Company Update

October 9, 2012

Retail

Bing QIAN

RESEARCH
BUY

SFC CE Ref: APZ200

qianbing@cicc.com.cn

Intime Department Store (01833.HK)

Haiyan GUO
SFC CE Ref: AIQ935

guohy@cicc.com.cn

Hangzhou GW Retail Data Lower than Expected

Financial highlights

Whats new

(Rmb mn)

2009A

2010A

2011A

2012E

2013E

6,410

8,743

11,633

13,596

16,584

+/-

31.4%

36.4%

33.0%

16.9%

22.0%

Turnover

1,572

2,289

3,117

3,604

4,406

+/-

28.4%

45.6%

36.2%

15.6%

22.3%

GSP

Net Profit

+/-

463

685

821

958

1267

22.5%

48.1%

19.9%

16.6%

32.2%

Recurrent Net Profit

331

513

732

808

967

25.7%

54.7%

42.8%

10.4%

19.6%

Recurrent EPS(RMB)

0.17

0.26

0.37

0.40

0.48

Recurrent EPS(HK$)

0.19

0.30

0.45

0.53

0.63

Recurrent PE

47.4

29.6

19.8

17.0

14.2

+/-

ROAA

6.3%

6.9%

7.1%

5.5%

6.5%

ROAE

13.8%

15.6%

16.2%

14.1%

17.2%

P/B
Dividend Yield (x)

4.6

2.9

2.2

2.0

1.8

1.5%

1.8%

2.3%

3.5%

4.6%

Share information
H-share
1833.HK
HK$8.9
HK$9.5
4.84
HK$11.4/6.8
17,888
2,001

Bloomberg code
Share price
Target price
30d avg daily turnover (mn shs)
52w k high/low
Market cap (HK$ mn)
Issued shares (mn)

Recent price performance

%
01833.HK
HSCEI
CHCCI Retail

Last w eek
+9.64
+0.73
+0.81

1m
+16.25
+8.50
+3.55

3m
+8.85
+1.66
-3.99

YTD
+14.61
-1.05
-20.49

52wk performance
140

1833.HK

HSCEI

According to the data from the Hangzhou Trade Board, during the
National Holiday Golden Week (Sept.29~Oct.6), total sales at
Hangzhous department stores HZ Tower, HZ Dept store, Intime
Wulin, Intime Westlake, HZ Jiebai reached Rmb443mn, down
8.68% on last Golden Week (GW). The weak sales performance was
due to the weak consumption environment, as well as the fact more
people chose to travel this GW due to the longer holiday and the
nationwide policy for toll-free travel on expressways.

Comments
Diversified GW sales performance for eastern, central &
western regions. During the holiday, retail and catering
companies monitored by the MoC posted ~15% YoY growth
nationwide, with catering recording the highest segment growth.
Retail growth in eastern regions were around the single digits, but
declined in some cities Guangzhou (-8.9%), Hangzhou
(-8.68%), and Shenzhen (our estimate). Central and western
regions enjoyed double digit growth. However, channel checks
showed demand in the retail market was still weak.

Low single digit SSSG expected in 3Q, GW sales in Hanghzou

will put pressure on 4Q. Intimes SSSG was ~27%/~13.4% in
3Q/4Q11 (vs. ~25% in GW). 3Qs low single digit SSSG was
due to poor market demand and July~Augusts bad weather (a
typhoon caused some stores to close for 1~2 days). Looking at
the current situation in Hangzhou and eastern regions, we
estimate SSSG may also see a single digit decline in GW due to
the high base effect (25%), store adjustment and increased
customer travel. However, the effects of 2011s low base will
come in late-October~November (10~12%). We estimate 4Q12
SSSG may drop from 12% to the high single digits.

Relative Value (%)

120

Valuation and recommendation

Lower-than-expected GW sales have put some pressure on our
forecast and we cut recurrent bottom line 4% to ~10% and FY12
SSSG from 10% to 8%.

100
80
60
40
2011/Oct/08

2012/Jan/08

2012/Apr/08

2012/Jul/08

Source: Bloomberg, company data, CICC Research

2012/Oct/08

We maintain our BUY rating, but cut our TP from HK$9.9 to

HK$9.5. After its recent rally, the weak GW sales will put
pressure on the stock price in the short term. But Intimes growth
is still better than those of its peers under the current environment.
We will closely follow operating trends.

