CCME Oct 18th, 2010 Global Hunter Securities Report

Joe Giamichael 212-644-8916 jgiamichael@ghsecurities.
com
Dmitriy Shapiro 646-264-5606 dshapiro@ghsecurities.com
Ping Luo, CFA 646-264-5688 pluo@ghsecurities.com
Jodi Dai 646-264-5666 jdai@ghsecurities.com
Last week's
Performance
MTD
Performance
QTD
Performance
YTD
Performance
TTM
Performance GHS China Weekly Update
25.9% 38.8% 49.6% 37.0% 48.0%
GHS China Index
GHS China Alternative Energy Index 5.9% 17.9% 26.5% 13.2% 33.9% 10/11 – 10/17
GHS China Energy Index 5.9% 20.8% 18.7% 21.9% 34.9%
6.1% 15.3% 7.0% -40.5% -35.9%
GHS China Environmental Index
GHS China Basic Materials Index 3.9% 14.3% 7.5% 5.6% 11.7%
China Macro Headlines ……………….……………………………….2
GHS China Industrial Index 1.5% 6.1% 0.8% -19.5% -4.0% • Chinese property prices rebound.
3.2% 18.3% 25.2% 11.0% 27.2%
• Auto prices expected to continue falling: NDRC.
GHS China Agriculture Index
GHS China Food & Beverage Index 5.7% 23.9% -0.2% 5.7% 0.3%
GHS China Consumer Index 2.6% 23.4% 18.0% -7.7% -6.0% • China rubber to extend rally from record.
• China's Sept FDI hits $8.4b, up 6.1% y-o-y.
GHS China Automotive Index 5.3% 5.1% 4.3% 1.8% 24.0%
GHS China Education Index 5.8% 12.3% 90.4% 74.8% 71.0%
GHS China Services Index 10.1% 28.5% 60.3% 118.7% 141.9% • CPC session opens to discuss nation's next five-year plan.
• More…
GHS China Healthcare Index 3.5% 7.4% 16.5% 0.6% 14.5%
GHS China Internet & Software Index 114.6% 136.2% 159.1% 120.1% 98.0%
13.3% 24.8% 35.5% 13.7% 17.4%
GHS China Media Index
GHS China Real Estate Index 1.0% 12.5% 17.4% 10.5% 78.3%
GHS China Research Weekly Recap …..………………………..….3
GHS China Telecom & Electronics Index 4.5% 7.1% 22.2% 16.0% 20.4% • 10/15, ALN; ALN announces the resignation of its CFO.
• 10/15, CCME; Our extensive due diligence reinforces our thesis; Reiterate Buy.
DJIA 0.5% 4.6% 9.6% 6.1% 9.9%
Nasdaq 2.8% 7.3% 13.3% 8.8% 13.6%
S&P 500 0.9% 4.5% 10.5% 5.5% 7.3% • 10/15, China; China Impression.
• 10/11, CAGC; Update on engaging a “Big Four” auditor; Reiterate $20 price
Russell 2000 1.6% 8.0% 15.4% 12.7% 13.1%
target Buy rating.

TTM Weekly Performance • 10/11, HOGS; Reiterate Buy rating and raising price target to $24.
50.0% GHS Analyst Top Picks …………………………………………….....8
40.0%
• Joe Giamichael – DEER (Closing $11.34; Price Target: $14.00)
30.0%
• Ping Luo – CMFO (Closing $6.36; Price Target $10), ZOOM (Closing $4.08;
20.0%
Price Target: $8.00)
10.0%
• Dmitriy Shapiro – LIWA (Closing $9.04; Price Target: $17.00), FSIN (Closing
0.0% $9.62; Price Target: $15.00)
-10.0% Weekly Gainers & Decliners …...………………….…………..……..9
-20.0%
• Top Gainers (Price>$5): CCME, CNIT, KH, OINK, KONG, LDK, SKBI, RINO,
CMFO, CEU, PUDA, CHBT, SFUN, HRBN, QKLS
Russell 2000 S&P 500 Nasdaq DJIA GHS China Index • Top Losers (Price>$5): DGW, VALV, CAGC, FUQI, SOLF, CHDX, NFEC, CSKI,
ASIA, CGA, CAST, CHOP, SYUT, CIEC, WX
Valuation Index (P/E and EV/EBITDA) ….…………………………10
140.0%
TTM China Subsector Weekly Performance
120.0% • Cheap 20 (P/E Based): SGAS, CHLN, UTA, XIN, HQS, ZOOM, ZSTN, CFMI,
100.0%
SIHI, FUQI, WEMU, CNBI, CTXI.F, NIV, SPU, RDBO, SKBI, YUII, BEST, JGBO
80.0%
• Expensive 20 (P/E Based): ATV, TCM, LONG, BJGP, HTHT, VIT, SVN, KH,
AMAP, DL, NPD, HSFT, HMIN, CHDX, CO, JOBS, CTC, VISN, CHC, KONG
•
60.0%
Cheap 20 (EV/EBITDA Based): NTE, HQS, UTA, PUDA, DGW, ZSTN, CELM,
40.0% SGAS, CTXI.F, CBPO, CCME, LIWA, CNBI, CHOP, CNYD, CNGL, CEDU,
20.0% SIHI, QKLS, AMCF
0.0% • Expensive 20 (EV/EBITDA Based): ATAI, VIT, HSFT, ADY, AMAP, CIS, KH,
JOBS, JRJC, HTHT, DL, NPD, HMIN, HOLI, CRIC, SVN, CHDX, SCR, CHRM,
-20.0%
SEED
-40.0%
Top 25 Highest Short Interest…………………….………………...12
-60.0%
• RINO, CHBT, CCME, CMED, CAGC, ADY, CRIC, CBEH, CFSG, DGW, HRBN,
FUQI, LDK, SEED, TSTC, CHNG, CBPO, GFRE, CSUN, CAAS, DEER, APWR,
GHS China Environmental Index GHS China Industrial Index CGA, CSKI, CNAM
GHS China Energy Index GHS China Basic Materials Index
GHS China Alternative Energy Index GHS China Agriculture Index GHS Upcoming Events, Roadshows, Analyst Calls…..………...13
GHS China Food & Beverage Index GHS China Consumer Index
GHS China Automotive Index
GHS China Services Index
GHS China Services Index
GHS China Healthcare Index
• 10/11-10/29: Analyst Joe Giamichael Due Diligence Trip to China
GHS China Internet & Software Index
GHS China Real Estate Index
GHS China Media Index
GHS China Telecom & Electronics Index
• 10/18-10/19: China RuiTai International Holdings (CRUI.OB) Non-Deal
Roadshow in New York
• 10/18-10/19: Yasheng Group (YHGG) meeting w/ mgmt in Lanzhou, Gansu
GHS Block Trading Solutions ………………………………….......13
GHS China Research Coverage Universe …………..……………14
Monitor List ………....…………………………………………………15
Appendix: Components for GHS Sector Based Index ..………..16
Disclosure ……………...………………………………………………21
SEE ANALYST CERTIFICATION AND OTHER IMPORTANT DISCLOSURES AT THE END OF THIS REPORT
GHS China Research Weekly Update Week 10/11 – 10/17 October 18, 2010
China Macro Headlines
• Chinese property prices rebound. Property prices and sales in China rebounded in September after a four-month period of weakness driven
by a government crackdown, official data issued Friday show, underscoring the government's continuing struggle to stabilize a soaring real-
estate market. The return of bullish sentiment to the market in September was apparently the trigger for another round of tighter government
policies announced at the end of last month. Those added to the original set of measures launched in April, which had achieved limited
success in curbing speculation and making housing more affordable.
• Auto prices expected to continue falling: NDRC. China's top economic planner said Thursday that auto prices fell slightly in September for
a third consecutive month, and were expected to continue falling in the fourth quarter. Prices of cars made in China were down 0.4 percent
from August and 0.3 percent from September last year, the National Development and Reform Commission (NDRC) said in a statement on its
website.
• China rubber to extend rally from record: technical analysis. Rubber’s rally to a record today in China may be extended after prices broke
a key resistance level and demand rises amid tight supply, according to technical analysis by Yongan Futures Co. The breaking of 30,000
yuan ($4,513) a metric ton was a key resistance level, Guo Cheng, analyst at Yongan, said by phone from Beijing. Resistance is a level on a
chart where sell orders may be clustered, and support is a level where there may be buy orders.
• China's Sept FDI hits $8.4b, up 6.1% y-o-y. Foreign direct investment (FDI) in China in September rose 6.14 percent year on year,
compared with a growth rate of just 1.38 percent in August. China received $8.384 billion in FDI last month, compared with $7.602 billion in
August, the Ministry of Commerce (MOC) said Friday.
• CPC session opens to discuss nation's next five-year plan. The 17th Central Committee of the Communist Party of China (CPC) opened
its fifth plenary session in Beijing Friday to discuss the nation's next five-year development plan. The four-day meeting will review proposals for
the country's 12th five-year program (2011-2015) on national economic and social development.
• China steel output up on production restart: CISA. China's crude steel production recovered quickly in late September as some mills in
northern Hebei province resumed output, Reuters reported on Thursday according to industry data. China Iron & Steel Association (CISA)
data showed daily crude steel output was 1.678 million tons in the last 10 days of September, 8.5 percent higher than the middle 10 days of
the month.
• China trade surplus narrows. China's foreign-exchange reserves swelled to $2.648 trillion at the end of September, in a record surge that
highlights the extent of the nation's intervention in currency markets at a time of rising global tensions over exchange rates. The reserves,
already by far the largest such stash in the world, jumped by $194.03 billion in the third quarter of the year, central bank data issued
Wednesday show, marking their biggest-ever quarterly gain.
• China's business climate index gain in Q3. China's business climate index, a major measure of macro-economic outlook, rose by 2 points
in the third quarter while the entrepreneur confidence gained 2.9 points over the previous quarter, the National Bureau of Statistics (NBS)
announced on Oct 13. The quarterly business climate index, based on a survey of about 20,000 Chinese firms, advanced to 137.9 points from
135.9 points in the second quarter, the NBS said in a statement on its website.
• Sept consumer prices likely to peak: Analysts. Analysts expected China's consumer price index (CPI) to have reached its 2010 peak in
September and inflation pressure to gradually ease in the fourth quarter, while views were divided on whether the government will raise
interest rates. CPI, the major inflation gauge, rose to a 22-month year-on-year high of 3.5 percent in August, which is 0.2 percentage points
higher than July's rate, National Bureau of Statistics figures show.
• China’s consumer socks are attractive, Global X says. China’s consumer discretionary stocks are becoming more attractive as incomes
rise and the economy relies more on domestic spending, according to New York- based asset manager Global X Management Company LLC.
Rising Chinese interest rates won’t be a deterrent because consumption growth is based more on higher incomes than on credit, Bruno del
Ama, chief executive officer of Global X, said in e-mailed comments yesterday.
• China steps up its steelmaking game. The head of one of China's top steel companies said the world's largest steel industry needs to
consolidate production and improve quality, pressing a theme that carries good and bad news for global competitors. Deng Qilin, president of
Wuhan Iron & Steel Group Corp., one of China's larger steelmakers, said at a conference here that the country has too many small and
midsize players and needs to consolidate.
• Diamond market shines bright. Nation becoming a major player in international trade of precious gems. HONG KONG - Mention diamonds
and the chances are people will think of South Africa, home to the gemstone-rush in the late 1800s after a young shepherd named Erasmus
Jacobs found a small white pebble along the bank of the Orange River. That white pebble turned out to be a 21.25 carat diamond, dubbed the
"Eureka".
• 'Modest' rise in electricity price planned. A multistep electricity pricing system, in which household tariffs will increase with usage, is being
planned by the National Development and Reform Commission (NDRC). The nation's top economic planner said on Saturday that the moves
will help encourage energy conservation.
Source: ChinaDaily.com, WSJ.com, Bloomberg.com, Reuters
Shanghai SE Composite Index

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Global Hunter Securities, LLC Equity Research Page 2

GHS China Research Weekly Recap

GHS Notes: 10/15 American Lorain Corp. (NYSE: ALN); Buy; Target: $6.00
Joe Gaimichael, 212-644-8916, jgaimichael@ghsecurities.com
Dmitriy Shapiro, 646-264-5606, dshapiro@ghsecurities.com
Event: ALN announces the resignation of its CFO. Click Here For Print Version of Full Report
Summary:
Yesterday after the markets closed, American Lorain announced the resignation of its CFO, Mr. Yilun Jin, and the appointment of
Ms. Lin Fu as interim CFO. This is a transition that we have been anticipating and we think that the disruption to the company should
be minimal.
Highlights
Yesterday after the markets closed, American Lorain announced the resignation of its CFO, Mr. Yilun Jin. The company
appointed Ms. Lin Fu as interim CFO while it is searching for a full time replacement. Ms. Fu graduated from Shandong University of
Finance and joined the company in 1996. Since then, she has served various roles within the company’s finance and accounting
department, most recently serving as ALN’s Chief Accountant.
While it is never positively received to see a CFO depart, this is a transition that we have been anticipating and we think
that the disruption to the company should be minimal as Mr. Jin's work was focused primarily on building internal
reporting systems. Ms. Fu was appointed from within the company and we believe that she was familiar with the internal processes
and will be able to continue Mr. Jin’s work until the company finds a new full time CFO.
Reiterating Buy Rating and $6 price target. We are reiterating our Buy rating and 12-18 month price target of $6 at this time. Our
$6 price target is predicated on 8.9x FY2011 on a P/E basis and 5.1x FY2011 on an EV/EBITDA basis, significantly below the peer
group’s respective averages of $13.2x and 6.3x. Our peer group consists of profitable Chinese companies in the food processing,
packaged foods and convenience food spaces, as well as similar sized international and larger US food processing/packaged food
companies (excluding several outliers from the peer group average calculation)
Company Description: American Lorain Corporation develops, manufacturers, and sells various food products, including chestnut
products, convenience food products and frozen food products. The company currently sells over 230 products to 26 provinces and
administrative regions in China as well as to 42 foreign countries.


