3 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

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

SEARCH BY COMPANY

In your browser use 'Edit/Find' to search for companies

or ticker for analysis

below

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

Qiao Xing-Mobile (QXM)

Mobile handsets: C+, 7

May 2, 2007 @ $12

Tongjitang ChiMed (TCM)

modernized trad Chinese medicine: C+, 8

March 15, 2007 @ $10

Xinhua Finance (XFML)

Chinese media company: B-, 8

March 8, 2007 @ $13

3SBio Inc. (SSRX)

Chinese biotech: C+, 7

Feb 6, 2007, @ $16

JA Solar (JASO)

China-based solar cells mfg: C, 7

Feb 6, 2007 @ $15.00

Solarfun Power (SOLF)

solar cells and modules: C+, 7

Dec 20, 2006 @ $12.50

Fuwei Films (FFHL)

plastic film for various markets: C+, 6

Dec 18, 2006 @ $8.28

Melco Entertnmnt (MPEL)

casino gaming/entertainment in Macau: B-, 8

Dec 18, 2006 @ $19

Trina Solar Ltd (TSL)

soilar power modules: C+, 7

Dec 18,, 2007 @ $18.50

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

Pre-IPO analysis, grading & scoring

Qiao Xing-Mobile Com

QXM, C+, 7

Mobile handsets

Post-IPO shrs: 52.5m

Beijing, China

2004

2005

2006

IPO Mkt

Rev ($mm)

$225

Cap (mm)

Gross margin %

12%

18%

27%

$683

Operating profit margin %

7%

15%

21%

@$13

Profit (loss)

$37

Profit (loss) %

0.0%

12.4%

16.4%

VALUATION RATIOS

IPO Mrkt

Price /

Price /

Price /

Price /

% offered

Cap (mm)

Sales

Earnings

BookValue

TangibleBV

in IPO

Qiao Xing-Mobile (QXM)

$683

3.0

18

2.9

2.7

32%

SCORECARD

Mgt

Market

Market Do-

Proprie-

Total

1-5, 5 is high

Growth

mination

tary

rating

20 is perfect

2

2

2

1

7

China's tax laws

. On March 16, 2007, the Enterprise Income Tax Law of the PRC, or the New Tax Law, was

promulgated. Under the New Tax Law, which will become effective on January 1, 2008, domestic

enterprises and foreign investment enterprises will be subject to a

. Unified enterprise income tax rate of 25%, except that enterprises that were approved to be

established prior to March 16, 2007 may continue to enjoy the existing preferential tax treatments

until December 31, 2012. Details of the 5-year transitional period arrangement (i.e. from January

1, 2008 to December 31, 2012) for enterprises approved to be established prior to March 16, 2007

are expected to be set out in more detailed implementation rules to be adopted in the future.

. In addition, certain qualifying high-technology enterprises may still benefit from a preferential

tax rate of 15% under the New Tax Law.

Business

. One of the leading domestic manufacturers of mobile handsets in China in terms of unit sales

volume.

. Manufactures and sell mobile handsets based primarily on GSM global cellular technologies.

Changing sales mix

. In 2006, 42.8% of total handset revenue was derived from sale of handsets produced at the

Huizhou facility, 56.3% from those produced through EMS (Electronic Message Service)

arrangements and 0.9% from those sourced from original design manufacturers, or ODMs.

. Expects to reduce reliance on EMS (Electronic Message Service) providers and lower product

costs once the new facility in Huizhou commences operation in the second half of 2007

Prior to 2004

. Prior to 2004, the substantial majority of our revenue was derived from selling handset products

sourced from ODMs under the "CECT" brand name.

. Over the last two years, GXM has gradually increased in-house design and manufacturing

capabilities.

Sales

. Sells products primarily to national and provincial distributors, which resell products to end

customers in mainland China through their own distribution networks principally composed of

local distributors and retail outlets.

. All products are currently sold under the "CECT" brand name.

Competition

. While China's mobile handset market is expected to grow significantly, competition is intense

. The market has become highly fragmented in recent years as an increasing number of handset

producers have entered the market.

. Based on MII data, there are currently over 60 mobile handset manufacturers in China.

. QXM focus's on developing and marketing differentiated products for the Chinese handset

market.

. This strategy,according to QXM, has allowed the company to maintain market position while

avoiding direct competition with mass market competitive products.

Shareholders

. Pre-Ipo Qiao Xing Universal Telephone (XING). owns 80.5%.

. Qiao Xing Universal Telephone, Inc. engages in the manufacture and distribution of

telecommunications products in the People's Republic China.

. XING's market cap was $413mm April 26, 2007, but it is not a fully SEC-reporting comany

. Pre-IPO 19.5% held by two funds

Use of $134mm in IPO proceeds from sale of 12.5mm shares

(shareholders intend to sell 4.16mm shares)

o $44 million to repay shareholder loans to Xing. The shareholder loans from Xing were

unsecured, non-interest bearing and had no fixed repayment terms

o $80 million to make loans or capital contributions to CECT, of which (i) $60 million will be

used to fund working capital requirements in connection with planned capacity expansion and (ii)

$20 million will be used to purchase equipment for new manufacturing facility in Huizhou.

