of

jewelry in northern China.

. During the six months ended June 30, 2007, 9% of sales were generated from one customer, Beijing

Caishikou Department Store Co., Ltd.

. During the year ended December 31, 2006, there was no single customer that generated more than 10% of

the total sales.

Growth plan

. Recently initiated a retail strategy in product categories where FUQI believes it will not compete with

existing sales channels.

. Retail strategy will focus on finished gemstone jewelry, which FUQI previously provided only on a

custom-order basis and which has historically represented only a nominal percentage of overall sales.

. Intends to open new retail locations by leasing unoccupied space, acquiring existing leases from third

parties and/or acquiring the existing jewelry operations of third parties that occupy retail space.

. During 2007, intends to open 20 retail counters and 2 retail stores in municipalities and provincial capitals

throughout China.

. In 2008, plans to open 60 to 80 retail counters and 8 to 10 retail stores.

Six Months Ended June 30, 2007 and 2006