Risks
Slower sales growth.
Please read carefully the important disclosures at the end of this report

CICC Research: October 9, 2012

Figure 1: Golden Week sales performance by region

GW of National
Day 2011

GW of Spring
Festival 2012

National

17.5%

16.2%

Beijing

13.1%

15.5%

Shanghai

17.6%

14.7%

Guangzhou

20.0%

8-30%

Tianjin

26.5%

18.7%

Sichuan

GW of Labor
Day 2012

GW of National
Notes
Day 2012

12.4%

-2.9%

15.0%

Sales growth of retail and catering service companies monitored by Ministry of Commerce

13.6%

Sales growth of 130 main retail companies during GW

9.2%

Retail:9.2%, catering:29%

-8.9%

Sales growth of 12 main retail companies during GW

22.9%

Retail:22.9%, catering:25.4%

21.0%

20.0%

18.5%

Total Retail sales value growth during GW

18.0%

18.5%

Total Retail sales value growth during GW

Hefei

25.0%

19.0%

Hangzhou

10.5%

4.9%

-8.7%

Retail:-8.7%, catering:18.04%

Wuhan

18.3%

21.0%

21.0%

Total Retail sales value growth during GW

20.3%

19.1%

Retail:19.1%, catering:18.6%

14.2%

14.7%

Retail:14.7%, catering:11.4%

Liaoning
Dalian

8.5%

Source: Company data, CICC Research

Figure 2: SSSG trend

40%
35%
29.9%
30%

28.4%

27.2%

27.2%
23.1%

25%
20%
13.4%

15%

9.1%

9.3%

10%

9.20%

5%
0%
1Q11

2Q11

1H11

3Q11

4Q11

2011A

1Q12

2Q12

Source: Company data, CICC Research

Please read carefully the important disclosures at the end of this report
2

1H12

CICC Research: October 9, 2012

Figure 3: Changes in forecasts and major assumptions
2011A
11,633
23.1%
3,117
401
-948
16.6%
-428
13.7%
-282
9.1%
-972
887
19
223
1,129
-271
24.0%
858
-37
821
732

GSP
SSSG
Turnover
Other income
Cost of Inventories
Direct Sale margin
Staff Costs
% of total Turnover
Depreciation & Amortization
% of total Turnover
Other Operating Expenses
Operating profit
Net finance cost
Share of profits of associates & JC
Profit Before Taxation
Tax
Effective Tax Rate
Profit for the year
Minority Interest
Equity holders of the parent
Recurrent net profit

Previous
2012E
14,016
10.0%
3,741
533
-1,125
16.5%
-497
13.3%
-382
10.2%
-1,179
1,090
23
275
1,388
-333
24.0%
1,055
-57
998
842

2013E
17,240
14.0%
4,601
800
-1,407
16.4%
-628
13.6%
-485
10.5%
-1,432
1,445
25
357
1,831
-439
24.0%
1,392
-74
1,318
1,010

2011A
11,633
23.1%
3,117
401
-948
16.6%
-428
13.7%
-282
9.1%
-972
887
19
223
1,129
-271
24.0%
858
-37
821
732

New
2012E
13,595
8.0%
3,604
533
-1,091
16.5%
-468
13.0%
-360
10.0%
-1,179
1,038
23
275
1,336
-320
24.0%
1,015
-57
958
808

2013E
16,495
12.0%
4,406
800
-1,354
16.4%
-586
13.3%
-458
10.4%
-1,426
1,381
25
357
1,764
-423
24.0%
1,341
-74
1,267
967

Change
2012E
-3.0%
2.0%
-3.7%
0.0%
-3.1%
0.0%
-5.8%
-0.3%
-5.6%
-0.2%
0.0%
-4.8%
0.0%
0.0%
-3.8%
-3.8%
0.0%
-3.8%
0.0%
-4.0%
-4.0%

2013E
-4.3%
2.0%
-4.2%
0.0%
-3.7%
0.0%
-6.6%
-0.3%
-5.5%
-0.1%
-0.4%
-4.4%
0.0%
0.0%
-3.7%
-3.7%
0.0%
-3.7%
0.0%
-3.9%
-4.3%

Source: Company data, CICC Research

Figure 4: 1H12 results analysis

(Rmb mn)
Gross Sales Proceeds
Direct Sales
Concessionaire Sales
Rental Income
Management income