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

Tongjitang Chinese Med

TCM, C+, 8

modernized trad Chinese medicine

Post-IPO shrs: 33.5mm ADS equivalents

Shenzhen, Guangdong, China

2004

2005

2006

IPO Mkt

Rev ($mm)

$62

Cap (mm)

Gross profit %

46%

59%

67%

$536

Profit (loss) ($mm)

$17.2

@$16

Profit (loss) %

5%

32%

28%

VALUATION RATIOS

IPO Mrkt

Price /

Price /

Price /

Price /

% offered

Cap (mm)

Sales

Earnings

BookValue

TangibleBV

in IPO

Tongjitang ChiMed TCM

$536

8.6

31

2.9

3.0

30%

SCORECARD

Mgt

Market

Market Do-

Proprie-

Total

1-5, 5 is high

Growth

mination

tary

rating

20 is perfect

2

2

2

2

8

American Depositary Shares, each ADS represents four shares

Tax issues

. Currently, Tongjitang Pharmaceutical is entitled to (a) an exemption from the national enterprise

income tax for 2006 and 2007, and (b) a 7.5% national enterprise income tax rate for 2008, 2009

and 2010.

. After 2010, Tongjitang Pharmaceutical will be subject to a 15.0% tax rate as long as it maintains

its manufacturing FIE status in the Guiyang economic and technological development zone.

Uniform tax rate in process

. However, since China joined the World Trade Organization, or WTO, in November 2001,

preferential tax treatments have been criticized as not being WTO-compliant. On October 4, 2006,

China Securities Daily reported that the State Council of China recently approved a draft bill to

apply a uniform tax rate to both foreign-invested enterprises and domestic enterprises and plans to

submit this draft bill to the National People's Congress, the Chinese legislature, for review and

possible enactment in March 2007.

. According to this report, the uniform tax rates range from 24.0% to 27.0% and there is likely to

be a three to five year transition period for foreign-invested enterprises during which they would

be able to continue to enjoy their existing preferential tax treatments.

. If the uniform tax regime is adopted, then the effective tax rate of Tongjitang Pharmaceutical

could increase significantly

Business

. Specialty pharmaceutical company in China

. Flagship product, Xianling Gubao, is the leading traditional Chinese medicine for the treatment

of osteoporosis in China

. Sales of Xianling Gubao accounted for 68.7%, 66.6% and 77.2% of net revenues in 2004, 2005

and 2006, respectively.

. TCM expects that the sales of Xianling Gubao will continue to comprise a substantial majority of

revenues in the near future.

Xianling Gubao product

Approved in 2002 by the SFDA as both a prescription medicine and an OTC medicine for the

treatment of osteoporosis.

> Hospitals. In 2004, 2005 and 2006, 1,602, 1,982 and 2,257 Chinese hospitals, respectively,

included Xianling Gubao on their lists of approved prescription medicines, or formularies

. Under the PRC Ministry of Health hospital classification system, the best and largest hospitals in

China are designated as "Class 3" hospitals, followed by lower-ranked "Class 2" and "Class 1"

hospitals.

. Of the formulary hospitals for Xianling Gubao, 361 in 2004 and 441 in 2005 were "Class 3"

hospitals, representing 38.7% and 46.6% of all "Class 3" hospitals in China, respectively.

. The number of "Class 3" formulary hospitals for Xianling Gubao increased to 488 in 2006.

> Retail stocking pharmacies

. Since May 2004, has also been marketing Xianling Gubao as an OTC medicine to retail

pharmacies.

. In 2005 and 2006, over 20,000 and 37,000 retail pharmacies in China stocked Xianling Gubao,

> National catalog

. In September 2004, Xianling Gubao was added to the national medicine catalog of the National

Medical Insurance Program, a government-administered medical insurance program, which is the

largest in China.

. As of the end of 2006, the number of participants enrolled in this program was 157.4 million,

according to a statement made on January 18, 2007 by the Ministry of Labor and Social Security,

or the MLSS.

. According to a statement made by the MLSS on February 21, 2006, the Chinese government

intends to expand program enrollment to 300 million by the end of 2010.

Seasonal Variations

Sales of Xianling Gubao are affected by seasonal variations in consumer demand. In most regions

in China, winter starts in the last quarter of each year. The

. Lower temperatures in winter normally result in a higher incidence of pain and other symptoms

associated with osteoporosis, arthritic rheumatism and other bone-related diseases and conditions.

. As a result, hospitals and retail pharmacies typically experience seasonal peaks in demand for

Xianling Gubao in the last quarter of each year.

. Accordingly, hospitals and retail pharmacies begin to stock greater quantities of Xianling Gubao

in September, and the fourth quarter is our peak season for sales.

. In the first quarter, strong winter-season sales are usually offset by the slow-down of businesses

during the Chinese New Year holiday season that effectively lasts more than half a month.

. During this holiday season, many businesses in China, including retail pharmacies and most

departments in hospitals, are either closed or substantially reduce the level of their activities

. Conversely, TCM typically experiences seasonal lows in demand for Xianling Gubao in

summer, affecting sales in the third quarter

Intellectual property

. Owns 17 patents, all of which are registered in the PRC.

. As of December 31, 2006, we owned six invention patents and 11 external design patents. We

also have 15 pending invention patent applications in China

Competition

. According to the 2006 China Pharmaceutical Market Research Report prepared by Compass

International, a Beijing-based research company, in 2005 there were over 1,200 traditional

Chinese medicine manufacturers in China (not including manufacturers of traditional sliced

herbs).

. Of these manufacturers, in 2005, large-sized manufacturers contributed to 27.4% of the total

sales of this sector, compared to 30.3% and 42.3% of sales by small- and medium-sized

manufacturers, respectively, according to the same research report.

> TCM faces competition from other China-based manufacturers of traditional Chinese medicines.

Primary traditional Chinese medicines competing with Xianling Gubao are:

. Qiang Gu (Bone-Strengthening) Capsules, and

. Gu Song Bao Capsules/Granules.

> Qiang Gu Capsules are manufactured by Guizhou Fuhua Pharmaceutical Co., Ltd. and Gu Song

Bao Capsules are manufactured by Beijing Qihuang Pharmaceutical Co., Ltd. Both companies are

PRC domestic pharmaceutical companies.