GHS Notes: 10/15 China MediaExpress Holdings, Inc. (Nasdaq: CCME); Buy; Target: $21.00
Ping Luo, 646-264-5688, pluo@ghsecurities.com
Jodi Dai, 646-264-5666, jdai@ghsecurities.com
Event: Our extensive due diligence reinforces our thesis; Reiterate Buy. Click Here For Print Version of Full Report
Summary:
During our recent trip to China, we conducted extensive due diligence and channel checks on CCME’s business. We met with the
company's entire management team including six regional managers, checked CCME’s sales contracts and bank statements, and
interviewed advertising agencies, direct advertisers and bus operators. We took buses in Beijing, Fuzhou and Guangzhou to view
the company’s operation and advertising programs. In addition, we met with a representative from CTR, a market research firm, and
two directors at Starr International. Our due diligence results reinforce our thesis on the company and we continue to believe that
CCME is a leader in its niche market. We believe the fundamentals of the business remain solid. Thus, we reiterate our Buy rating.
Highlights
Interviews with advertising customers. CCME works with ~30 ad agencies who contribute ~70% of total revenue, with the
remaining 30% from direct advertisers. We interviewed a number of ad agencies and direct advertisers, including agencies which
purchase advertising time in Beijing and Guangzhou airports. The revenue amount these agencies disclosed to us matched that in
the sales contracts and the customer list and revenue breakdown presented by CCME. These customers represent annual contract
value of approximately RMB400MM ($60MM), or ~30% of our estimated ‘10 revenue. The agencies receive business either directly
from brands or from 4As or other large advertising agencies. These advertisers stated that CCME’s large network and quality
customer service make it the top choice in the inter-city bus market.
Interviews with bus operators. CCME’s network currently covers over 60 bus operators and close to 25,000 buses. The bus
operators we interviewed ran a total of 4,000 buses. They receive concession fees ranging between RMB600 and RMB1,500 per
bus per month, which we view as considerably low as compared to its peers in other outdoor media markets. We believe the low cost
is due to a lack of major competitors in this niche market as well as weak bargaining power from bus operators who operate in a
highly fragmented market. Concession fees typically account for 70%+ of COGS of a media company. Continuing to control
concession fees is a key task for a media company. We believe this low level of concession charges explains CCME’s high margin
profile.
Taking the rides. We took CCME’s buses in Beijing, Fuzhou and Guangzhou to view its operation and programs. The programs
were rotated with 30 minutes of entertainment content and 10 minutes of advertisements. We saw brands including multinational
names such as Pepsi-Cola, P&G, Coca-Cola, Siemens, and Samsung, and well-known domestic brands such as China Mobile,
China Post, Wanglaoji Beverage, Tongyi Green Tea, Huangjin Dadang Nutrition and Yili Dairy, among others. Bus operators
expressed favorable feedback from passengers; we believe the availability of various entertainment content makes passengers more
receptive to advertising programs.
Meeting regional managers. We met with regional managers in charge of sales and customer service in Beijing, Guangdong,
Sichuan, Jiangsu, Hubei and Fujian. We cross checked with them the number of buses, top agency customers and total revenues in
each region. Currently there are ~30 people in each region who provide customer service to existing customers and develop new
local customers (esp. direct advertisers) in the region.
Visit to Starr International. We visited Starr’s Shanghai office and met with directors who stated they have done a thorough due
diligence before their $30MM investment in January, including hiring ACNielsen to conduct due diligence and market research, and
Deloitte to audit CCME’s financials. They indicated that they monitored CCME’s operation and financial results on a monthly basis
and continued to believe in its fundamentals, which is further evidenced by Starr’s additional investment of $13.5MM announced
earlier this week to purchase 1.5MM common shares from early investors of the company.
Reiterate Buy. We have spent substantial time and effort in our ongoing due diligence over the last three months, the results of
which reinforced our thesis. Shares are currently trading at just 6x our ’10 EPS (or 4x after backing out $139MM or $3.89/share in
net cash). We expect more positive catalysts in the near term as the company continues to expand its network. As such, we reiterate
our Buy rating and $21 price target, which is 9x our ’10 EPS of $2.38.
Company Description: China MediaExpress provides TV advertising network on inter-city express buses and airport express buses
in China.


GHS Notes: 10/15 China
Ping Luo, 646-264-5688, pluo@ghsecurities.com
Jodi Dai, 646-264-5666, jdai@ghsecurities.com
Event: China Impression. Click Here For Print Version of Full Report
Highlights
Recent China trip. We traveled across China in late September visiting a dozen US-listed China-based companies. We met with
management teams and discussed their thoughts on the current market condition and actions that can be taken to unlock
shareholder value.
Depressed valuation. US-listed China stocks have been depressed since the beginning of the year. We believe this was due to a
reduced outlook for China's economic growth. However, during the last three months especially, these stocks experienced a
substantial amount of negative press and as a result, increased scrutiny from US investors, which further deteriorated the situation.
Growth perspectives remain. We believe, however, that growth perspectives of many companies have not actually changed much.
Admittedly, the property sector continues to be under pressure due to the tightened policies from the central government, while most
other sectors are still experiencing strong domestic demand and favorable government policies.
Expansion slowing down as capital markets dry up. Most of the companies we met with are still growing, which requires
continued investment, either for capacity expansion or acquisition. However, these companies are reluctant to come to the equity
market given such depressed valuations. Instead many chose to slow down their growth by giving up some acquisition opportunities
or postponing capacity expansion.
Seeking to unlock value. Facing the current situation, some management teams have experienced turnover, some are resistant
and some have begun to explore strategic alternatives to unlock their value. This includes attracting investment from China’s
domestic investors under the QDII (Qualified Domestic Institutional Investors) program, seeking a management buyout or pursuing a
listing in the China domestic market or HK Stock Exchange. Harbin Electric (HRBN) set an example of an MBO earlier this week. We
believe it could be the beginning of a trend as we see increasing interest from both companies and private equity funds, especially
those based in Asia. We believe these PE funds have begun to realize the significant valuation gap between US-listed Chinese
companies and HK/China listed companies and the tremendous return they could generate by taking some of these companies
private and relisting in the HK/China exchanges. Companies with strong fundamentals are likely to become the first group of targets.
Improving infrastructure as a public company. While we believe PE driven buyout activity is still at a very early stage, a majority
of the companies we met are making more of an effort to comply with US investors’ expectations, mainly to improve their
infrastructure as a US publicly listed company. For example, many are planning to upgrade their auditors, strengthen their board of
directors, use English-speaking CFO’s who have international experience, as well as improve internal control processes.
Becoming more capital market friendly. Given the current environment, we believe both portfolio managers and sell side analysts
will be much more selective in picking stocks, which helps to push forward the process. We also expect the current scrutiny to deter
a small number of companies from engaging activities not welcomed by the capital markets, such as related party transactions,
dilutive acquisitions or financings, and/or inconsistent financial reporting with SEC and domestic agencies.
Flight to quality. We continue to believe the growth profile of many Chinese companies will remain strong for the next 3-5 years and
the China space will stay attractive to many US investors. We believe the current shake up will provide a stronger incentivize for
companies to improve. We believe the companies with both strong earnings power and corporate governance will stand out on the
radar of investors, while others who do not fit the US capital markets will drift away.
Company visits. We met the following companies on our trip: AMCN, CADC, CCGY, CCME, CELM, CMFO, CNYD, JADE, JNGW,
QKLS, SIHI, VALV and ZOOM. Brief summaries of a few of our meetings are provided on the following page. Please contact your
GHS institutional sales representative if you are interested in discussing any of these names.


GHS Notes: 10/11 China Agritech Inc. (Nasdaq: CAGC); Buy; Target: $20.00
Event: Update on engaging a “Big Four” auditor; Reiterate $20 price target Buy rating. Click Here For Print Version of Full
Report
Highlights
CAGC issued a press release Friday afternoon, providing updates on its intention to hire a “Big Four” auditor. The company
announced that it plans to sign a formal contract engaging a “Big Four” auditor following the Q3 FY2010 earnings release. The new
auditing firm will conduct the audit of China Agritech’s FY2010 financial results. The company first announced its decision to engage
a “Big Four” auditing firm in the beginning of September and was addressed in our note published on September 9, 2010. We
believe that engaging a “Big Four” auditor is the best way for any US listed Chinese company to improve its corporate governance,
increase transparency, alleviate investors' concerns regarding the quality of its earnings and eliminate some of the “China discount”
which has been present in the sector during the last few months.
Addressing recent market rumors. Management has also addressed recent rumor mongering and stated that the company “has
not been involved in any improper related-party transactions and management has not taken part in activities against their
professional integrity”. The company believes that these rumors were created specifically to damage CAGC’s corporate image and
the credibility of its management and plans to do everything in its power to defend it.
Recall that China Agritech issued a press release about a month ago reiterating confidence in achieving its FY2010
guidance of $114MM in revenues and $23.5MM in non-GAAP net income. We are currently reiterating our prior FY2010 and
FY2011 estimates of $115.3MM and $140.7MM in revenues and $24.1MM and $27.8MM in non-GAAP net income, respectively.
This translates to non-GAAP EPS estimates of $1.22 and $1.31 for FY2010 and FY2011, respectively. It is important to note that our
current estimates do not contain any benefit from the rollout of the distribution centers; we intend to include the contribution as sites
come on line and as we can become more comfortable with the economic contribution.
We reiterate our Buy rating and $20 price target and continue to believe that CAGC remains the best way for US investors
to play the compound fertilizer space. We will be visiting the company in the next few weeks and will tour the new distribution
center. We will provide investors with an update afterwards.
Valuation. At Friday’s closing price of $12.79, CAGC is traded at 10.5x on a P/E basis and 6.7x on an EV/EBITDA basis.Our target
price of $20 per share is predicated on a 16.4x FY2010 on a P/E basis and 11.5x FY2010 on an EV/EBITDA basis, in line with the
peer group. Using FY2011 estimates, it translates to 15.3x on a P/E basis and 9.1x on an EV/EBITDA basis, slightly below the peer
group. In our opinion, a $20 price target is easily justified by CAGC’s significant growth potential in the domestic organic fertilizer
market, through the entrance of the much larger granular fertilizer market, recent production capacity expansion and rapidly growing
market reach. In addition, the entrance into the branded large-scale distribution centers (currently not included in our estimates)
could help the company to capture additional market share and ramp revenues in 2011 and beyond. CAGC also has a solid balance
sheet with over $50MM in cash (following the recent equity raise and warrant exercise) and no debt, which translates into net cash of
$2.62 per share.
Company Description: China Agritech, Inc. is engaged in the development, manufacture and distribution of liquid and granular
organic compound fertilizers and related products in China. The company has developed proprietary formulas that provide a
continuous supply of high-quality agricultural products while maintaining soil


GHS Notes: 10/11 Zhongpin, Inc. (Nasdaq: HOGS); Buy; Target: $24.00
Event: F4Q Reiterate Buy rating and raising price target to $24. Click Here For Print Version of Full Report
Highlights
Raising our price target to $24. Our original $18 price target was based on a very conservative valuation methodology, in which we
valued the company at only 8x FY2011 P/E; however, as a result of the recent positive trends in pork prices coupled with increased
investor interest we are comfortable expanding our target multiples. Several additional sell-side firms have recently initiated coverage
with Buy ratings in the September/August period of this year, respectively, and TPG’s recent 13-D filing with the SEC showing that
the fund increased its position size in HOGS by 484% to 1.8MM shares helped to raise investor confidence in the name. Our new
price target is based on 11x FY2011 P/E and 9x FY2011 EV/EBITDA.
Increasing nationwide footprint and raising capacity. By the end of 2010, Zhongpin is expected to have at least 563,760MT of
capacity for chilled and frozen pork, 90,000MT for prepared pork products, 20,000MT for premium pork oil and 30,000MT for
vegetables and fruits, with the aggregate total capacity of 703,760MT.On July 26 and June 11, Zhongpin announced plans to
construct a new pork plant in the Nong'an county in the Jilin province of North Eastern China and a new processing plant and a
distribution center in Jiangyan, Jiangsu province. Combined, the two plants will add 195,000 tons of chilled and frozen pork capacity
by the end of 2011, or about 36% of existing capacity, and 60,000 tons of prepared pork capacity by mid 2012, or about 67% of
existing capacity.These two projects will cost approximately $125MM.Zhongpin also started the production of premium pork oil with
an annual capacity of 20,000MT in April, currently operating at about 40% utilization. In the fourth quarter of 2010, Zhongpin also
plans to construct the second phase of its Tianjin pork plant, which should have an annual capacity of 36,000MT for prepared pork
products, with production scheduled to begin in 3Q11. These projects are also strategically important as the company is in the midst
of creating a true nationwide footprint within China, capable of serving nearly every major market from their existing and announced
locations.
Cold-chain logistics expansion, building a business model for the future of the industry. Zhongpin is currently expanding its
cold-chain logistics system into a commercial level to provide third-party services to deliver food products of other companies. We
think that this is a very positive and timely development as at the end of July 2010, the National Development and Reform
Commission issued the Agriculture Products Cold Chain Logistics Development Guidelines. The guidelines give top priority on the
development of logistics of fresh and chilled agriculture products. The guidelines also praised the progress Zhongpin has achieved in
cold-chain logistics.
Reiterate Buy rating. Our new $24 price target is based on 11.1x FY2011 on a P/E basis, below the peer group average of 16.5x,
and at 9.1x FY2011 on an EV/EBITDA basis, somewhat above the peer group average of 8x. In our opinion, this target is easily
justified by Zhongpin’s consistent profitability and significant historical and future growth opportunities, industry leader position in a
large addressable market and solid balance sheet with about 26% of net debt to capital. In addition, HOGS’s 2008 – 2011 EPS
CAGR is 22%, which translates to a PEG ratio of 0.9 using a $24 price target, compared to a peer group average of 1.4.
Company Description: Zhongpin Inc. is a meat and food processing company that specializes in pork and pork products,
vegetables and fruits in China. Its distribution network in China covers 20 provinces and includes more than 3,000 retail outlets.
Zhongpin’s export markets include the European Union and Southeast Asia.