1H10A

2H10A

2010A

1H11A

2H11A

2011A

1H12A

2011(+/-)

4,006

4,737

8,743

5,561

6,071

11,633

6,588

33.0%

1H12(+/-)

360

364

724

572

565

1,137

710

57.0%

3,562

4,286

7,847

4,883

5,396

10,279

5,707

31.0%

16.9%

66

79

145

89

105

194

149

33.5%

68.2%
30.8%

18

26

17

22

22

-14.9%

1,094

1,194

2,289

1,558

1,560

3,117

1,871

36.2%

20.1%

Sales of goods direct sales

360

364

724

572

565

1,137

710

57.0%

24.1%

Commissions from concessionaire sales

Total operating revenues

650

743

1,393

880

884

1,764

990

26.6%

12.5%

Rental income

66

79

145

89

105

194

149

33.5%

68.2%

Management income

18

26

17

22

22

-14.9%

30.8%

153

266

419

213

188

401

333

-4.3%

-875

-964

-1,839

-1,271

-1,361

-2,632

-1,616

43.1%

27.2%

-283

-297

-579

-465

-484

-948

-594

63.8%

27.7%

Staff Costs

-138

-163

-301

-220

-208

-428

-243

42.4%

10.1%

Depreciation & Amortisation

-117

-122

-239

-136

-146

-282

-191

18.2%

40.0%

Other Operating Expenses

-339

-382

-720

-449

-523

-972

-589

35.0%

Other Income and Gain

Operating expenses
Cost of Inventories

Operating Profit

56.6% Wushang stake disposal

Staff costs and D&A increased by 22%

31.1% YoY totally, faster than GSP

372

497

868

499

387

887

588

2.1%

Net Finance Costs

-5

-2

11

19

21

Share of profits of associates & JC

42

18

60

135

88

223

139

17.7%

Profit Before Taxation

408

518

926

645

484

1,129

747

21.9%

15.8%

Income tax

-93

-132

-225

-139

-132

-271

-171

20.5%

23.0%

22.7%

25.5%

24.3%

21.6%

27.2%

24.0%

22.9%

-0.3%

1.3%

315

386

701

506

352

858

576

22.4%

13.8%
15.2%

Effective Tax Rate

Profit for the year

CICC comments

18.5% 1HSSSG slowdown to 9.2%, but still

24.1% leading the sector

Minority interests

-15

-1

-16

-25

-12

-37

-28

127.5%

Equity holders of the parent

300

385

685

481

340

821

547

19.9%

Recurrent Net Profit

251

262

513

415

317

732

458

42.8%

Net profits rose by 13.7% YoY to

13.7%
Rmb547mn. Recurrent earnings adjusted
10.3% for disposal gain grew ~10%

Commision rate

18.2%

17.3%

17.8%

18.0%

16.4%

17.2%

17.3%

-0.6%

-0.7%

Direct Sales margin

21.5%

18.6%

20.0%

18.8%

14.4%

16.6%

16.4%

-3.4%

-2.3%

Gross Margins (to sales ratio)

Commision rate down 0.7ppt and direct
sales margin down 2.3ppt

Selling and adm. expenses/Revenue

Staff cost / Revenue

12.6%

13.7%

13.1%

14.1%

13.3%

13.7%

13.0%

0.6%

-1.2%

D&A / Revenue

10.7%

10.2%

10.4%

8.7%

9.4%

9.1%

10.2%

-1.4%

1.4%

Other Operating Expenses / Revenue

30.9%

32.0%

31.5%

28.9%

33.5%

31.2%

31.5%

-0.3%

2.6%

Operating Margin(/Revenue)

33.9%

41.6%

37.9%

32.1%

24.8%

28.4%

31.4%

-9.5%

-0.6%

Net Margin(/Revenue)

27.4%

32.2%

29.9%

30.9%

21.8%

26.4%

29.3%

-3.6%

-1.7%

Recurrent Net Margin(/Revenue)

22.9%

21.9%

22.4%

26.6%

20.3%

23.5%

24.5%

1.1%

-2.2%

Net margin down 1.7ppt

Source: Company data, CICC Research

Please read carefully the important disclosures at the end of this report
3

CICC Research: October 9, 2012

Figure 5: Store network (1H2012)
28existing department stores
Zhej iang (17), Hubei (6), Shanxi (2) , Anhui(1),
Beij ing(1), Hebei(1)