. In addition, TCM faces competition from manufacturers of western medicine with similar

curative effects, which therefore can be used as substitutes for TCM's traditional Chinese

medicine products.

. The major western medicines that compete with Xianling Gubao include (1) calcium

supplements such as Osteoform, Caltrate and Gai Zhong Gai, (2) hormonal replacement therapies

such as Livial, Premarin, Ipriflavone and Ranoxifene, (3) bisphosphonates such as Fosamax, and

(4) calcitonin derivatives, such as elcatonin.

. Except for Gai Zhong Gai, these western medicines are manufactured by the PRC subsidiaries of

U.S.- or European-based pharmaceutical companies.

. Many of these western medicines, including calcium supplements and bisphosphonates, are also

included in the national and provincial medicine catalogs and therefore purchases of them are

reimbursable to National Insurance Program participants.

> The following sets forth the primary SFDA-approved medicines that compete with TCM's other

principal products:

. Alprazolam (Xanax)

. Zolpidem (Ambien)

. Flunarizine (Sibelium)

Use of $119mm in IPO proceeds

. US$40.0 million to enhance marketing of Xianling Gubao and other products

. US$10.0 million to strengthen the research and development infrastructure and broaden and

commercialize the product pipeline

. balance to fund working capital and for general corporate purposes, which may include product

licensing and strategic acquisitions of businesses, business units

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

Xinhua Finance Media

XFML, B-, 8

Chinese media company.

Post-IPO ADS equivalents: 68mm

Shanghai, China

2006

IPO Mkt

Rev ($mm)

proforma ====>

$62

Cap (mm)

Operating income %

1%

$888

Profit (loss) ($mm)

($2.2)

@$13

Profit (loss) %

-4%

The unaudited pro forma condensed consolidated statements of operations for the year ended

December 31, 2006 present adjustments as if the acquisitions had been consummated on January

1, 2006., for proforma results see page 11 of the S-1 filed Feb 21, 2007

. XFML's consolidated financial statements are prepared and presented in accordance with United

States generally accepted accounting principles

VALUATION RATIOS

IPO Mrkt

Price /

Price /

Price /

Price /

% offered

Cap (mm)

Sales

Earnings

BookValue

TangibleBV

in IPO

Xinhua Finance (XFML)

$888

14.3

-404

2.8

2.8

34%

SCORECARD

Mgt

Market

Market Do-

Proprie-

Total

1-5, 5 is high

Growth

mination

tary

rating

20 is perfect

2

3

2

1

8

Compare & contrast-- with international advertising agencies

VALUATION RATIOS

IPO Mrkt

Price /

Price /

Price /

Price /

Price

Cap (mm)

Sales

Earnings

BookValue

TangibleBV

March 2

Xinhua Finance (XFML)

$888

14.3

-404

2.8

2.8

Interpublic Grp (IPG)

$5,450

0.9

-151

2.8

-5.5

$12.36

Omnicom Group (OMC)

$17,480

1.5

20

4.5

-5.6

$103.78

Publicis Groupe SA (PUB)

$8,290

1.5

14

n/a

n/a

$45.13

Note: valuation ratios for XFML are closest to IPG

. Same price-to-book value of 2.8

. Looks like XFML mis-stated its price-to-tangible book value ratio

. XFML's comparative price to sales ratios appears quite high

Summary comments:

. A China-based advertising agency with increasing critical mass, could become a leader in the

business and financial media areas, focused on an affluent segment of China's market.

. Right now most revenue (76%) is from advertising agency-related sources

. On a combined basis XFML also generates and markets its own media content, although that

division's revenue doesn't yet make a significant contribution

. Strong, unique agreements to sell advertising space, some exclusively, see 'strategic

partnerships' below

. Consolidated financial statements present in accordance with United States generally accepted

accounting principles (GAAP), which is a good sign for the investment community in the United

States

. Valuation ratios seem high

Business

. Established on November 7, 2005 by the parent, Xinhua Finance Limited. Acquired companies

to build an integrated platform of media products and services

. Outlets reach an estimated 210 million potential television viewers, a potential listening audience

of 33 million people, and the readers of leading magazines and newspapers.

2006 Sources of Revenue

And % of revenues for 2006) plus cost of revenues (% of revenues)

o advertising services, 76.1%--47%

o advertising sales, 11.3%--3.2%

o content production, 11.1%--4.8%

o publishing services, 1.5%--2.4%

Five operating groups

o Advertising

which refers to XFML's advertising agency that creates and places advertising for television, print

media and campus billboards;

o Media production

which refers to the in-house production studios that create and produce a diverse array of high

quality programs, including business, entertainment, educational and animation shows;

o Broadcasting

which refers to the distribution of programming through Inner Mongolia Satellite Television;

production and syndication of the Fortune China series of financial programs, including Fortune

Morning 7 a.m., a popular financial news programs in China; and the production and distribution

of bilingual content for China Radio International's EasyFM stations in Beijing and Shanghai;

o Print

which refers to XFML's exclusive rights to sell advertising for and provide management and

information consulting services to, Money Journal magazine and the Economic Observer

newspaper;

o Research

which refers to XFML's market research group that provides research services on products,

advertisements and markets.

The biggest component is advertising services, 76% of revenues

XFML generates advertising services in several way

o Acts as an advertising agent to place advertisements on certain programs aired by Beijing

Television Station and other television stations, on billboards on some university campuses in

Shanghai and in certain print and electronic media (by the advertising group);

o Designs and produces television, print and billboard advertisements (by the advertising group);

o Markets services, primarily events organization (by the print group, the broadcasting group and

the advertising group);

o Research services (by the research group); and

o Advertising, sponsorship and sponsored programming on Inner Mongolia Satellite Television

and provision of content and advisory services to Shanghai Camera (by the broadcasting group).