GLOBAL HUNTER SECURITIES CHINA TOP COVERAGE PICKS
Mkt Cap ($ 12 Month Price

Company Ticker GHS Rating Price MM) Performance (YTD) Target
Joe Giamichael
Deer Consumer Products, Inc. (NasdaqGS:DEER) DEER Buy $ 11.34 $ 380.9 0.3% $ 14.00
Deer Consumer Products (DEER). The coompany has ~$2.50 in net cash and will likely report a very strong Q3; both on the private label export basis and the
branded domestic side. The company has signed several new customers to provide growth for the private label business and the continued roll out domestically,
largely in Sunning and Gome should allow the branded business to grow to ~40% of revenues in the near term. This should provide revenue growth and margin
expansion while also increasing intrinsic value of the domestic retail distribution model, which we view as a hidden asset in the overall value.
Ping Luo
China Marine Food Group Limited (AMEX:CMFO) CMFO Buy $ 6.36 $ 181.7 -11.6% $ 10.00
China Marine Food Group Ltd. (CMFO). We believe the company’s Q3 results are likely to beat our estimates. We expect the company to increase full year
guidance by Q3. Hi-power sales have reached $15MM by end of Aug and is expected to exceed its $20MM ’10 sales target. We believe the company is likely
to upgrade to a top six auditor in the near future.
ZOOM Technologies, Inc. (NasdaqCM:ZOOM) ZOOM Buy $ 4.08 $ 53.0 -70.9% $ 8.00
ZOOM Technologies , Inc. (ZOOM). We expect the company’s Q3 results to beat our estimates. Its top customer Tianyu has increased orders, and ZOOM
expects strong growth in its own brand phones, as mobile phone sales enter high seasons in 2H. We believe there is also a possibility for them to upgrade to a
bigger auditor during the next year.
Dmitriy Shapiro
Lihua International, Inc. (NasdaqCM:LIWA) LIWA Buy $ 9.04 $ 263.5 -13.5% $ 17.00
Liwa International, Inc. (LIWA) The company recently beat estimates and raised guidance as a result of its continued capacity expansion. The company remains
well positioned to fund growth internally, leveraging its ~$3/share of net cash, to generate 70% revenue and 45% earnings growth in 2011 with shares trading at a
low single digit forward P/E.
Fushi Copperweld, Inc. (NasdaqGS:FSIN) FSIN Buy $ 9.62 $ 362.9 -4.9% $ 15.00
Fushi Copperweld (FSIN) Industry leader and world’s largest producer of bimetallic wire products (CCA and CCS), offering low cost/high quality substitutes to
solid copper products with minimal commodity price risk. The company should see a significant bump in demand in the current rising copper price environment.
Proven and patented cold-rolling technology offers substantial quality benefits and acts as barrier to entry for new players. Targets diverse end markets, primarily
telecom, utility, and transportation, all of which expected to benefit from China’s infrastructure build-out and 3G mobile networks rollout. Fushi’s strong
government relationships, experienced multinational management team and robust expected growth stemming from expanding utilization rates provides one of
the most attractive risk / return opportunities in the US listed China space. Strong balance sheet with approximately $2 per share in net cash and $8 per share in
NAV eliminates near term dilution risk.

Top 15 Weekly Gainers (Price >= $5)
Ticker Name Price Market Cap (MM) Avg Volume % Gain

CCME China MediaExpress Holdings, Inc. (NasdaqGS:CCME) $ 16.20 $ 555.5 579.21 50.7%
CNIT China Information Technology, Inc. (NasdaqGS:CNIT) $ 6.75 $ 349.7 260.56 28.8%
KH China Kanghui Holdings (NYSE:KH) $ 19.43 $ 423.6 209.35 24.5%
OINK Tianli Agritech, Inc. (NasdaqGM:OINK) $ 5.96 $ 60.3 43.65 24.2%
KONG Kongzhong Corp. (NasdaqGS:KONG) $ 7.84 $ 276.2 87.64 24.1%
LDK LDK Solar Co., Ltd. (NYSE:LDK) $ 12.12 $ 1,592.9 4137.92 23.7%
SKBI Skystar Bio Pharmaceutical Company (NasdaqCM:SKBI) $ 8.01 $ 56.9 22.76 20.8%
RINO RINO International Corporation (NasdaqGS:RINO) $ 17.27 $ 494.0 577.83 20.6%
CMFO China Marine Food Group Limited (AMEX:CMFO) $ 6.38 $ 182.2 200.46 19.7%
CEU China Education Alliance Inc. (NYSE:CEU) $ 5.55 $ 175.7 134.36 19.6%
PUDA Puda Coal Inc. (AMEX:PUDA) $ 9.35 $ 189.7 259.55 18.7%
CHBT China-Biotics, Inc. (NasdaqGM:CHBT) $ 13.02 $ 291.3 522.3 18.6%
SFUN SouFun Holdings Ltd. (NYSE:SFUN) $ 75.33 $ 1,399.4 409.2 17.4%
HRBN Harbin Electric, Inc. (NasdaqGS:HRBN) $ 23.20 $ 720.8 395.37 16.2%
QKLS QKL Stores Inc. (NasdaqCM:QKLS) $ 5.23 $ 155.4 28.25 16.0%
Top 15 Weekly Gainers (Price >= $0.25 & <$5)

AKRK Asia Cork, Inc. (OTCBB:AKRK) $ 0.39 $ 10.7 16.94 62.5%
GCHT GC China Turbine Corp (OTCBB:GCHT) $ 0.86 $ 38.5 0 48.2%
CRTP China Ritar Power Corp. (NasdaqGM:CRTP) $ 4.12 $ 90.1 49.27 47.7%
ENHD Energroup Holdings Corp. (OTCBB:ENHD) $ 2.40 $ 48.8 36.49 41.2%
CHGI China Carbon Graphite Group, Inc. (OTCBB:CHGI) $ 0.65 $ 12.9 21.95 41.0%
KONE Kingtone Wirelessinfo Solution Holding Ltd. (NasdaqCM:KONE) $ 3.80 $ 53.2 59.35 39.7%
YYIN Yayi International Inc. (OTCBB:YYIN) $ 1.65 $ 39.1 15.5 37.5%
CNOA China Organic Agriculture, Inc. (OTCBB:CNOA) $ 0.59 $ 42.4 120.24 37.2%
CIHD Changda International Holdings, Inc. (OTCBB:CIHD) $ 0.55 $ 10.2 20.22 30.9%
CABL China Cablecom Holdings, Ltd. (NasdaqCM:CABL) $ 0.60 $ 4.0 105.3 30.4%
CHCG China 3C Group (OTCBB:CHCG) $ 0.31 $ 18.6 70.55 29.2%
JPAK Jpak Group, Inc. (OTCBB:JPAK) $ 0.32 $ 9.1 7.5 28.0%
NIV NIVS IntelliMedia Technology Group, Inc. (AMEX:NIV) $ 2.65 $ 127.1 397.76 27.4%
CTDC China Technology Development Group Corporation (NasdaqCM:CTDC $ 2.42 $ 51.7 31.57 27.4%
YTEC Yucheng Technologies Limited (NasdaqGS:YTEC) $ 4.02 $ 74.6 66.29 25.6%
Top 15 Weekly Decliners (Price >= $5)

DGW Duoyuan Global Water Inc. (NYSE:DGW) $ 13.22 $ 325.4 485.54 -10.3%
VALV Shengkai Innovations, Inc. (NasdaqGM:VALV) $ 6.02 $ 139.6 5.71 -7.1%
CAGC China Agritech Inc. (NasdaqGM:CAGC) $ 11.95 $ 248.2 1061.38 -6.6%
FUQI Fuqi International, Inc. (NasdaqGS:FUQI) $ 7.76 $ 214.4 969.65 -4.9%
SOLF Solarfun Power Holdings Co. Ltd. (NasdaqGS:SOLF) $ 11.07 $ 792.3 2929.79 -4.8%
CHDX Chindex International Inc. (NasdaqGS:CHDX) $ 14.07 $ 226.6 89.18 -4.2%
NFEC NF Energy Saving Corp. (NasdaqGM:NFEC) $ 5.66 $ 30.1 5.48 -4.1%
CSKI China Sky One Medical, Inc. (NasdaqGS:CSKI) $ 8.83 $ 148.3 209.54 -3.7%
ASIA AsiaInfo-Linkage,Inc. (NasdaqGS:ASIA) $ 20.56 $ 1,525.0 1207.38 -3.6%
CGA China Green Agriculture, Inc. (NYSE:CGA) $ 9.51 $ 255.3 511.49 -3.2%
CAST ChinaCast Education Corporation (NasdaqGS:CAST) $ 7.48 $ 372.3 274.66 -3.0%
CHOP China Gerui Advanced Materials Group Ltd. (NasdaqGM:CHOP) $ 5.92 $ 268.9 61.65 -3.0%
SYUT Synutra International Inc. (NasdaqGS:SYUT) $ 11.04 $ 632.6 254.13 -2.0%
CIEC Chisen Electric Corp. (OTCBB:CIEC) $ 5.20 $ 253.5 0 -1.9%
WX WuXi PharmaTech (Cayman) Inc. (NYSE:WX) $ 16.71 $ 1,197.9 520.69 -1.6%
Top 15 Weekly Decliners (Price >= $0.25 & <$5)

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

20 Cheapest Companies based on 2011 Consensus P/E
Ticker Name Market Cap (MM) P / E (2011)

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

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

20 Cheapest Companies based on 2011 Consensus EV/EBITDA
Ticker Name Market Cap (MM) EV / EBITDA (2011)

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

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

25 Highest Short Interest as % of Float
Ticker Company Name Price Market SI as % Shares Float Short Days to

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

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

10/11-10/29 Analyst Joe Giamichael Due Diligence Trip to China
10/18-10/19 China RuiTai International Holdings Co., Ltd. (CRUI.OB) Non-Deal Roadshow in New York
10/18-10/19 Yasheng Group (YHGG) Meeting with management in Lanzhou, Gansu
This Week's GHS Events

10/13-10/14 NIVS IntelliMedia Technology Group Inc. (NIV) Non-Deal Roadshow in New York and Boston
10/16 China Energy Recovery Inc (CGYV) Meeting with management in Shanghai, China
Last Week's GHS Events

10/04 City Telecom HK Ltd. (CTEL) 1x1 Meeting with Management in Newport Beach
GHS Block Trading Solutions
Global Hunter has created a “Liquidity Solutions” offering in which we work with small cap companies and investors to
locate and distribute blocks of shares, in registered and unregistered stock. These tend to be larger blocks of stock in
fairly illiquid names; in which we will be opening accounts to put the block in and doing the trades on the tape to ensure
a successful transfer of ownership. Below is a list of recent transactions as well as a sample of potential transactions;
please contact your GHS sales representative for further details.
Recent Block Transactions Done by GHS

BSPM - 960k shares
CAGM - 200k shares
CIVN - 1MM shares
EMDY - 800k shares
Block Transactions under Actively Marketing

CIVN - live

GHS China Coverage Universe
GHS Market Avg LTM YTD

GHS Price Current Cap Vol Sales Performance
Ticker Company Name Primary Industry Rating Target Price (MMs) (000s) (MMs) %
GHS COVERAGE LIST

CHINA: AGRICULTURE Joe Giamichael (jgiamichael@ghsecurities.com; 212-644-8916)
ALN American Lorain Corporation Food & Beverage Buy 6.00 3.06 92.5 47.1 24.6 0.3%
CAGC China Agritech Inc. Agriculture Buy 20.00 11.95 248.2 1,061 102.0 18.7%
DEER Deer Consumer Products, Inc. Consumer Buy 14.00 11.34 380.9 376 117.5 -31.8%
SEED Origin Agritech Limited Agriculture Neutral N/A 8.98 206.7 642 82.6 -32.3%
YUII Yuhe International, Inc. Agriculture Buy 16.00 7.58 119.8 58 50.7 -13.0%
HOGS Zhongpin, Inc. Agriculture Buy 18.00 20.92 726.4 416 829.7 6.1%
CHINA: BASIC MATERIALS Dmitriy Shapiro (dshapiro@ghsecurities.com; 646-264-5606)