Suizhou(10)

50% of Yansha

Xiangfan(08)

Wuhan(08)

Beij ing red grate store(11)

Tangshan Xinhua
Stores (11 acquired)

One stores to be opened

Xiantao(09)
Wushang24.48%
One store to be opened

E'zhou(08)
Xianning(08)

One stores to be opened

Fuyang(10)
Yuhang(08)

Xi'an Qujiang Intime city(11)

HZ Wulin(98)
Xi'an (08)
Tw o store to be opened

HZ Baida (08)
Zhej iang

Ningbo1(05)
Ningbo2(05)

HZ Westlake

Ningbo Jiangdong (09)

Ningbo Wanda (07)

One stores to be opened

Jinhua(07)
Jinhua2(08)
Jinhua3(09)

Zhoushan(09)

HZ Qinchun(09)

Cixi Intime city(11)

Yiw u(09)
Wenzhou(07)

Hefei Intime center

Tw o stores to be opened

Self-owned stores
Managed Stores

Ten stores to be opened

Source: Company data, CICC Research

Please read carefully the important disclosures at the end of this report
4

CICC Research: October 9, 2012

Figure 6: Historical and forecasted financial data
Income Statement (Rmb mn)

2006A

2007A

2008A*

2009A

2010A

Gross Sales Proceeds

2,751

3,475

4,879

6,410

8,743

11,633

13,596

16,584

676

884

1,225

1,572

2,289

3,117

3,604

4,406

24

220

170

314

419

401

533

800

-150

-174

-224

-302

-579

-948

-1,091

-1,354

Staff costs

-57

-85

-161

-217

-301

-428

-468

-586

Depreciation and amortisation

-21

-41

-115

-185

-239

-282

-360

-458

-146

-253

-426

-596

-720

-972

-1,179

-1,426

-26

-48

-77

-54

-2

19

23

25

84

42

60

223

275

357
1,764

Turnover
Other Income
Cost of Inventories

Other Operating expenses

Finance Income
Share of profits of associates & JC
Profit before taxation
Taxation
Profit for the year
Minority Interest
Net profit
Cash Flow (Rmb mn)

2011A

2012E

2013E

301

512

476

573

926

1,129

1,336

-81

-138

-113

-123

-225

-271

-320

-423

220

375

363

449

701

858

1,015

1,341

-13

15

13

-16

-37

-57

-74

206

378

378

463

685

821

958

1,267

2010A

2011A

2012E

2013E

Operating cashflow

2006A
315

475

795

733

1,449

1,718

1,657

2,422

Investment cashflow

-389

-2,121

-1,508

250

-2,611

-2,924

-723

-840

Financing cashflow

193

2,170

714

-725

1,507

1,668

-183

-219

2009A

2010A

2011A

2012E

2013E
3,895

Balance Statement (Rmb mn)

2006A

2007A

2007A

2008A*

2008A*

2009A

Cash

333

777

740

991

1,366

1,779

2,531

Deposits & Prepayments

135

373

387

323

683

511

511

511

323

314

385

793

442

759

1,018

Account Receivable
Inventories

26

34

52

118

156

194

189

250

147

1,084

1,374

1,345

1,819

3,074

3,257

3,520

64

985

1,481

1,454

2,305

2,955

3,152

3,342

549

1,101

1,235

1,726

1,899

2,089

2,246

6,195

7,191

7,486

12,289

17,241

18,858

21,184

Bank loans due within one year

649

450

960

468

492

282

82

Trade and other payables

270

436

889

1,094

1,206

1,670

1,693

1,984

Other Payables

200

850

792

1,167

2,064

3,547

4,256

5,107

448

530

708

1,204

1,699

2,195

1,338

2,152

3,482

3,592

6,574

9,972

11,052

12,670

908

4,043

3,709

3,894

5,715

7,269

7,805

8,513

Net Fixed Assets

Land use rights
Investment properties
Total Assests

Bank loans due after one year

Total Liabilities
Total Equity

Source: Company data, CICC Research

Please read carefully the important disclosures at the end of this report
5

CICC Research: October 9, 2012

Figure 7: Comparable valuations
Sub-Industry Classification

Ticker

Price

Company

Net Profit

Mkt cap
(mn)