Strategic partnerships

> Some of these key contracts have long terms, while others have short terms ranging from one

year to a few years and will need renewal. The longer term contracts, which all expire in 2014 or

later, or have no expiration, include, but are not limited to, the following:

o agreements to provide consulting and advisory services to, offer content to, and be the exclusive

external advertising agent for, Shanghai Camera Media Investment Co., Ltd., or Shanghai Camera,

which has the exclusive rights to sell advertising for and provides most of the content of Inner

Mongolia Satellite Television;

o agreements with Economic Observer Press Office that allow us to have the exclusive rights to

sell advertising for the Economic Observer and to provide management and information

consulting services;

o agreement with the exclusive advertising agent for China Radio International that allow us to

have the exclusive rights to sell advertising for and the right to provide content to its EasyFM

stations in Beijing and Shanghai. We intend to only provide non-news content pursuant to this

agreement; and

o agreement with Money Journal Press Office that allows us to have the exclusive rights to sell

advertising for, and to provide management and information consulting services to, Money

Journal.

> Shorter term contracts, which expire in 2009 or earlier, include, but are not limited to, the

following:

o agreement with Hunan Television Station that allows us to broadcast Fortune Morning 7 a.m. on

Hunan Satellite Television;

o agreement with Dow Jones that allows Money Journal to publish Dow Jones content; and

o agreement with Beijing Television Station's advertising agents that allow us to act as advertising

agent for certain programs.

> XFML's business relies on certain key contracts to which it is not a party. Instead, XFML has

contracts with the companies that in turn have those key contracts with third parties. The contracts

XFML has allow XFML to benefit financially and strategically from its contracting

counterparties' roles in the following key contracts:

o contracts with Shanghai Camera, which has the exclusive rights to sell advertising for and

provides most of the content of Inner Mongolia Satellite Television under a contract it has with

Inner Mongolia Television Station;

o contracts with Beijing Guoguang Guangrong Advertising Co., Ltd., or Guoguang Guangrong,

the exclusive advertising agent for China Radio International's domestic stations, giving XFML

the exclusive rights to sell advertising for and the rights to provide content to the EasyFM radio

stations in Beijing and Shanghai; and

o contracts with Beijing Television Station's advertising agents that allow XFML to act as

advertising agent for certain television programs.

Growth by acquisition

Acquired companies include EconWorld Media (the predecessor), Beijing Century Media, Xinhua

Finance Advertising Limited (formerly known as Ming Shing International Limited, or Ming

Shing), Accord Group Investments Limited, Beijing Perspective Orient Movie and Television

Intermediary Co., Ltd., and Shanghai Hyperlink Research Co., Ltd., or Hyperlink

Competition

Each of XFML's businesses is subject to significant competition, much of it from state-owned

competitors. XFML believes it can distinguish itself from competitors by being the only company

that can provide a full range of production services, including animation, broadcast design and

post-production for television commercials, while having a partnership with a research group and

distribution channels through various types of media outlets.

> Media production

Competes against a strong field of competitors in media production, including large state-owned

production companies. There are approximately 1,160 licensed television production companies in

China and approximately 700 companies producing drama series.

> Broadcasting

. XFML and its strategic partners face many competitors in the Chinese broadcast market. Within

each province or city, there are up to 16 China Central Television satellite channels and up to 30

regional satellite channels, which compete with Inner Mongolia Satellite Television. There may

also be local cable channels and local terrestrial channels.

. The major competitors of XFML's Fortune China operations are China Central Television

Channel 2, a satellite television channel covering many cities throughout China, and Fortune One,

a financial news program broadcast primarily in Shanghai.

. The radio markets in Beijing and Shanghai are very competitive. EasyFM has only a small share

of the Beijing and Shanghai radio markets, respectively.

> Print

. The Economic Observer, a weekly newspaper, faces competition from several financial

newspapers in China, including 21st Century, which prints three times a week, CBN, which prints

daily and China Business.

. Money Journal competes against several financial magazines, both international and domestic,

such as Caijing Magazine, Harvard Business Review, and the Chinese versions of Business Week,

Fortune and Forbes.

> Advertising

. Primary competition in advertising comes from the American Association of Advertising

Agencies, or 4A, advertising companies, which are the dominant international advertising

companies.

. Although XFML has relationships with them in which they act as advertising agents, at the same

time the 4A companies have much of the market share both globally and in China and are

XFML's competitors.

> Research

. There are approximately 2,000 research companies in China, but many of these are capable only

of data gathering.

. International firms also make up a large portion of the research market in China.

Shareholders

Upon completion of this offering, will be 36.7% owned by the parent, Xinhua Finance Limited,

8.0% owned by Patriarch Partners Media Holdings, LLC, and 5.8% owned by Fredy Bush, Chief

Executive Officer and the Chairman of our Board

About the parent, Xinhua Finance Limited

Employed: 588 end of 2005

Xinhua Finance webcast

http://www.xinhuafinance.com/en/for-investors/

click, then go to 'ceo webcast' in upper right

. SHANGHAI, February 15, 2007 - Xinhua Finance (TSE Mothers: 9399 and OTC: XHFNY),

China's premier financial information and media service provider, today announced, under

International Financial Reporting Standards ("IFRS"), consolidated revenue of US$175.0 million

and net income of US$18.7 million, which represented gains of 59% and 82% respectively over

those of the last fiscal year

. Xinhua Finance Limited. The Group's principal activity is the provision of China-specific

indices, financial news feeds, credit ratings, investor relations services, financial publishing in

books and magazines and television consulting and distribution. Its operating in three segments:

Provision of News and Financial information, Provision of Service and Solutions and Provision of

Financial Media. The Group acquire 60% of the equity interest in EconWorld Media Limited in

May-2005, Taylor Rafferty Associates Inc and 60% of the equity interest in Shanghai Pobo Data

and Information Network Consulting Co Limited in Jun-2005, Washington Analysis Corporation

in Jul-2005, Beijing Century Media Culture Co Limited (Century Media) in Sep-2005 and 50% of

the equity interest in Shanghai Far East Credit Rating Co Limited in Nov-2005.