CHOP China Gerui Advanced Materials Group Ltd. Basic Materials Neutral N/A 5.92 268.9 62 242.4 5.7%
FSIN Fushi Copperweld, Inc. Basic Materials Buy 15.00 9.63 363.2 264 227.9 -19.8%
LIWA Lihua International, Inc. Basic Materials Buy 17.00 9.04 263.5 123 230.9 -13.5%
RINO RINO Internatinal Corp Environmental Buy 20.00 17.27 494.0 578 229.6 -37.5%
CHINA: INDUSTRIAL, CONSUMER & CLEAN TECHNOLOGY Ping Luo, CFA (pluo@ghsecurities.com; 646-264-5688), Jodi Dai (jdai@ghsecurities.com; 646-264-5666)
AMCN AirMedia Group Inc. Media Buy 8.00 5.70 373.9 327 184.3 -24.1%
CAAS China Automotive Systems Inc. Automotive Neutral 22.00 17.25 467.7 347 317.7 -7.8%
CHLN China Housing and Land Development, Inc. Real Estate Buy 7.00 2.26 74.8 114 112.2 -45.3%
CHC China Hydroelectric Corporation Alternative Energy Buy 12.00 7.01 358.2 46 57.1 -
CMFO China Marine Food Group Limited Food & Beverage Buy 10.00 6.36 182.2 200 85.5 -11.6%
CCME China MediaExpress Holdings, Inc. Media Buy 21.00 16.20 555.5 579 156.1 52.8%
CRTP China Ritar Power Corp. Alternative Energy Buy 5.50 4.12 90.1 49 119.2 -14.2%
CVVT China Valves Technology, Inc. Industrial Buy 17.00 7.87 288.4 258 128.9 -14.8%
CNYD China Yida Holding, Co. Services Buy 15.00 9.35 182.8 31 59.7 -32.8%
CAST ChinaCast Education Corporation Education Buy 10.00 7.48 372.3 275 60.9 -1.1%
HRBN Harbin Electric, Inc. Industrial Buy 28.00 23.20 720.8 395 365.1 13.0%
QKLS QKL Stores Inc. Consumer Buy 7.00 5.23 155.4 28 277.5 -21.9%
SDTH ShengdaTech, Inc. Basic Materials Buy 8.50 6.30 341.5 194 118.9 2.8%
VALV Shengkai Innovations, Inc. Industrial Buy 13.00 6.02 139.6 6 54.1 16.9%
SIHI SinoHub, Inc. Internet & Software Buy 6.00 2.15 61.4 54 161.4 -46.3%
WATG Wonder Auto Technology, Inc. Automotive Buy 14.00 10.07 341.0 461 253.5 -14.2%
ZOOM ZOOM Technologies, Inc. Telecom & Electronics Buy 8.00 4.08 53.0 93 201.0 -34.0%

GHS CHINA MONITORED LIST

Current Market Cap YTD
Ticker Company Name Primary Industry Price (MMs) Avg Vol LTM Sales Performance
AERL Asia Entertainment & Resources Ltd. (NasdaqGM:AERL) Services $ 5.30 $ 66.81 14 $ 30.17 NA
AOB American Oriental Bioengineering Inc. (NYSE:AOB) Healthcare $ 2.69 $ 211.38 416 $ 309.90 -41.1%
APWR A-Power Energy Generation Systems, Ltd. (NasdaqGS:APWR) Alternative Energy $ 7.87 $ 364.88 803 $ 364.68 -10.0%
BEST Shiner International, Inc. (NasdaqCM:BEST) Basic Materials $ 1.30 $ 31.96 41 $ 44.24 -7.9%
BJGP BMP Sunstone Corporation (NasdaqGM:BJGP) Healthcare $ 7.76 $ 327.05 182 $ 155.00 85.2%
CAGM China Green Material Technologies, Inc. (OTCBB:CAGM) Consumer $ 1.50 $ 39.24 13 $ 15.02 65.1%
CBAK China BAK Battery, Inc. (NasdaqGM:CBAK) Alternative Energy $ 2.05 $ 130.41 389 $ 216.76 -50.1%
CBP Renhuang Pharmaceuticals, Inc. (AMEX:CBP) Healthcare $ 2.14 $ 79.69 19 $ 52.99 86.1%
CDII China Direct Industries, Inc. (NasdaqGM:CDII) Basic Materials $ 1.46 $ 46.12 270 $ 89.60 6.1%
CFSG China Fire & Security Group, Inc. (NasdaqCM:CFSG) Industrial $ 8.64 $ 238.43 84 $ 85.51 -53.1%
CGA China Green Agriculture, Inc. (NYSE:CGA) Agriculture $ 9.51 $ 255.32 511 $ 52.09 -15.7%
CHBT China-Biotics, Inc. (NasdaqGM:CHBT) Healthcare $ 13.02 $ 291.26 522 $ 90.89 3.9%
CHCG China 3C Group (OTCBB:CHCG) Telecom & Electronics $ 0.31 $ 18.64 71 $ 158.18 -55.7%
CHDX Chindex International Inc. (NasdaqGS:CHDX) Healthcare $ 14.07 $ 226.60 89 $ 167.35 18.6%
CHGS China GengSheng Minerals, Inc (AMEX:CHGS) Basic Materials $ 1.47 $ 35.71 69 $ 57.04 -19.7%
CHME China Medicine Corporation (OTCBB:CHME) Healthcare $ 2.50 $ 59.41 22 $ 67.36 67.7%
CMED China Medical Technologies Inc. (NasdaqGS:CMED) Healthcare $ 11.43 $ 360.88 266 $ 103.22 -33.0%
CNGL China Nutrifruit Group Limited (AMEX:CNGL) Food & Beverage $ 3.06 $ 112.36 9 $ 73.19 -13.1%
CREG China Recycling Energy Corp (NasdaqGM:CREG) Alternative Energy $ 3.14 $ 121.76 19 $ 61.44 24.6%
CRUI China RuiTai International Holdings Co., Ltd. (OTCBB:CRUI) Basic Materials $ 0.70 $ 18.20 9 $ 40.45 -31.4%
CSOL China Solar & Clean Energy Solutions, Inc. (OTCBB:CSOL) Alternative Energy $ 0.30 $ 4.80 15 $ 23.96 -38.2%
CTFO China TransInfo Technology Corp. (NasdaqGM:CTFO) Internet & Software $ 6.39 $ 161.32 85 $ 96.53 -35.5%
FEED AgFeed Industries, Inc. (NasdaqGS:FEED) Agriculture $ 2.87 $ 143.63 917 $ 191.77 -34.8%
GFRE Gulf Resources, Inc. (NasdaqGS:GFRE) Basic Materials $ 8.69 $ 301.02 235 $ 133.50 12.0%
GSI General Steel Holdings, Inc. (NYSE:GSI) Basic Materials $ 3.03 $ 165.17 335 $ 1,891.41 -15.5%
GSOL Global Sources Ltd. (NasdaqGS:GSOL) Services $ 8.48 $ 378.67 78 $ 177.88 16.3%
HEAT SmartHeat Inc. (NasdaqGM:HEAT) Industrial $ 7.05 $ 231.32 411 $ 95.99 -42.7%
HFGB Huifeng Bio-Pharmaceutical Technology, Inc. (OTCBB:HFGB) Healthcare $ 0.75 $ 17.31 39 $ 20.20 87.5%
HHGM Huiheng Medical, Inc. (OTCBB:HHGM) Healthcare $ 1.27 $ 19.58 2 $ 9.71 -3.0%
HIHO Highway Holdings Ltd. (NasdaqCM:HIHO) Telecom & Electronics $ 2.09 $ 7.90 5 $ 23.58 24.8%
HQS HQ Sustainable Maritime Industries, Inc. (AMEX:HQS) Food & Beverage $ 3.60 $ 52.85 209 $ 80.47 -52.5%
JNGW Jingwei International Limited (NasdaqGM:JNGW) Internet & Software $ 4.70 $ 80.13 21 $ 35.58 91.8%
LTUS Lotus Pharmaceuticals, Inc. (OTCBB:LTUS) Healthcare $ 1.10 $ 59.81 108 $ 66.42 29.6%
NED Noah Education Holdings, Ltd. (NYSE:NED) Education $ 2.02 $ 77.74 97 $ 100.27 -59.1%
NEWN New Energy Systems Group (AMEX:NEWN) Alternative Energy $ 6.13 $ 72.71 90 $ 64.22 44.3%
NOEC New Oriental Energy & Chemical Corp (NasdaqCM:NOEC) Agriculture $ 1.25 $ 17.63 16 $ 37.81 29.1%
RDBO Rodobo International Inc. (OTCBB:RDBO) Food & Beverage $ 1.94 $ 53.21 4 $ 53.81 6.7%
RINO RINO International Corporation (NasdaqGS:RINO) Environmental $ 17.27 $ 494.01 578 $ 229.56 -19.0%
SHZ China Shen Zhou Mining & Resources, Inc. (AMEX:SHZ) Basic Materials $ 1.40 $ 39.17 39 $ 5.95 15.2%
SKBI Skystar Bio Pharmaceutical Company (NasdaqCM:SKBI) Healthcare $ 8.01 $ 56.93 23 $ 36.85 -15.6%
SKBI Skystar Bio Pharmaceutical Company (NasdaqCM:SKBI) Healthcare $ 8.01 $ 56.93 23 $ 36.85 -15.6%
SORL SORL Auto Parts, Inc. (NasdaqGM:SORL) Automotive $ 8.94 $ 172.59 88 $ 159.00 51.3%
TBYH T-Bay Holdings, Inc. (OTCBB:TBYH) Telecom & Electronics $ 0.07 $ 1.99 39 $ 33.89 -80.0%
TCM Tongjitang Chinese Medicines Co. (NYSE:TCM) Healthcare $ 3.95 $ 102.77 26 $ 74.76 -28.1%
TRIT Tri-Tech Holding, Inc. (NasdaqCM:TRIT) Environmental $ 13.76 $ 106.93 70 $ 23.15 -0.6%
TXIC Tongxin International, Ltd. (OTCPK:TXIC) Automotive $ 3.14 $ 42.25 144 $ 121.63 -67.1%
UTA Universal Travel Group (NYSE:UTA) Services $ 4.87 $ 96.90 562 $ 126.83 -51.1%
WWIN Winner Medical Group Inc. (NasdaqGM:WWIN) Healthcare $ 5.99 $ 143.47 47 $ 114.46 5.5%
WX WuXi PharmaTech (Cayman) Inc. (NYSE:WX) Healthcare $ 16.71 $1,197.95 521 $ 305.56 32.9%
YONG Yongye International, Inc. (NasdaqGS:YONG) Agriculture $ 8.17 $ 393.24 539 $ 153.73 3.9%
YSYB Yanglin Soybean, Inc. (OTCBB:YSYB) Agriculture $ 1.01 $ 20.67 1 $ 162.84 -67.7%
YTEC Yucheng Technologies Limited (NasdaqGS:YTEC) Services $ 4.02 $ 74.61 66 $ 51.05 -46.3%
YYIN Yayi International Inc. (OTCBB:YYIN) Food & Beverage $ 1.65 $ 39.12 16 $ 22.02 26.2%