2011A

Y oY

EPS

2012E

Y oY

2013E

Y oY

2011A

P/E

2012E

2013E

2011A

11 End ~ 13 End

2012E

2013E

PEG

Net Profit CAGR

Department Store Listcos

Cross-Regional Play ers

600694.CH

Dashang

38.12

11,197

274

125.0%

910

232.3%

1,140

25.2%

0.93

3.10

3.88

40.9

12.3

9.8

104.0%

0.1

600859.CH

Wangf ujing

26.23

12,138

574

40.7%

695

21.1%

863

24.2%

1.24

1.50

1.87

21.2

17.5

14.1

22.7%

0.8

002419.CH

Rainbow Dept. store

11.56

9,250

Parkson

6.47

18,184

1123
507

3368.HK

New World

4.30

7,250

000417.CH

Hef ei Department Store

7.21

5,623

600778.CH

Y ouhao

11.35

3,535

600778.CH

Y ouhao(Retailing)

11.35

000501.CH

Wuhan Dept. store

11.86

600729.CH

Chongqing Dept. Store

600697.CH

Beijing and Guangzhou

18.3%

627

9.2%

783

25.0%

0.72

0.78

0.98

16.1

14.8

11.8

16.8%

0.9

13.2%

1,008

-10.2%

1,091

8.2%

0.49

0.47

0.50

13.1

13.9

12.8

-1.4%

-9.7

5.8%

561

1.4

10.7%

607

8.2%

0.30

0.33

0.36

14.3

12.9

11.9

9.4%

22.5%

469

23.7%

594

26.8%

0.49

0.60

0.76

14.8

12.0

9.5

25.2%

0.5

143

36.2%

338

135.8%

438

29.8%

0.46

1.08

1.41

24.7

10.5

8.1

74.9%

0.1

3,535

125

43.5%

118

-5.8%

142

20.6%

0.40

0.38

0.46

28.3

30.1

24.9

6.6%

4.6

6,016

331

12.9%

394

18.8%

493

25.2%

0.65

0.78

0.97

18.2

15.3

12.2

21.9%

0.7

25.02

9,335

605

14.7%

699

15.6%

875

25.2%

1.62

1.87

2.35

15.4

13.4

10.7

20.3%

0.7

Eurasia

23.15

3,683

162

22.6%

199

23.1%

249

25.2%

1.02

1.25

1.57

22.8

18.5

14.8

24.1%

0.8

600785.CH

Xinhua Dept.

15.25

3,163

17.2%

300

18.7%

357

19.2%

1.22

1.44

1.72

12.5

10.6

8.9

18.9%

0.6

002277.CH

Y our-mart

9.49

3,314

34.4%

358

23.1%

439

22.7%

0.83

1.02

1.26

11.4

9.3

7.6

22.9%

0.4

600858.CH

Y inzuo

10.37

5,393

116

4.3%

258

122.8%

329

27.6%

0.22

0.50

0.63

46.6

20.9

16.4

68.6%

0.3

600828.CH

Chengshang

4.91

2,801

196

41.5%

206

5.0%

251

22.3%

0.34

0.36

0.44

14.3

13.6

11.1

13.3%

1.0

600827.CH

16.1%

1,703

825 .HK
Midwest and Northeast

574

379

252
290

Bailian(Merge)

8.80

15,158

1190

21.1%

1833.HK

Intime

8.94

17,857

732

42.7%

1382

23.3%

0.69

0.80

0.99

12.7

11.0

8.9

19.6%

0.6

19.6%

0.45

0.53

0.63

19.8

17.0

14.2

14.9%

1.1

3308.HK

Golden Eagle (Recurrent)

15.66

30,267

1172

24.4%

1220

4.1%

1700.HK

Springland(Recurrent)

