Research From Beijing

OUR FOCUS IS THE H SHARE INVESTOR Most of the research written on China and Chinese companies comes out of Hong Kong or the U.S. We believe Chinese research needs to be written by analysts in China. I would never want to read a forecast of the U.S. economy by a Chinese analyst and in this way we believe investors can be better informed from research put together in China. Our company head and founder is J. Scott Laprise. He spent more than eight years working at CLSA as a senior research analyst. He has lived more than 20 years in China, speaking Mandarin, coming out of management in the healthcare sector. RESEARCH FOR THE PROFESSIONAL INVESTOR We provide our fundamental differentiated research reports only to professional investors. Our goal is to provide full service from reports to phone calls, answer questions and arrange meetings. We only work for a limited number of clients as we like to keep our research limited in the market. ANALYSTS ALL LIVE IN CHINA We are meeting and talking with companies, investors, sector specialists and just ordinary people every day. This enables us to get the feeling of what is really happening on the ground early on and not just what the media is reporting. The Chinese government uses the media to try and get out a specific message which is not always in line with what is actually happening. The Chinese markets are one of the most government influence markets in the world but the key is to be able to read what is really important from what is just noise. DIFFERENTIATED RESEARCH Most research today on China has become a commoditized product. Often analysts and brokerages are talking about the same thing to generate trades. The sell side brokers have tremendous pressure to say the right things about certain companies. They have also cut costs and are hiring young inexperienced analysts as experienced analysts head out on their own. The old model is broken and we are trying to fix it for our clients.