Appendix: Components for GHS Small Cap Sector Based Index of US Listed Chinese Companies - We have created a market cap
weighted index of US listed Chinese companies (all major exchanges and OTC BB). This index has been created with the intention of
developing an accurate benchmark that is representative of the evolving, small cap oriented, US listed China space. The index is
composed of companies with market capitalizations below $2 billion to prevent performance skew from larger capitalization outliers.
The index is also divided into 16 sub-sectors enabling investors to track performance on an accurate peer comparables basis. This
index, much like the underlying universe of companies that it represents, will remain a constantly evolving entity and will be updated to
account for new market participants on a regular basis.
Ticker Company Name Weight in Price Market Cap EV Net Cash Current Short Int P/E EV/EBITDA Total Debt / Performance Avg Volume
Overall Index (MM) (MM) (MM) (MM) 2011.0 2011.0 Total Equity (TTM) (000)
ALTERNATIVE ENERGY
ABAT Advanced Battery Technologies, Inc. (NasdaqCM:ABAT) 0.3% $ 3.96 $ 271.7 $ 209.2 $ 62.4 6.2 - - 0.0% 0.2% 674.8
APWR A-Power Energy Generation Systems, Ltd. (NasdaqGS:APW 0.4% $ 7.87 $ 364.9 $ 303.9 $ 61.0 5.3 6.3 4.2 20.7% -10.0% 803.3
ASOE Apollo Solar Energy, Inc. (OTCBB:ASOE) 0.2% $ 3.30 $ 165.4 $ 168.9 $ (3.5) 0.0 - - 14.5% -26.5% 6.6
BLSP Blue Sphere Corp. (OTCBB:BLSP) 0.0% $ 0.38 $ 25.0 $ 24.8 $ 0.1 0.0 - - 0.0% NA 12.3
CBAK China BAK Battery, Inc. (NasdaqGM:CBAK) 0.1% $ 2.05 $ 130.4 $ 322.4 $ (192.0) 1.7 18.6 8.8 139.5% -50.1% 388.5
CCGY China Clean Energy, Inc. (OTCBB:CCGY) 0.0% $ 0.85 $ 26.5 $ 25.2 $ 1.2 0.0 - - 17.7% -1.2% 62.4
CGYV China Energy Recovery, Inc. (OTCPK:CGYV) 0.0% $ 0.34 $ 10.0 $ 14.7 $ (4.7) 0.0 - - 116.8% -66.5% 30.0
CHC China Hydroelectric Corporation (NYSE:CHC) 0.4% $ 7.01 $ 358.2 $ 530.3 $ (172.1) 0.0 23.8 7.6 60.1% NA 46.1
CIEC Chisen Electric Corp. (OTCBB:CIEC) 0.3% $ 5.20 $ 253.5 $ 334.6 $ (81.1) 0.0 - - 281.4% 23.7% 0.0
CNER China New Energy Group Co. (OTCBB:CNER) 0.0% $ 0.25 $ 26.8 $ 26.5 $ 0.3 0.0 - - 0.0% 40.9% 11.5
CREG China Recycling Energy Corp (NasdaqGM:CREG) 0.1% $ 3.14 $ 121.8 $ 166.9 $ (45.1) 0.1 6.2 3.7 87.6% 24.6% 19.4
CRTP China Ritar Power Corp. (NasdaqGM:CRTP) 0.1% $ 4.12 $ 90.1 $ 87.1 $ 3.0 0.0 6.5 5.0 10.9% -20.0% 49.3
CSGH China Sun Group High-Tech Co. (OTCBB:CSGH) 0.1% $ 1.15 $ 63.6 $ 44.2 $ 19.4 0.0 - - 0.0% -20.7% 89.0
CSOL China Solar & Clean Energy Solutions, Inc. (OTCBB:CSOL) 0.0% $ 0.30 $ 4.8 $ 5.3 $ (0.5) 0.0 - - 14.9% -38.2% 15.5
CSUN China Sunergy Co. Ltd. (NasdaqGM:CSUN) 0.2% $ 4.68 $ 208.5 $ 231.3 $ (22.8) 1.6 8.3 5.4 78.6% 14.4% 449.7
CTDC China Technology Development Group Corporation (Nasda 0.1% $ 2.42 $ 51.7 $ 43.5 $ 8.2 0.0 - - 0.0% 22.2% 31.6
CWS China Wind Systems, Inc. (NasdaqGM:CWS) 0.1% $ 4.71 $ 84.1 $ 83.7 $ 0.4 0.2 6.9 - 2.0% -5.2% 40.1
DFEL China TMK Battery Systems Inc. (OTCBB:DFEL) 0.0% $ 1.05 $ 38.7 $ 38.7 $ - 0.0 - - 0.0% NA 0.0
EVCP CleanTech Innovations, Inc. (OTCBB:EVCP) 0.2% $ 8.50 $ 190.9 $ 190.9 $ - 0.0 - - 70.5% NA 23.7
GCHT GC China Turbine Corp (OTCBB:GCHT) 0.0% $ 0.86 $ 38.5 $ 38.5 $ - 0.0 - - 0.0% NA 0.0
GU Gushan Environmental Energy Limited (NYSE:GU) 0.1% $ 0.99 $ 83.2 $ 10.2 $ 73.0 0.1 - - 0.0% -45.3% 496.8
HPJ Hong Kong Highpower Technology, Inc. (NasdaqGM:HPJ) 0.1% $ 3.99 $ 54.2 $ 66.8 $ (12.6) 0.0 6.8 5.9 66.5% -11.2% 53.3
JASO JA Solar Holdings Co., Ltd. (NasdaqGS:JASO) 1.6% $ 9.11 $ 1,481.9 $ 1,510.0 $ (28.1) 12.2 8.4 4.9 44.7% 123.4% 8684.6
JKS JinkoSolar Holding Co., Ltd. (NYSE:JKS) 0.7% $ 30.20 $ 656.3 $ 783.9 $ (127.6) 0.5 7.3 5.0 79.7% NA 590.7
LDK LDK Solar Co., Ltd. (NYSE:LDK) 1.7% $ 12.12 $ 1,592.9 $ 3,250.1 $ (1,657.2) 11.4 10.6 8.0 229.4% 77.2% 4137.9
LNDT LianDi Clean Technology, Inc. (OTCBB:LNDT) 0.1% $ 3.43 $ 101.4 $ 60.0 $ 41.4 0.0 - - 11.7% NA 23.1
NEWN New Energy Systems Group (AMEX:NEWN) 0.1% $ 6.13 $ 72.7 $ 69.4 $ 3.3 0.0 - - 0.9% 44.3% 89.7
NFEC NF Energy Saving Corp. (OTCBB:NFEC) 0.0% $ 5.66 $ 30.1 $ 31.4 $ (1.2) 0.0 4.5 3.6 7.4% -43.3% 5.5
PFGY PerfectEnergy International Limited (OTCBB:PFGY) 0.0% $ 0.11 $ 3.0 $ 1.5 $ 1.4 0.0 - - 0.0% -56.5% 48.3
SOLA ReneSola Ltd. (AIM:SOLA) 1.3% $ 7.13 $ 1,238.3 $ 1,639.3 $ (400.9) 0.0 9.1 6.9 128.9% 213.1% 345.8
SOLF Solarfun Power Holdings Co. Ltd. (NasdaqGS:SOLF) 0.9% $ 11.07 $ 792.3 $ 927.1 $ (134.8) 3.2 6.8 5.3 55.5% 167.7% 2929.8
STP Suntech Power Holdings Co. Ltd. (NYSE:STP) 1.8% $ 9.42 $ 1,688.4 $ 2,540.7 $ (852.2) 17.8 10.9 6.9 111.0% -36.2% 3287.9
UNSS Universal Solar Technology, Inc. (OTCBB:UNSS) 0.0% $ 0.45 $ 10.2 $ 16.5 $ (6.4) 0.0 - - NA -11.8% 5.0
WEMU Worldwide Energy & Manufacturing USA, Inc. (OTCBB:WEM 0.0% $ 4.15 $ 22.9 $ 12.4 $ 10.5 0.0 3.5 - 18.3% 57.2% 13.8
YGE Yingli Green Energy Holding Co. Ltd. (NYSE:YGE) 2.1% $ 13.12 $ 1,963.0 $ 2,426.0 $ (463.0) 5.9 10.3 5.7 99.3% 3.9% 3150.1
ENERGY
AMCF Andatee China Marine Fuel Services Corporation (NasdaqG 0.1% $ 4.89 $ 47.0 $ 38.7 $ 8.3 0.0 5.0 2.7 12.3% NA 28.8
BRBH Birch Branch Inc. (OTCBB:BRBH) 0.2% $ 4.00 $ 143.9 $ 307.7 $ (163.8) 0.0 - - 405.5% NA 1.6
CBEH China Integrated Energy, Inc. (NasdaqCM:CBEH) 0.3% $ 7.93 $ 268.3 $ 214.0 $ 54.3 2.3 6.6 3.8 2.4% 22.3% 218.1
CHGY China Energy Corp. (OTCBB:CHGY) 0.1% $ 1.70 $ 72.9 $ 94.8 $ (21.9) 0.0 - - 76.9% 88.4% 52.7
CHNG China Natural Gas, Inc. (NasdaqGM:CHNG) 0.1% $ 5.85 $ 124.1 $ 128.0 $ (3.9) 2.7 5.2 3.1 30.0% -56.0% 290.4
CHNR China Natural Resources Inc. (NasdaqCM:CHNR) 0.3% $ 10.73 $ 243.8 $ 240.7 $ 3.1 0.1 - - 46.8% 8.6% 5.5
LDSR LandStar, Inc. (OTCPK:LDSR) 0.0% $ 0.00 $ 0.4 $ 0.7 $ (0.2) 0.0 - - 20.2% -84.8% 7337.0
LPH Longwei Petroleum Investment Holding Limited (AMEX:LP 0.3% $ 2.97 $ 277.0 $ 266.9 $ 10.1 0.2 4.6 - 0.0% 55.2% 276.9
NEP China North East Petroleum Holdings Limited (AMEX:NEP) 0.2% $ 7.70 $ 227.2 $ 185.6 $ 41.6 1.0 6.2 2.7 4.4% 107.4% 809.5
PUDA Puda Coal Inc. (AMEX:PUDA) 0.2% $ 9.35 $ 189.7 $ 162.0 $ 27.7 0.6 4.6 2.0 32.7% 45.9% 259.6
RCON Recon Technology, Ltd. (NasdaqCM:RCON) 0.0% $ 5.72 $ 22.6 $ 22.6 $ (0.0) 0.1 - - 11.3% -26.5% 7.2
SCEI Sino Clean Energy Inc (NasdaqGM:SCEI) 0.1% $ 7.06 $ 118.3 $ 92.8 $ 25.5 0.1 - - 0.2% 112.4% 29.2
SGAS Sino Gas International Holdings, Inc. (OTCBB:SGAS) 0.0% $ 0.40 $ 11.0 $ 21.9 $ (10.9) 0.0 2.1 2.1 27.4% -51.2% 55.7
SNEN Sinoenergy Corporation (NasdaqCM:SNEN) #VALUE! (Invalid Idenvalid Identifier) #VALUE! #VALUE! (Invalid Identifier) #VALUE! #VALUE! NA NA #VALUE!
ENVIRONMENTAL
CNVP China Environmental Protection, Inc. (OTCBB:CNVP) 0.0% $ 2.10 $ 36.1 $ 36.1 $ - 0.0 - - 0.0% NA 0.0
TRIT Tri-Tech Holding, Inc. (NasdaqCM:TRIT) 0.1% $ 13.76 $ 106.9 $ 75.4 $ 31.6 0.1 10.0 6.4 0.1% -0.6% 70.0
CHWG China Water Group, Inc. (OTCPK:CHWG) 0.0% $ 0.03 $ 3.9 $ 7.1 $ (3.1) 0.0 - - 81.9% -68.9% 44.6
DGW Duoyuan Global Water Inc. (NYSE:DGW) 0.4% $ 13.22 $ 325.4 $ 114.5 $ 210.9 2.3 8.5 2.0 0.0% -61.0% 485.5
EESC Eastern Environment Solutions Corp. (OTCBB:EESC) 0.0% $ 2.20 $ 32.9 $ 33.7 $ (0.7) 0.0 - - 9.4% 272.9% 13.7
RINO RINO International Corporation (NasdaqGS:RINO) 0.5% $ 17.27 $ 494.0 $ 421.7 $ 72.3 4.7 7.2 5.5 6.4% -19.0% 577.8
CAON Chang-On International, Inc (OTCBB:CAON) 0.0% $ 0.01 $ 0.7 $ 0.6 $ 0.1 0.0 - - 0.0% -54.5% 5.3
CIWT China Industrial Waste Management, Inc. (OTCBB:CIWT) 0.0% $ 1.72 $ 26.1 $ 41.2 $ (15.1) 0.0 - - 69.5% -6.7% 8.3
SRRY Sancon Resources Recovery, Inc. (OTCBB:SRRY) 0.0% $ 0.34 $ 7.8 $ 3.5 $ 4.3 0.0 - - 12.1% -36.0% 15.5
CLWT Euro Tech Holdings Co. Ltd. (NasdaqCM:CLWT) 0.0% $ 1.74 $ 20.1 $ 13.1 $ 7.0 0.0 - - 0.0% -31.5% 13.2