3.96

9,900

583

30.9%

649

11.2%

1,311

7.4%

0.75

0.82

0.88

20.9

19.1

17.8

5.7%

3.3

719

10.8%

0.29

0.34

0.37

13.7

11.8

10.6

11.0%

000987.CH

Guangzhou Friendship

11.85

4,254

367

12.2%

1.1

2.1%

443

18.2%

1.02

1.04

1.23

11.6

11.3

9.6

9.8%

600723.CH

Beijing Capital Retailing

7.73

5,089

346

44.7%

1.2

18.1%

494

21.1%

0.53

0.62

0.75

14.7

12.5

10.3

19.6%

0.6

601933.CH

Y onghui Supertores

23.38

17,954

467

52.8%

000759.CH

Zhongbai holding

6.47

4,406

267

6.3%

-15.9%

539

37.3%

0.61

0.51

0.70

38.5

45.7

33.3

7.4%

6.1

0.6%

313

16.6%

0.39

0.39

0.46

16.5

16.4

14.1

8.3%

2.0

808

10.4%

375
408

967

Supermarket Listcos
393
268

600361.CH

Hualian Hy permarket

5.02

3,342

58

4.6%

8.1%

90

45.2%

0.09

0.09

0.14

58.1

53.7

37.0

25.3%

2.1

002251.CH

BBG

21.20

5,732

260

52.2%

331

62

27.2%

417

26.1%

0.96

1.22

1.54

22.0

17.3

13.7

26.6%

0.7

002264.CH

Nhd-mart

5.77

3,124

146

89.4%

178

22.1%

221

24.0%

0.27

0.33

0.41

21.4

17.5

14.1

23.0%

0.8

980.HK

Lianhua(Recurrent)

6.27

7,020

594

-4.7%

639

7.6%

705

10.3%

0.65

0.74

0.82

9.6

8.5

7.7

9.0%

0.9

6808.HK

Sun Art

9.96

95,015

1,600

55.2%

2,387

49.2%

2,881

20.7%

0.21

0.32

0.39

48.1

30.7

25.4

34.2%

0.9

2,806

25.2%

0.24

0.31

0.38

40.8

32.6

26.1

22.0%

1.5

18.2%

0.63

0.57

0.68

6.1

6.7

5.7

1.1%

6.0

0.77

0.91

18.8

15.6

13.2

16.5%

0.9

15.0

-14.3%

-1.1

6808.HK

Sun Art(Recurrent)

9.96

95,015

1,886

23.0%

2,241

18.9%

814.HK

JKL

3.85

1,587

210

16.4%

182

-13.5%

1025.HK

Wumart(Recurrent)

11.96

15,324

659

24.3%

756

14.8%

894

18.2%

0.63

215

002024.CH

Suning

6.85

50,574

4821

20.2%

3372

-30.1%

3,543

5.1%

0.65

0.46

0.48

10.5

493.HK

GOME

0.84

14,175

1840

-6.2%

-1174

-275

0.13

-0.08

-0.02

6.6

1280.HK

HUIY IN HOUSEHOLD(Recurrent)

0.32

335

46

-60.4%

-35.2%

39

30.1%

0.05

0.04

0.05

5.9

8.6

6.6

-8.2%

-1.0

Hualian Dept. Store

2.82

3,023

12

441.9%

89

41.2%

0.01

0.06

0.08

258.7

47.7

33.8

176.6%

0.3

07/09

Home Appliance

01/09

Consumer Electronics and Home Appliance Listcos

002344.CH

30

63

14.3
-

Source: Bloomberg, CICC Research

Figure 8: Historical PE and PB bands

16

price

5x

10 x

15 x

24 x

price

1x

2x

Source: Bloomberg, CICC Research

Please read carefully the important disclosures at the end of this report
6

3x

4x

10/12

07/12

04/12

01/12

10/11

07/11

04/11

01/11

10/10

07/10

04/10

01/10

10/09

04/09

10/08

07/08

10/12

07/12

04/12

01/12

10/11

07/11

04/11

01/11

10/10

07/10

04/10

01/10

10/09

07/09

0
04/09

01/09

10/08

07/08

04/08

12

01/08

12

(HK$)

04/08

(HK$)