Use of $204mm in IPO proceeds from sale of 17mmm ADSs

(shareholders intend to sell 5.8mm ADSs)

o $50 million to repay parent and Xinhua Financial Network Limited.

o an undetermined amount for strategic acquisitions of complementary businesses. At this time has

not entered into advanced discussions or negotiations regarding potential acquisitions except for

the acquisition of the remaining equity of Beijing Perspective;

o balance to fund working capital and for other general corporate purposes.

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

3SBio Inc.

SSRX, C+, 7

Chinese biotech

Post-IPO shrs: 21.4mm equivalent ADSs

Shenyang, China

2005

Sept 06*

IPO Mkt

Rev ($mm)

proforma

$13

$12

Cap (mm)

Gross Profit %

84%

91%

$278

Profit (loss) ($mm)

$2.0

$3.0

@$13

Profit (loss) %

15.5%

25.6%

*nine months ended Sept 30

VALUATION RATIOS

IPO Mrkt

Price /

Price /

Price /

Price /

% offered

Cap (mm)

Sales

Earnings

BookValue

TangibleBV

in IPO

3SBio Inc. (SSRX)

$278

17.4

70

3.1

3.1

36%

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

. Biotechnology company focused on researching, developing, manufacturing and marketing

biopharmaceutical products primarily in China.

. Recombinant, or genetically engineered, protein-based products and product candidates are

designed to address large markets with significant unmet medical needs in nephrology, oncology,

supportive cancer care, inflammation and infectious diseases.

. SSRX believes it is one of the leading biopharmaceutical companies in China in terms of growth

and profitability

Products

Principal products are EPIAO and TPIAO. Legacy products are Intefen and Inleusin .

> EPIAO

EPIAO, the flagship product, is an injectable recombinant human erythropoietin, or EPO, that is

used to stimulate the production of red blood cells in patients with anemia and to reduce the need

for blood transfusions.

. EPIAO is a protein-based therapeutic comparable in structure and function to Amgen Inc.'s

Epogen and Kirin Brewery Company Limited's ESPO.

. EPIAO is approved by the PRC State Food and Drug Administration, or the SFDA, for three

distinct indications: anemia associated with chronic renal failure; red blood cell mobilization,

which is the process in which red blood cells are stimulated to proliferate, before, during, and after

surgery; and anemia associated with chemotherapy in cancer patients with non-myeloid

malignancies, which are cancers that do not originate in the bone marrow or involve myeloid cells,

or non-lymphocyte white blood cells found in the bone marrow.

,. SSRX believes it is the only pharmaceutical company in China that has obtained approval from

the SFDA for three indications of EPO drugs.

Future EPIAO plans

. Plans to initiate in 2008 clinical trials for NuPIAO, the second-generation EPIAO product

candidate.

. NuPIAO is designed to have a longer half-life relative to first-generation EPIAO.

. In addition, are in late-stage clinical trials for a concentrated high dose (36,000 IU/vial)

formulation of EPIAO, which is designed to allow for less frequent administration, benefiting both

patients and doctors.

. Expects to apply for marketing approval of high-dose EPIAO in 2007.

. If approved, EPIAO believes it will be the highest EPO dosage formulation available in the

Chinese market.

Small market size for EPO drugs

According to IMS Health, an independent research firm, revenues from all EPO drug sales in

China were estimated at over RMB300 million (US$37.5 million) in 2005, representing a 20%

compound annual growth rate from 2003.

. EPIAO, as tracked by IMS Health, has been ranked as the number one EPO drug since 2002 in

terms of both units sold and revenues among the foreign and domestic biopharmaceutical

companies marketing EPO drugs in China.

. SSRX has sold over 6.9 million vials of EPIAO since 1999.

> TPIAO

. Launched TPIAO, the newest internally developed protein-based therapeutic product, in January

2006. This product is a recombinant human thrombopoietin, or TPO, indicated for the treatment of

chemotherapy-induced thrombocytopenia, a deficiency of platelets.

. TPIAO is the first TPO-based therapeutic approved by the SFDA for thrombocytopenia in China.

. SSRX believes TPIAO is the only TPO-based therapeutic available in the Chinese market to

date.

. In addition, the SFDA has granted SSRX a five year monitoring period for TPIAO through 2010,

during which other pharmaceutical companies are prohibited from manufacturing or importing a

similar drug, except those whose applications for clinical trials were approved by the relevant

Chinese authority prior to May 2005 at the commencement of TPIAO's monitoring period.

. SSRX is are aware of at least one other Chinese pharmaceutical manufacturer whose application

for clinical trials may have been approved by May 2005 and who may be in clinical trials for a

TPO-based therapeutic.

Financial results

. For the two years ended December 31, 2004 and 2005, EPIAO generated approximately 84.1%

and 83.1% of overall net revenues, respectively.

. Revenues from EPIAO accounted for 84.9% of our overall net revenues in the nine months ended

September 30, 2005, compared to 78.7% for the same period in 2006.