BASIC MATERIALS
AWRC.F Asia Pacific Wire & Cable Corp. Ltd. (OTCBB:AWRC.F) 0.1% $ 4.85 $ 65.7 $ 82.8 $ (17.1) 0.0 - - 44.9% 58.3% 11.1
BEST Shiner International, Inc. (NasdaqCM:BEST) 0.0% $ 1.30 $ 32.0 $ 33.4 $ (1.5) 0.0 4.3 3.0 14.5% -7.9% 41.0
BFTI BEFUT International Co., Ltd. (OTCPK:BFTI) 0.0% $ 1.02 $ 30.3 $ 50.1 $ (19.8) 0.0 - - 54.2% 584.7% 1.1
CAAH China America Holdings, Inc. (OTCBB:CAAH) 0.0% $ 0.02 $ 3.5 $ 8.2 $ (4.6) 0.0 - - 198.3% -3.5% 384.9
CDII China Direct Industries, Inc. (NasdaqGM:CDII) 0.1% $ 1.46 $ 46.1 $ 30.4 $ 15.7 0.3 - - 3.6% 6.1% 269.6
CGYG China Longyi Group International Holdings Limited (OTCBB 0.0% $ 0.20 $ 15.5 $ 15.0 $ 0.5 0.0 - - 2.4% -20.0% 1.8
CHGS China GengSheng Minerals, Inc (AMEX:CHGS) 0.0% $ 1.47 $ 35.7 $ 63.1 $ (27.4) 0.0 6.1 - 63.7% -19.7% 69.0
CHJI China Changjiang Mining & New Energy Co., LTD. (OTCBB:C 0.0% $ 0.20 $ 0.6 $ 7.5 $ (7.0) 0.0 - - 48.9% 58.1% 3.3
CHNC China Infrastructure Construction Corporation (OTCBB:CHN 0.0% $ 2.80 $ 31.7 $ 35.8 $ (4.2) 0.0 - - 9.6% NA 10.1
CHOP China Gerui Advanced Materials Group Ltd. (NasdaqGM:CH 0.3% $ 5.92 $ 268.9 $ 289.4 $ (20.5) 0.5 5.3 2.6 95.6% 1.1% 61.7
CNAM China Armco Metals, Inc. (AMEX:CNAM) 0.1% $ 4.57 $ 69.4 $ 70.7 $ (1.3) 0.7 - - 18.8% 111.4% 333.0
CPC Chemspec International Limited (NYSE:CPC) 0.2% $ 6.31 $ 228.4 $ 218.0 $ 10.5 0.0 6.2 4.0 7.9% -13.3% 46.6
CPSL China Precision Steel, Inc. (NasdaqCM:CPSL) 0.1% $ 1.61 $ 75.0 $ 90.0 $ (15.0) 2.0 8.5 - 34.7% -43.7% 292.1
CRJI China Runji Cement Inc. (OTCBB:CRJI) 0.0% $ 0.11 $ 8.7 $ 34.8 $ (26.1) 0.0 - - 99.1% -56.0% 2.2
CRUI China RuiTai International Holdings Co., Ltd. (OTCBB:CRUI) 0.0% $ 0.70 $ 18.2 $ 91.6 $ (73.4) 0.0 - - 337.5% -31.4% 9.4
CSGJ China Shuangji Cement, Ltd. (OTCBB:CSGJ) 0.0% $ 0.62 $ 17.4 $ 18.6 $ (1.2) 0.0 - - 4.3% -54.8% 77.9
FFHL Fuwei Films (Holdings) Co., Ltd. (NasdaqGM:FFHL) 0.0% $ 1.40 $ 18.3 $ 36.2 $ (17.9) 0.0 - - 33.6% 15.9% 28.6
FSIN Fushi Copperweld, Inc. (NasdaqGS:FSIN) 0.4% $ 9.63 $ 363.2 $ 289.6 $ 73.6 2.0 6.5 3.3 0.1% 52.7% 264.0
GFRE Gulf Resources, Inc. (NasdaqGS:GFRE) 0.3% $ 8.69 $ 301.0 $ 245.8 $ 55.2 2.4 5.7 3.4 0.0% 12.0% 235.2
GPRC Guanwei Recycling Corp. (NasdaqCM:GPRC) 0.1% $ 3.39 $ 67.8 $ 67.8 $ - 0.1 - - 0.0% NA 0.0
GSI General Steel Holdings, Inc. (NYSE:GSI) 0.2% $ 3.03 $ 165.2 $ 779.1 $ (613.9) 1.2 10.1 9.5 734.9% -15.5% 334.8
JPAK Jpak Group, Inc. (OTCBB:JPAK) 0.0% $ 0.32 $ 9.1 $ 11.5 $ (2.4) 0.0 - - 25.9% -47.9% 7.5
LIWA Lihua International, Inc. (NasdaqCM:LIWA) 0.3% $ 9.04 $ 263.5 $ 178.1 $ 85.4 1.0 4.9 2.4 1.7% 25.5% 123.3
SCOK SinoCoking and Coke Chemical Industries, Inc. (NasdaqCM 0.2% $ 8.38 $ 174.9 $ 175.7 $ (0.8) 0.2 12.5 5.0 29.2% NA 281.5
SDTH Shengdatech, Inc. (NasdaqGS:SDTH) 0.4% $ 6.30 $ 341.5 $ 314.1 $ 27.4 0.6 10.4 5.1 44.9% -8.2% 194.2
SHZ China Shen Zhou Mining & Resources, Inc. (AMEX:SHZ) 0.0% $ 1.40 $ 39.2 $ 48.7 $ (9.5) 0.0 - - 43.0% 15.2% 38.5
SUTR Sutor Technology Group Limited (NasdaqCM:SUTR) 0.1% $ 1.93 $ 78.5 $ 150.8 $ (72.2) 0.0 5.1 4.7 50.1% -39.5% 68.5
XING Qiao Xing Universal Resources, Inc. (NasdaqGS:XING) 0.2% $ 1.54 $ 141.8 $ (273.1) $ 414.9 0.8 - - 25.3% -6.8% 207.8
INDUSTRIAL
ACTN Longhai Steel Inc. (OTCPK:ACTN) 0.0% $ 15.00 $ 2.3 $ 2.3 $ - 0.0 - - 0.0% NA 0.0
AEPW Asia Electrical Power International Group, Inc. (OTCPK:AEP 0.0% $ 0.00 $ 0.2 $ (0.3) $ 0.4 0.0 - - 22.2% -94.0% 9.0
AKRK Asia Cork, Inc. (OTCBB:AKRK) 0.0% $ 0.39 $ 10.7 $ 10.5 $ 0.2 0.0 - - 3.9% -21.2% 16.9
BPAC Biopack Environmental Solutions, Inc. (OTCBB:BPAC) 0.0% $ 0.13 $ 5.5 $ 6.5 $ (1.0) 0.0 - - 1831.5% -65.1% 51.4
BWOW Wowjoint Holdings Limited (NasdaqGM:BWOW) 0.0% $ 3.58 $ - $ - $ - 0.0 - - 0.0% NA 0.0
CAEI China Architectural Engineering, Inc. (NasdaqGS:CAEI) 0.1% $ 0.85 $ 46.9 $ 83.4 $ (36.5) 0.2 - - 93.4% -48.2% 139.6
CCLT.F China Ceramics Co., Ltd. (OTCBB:CCLT.F) 0.1% $ 6.75 $ 80.2 $ 85.6 $ (5.4) 0.0 - - 17.5% NA 4.3
CELM China Electric Motor, Inc. (NasdaqGM:CELM) 0.1% $ 5.22 $ 108.3 $ 70.5 $ 37.9 0.0 4.7 2.1 0.0% NA 112.2
CFSG China Fire & Security Group, Inc. (NasdaqCM:CFSG) 0.3% $ 8.64 $ 238.4 $ 210.7 $ 27.8 0.7 5.1 4.4 0.0% -53.1% 84.4
CHGI China Carbon Graphite Group, Inc. (OTCBB:CHGI) 0.0% $ 0.65 $ 12.9 $ 16.9 $ (4.0) 0.0 - - 31.2% -49.0% 22.0
CHHN CH Lighting International Corp. (OTCPK:CHHN) 0.0% $ 0.30 $ 36.0 $ 156.9 $ (120.9) 0.0 - - 582.1% -92.1% 5.0
CIIC China Infrastructure Investment Corp. (NasdaqCM:CIIC) 0.1% $ 0.61 $ 48.9 $ 521.2 $ (472.2) 0.0 - - 258.1% -50.3% 297.5
CPAK China Packaging Group Inc. (OTCBB:CPAK) 0.3% $ 7.40 $ 232.8 $ 232.8 $ - 0.0 - - 0.0% NA 0.0
CPQQ China Power Equipment, Inc. (OTCBB:CPQQ) 0.1% $ 2.66 $ 49.2 $ 35.8 $ 13.5 0.0 5.7 - 0.7% 107.7% 17.2
CSNH China Shandong Industries, Inc. (OTCBB:CSNH) 0.1% $ 4.00 $ 51.5 $ 56.0 $ (4.6) 0.0 - - 24.6% NA 3.4
CSOF China Stationery and Office Supply Inc. (OTCBB:CSOF) 0.0% $ 0.04 $ 0.5 $ 15.2 $ (14.8) 0.0 - - NA -3.5% 5.7
CVVT China Valves Technology, Inc. (NasdaqGM:CVVT) 0.3% $ 7.87 $ 288.4 $ 281.6 $ 6.8 1.6 5.5 4.0 4.1% 0.9% 257.7
DCRD Décor Products International, Inc. (OTCBB:DCRD) 0.0% $ 0.75 $ 5.1 $ 8.2 $ (3.0) 0.0 - - 14.0% -88.0% 0.9
DGNG Diguang International Development Company Ltd. (OTCBB 0.0% $ 0.55 $ 12.1 $ 19.7 $ (7.5) 0.0 - - 89.4% 48.6% 7.7
DYP Duoyuan Printing, Inc. (NYSE:DYP) 0.1% $ 2.90 $ 88.6 $ 11.8 $ 76.8 0.4 - - 7.4% NA 605.6
EQPI Zhongchai Machinery, Inc. (OTCBB:EQPI) 0.0% $ 0.45 $ 12.4 $ 12.4 $ 0.1 0.0 - - 13.5% 150.0% 7.7
FLUG Flurida Group, Inc. (OTCBB:FLUG) 0.0% $ 0.15 $ 5.8 $ 5.7 $ 0.1 0.0 - - 0.0% -25.0% 8.3
HEAT SmartHeat Inc. (NasdaqGM:HEAT) 0.3% $ 7.05 $ 231.3 $ 200.0 $ 31.3 2.6 8.5 5.5 0.3% -42.7% 410.6
HOLI Hollysys Automation Technologies, Ltd (NasdaqGS:HOLI) 0.7% $ 12.03 $ 655.0 $ 585.6 $ 69.4 1.7 17.7 13.6 23.1% 41.2% 236.6
HRBN Harbin Electric, Inc. (NasdaqGS:HRBN) 0.8% $ 23.20 $ 720.8 $ 737.5 $ (16.7) 4.3 7.2 5.2 15.3% 26.7% 395.4
JST Jinpan International Ltd. (NasdaqGS:JST) 0.2% $ 11.08 $ 182.0 $ 170.2 $ 11.8 0.1 5.3 5.2 3.9% -29.9% 99.6
KEYP Keyuan Petrochemicals, Inc. (NasdaqCM:KEYP) 0.0% $ 5.35 $ 17.0 $ 139.2 $ (122.2) 0.0 - - 286.2% NA 9.5
ONP Orient Paper, Inc. (AMEX:ONP) 0.1% $ 4.86 $ 89.1 $ 75.0 $ 14.1 1.1 - - 8.7% 10.8% 539.1
THTI THT Heat Transfer Technology, Inc. (NasdaqCM:THTI) 0.1% $ 4.01 $ 64.2 $ 69.6 $ (5.5) 0.0 9.0 - 31.4% -5.6% 4.1
UCHC Uni Core Holdings Corporation (OTCBB:UCHC) 0.0% $ 0.11 $ 0.1 $ 0.1 $ - 0.0 - - 0.0% NA 0.0
VALV Shengkai Innovations, Inc. (NasdaqGM:VALV) 0.2% $ 6.02 $ 139.6 $ 121.3 $ 18.3 0.1 7.6 3.6 NA 46.8% 5.7
WH WSP Holdings Ltd. (NYSE:WH) 0.2% $ 1.35 $ 138.0 $ 746.1 $ (608.2) 0.0 6.8 6.5 180.3% -72.5% 117.1
WTFS Xinde Technology Company (OTCBB:WTFS) 0.3% $ 5.15 $ 309.0 $ 298.2 $ 10.8 0.0 - - 9.6% NA 0.0
WUHN Wuhan General Group (China) Inc. (NasdaqCM:WUHN) 0.0% $ 1.31 $ 33.2 $ 81.4 $ (48.2) 0.0 - - 69.6% -36.1% 5.9
AGRICULTURE
BBCZ Bodisen Biotech Inc. (OTCBB:BBCZ) 0.0% $ 0.60 $ 10.9 $ 7.5 $ 3.4 0.0 - - 3.3% 176.2% 13.6
CAGC China Agritech Inc. (NasdaqGM:CAGC) 0.3% $ 11.95 $ 248.2 $ 196.4 $ 51.7 2.5 9.8 5.7 0.0% 83.3% 1061.4
CGA China Green Agriculture, Inc. (NYSE:CGA) 0.3% $ 9.51 $ 255.3 $ 193.1 $ 62.3 2.7 7.0 4.1 0.1% -15.7% 511.5
CHBU China Agri-Business Inc. (OTCBB:CHBU) 0.0% $ 0.70 $ 9.2 $ (0.6) $ 9.8 0.0 - - 5.1% 0.0% 18.8
CHFY China Forestry Inc., Prior To Reverse Merger With Financia 0.0% $ 0.01 $ 0.7 $ 0.8 $ (0.1) 0.0 - - 22.4% -20.0% 5.0
CHOR China Organic Fertilizer, Inc. (OTCBB:CHOR) 0.0% $ 1.01 $ 6.0 $ 6.0 $ - 0.0 - - 0.0% NA 0.0
CIHD Changda International Holdings, Inc. (OTCBB:CIHD) 0.0% $ 0.55 $ 10.2 $ 11.0 $ (0.8) 0.0 - - 33.0% -84.6% 20.2
CNOA China Organic Agriculture, Inc. (OTCBB:CNOA) 0.0% $ 0.59 $ 42.4 $ 45.2 $ (2.8) 0.0 - - 42.3% -34.1% 120.2
CSWG Sen Yu International Holdings, Inc. (OTCBB:CSWG) 0.1% $ 5.10 $ 106.6 $ 104.0 $ 2.6 0.0 - - 10.2% 29677.1% 0.6
ECBI Deyu Agriculture Corp (OTCBB:ECBI) 0.1% $ 7.00 $ 70.0 $ 70.0 $ - 0.0 - - 0.0% NA 0.0
ENHD Energroup Holdings Corp. (OTCBB:ENHD) 0.1% $ 2.40 $ 48.8 $ 71.9 $ (23.0) 0.0 - - 34.4% -5.8% 36.5
FEED AgFeed Industries, Inc. (NasdaqGS:FEED) 0.2% $ 2.87 $ 143.6 $ 125.0 $ 18.7 4.0 9.6 - 3.7% -34.8% 917.0
FRXT Fuer International Inc (OTCBB:FRXT) 0.1% $ 5.00 $ 64.8 $ 64.8 $ - 0.0 - - 0.0% NA 0.0
GPLB Green Planet Bioengineering Co. Limited. (OTCBB:GPLB) 0.0% $ 0.50 $ 10.0 $ 9.0 $ 1.0 0.0 - - 13.1% -41.7% 6.9
GRO Agria Corporation (NYSE:GRO) 0.1% $ 1.90 $ 105.2 $ (64.7) $ 169.9 0.1 - - 1.0% -23.6% 129.6
HOGS Zhongpin, Inc. (NasdaqGS:HOGS) 0.8% $ 20.92 $ 726.4 $ 869.1 $ (142.6) 3.1 10.3 8.6 56.0% 37.0% 416.5
KWBT Kiwa Bio-Tech Products Group Corp. (OTCBB:KWBT) 0.0% $ 0.00 $ 1.7 $ 7.1 $ (5.5) 0.0 - - NA -12.5% 651.9
MSAH Man Shing Agricultural Holdings, Inc. (OTCBB:MSAH) 0.0% $ 0.39 $ 13.3 $ 15.1 $ (1.8) 0.0 - - 22.5% -89.9% 72.0
NOEC New Oriental Energy & Chemical Corp (NasdaqCM:NOEC) 0.0% $ 1.25 $ 17.6 $ 73.8 $ (56.2) 0.0 - - NA 29.1% 16.1
OINK Tianli Agritech, Inc. (NasdaqGM:OINK) 0.1% $ 5.96 $ 60.3 $ 59.5 $ 0.9 0.0 - - 7.5% NA 43.7
RNFU Rongfu Aquaculture, Inc. (OTCBB:RNFU) 0.1% $ 4.00 $ 85.1 $ 78.0 $ 7.1 0.0 - - 0.0% NA 5.7
SEED Origin Agritech Limited (NasdaqGS:SEED) 0.2% $ 8.98 $ 206.7 $ 181.6 $ 25.1 2.0 16.8 11.2 48.8% 78.9% 642.2
SIAF Sino Agro Foods, Inc. (OTCPK:SIAF) 0.1% $ 1.44 $ 76.1 $ 71.2 $ 4.9 0.0 - - 5.4% 718.9% 564.5
YHGG YaSheng Group (OTCPK:YHGG) 0.3% $ 1.98 $ 307.1 $ 328.7 $ (21.6) 0.0 - - 1.8% 132.9% 22.0
YONG Yongye International, Inc. (NasdaqGS:YONG) 0.4% $ 8.17 $ 393.2 $ 356.1 $ 37.2 4.0 5.5 3.6 0.6% 3.9% 539.3
YSYB Yanglin Soybean, Inc. (OTCBB:YSYB) 0.0% $ 1.01 $ 20.7 $ 9.8 $ 10.9 0.0 - - 50.3% -67.7% 1.2
YUII Yuhe International, Inc. (NasdaqCM:YUII) 0.1% $ 7.58 $ 119.8 $ 111.0 $ 8.8 0.4 4.3 3.5 17.5% 22.9% 57.8