01/08

16

CICC Research: October 9, 2012

Important legal disclosures

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Beijing

Shanghai

Hong Kong

China International Capital

Corporation Limited

China International Capital

Corporation Limited Shanghai Branch

China International Capital

Corporation (Hong Kong) Limited

28th Floor, China World Office 2

1 Jianguomenwai Avenue
Beijing 100004, P.R. China
Tel: (86-10) 6505-1166
Fax: (86-10) 6505-1156

32nd Floor Azia Center

1233 Lujiazui Ring Road
Shanghai 200120, P.R. China
Tel: (86-21) 5879-6226
Fax: (86-21) 5888-8976

29th Floor, One International Finance Centre

1 Harbour View Street
Central, Hong Kong
Tel: (852) 2872-2000
Fax: (852) 2872-2100

Singapore

United Kingdom

China International Capital

Corporation (Singapore) Pte. Limited

China International Capital

Corporation (UK) Limited

#39-04, 6 Battery Road

Singapore 049909
Tel: (65) 6572-1999
Fax: (65) 6327-1278

Level 25, 125 Old Broad Street

London EC2N 1AR, United Kingdom
Tel: (44-20) 7367-5718
Fax: (44-20) 7367-5719

Beijing Jianguomenwai Avenue Branch

Shanghai Middle Huaihai Road Branch

Shenzhen Fuhuayilu Branch

1st Floor, Capital Tower

6A Jianguomenwai Avenue
Beijing 100022, P.R. China
Tel: (86-10) 8567-9238
Fax: (86-10) 8567-9235

398 Huaihai Road (M)

Shanghai 200020, P.R. China
Tel: (86-21) 6386-1195
Fax: (86-21) 6386-1180

Rooms 107 & 201, Annex Building

Shenzhen Duty Free Commercial Tower
6 Fuhua 1st Road, Futian District
Shenzhen 518048, P.R. China
Tel: (86-755) 8832-2388
Fax: (86-755) 8254-8243

Hangzhou Jiaogong Road Branch

Nanjing Zhongshan Road (North) Branch

Guangzhou Tianhe Road Branch

1st Floor, Euro American Center

18 Jiaogong Road
Hangzhou 310012, P.R. China
Tel: (86-571) 8849-8000
Fax: (86-571) 8735-7743

2nd Floor, Greenland Plaza

1 Zhongshan Road (North)
Nanjing 210008, P.R. China
Tel: (86-25) 8316-8988
Fax: (86-25) 8316-8397

40th Floor, Teemtower

208 Tianhe Road
Guangzhou 510620, P.R. China
Tel: (86-20) 8396-3968
Fax: (86-20) 8516-8198

Chengdu Binjiang Road (East) Branch

Xiamen Lianyue Road Branch

Qingdao Middle Hongkong Road Branch

1st & 16th Floors, Shangri-La Center

Block 9B, Binjiang Road (East)
Chengdu 610021, P.R. China
Tel: (86-28) 8612-8188
Fax: (86-28) 8444-7010

4th Floor, Office Building, Paragon Center

1 Lianyue Road, Siming District
Xiamen 361012, P.R. China
Tel: (86-592) 515-7000
Fax: (86-592) 511-5527

11th Floor, Shangri-La Center

Block 9, Hongkong Road (M), South District
Qingdao 266071, P.R. China
Tel: (86-532) 6670-6789
Fax: (86-532) 6887-7018

Wuhan Jiefang Road Branch

Chongqing Honghu Road (West) Branch

4th Floor, New World Centre Tower

634 Jiefang Road, Qiaokou District
Wuhan 430032, P.R. China
Tel: (86-27) 8334-3099
Fax: (86-27) 8359-0535

1st & 10th Floors, Ourui Lanjue Center

Block 9, Honghu Road (W), New North District
Chongqing 401120, P.R. China
Tel: (86-23) 6307-7088
Fax: (86-23) 6739-6636

Changsha Chezhan Road (North) Branch

3rd Floor, Annex Building, Securities Tower
459 Chezhan Road (North), Furong District
Changsha 410001, P.R. China
Tel: (86-731) 8878-7088
Fax: (86-731) 8446-2455

Foshan Jihua 5th Road Branch

Tianjin Nanjing Road Branch

Dalian Jinma Road Branch

12th Floor, Trend International Business Building

2 Jihua 5th Road, Chancheng District
Foshan 528000, P.R. China
Tel: (86-757) 8290-3588
Fax: (86-757) 8303-6299

10th Floor, Tianjin Global Trading Center

219 Nanjing Road, Heping District
Tianjin 300051, P.R. China
Tel: (86-22) 2317-6188
Fax: (86-22) 2321-5079

128B Jinma Road

Economic-Technological Development Area
Dalian 116000, P.R. China
Tel: (86-411) 8755-5088
Fax: (86-411) 8801-7568

Ningbo Yangfan Road Branch

11th Floor, Building Five, 999 Yangfan Road
Hi-tech Industrial Development Zone
Ningbo 315103, P.R. China
Tel: (86-574) 8907-7288
Fax: (86-574) 8907-7328