. The decrease resulted from the launch in early 2006 of TPIAO, which has rapidly become the

second largest revenue contributor.

Competition and barriers to entry

As a result of China's accession to the WTO, the PRC government has agreed to gradually open

up various service types of the pharmaceutical industry in China to foreign investors

. In China, SSRX EPIAO competes primarily with Kirin's ESPO, Roche's Recormon and "Yi Pei"

by Di'ao Group Chengdu Diao Jiuhong Pharmaceutical Factory.

. Competitors for interleukin-2 in China include Beijing SL Pharmaceutical Co., Ltd. and Beijing

FSSRX Rings Biopharmaceutical Co., Ltd. Competitors for Tietai Iron Sucrose Supplement in

China include Beijing Novartis Pharmaceutical Co., Ltd. and Nanjing Hencer Pharmaceutical Co.,

Ltd. and competitors for Baolijin in China include Kirin, Hangzhou Jiuyuan Gene Engineering

Co., Ltd. and Qilu Pharmaceutical Co., Ltd.

Use of $82mm in IPO proceeds to the company

. US$20 million, which SSRX currently anticipate to be sufficient for the construction of a new

GMP-certified manufacturing plant with planned capacity to meet increasing market demand for

SSRX products and for certification of the new plant by the European Agency for the Evaluation

of Medical Products, or EMEA;

. US$5 million, which the company currently anticipates to be sufficient for improvements to

SSRX existing facilities, primarily relating to process development and optimization, to achieve

EMEA certification and improved production yield, which involves the introduction of new

production procedures and modifications to SSRX existing quality control procedures, such as

adding virus clearance and testing procedures;

. US$10 million for conducting clinical trials for SSRX product

. US$10 million for the expansion and enhancement of SSRX sales and marketing network,

including the addition of personnel to SSRX oncology-focused marketing team, further

penetration in SSRX existing geographical markets and expansion into new target areas in China.

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

JA Solar

JASO, C, 7

China-based solar cells mfg

Post-IPO shrs: 44mm equivalent ADSs

Ningjin, Hebei Province, China

Sept 06*

IPO Mkt

Rev ($mm) 3rd parties

proforma

$32

Cap (mm)

Rev ($mm) related 3rd parties

$12

$592

Total Revenue

$44

@$13.5

Gross Profit %

25%

Profit (loss) ($mm)

$7

Profit (loss) %

21.6%

*nine months ended Sept 30

VALUATION RATIOS

IPO Mrkt

Price /

Price /

Price /

Price /

% offered

Cap (mm)

Sales

Earnings

BookValue

TangibleBV

in IPO

JA Solar (JASO)

$592

10.1

63

2.8

2.8

34%

SCORECARD

Mgt

Market

Market Do-

Proprie-

Total

1-5, 5 is high

Growth

mination

tary

rating

20 is perfect

2

2

2

1

7

Graded a C based on recent market weakness and price reductions

Business

. Manufacturers of high-performance solar cells based in China.

. Derives revenues primarily from sales of solar cells to solar module manufacturers.

. Made first commercial shipment in April 2006 from the first solar cell manufacturing line located

in Ningjin, Hebei province, which has a rated manufacturing capacity of 25 MW per annum.

. By the end of July 2006, the first solar cell manufacturing line was operating at its full capacity

. Installed two additional manufacturing lines each with a rated manufacturing capacity of 25 MW

per annum in the same facilities, which became fully operational in October 2006 and resulted in a

total rated manufacturing capacity of 75 MW per annum.

Recent declines in sales and prices

Sales

. Sales volume and average selling price in October 2006 have declined from those in September

2006 due to weakened market demand, increased competition and changes in other market

conditions.

The decline in November 2006 production from October 2006 was due to a scheduled five-day

power outage experienced in early November 2006 when the power grid in the Ningjin area

underwent an overhaul.

Average selling price

. Average selling price continued to decline in November 2006. Since September 2006, at the

request of customers in China, agreed to terminate or amend the terms of some of the long-term

customer contracts.

Nine months ended Sept 30, 2006

Revenues

. For the nine months ended September 30, 2006, sales to the three largest customers accounted for

approximately 47% of total revenues (two of which were related parties until August 2006, and

sales to them accounted for approximately 35% of total revenues), and sales to the largest

customer, a related party until August 2006, accounted for 23% of total revenues.

Production & sales

. Since commenced commercial production in April 2006, attempted to expand and diversify the

customer base, which has increased from a total of ten customers as of June 30, 2006 to 36

customers as of September 30, 2006, and to approximately 50 customers as of December 31, 2006.

. In addition, while direct sales to overseas customers only accounted for 1.3% of total sales

revenue for the nine months ended September 30, 2006, have sold products to customers in

Germany, Sweden, Spain, South Korea and the United States.

. From April 2006 to September 2006, sold a total of approximately 5.2 million pieces of solar

cells with a total power output of approximately 12.61 MW at an average selling price of RMB

27.0 (US$3.42) per watt.

Availability and Price of Silicon Wafers

Currently has a long-term silicon wafer supply agreement with Jinglong Group, the largest

producer and supplier of monocrystalline silicon wafers in China.

Customer Agreements

. For the nine months ended September 30, 2006, 98.7% of total sales revenue was generated

from sales to customers based in China. During this period, sales to the three largest customers

represented approximately 47% of total revenues, of which two were related parties until

August 2006 that represented approximately 35% of total revenues

. In January 2007, signed the largest long-term customer agreement to date with PowerLight, a

wholly-owned subsidiary of SunPower Corporation, under which JASO has agreed to supply

PowerLight with a total of 120 MW of solar cells through the end of 2009.