FOOD & BEVERAGE

ADY Feihe International, Inc. (NYSE:ADY) 0.2% $ 9.72 $ 216.7 $ 283.3 $ (66.6) 2.6 15.3 20.6 54.4% -68.6% 239.8
ALN American Lorain Corporation (AMEX:ALN) 0.1% $ 3.06 $ 92.5 $ 110.9 $ (18.3) 0.2 4.4 3.0 0.0% 22.7% 47.1
BORN China New Borun Corporation (NYSE:BORN) 0.5% $ 18.55 $ 477.2 $ 436.2 $ 41.0 0.5 9.1 5.5 12.9% NA 767.5
CHFR China Fruits Corp. (OTCBB:CHFR) 0.0% $ 0.03 $ 1.2 $ 2.5 $ (1.2) 0.0 - - 63.1% -43.6% 6.6
CMFO China Marine Food Group Limited (AMEX:CMFO) 0.2% $ 6.38 $ 182.2 $ 141.9 $ 40.3 1.1 5.9 3.6 0.1% 52.8% 200.5
CNGL China Nutrifruit Group Limited (AMEX:CNGL) 0.1% $ 3.06 $ 112.4 $ 85.7 $ 26.7 0.0 5.5 2.6 0.0% -13.1% 8.6
HQS HQ Sustainable Maritime Industries, Inc. (AMEX:HQS) 0.1% $ 3.60 $ 52.9 $ 9.0 $ 43.8 0.2 3.3 0.5 0.0% -52.5% 208.8
NWD New Dragon Asia Corp. (AMEX:NWD) 0.0% $ 0.04 $ 4.3 $ 5.1 $ (0.8) 0.1 - - 7.2% -63.0% 501.6
RDBO Rodobo International Inc. (OTCBB:RDBO) 0.1% $ 1.94 $ 53.2 $ 43.2 $ 10.0 0.0 4.2 - 4.5% 6.7% 3.6
SGLA Sino Green Land Corp. (OTCBB:SGLA) 0.0% $ 0.21 $ 28.7 $ 24.6 $ 4.1 0.0 - - 0.0% 9.3% 12.8
SPU SkyPeople Fruit Juice, Inc. (NasdaqGM:SPU) 0.1% $ 4.92 $ 125.9 $ 111.3 $ 14.6 0.2 4.2 2.8 15.6% 61.5% 130.8
SYUT Synutra International Inc. (NasdaqGS:SYUT) 0.7% $ 11.04 $ 632.6 $ 742.1 $ (109.5) 1.0 - - 176.4% -8.1% 254.1
YYIN Yayi International Inc. (OTCBB:YYIN) 0.0% $ 1.65 $ 39.1 $ 45.0 $ (5.9) 0.0 - - 41.7% 26.2% 15.5
CONSUMER
CAGM China Green Material Technologies, Inc. (OTCBB:CAGM) 0.0% $ 1.50 $ 39.2 $ 29.3 $ 10.0 0.0 - - 0.8% 65.1% 13.4
CJJD China Jo-Jo Drugstores, Inc. (NasdaqCM:CJJD) 0.1% $ 5.26 $ 71.0 $ 59.2 $ 11.8 0.1 6.4 - 11.6% 36.6% 48.0
CTXI.F China Linen Textile Industry, Ltd. (OTCBB:CTXI.F) 0.0% $ 1.49 $ 30.3 $ 29.9 $ 0.4 0.0 3.8 2.1 13.8% 905.7% 33.1
DEER Deer Consumer Products, Inc. (NasdaqGS:DEER) 0.4% $ 11.34 $ 380.9 $ 313.7 $ 67.2 2.3 11.7 7.4 5.9% 29.5% 375.6
EDS Exceed Company Ltd. (NasdaqGM:EDS) 0.3% $ 7.72 $ 238.7 $ 163.5 $ 75.2 0.0 4.4 - 1.3% NA 26.4
FRTW Franklin Towers Enterprises Inc. (OTCBB:FRTW) 0.0% $ 0.00 $ 0.3 $ 4.1 $ (3.7) 0.0 - - NA -64.3% 3.7
FUQI Fuqi International, Inc. (NasdaqGS:FUQI) 0.2% $ 7.76 $ 214.4 $ 89.6 $ 124.8 3.1 3.4 - 16.7% -70.0% 969.7
HSYT Home System Group (OTCBB:HSYT) 0.3% $ 3.50 $ 236.2 $ 254.6 $ (18.4) 0.0 - - 55.1% 36.0% 12.4
JADA Jade Art Group, Inc. (OTCBB:JADA) 0.0% $ 0.41 $ 30.4 $ 24.7 $ 5.7 0.0 - - 0.0% 52.0% 154.3
JADE LJ International Inc. (NasdaqGM:JADE) 0.1% $ 5.00 $ 118.8 $ 143.0 $ (24.2) 0.4 9.4 6.8 36.3% 55.8% 236.4
NPD China Nepstar Chain Drugstore Ltd. (NYSE:NPD) 0.5% $ 4.59 $ 484.2 $ 313.2 $ 171.1 0.1 34.7 15.8 0.0% -28.8% 370.4
PBEP Pacific Bepure Industry Inc. (OTCPK:PBEP) 0.0% $ 0.51 $ 7.7 $ 7.7 $ - 0.0 - - 0.0% NA 0.0
QING Qingdao Footwear, Inc. (OTCBB:QING) 0.0% $ 2.25 $ 22.5 $ 23.5 $ (1.0) 0.0 - - 40.7% NA 0.9
QKLS QKL Stores Inc. (NasdaqCM:QKLS) 0.2% $ 5.23 $ 155.4 $ 93.7 $ 61.7 0.5 10.2 2.7 0.0% 4.1% 28.3
SHNL Shentang International, Inc. (OTCBB:SHNL) 0.0% $ 0.04 $ 0.8 $ 0.8 $ - 0.0 - - 0.0% NA 0.0
VLOV VLOV, Inc. (OTCBB:VLOV) 0.1% $ 2.90 $ 51.8 $ 35.9 $ 15.9 0.0 - - 2.5% -41.2% 7.0
VNTI Vantone International Group, Inc. (OTCBB:VNTI) 0.0% $ 0.72 $ 21.6 $ 15.6 $ 6.0 0.0 - - 0.0% 106.4% 9.0
WKBT Weikang Bio-Technology Group Co., Inc. (OTCBB:WKBT) 0.1% $ 3.60 $ 100.3 $ 79.8 $ 20.5 0.0 - - 0.0% 75.0% 28.1
AUTOMOTIVE
AUTC AutoChina International Ltd. (NasdaqCM:AUTC) 0.5% $ 25.40 $ 499.9 $ 760.5 $ (260.7) 0.2 7.9 - 143.1% 129.2% 12.1
CAAS China Automotive Systems Inc. (NasdaqCM:CAAS) 0.5% $ 17.25 $ 467.7 $ 504.8 $ (37.2) 1.3 14.3 7.2 65.5% 63.4% 346.9
CALI China Auto Logistic Inc. (NasdaqGM:CALI) 0.1% $ 3.07 $ 55.6 $ 79.4 $ (23.9) 0.0 - - 81.8% -43.6% 23.2
CPLY China Premium Lifestyle Enterprise, Inc. (OTCBB:CPLY) 0.0% $ 0.06 $ 1.5 $ 5.9 $ (4.4) 0.0 - - NA -74.7% 10.3
CXDC China XD Plastics Company Ltd. (NasdaqGM:CXDC) 0.3% $ 5.66 $ 250.7 $ 255.6 $ (4.9) 0.2 6.7 4.9 36.1% -6.7% 107.4
KNDI Kandi Technologies, Corp (NasdaqCM:KNDI) 0.1% $ 5.55 $ 120.4 $ 159.3 $ (38.9) 0.9 - - 143.4% 83.9% 199.8
SORL SORL Auto Parts, Inc. (NasdaqGM:SORL) 0.2% $ 8.94 $ 172.6 $ 169.1 $ 3.5 0.3 7.9 5.2 3.7% 51.3% 88.0
WATG Wonder Auto Technology, Inc. (NasdaqGM:WATG) 0.4% $ 10.07 $ 341.0 $ 365.0 $ (24.0) 2.8 7.8 5.4 40.5% -12.2% 461.2
TXIC Tongxin International, Ltd. (OTCPK:TXIC) 0.0% $ 3.14 $ 42.2 $ 55.3 $ (13.1) 0.1 - - 33.9% -67.1% 144.3
EDUCATION
AMBO Ambow Education Holding Ltd. (NYSE:AMBO) 0.9% $ 11.74 $ 836.9 $ 801.0 $ 35.8 0.5 18.4 9.5 13.3% NA 96.4
ATAI ATA, Inc. (NasdaqGM:ATAI) 0.1% $ 3.13 $ 69.6 $ 37.3 $ 32.3 0.0 - 70.3 0.0% -48.1% 17.3
CAST ChinaCast Education Corporation (NasdaqGS:CAST) 0.4% $ 7.48 $ 372.3 $ 252.8 $ 119.5 1.3 14.1 4.9 14.5% 15.7% 274.7
CECX China Executive Education Corp. (OTCBB:CECX) 0.1% $ 2.50 $ 56.7 $ 50.0 $ 6.7 0.0 - - 0.0% NA 1.3
CEDT China Education Technology, Inc. (OTCBB:CEDT) 0.0% $ 0.02 $ 0.4 $ 1.2 $ (0.8) 0.0 - - 131.6% -83.8% 19.9
CEDU ChinaEdu Corporation (NasdaqGM:CEDU) 0.1% $ 7.05 $ 112.9 $ 59.1 $ 53.9 0.0 17.5 2.6 0.0% -1.1% 19.2
CEU China Education Alliance Inc. (NYSE:CEU) 0.2% $ 5.55 $ 175.7 $ 101.0 $ 74.7 0.0 7.0 3.4 0.0% 2.6% 134.4
CIVS China Ivy School, Inc. (OTCBB:CIVS) 0.0% $ 0.02 $ 0.5 $ 11.2 $ (10.8) 0.0 - - 615.9% 2.6% 0.2
DL China Distance Education Holdings Limited (NYSE:DL) 0.2% $ 5.34 $ 184.0 $ 137.1 $ 46.8 0.0 35.2 16.3 0.0% -24.5% 12.0
HQGE HQ Global Education Inc. (OTCBB:HQGE) 0.1% $ 4.45 $ 132.3 $ 132.3 $ - 0.0 - - 0.0% NA 0.0
HRCT Hartcourt Companies Inc. (OTCBB:HRCT.E) 0.0% $ 0.01 $ 3.9 $ 4.1 $ (0.2) 0.0 - - 7.0% -23.1% 105.1
NED Noah Education Holdings, Ltd. (NYSE:NED) 0.1% $ 2.02 $ 77.7 $ (6.6) $ 84.3 0.0 - - 0.0% -59.1% 97.1
SERVICES
AMAP AutoNavi Holdings Limited (NasdaqGS:AMAP) 1.0% $ 20.00 $ 911.5 $ 847.3 $ 64.2 0.0 36.0 20.5 0.0% NA 71.5
CHLO China Logistics Group, Inc. (OTCBB:CHLO) 0.0% $ 0.04 $ 1.6 $ 1.3 $ 0.3 0.0 - - NA -42.8% 23.9
CLGZ China Logistics, Inc. (OTCBB:CLGZ) 0.0% $ 0.01 $ 0.5 $ (0.6) $ 1.2 0.0 - - 0.0% -89.1% 68.8
CNYD China Yida Holding, Co. (NasdaqCM:CNYD) 0.2% $ 9.35 $ 182.8 $ 156.7 $ 26.1 0.2 4.6 2.6 3.5% 22.7% 30.6
DRGN CN Dragon Corporation (OTCBB:DRGN) 0.0% $ 0.40 $ 18.1 $ 18.1 $ - 0.0 - - 0.0% NA 0.0
EGT Entertainment Gaming Asia Inc. (AMEX:EGT) 0.0% $ 0.39 $ 44.9 $ 48.6 $ (3.7) 0.1 - - 32.9% 43.6% 135.0
GHNA GHN Agrispan Holding Company (OTCBB:GHNA) 0.0% $ 0.60 $ 24.3 $ 22.5 $ 1.8 0.0 - - 2.4% NA 11.0
HMIN Home Inns & Hotels Management Inc. (NasdaqGS:HMIN) 2.3% $ 52.29 $ 2,111.8 $ 2,004.3 $ 107.5 0.9 32.7 13.9 7.4% 73.2% 413.7
HTHT China Lodging Group, Limited (NasdaqGM:HTHT) 1.7% $ 26.13 $ 1,574.5 $ 1,395.2 $ 179.3 0.4 43.8 16.4 7.2% NA 122.6
JOBS 51job Inc. (NasdaqGS:JOBS) 1.3% $ 43.40 $ 1,199.0 $ 991.2 $ 207.8 0.7 27.8 17.5 0.0% 184.3% 152.9
JRJC China Finance Online Co. Ltd. (NasdaqGM:JRJC) 0.2% $ 7.89 $ 174.5 $ 90.3 $ 84.2 0.1 18.3 17.3 5.2% -9.1% 32.6
LONG eLong Inc. (NasdaqGM:LONG) 0.5% $ 17.96 $ 425.9 $ 298.7 $ 127.2 0.1 48.5 - 0.0% 41.6% 32.2
NTYN New Taohuayuan Culture Tourism Co., Ltd. (OTCBB:NTYN) 0.0% $ 0.55 $ 10.3 $ 10.2 $ 0.1 0.0 - - 0.0% NA 0.5
NXMR NextMart Inc. (OTCBB:NXMR) 0.0% $ 0.00 $ 2.4 $ 3.6 $ (1.2) 0.0 - - NA -37.5% 51.0
SMPN SMSA Palestine Acquisition Corp. (OTCBB:SMPN) 0.2% $ 10.00 $ 147.3 $ 147.3 $ - 0.0 - - 0.0% NA 0.0
SNAS Sino Assurance, Inc (OTCBB:SNAS) 0.0% $ 0.50 $ 30.0 $ 29.0 $ 1.0 0.0 - - 0.8% 733.3% 0.0
SNPY Sino Payments, Inc. (OTCBB:SNPY) 0.0% $ 0.04 $ 1.6 $ 1.6 $ (0.0) 0.0 - - NA -47.9% 138.1
SOKF SOKO Fitness & Spa Group, Inc. (OTCBB:SOKF) 0.1% $ 4.04 $ 80.9 $ 58.6 $ 22.3 0.0 - - 4.6% 76.2% 18.7
SSHZ Sino Shipping Holdings Inc. (OTCPK:SSHZ) 0.0% $ 0.04 $ 1.0 $ 1.0 $ 0.0 0.0 - - 0.0% -93.8% 10.6
SUWG Sunway Global, Inc. (OTCBB:SUWG) 0.0% $ 1.29 $ 23.9 $ 17.2 $ 6.6 0.0 - - 0.0% -71.3% 1.3
SVN 7 Days Group Holdings Limited (NYSE:SVN) 1.1% $ 20.17 $ 1,002.2 $ 927.8 $ 74.4 0.1 37.0 13.2 4.3% NA 211.5
UTA Universal Travel Group (NYSE:UTA) 0.1% $ 4.87 $ 96.9 $ 53.3 $ 43.6 1.5 3.1 1.1 0.0% -51.1% 561.6
WLOL Winland Online Shipping Holdings Corp. (OTCBB:WLOL) 0.3% $ 1.90 $ 240.5 $ 277.5 $ (37.0) 0.0 - - 144.7% -53.8% 1.6
XNYH Xinyinhai Technology, Ltd. (OTCBB:XNYH) 0.0% $ 0.13 $ 2.5 $ 2.1 $ 0.4 0.0 - - 0.0% -51.9% 19.7
YTEC Yucheng Technologies Limited (NasdaqGS:YTEC) 0.1% $ 4.02 $ 74.6 $ 76.6 $ (1.9) 0.4 12.0 - 16.9% -46.3% 66.3
CHFI China Finance, Inc. (OTCPK:CHFI) 0.0% $ 0.09 $ 5.2 $ (7.6) $ 12.8 0.0 - - 0.0% -75.0% 46.5
CISG Cninsure Inc. (NasdaqGS:CISG) 1.4% $ 24.77 $ 1,249.6 $ 1,060.9 $ 188.8 3.0 16.1 10.9 0.0% 20.6% 445.1
UIBG.F UIB Group Limited (OTCPK:UIBG.F) 0.0% $ 2.00 $ 12.2 $ 12.2 $ 0.1 0.0 - - 0.0% -56.5% 1.5
AERL Asia Entertainment & Resources Ltd. (NasdaqGM:AERL) 0.1% $ 5.30 $ 66.8 $ 103.0 $ (36.2) 0.0 - - 309.1% NA 13.7
GSOL Global Sources Ltd. (NasdaqGS:GSOL) 0.4% $ 8.48 $ 378.7 $ 197.0 $ 181.7 0.9 14.6 6.9 0.0% 16.3% 77.8
SFUN SouFun Holdings Ltd. (NYSE:SFUN) 1.5% $ 75.33 $ 1,399.4 $ 1,256.4 $ 142.9 0.1 - - 0.0% NA 409.2