. In January 2007, also signed a long-term sales agreement with Crown Renewable Energy, under

which JASO agreed to supply Crown Renewable Energy with a total of 45 MW of solar cells

through the end of 2009

Competition

. In the global market, competitors include photovoltaic divisions of large conglomerates, such as

BP Solar International Inc., Schott AG, Sharp Corporation, Mitsubishi Electric Corporation, and

Sanyo Electric Co., Ltd., specialized cell and module manufacturers such as Motech Industries,

Inc., E-Ton Solar Tech Co., Ltd. and Q-Cells AG, as well as integrated manufacturers of

photovoltaic products such as SolarWorld AG.

. In the Chinese market, competes with Suntech Power Co., Ltd., Nanjing PV-Tech Co., Ltd.,

Solarfun Power Holdings Co., Ltd., Tianwei Yingli New Energy Resources Co., Ltd. and Jiangyin

Jetion Science & Technology Co., Ltd.

. Many of competitors are developing or currently producing products based on new solar

technologies, including amorphous silicon, ribbon and nano technologies. These new technologies

have certain advantages over the crystalline technologies that JASO currently uses because the

production process using the new technologies often can be integrated in a shorter and simpler

process and require less silicon materials for production.

. As a result, competitors using or developing these new technologies believe these technologies

will ultimately cost the same as or less than the cost of crystalline technologies similar to JASO's,

on a cost per watt basis.

. At present, however, JASO believes its products have higher efficiencies and longer lifetimes

compared to products produced using these competing technologies

Use of $186mm in IPO proceeds

o US$100 million to prepay for raw materials pursuant to a long-term wafer supply agreement

with M.SETEK;

o US$20 million to prepay for raw materials from other suppliers, including Jinglong Group;

o US$20 million to purchase manufacturing equipment and construct certain operating facilities

for planned Shanghai facilities to expand manufacturing capacity;

o US$19 million to repay short-term debt obligations;

o US$10 million to enhance research and development capabilities; and

o remaining amount to be used for working capital and other general corporate purposes.

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

Fuwei Films (Holdings)

FFHL, C+, 6

plastic film for various markets

Post-IPO shrs: 12.5mm

Weifang Shandong, China

2005

June 06*

IPO Mkt

Rev ($mm)

Figures in US$

$43

$28

Cap (mm)

Gross Profit %

26%

24%

$125

Profit (loss) ($mm)

$1.1

$1.2

@$10

Profit (loss) %

3%

4%

*six months ended June 30, 2006

VALUATION RATIOS

IPO Mrkt

Price /

Price /

Price /

Price /

% offered

Cap (mm)

Sales

Earnings

BookValue

TangibleBV

in IPO

Fuwei Films (FFHL)

$125

2.3

16

2.2

2.3

30%

SCORECARD

Mgt

Market

Market Do-

Proprie-

Total

1-5, 5 is high

Growth

mination

tary

rating

20 is perfect

2

2

1

1

6

Business

. Develops, manufactures and distributes high quality plastic film using the biaxial oriented stretch

technique, otherwise known as BOPET film.

. Sells substantially all BOPET film products to customers in the flexible packaging industry

located in the eastern region of China.

. Established an international sales division in June 2004 and begun selling products into

overseas markets, most notably the US, Japan and Southeast Asia.

Product

. High quality plastic film using the biaxial oriented stretch technique, otherwise known as

BOPET film (biaxially oriented polyethylene terephthalate).

. FFHL's BOPET film is widely used in consumer based packaging (such as the food,

pharmaceutical, cosmetics, tobacco and alcohol industries), imaging (such as masking film,

printing plates and microfilms), electronics and electrical industries (such as wire and cable wrap,

capacitors and motor insulation), as well as in magnetic products (such as audio and video tapes)

. FFHL believes its innovations in BOPET film technology, along with the numerous applications

for FFHL's products, as well as the state of the art production facilities have made FFHL one of

the top manufacturers of BOPET film in China.

Customers

Customer base has increased from 125 customers at the end of 2003 to approximately 303

customers at June 30, 2006, and now includes some of the world's largest companies engaged in

flexible packaging, including Alcan, Inc. of Canada.

Segments

. Revenues have been derived from the sales of BOPET film, particularly printing film, stamping

film and metallization film which accounted for 87.0% of net revenues in 2004 and 68.8% of net

revenues in 2005.

. During this time, revenues from the sales of special films such as anti-counterfeit film, laser

holographic base film and single/double surface matte film have grown from 0.6% in 2004 to

13.9% in 2005.

Competition

. FFHL believes that it is currently one of the few producers of BOPET film in the PRC with

research and development capability

. Major competitors in the BOPET manufacturing market in the PRC are Dupont Hongji Films

Foshan Co., Ltd, Shanghai Zidong Chemical Plastic Co., Ltd and Yihua Toray Polyester Film Co.,

Intellectual property

. The legal regime in China for the protection of intellectual property rights is still at its early stage

of development. Intellectual property protection became a national effort in China in 1979 when

China adopted its first statute on the protection of trademarks. Since then, China has adopted its

Patent Law, Trademark Law and Copyright Law and promulgated related regulations such as

Regulation on Computer Software Protection, Regulation on the Protection of Layout Designs of

Integrated Circuits and Regulation on Internet Domain Names. China has also acceded to various

international treaties and conventions in this area, such as the Paris Convention for the Protection

of Industrial Property, Patent Cooperation Treaty, Madrid Agreement and its Protocol Concerning

the International Registration of Marks. In addition, when China became a party to the World

Trade Organization in 2001, China amended many of its laws and regulations to comply with the

Agreement on Trade-Related Aspects of Intellectual Property Rights.