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

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

MEDIA
AAGH Asia Global Holdings Corp. (OTCBB:AAGH) 0.0% $ 0.00 $ 0.5 $ 0.6 $ (0.1) 0.0 - - 0.0% 27.8% 0.0
AMCN AirMedia Group Inc. (NasdaqGM:AMCN) 0.4% $ 5.70 $ 373.9 $ 290.4 $ 83.5 0.2 19.7 6.2 0.0% -25.4% 327.2
ATV Acorn International, Inc. (NYSE:ATV) 0.1% $ 4.50 $ 133.3 $ 19.6 $ 113.7 0.0 112.5 3.5 0.3% -30.5% 53.7
CABL China Cablecom Holdings, Ltd. (NasdaqCM:CABL) 0.0% $ 0.60 $ 4.0 $ 91.1 $ (87.1) 0.0 - - 319.2% -40.5% 105.3
CCME China MediaExpress Holdings, Inc. (NasdaqGS:CCME) 0.6% $ 16.20 $ 555.5 $ 416.2 $ 139.3 4.4 5.9 2.2 0.0% NA 579.2
CDGT China Digital Media Corp. (OTCBB:CDGT) 0.0% $ 0.10 $ 2.6 $ 7.5 $ (5.0) 0.0 - - 100.1% -25.0% 8.7
CGSX.F China TopReach Inc (OTCBB:CGSX.F) 0.1% $ 3.49 $ 58.3 $ 75.2 $ (16.9) 0.0 - - 40.0% NA 1.7
CHMD China Media Group Corp. (OTCBB:CHMD) 0.0% $ 0.02 $ 6.9 $ 9.0 $ (2.1) 0.0 - - 255.6% 64.6% 242.8
CHRM Charm Communications Inc. (NasdaqGM:CHRM) 0.8% $ 9.09 $ 710.2 $ 578.9 $ 131.3 0.1 7.7 11.2 25.8% NA 41.6
CMDI China New Media Corp. (OTCBB:CMDI) 0.1% $ 1.90 $ 52.3 $ 59.0 $ (6.7) 0.0 - - 66.0% NA 2.7
CMKM China Marketing Media Holdings, Inc. (OTCBB:CMKM) 0.0% $ 0.90 $ 25.8 $ 20.3 $ 5.6 0.0 - - 0.0% NA 17.2
CMM China Mass Media Corp. (NYSE:CMM) 0.1% $ 2.45 $ 64.4 $ (30.5) $ 94.9 0.0 - - 0.0% -35.4% 54.1
CNET ChinaNet Online Holdings, Inc. (NasdaqGM:CNET) 0.1% $ 4.00 $ 67.7 $ 50.0 $ 17.7 0.0 - - 0.5% -3.5% 22.6
CNWH.F China Networks International Holdings, Ltd. (OTCBB:CNWH 0.0% $ 0.21 $ 12.0 $ 12.0 $ - 0.0 - - NA 317.4% 0.0
KONG Kongzhong Corp. (NasdaqGS:KONG) 0.3% $ 7.84 $ 276.2 $ 144.7 $ 131.5 0.1 23.8 - 1.7% -51.4% 87.6
LEGE Legend Media, Inc. (OTCBB:LEGE) 0.0% $ 0.04 $ 4.5 $ 4.9 $ (0.4) 0.0 - - 8.5% -87.1% 20.2
NWCN Network CN, Inc. (OTCBB:NWCN) 0.0% $ 0.02 $ 6.3 $ 9.1 $ (2.8) 0.0 - - NA -76.1% 13.3
SBAY Subaye, Inc. (NasdaqGM:SBAY) 0.1% $ 11.30 $ 84.1 $ 82.0 $ 2.1 0.0 - - 0.0% 83.4% 16.2
STV China Digital TV Holding Co., Ltd. (NYSE:STV) 0.5% $ 7.75 $ 451.4 $ 217.1 $ 234.3 0.1 15.1 6.3 0.0% 9.1% 129.3
UOLI Uonlive Corp. (OTCBB:UOLI) 0.0% $ 0.16 $ 0.3 $ 2.7 $ (2.4) 0.0 - - NA 60.0% 0.5
VISN VisionChina Media Inc. (NasdaqGM:VISN) 0.4% $ 0.02 $ 6.3 $ 9.1 $ (2.8) 0.0 - - NA -49.0% 13.3
XHUA Xinhua China Ltd. (OTCBB:XHUA) 0.0% $ 11.30 $ 84.1 $ 82.0 $ 2.1 0.0 - - 0.0% -41.7% 16.2
XSEL Xinhua Sports & Entertainment Limited (NasdaqGM:XSEL) 0.0% $ 7.75 $ 451.4 $ 217.1 $ 234.3 0.1 15.1 6.3 0.0% -83.1% 129.3
REAL ESTATE
HGSH China HGS Real Estate Inc. (NasdaqGM:HGSH) 0.2% $ 3.98 $ 179.3 $ 170.1 $ 9.2 0.0 - - 1.4% 429.1% 8.9
CGPI China Redstone Group, Inc. (OTCBB:CGPI) 0.1% $ 4.00 $ 50.3 $ 43.4 $ 6.9 0.0 - - 6.9% NA 0.0
CHLN China Housing and Land Development, Inc. (NasdaqCM:CH 0.1% $ 2.26 $ 74.8 $ 136.6 $ (61.8) 1.4 2.8 3.6 142.9% -42.5% 114.2
CNR China Metro-Rural Holdings Limited (AMEX:CNR) 0.2% $ 2.75 $ 176.3 $ 159.3 $ 17.1 0.0 - - 68.8% NA 8.3
CRIC China Real Estate Information Corporation (NasdaqGS:CRIC 1.6% $ 10.34 $ 1,499.8 $ 1,227.7 $ 272.1 4.2 16.9 13.3 0.0% NA 292.9
CTC IFM Investments Limited (NYSE:CTC) 0.3% $ 5.67 $ 259.1 $ 139.9 $ 119.2 0.0 26.4 7.7 0.0% NA 52.6
EJ E-House (China) Holdings Limited (NYSE:EJ) 1.6% $ 18.54 $ 1,488.2 $ 1,026.0 $ 462.3 6.0 16.3 7.0 0.0% -13.0% 488.7
EVEH Environment Ecology Holding Company of China (OTCPK:EV 0.0% $ 0.01 $ 0.2 $ (1.2) $ 1.4 0.0 - - 12.2% -81.7% 36.3
GCIH Great China International Holdings Inc. (OTCBB:GCIH) 0.0% $ 0.25 $ 2.9 $ 14.3 $ (11.3) 0.0 - - 80.8% -66.7% 5.1
GHII Gold Horse International Inc. (OTCBB:GHII) 0.0% $ 4.30 $ 7.9 $ 11.1 $ (3.1) 0.0 - - 11.3% 6.8% 2.9
SRRE Sunrise Real Estate Group, Inc. (OTCBB:SRRE) 0.0% $ 0.10 $ 2.4 $ 9.2 $ (6.8) 0.0 - - NA 0.0% 1.6
XIN Xinyuan Real Estate Co., Ltd. (NYSE:XIN) 0.3% $ 3.05 $ 231.0 $ 349.8 $ (118.8) 0.3 3.3 - 68.9% -30.6% 234.0
TELECOM & ELECTRONICS

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

GHS China Research Weekly Update Disclosures

Analyst Certification
I, Joe Giamichael, certify that the views expressed in this report accurately reflect my personal beliefs about this company and that I
have not and will not receive compensation directly or indirectly in connection with my specific recommendations or views contained
in this report.
I, Dimitriy Shapiro, certify that the views expressed in this report accurately reflect my personal beliefs about this company and that I
have not and will not receive compensation directly or indirectly in connection with my specific recommendations or views contained
in this report.
I, Ping Luo, certify that the views expressed in this report accurately reflect my personal beliefs about this company and that I have
not and will not receive compensation directly or indirectly in connection with my specific recommendations or views contained in this
report.
I, Jodi Dai, certify that the views expressed in this report accurately reflect my personal beliefs about this company and that I have
not and will not receive compensation directly or indirectly in connection with my specific recommendations or views contained in this
report.
Important Disclosures
 GHS does and seeks to do business with the company covered in this research report.
 As with all employees of GHS, a portion of this analyst’s compensation is based on investment banking revenues.
Explanation of Ratings
Buy: We expect the stock to outperform the average total return of the stocks in the analyst’s industry (or industry team’s) coverage
universe over the next six to twelve months.
Neutral: We expect the stock to perform in line with the average total return of the stocks in the analyst’s industry (or industry
team’s) coverage universe over the next six to twelve months.
Sell: We expect the stock to underperform the average total return of the stocks in the analyst’s industry (or industry team’s)
coverage universe over the next six to twelve months.
Ratings Distribution
Research Coverage Investment Banking Clients*
Rating Count % of Total Count % of Total % of Rating Category
Buy 92 82.9% 9 90.0% 9.8%
Accumulate N/A N/A N/A N/A N/A
Neutral 18 16.2% 1 10.0% 5.6%
Reduce N/A N/A N/A N/A N/A
Sell 1 0.9% 0 0.0% 0.0%
Total 111 100.0% 10 100.0% 9.0%
*Investment banking clients are companies from whom GHS or an affiliate received compensation from investment banking services provided in the last
12 months.
Note: Ratings Distribution as of September 30, 2010
Disclaimer & Other Disclosures

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

CCME Oct 18th, 2010 Global Hunter Securities Report

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Joe Giamichael 212-644-8916 jgiamichael@ghsecurities.

target Buy rating.

China Macro Headlines

Shanghai SE Composite Index

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GHS China Research Weekly Recap

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GHS China Research Weekly Recap

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GLOBAL HUNTER SECURITIES CHINA TOP COVERAGE PICKS

Mkt Cap ($ 12 Month Price

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Top 15 Weekly Gainers (Price >= $5)

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GHS Upcoming Events, Roadshows, Analyst Calls

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CHINA: BASIC MATERIALS Dmitriy Shapiro (dshapiro@ghsecurities.com; 646-264-5606)

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