. Despite many laws and regulations promulgated and other efforts made by China over the years

with a view to tightening up its regulation and protection of intellectual property rights, private

parties may not enjoy intellectual property rights in China to the same extent as they would in

many Western countries, including the United States, and enforcement of such laws and

regulations in China have not achieved the levels reached in those countries.

. Both the administrative agencies and the court system in China are not well-equipped to deal

with violations or handle the nuances and complexities between compliant technological

innovation and non-compliant infringement.

Principal Executive Offices and Other Corporate Information

. Incorporated in the Cayman Islands in August 2004 as an exempted company with limited

liability.

. Currently conducts operations in China principally through Fuwei Films (Shandong) Co., Ltd. Or

Shandong Fuwei, which was incorporated as a sino-foreign equity joint venture on January 28,

2003 and was converted into a wholly-owned foreign enterprise on January 5, 2005.

Use of $32mm in IPO proceeds

. to invest in a new thicker film production line;

. to invest in our continuing research and development of BOPET film technology and new

products;

. to expand and strengthen sales, marketing and distribution network; and

. for working capital and other general corporate purposes.

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

Melco PBL Entertainmt

MPEL, B-, 8

casino gaming/entertainment in Macau

Post-IPO shrs: 386mm equivalent ADSs

Hong Kong, China

IPO Mkt

Rev ($mm)

In development, lost $20mm

Cap (mm)

Gross Profit %

for the nine months ended Sept 30, 2006

$6,568

Profit (loss) ($mm)

@$17

Profit (loss) %

VALUATION RATIOS

IPO Mrkt

Price /

Price /

Price /

Price /

% offered

Cap (mm)

Sales

Earnings

BookValue

TangibleBV

in IPO

Melco Entertnmnt MPEL

$6,568

n/a

n/a

4.1

5.8

14%

SCORECARD

Mgt

Market

Market Do-

Proprie-

Total

1-5, 5 is high

Growth

mination

tary

rating

20 is perfect

2

3

2

1

8

Each ADS represents three ordinary shares

Business

> Developer, owner and operator of casino gaming and entertainment resort facilities focused

exclusively on the rapidly expanding Macau market.

> MPEL is a holding company for four principal operating subsidiaries,

. MPBL Gaming, which is the holder of a gaming subconcession in Macau,

. Great Wonders,

. Melco Hotels

. MPBL Peninsula.

Three subsidiaries have had no operations to date

. Great Wonders and Melco Hotels, MPEL subsidiaries that are developing the Crown Macau and

the City of Dreams, respectively, has had no significant operations to date as those projects are

still under development.

. In addition, other than entering into an agreement to acquire a third development site on the

Macau peninsula, MPBL Peninsula has had no operations to date.

One subsidiary has existing operations

. The Mocha Clubs, which are now held by MPBL Gaming and were previously held by MPEL's

subsidiary Mocha, have had a limited operating history.

. The Mocha Clubs have grown rapidly since the inception of Mocha in March 2003 and MPBL

Gaming currently operates six Mocha Clubs in Macau with an aggregate of approximately 1,000

gaming machines in operation. The Mocha Clubs accounted for approximately 30% of the gross

gaming machine revenue in Macau for the nine months ended September 30, 2006 (including the

gaming machines at the Kampek Mocha Club which MPEL closed in September 2006 and

relocated in November 2006).

. In 2005 and the nine months ended September 30, 2006, generated total revenue of US$17.3

million and US$18.2 million, respectively, substantially all of which was from the Mocha Clubs

operations.

. The Mocha Clubs achieved an average daily net win per gaming machine of HK$1,787

(approximately US$229.1) for 2005 and HK$1,558 (approximately US$199.8) for the nine months

ended September 30, 2006, without taking into account deductions such as gaming taxes and

shares of revenues retained by SJM under Mocha Slot's previous services agreements with SJM,

pursuant to which until September 21, 2006 Mocha Slot previously received only service fees of

31% of gaming machine win.

Development Projects

o The Crown Macau.

Began construction of the Crown Macau in December 2004 and targets its opening in the second

quarter of 2007. The Crown Macau is being developed to cater primarily to high-end patrons.

. Currently budgeted that the total cost of developing and constructing the Crown Macau to the

point of opening will be approximately US$512.6 million, which includes the value of land for the

project site contributed to us in kind, land premium costs and anticipated construction costs,

FF&E, pre-opening expenses, capitalized fees and finance costs, cage cash and initial working

capital requirements.

. MPEL expects that of this amount, approximately HK$1,280 million (US$164.1 million) will be

financed by the Great Wonders Project Facility that we have entered into and US$348.5 million by

our equity contributions to Great Wonders, including cash and Melco's contribution of its interest

in the Crown Macau project upon our formation in March 2005.

o The City of Dreams

Began site preparation of the City of Dreams in the first quarter of 2006 and currently targets to

open the initial phase of the complex in late 2008, with the second phase to follow in the second

half of 2009.

. Are developing the City of Dreams as a "must-see" integrated casino and entertainment resort

primarily for mass market patrons visiting the Cotai Strip. Currently targets the casino to be

substantially completed during the initial phase, along with two of the four hotels, and significant

portions of the retail stores and food and beverage outlets.

. Currently targets to complete the performance hall in the second half of 2008 and have it ready to

host performances in the second quarter of 2009. Currently targets to complete the third and fourth

hotels during second phase of the complex, while the entertainment venues and conference rooms

and ballrooms are targeted to be completed throughout phases one and two.

. Also plans to develop one block of luxury serviced apartment units, for both long and short-term

occupancy, in the second phase of the complex and, depending on the market conditions, may

develop a second block thereafter.

. The cost of a second block of apartments has not been included in the US$2.1 billion total

budgeted project cost for development of the City of Dreams.