Fra Presentation Final

Jefferies & Company, Inc.

China Venture Capital, IPO &M&A Discussion

The 2nd Annual Investing in China & India SummitJune 19-20, 2006

CONFIDENTIAL DRAFT

The Global Investment Bank Of Choice For Growth Companies

A leading institutional brokerage and investment banking firm – led by one of the most powerful capital markets trading platforms in the industry

The Leading Sales and Trading platform for NASDAQ stocks

#1 High Yield underwriter (under $150 million) Leading emerging growth equity research Most rapidly growing full service investment bank on

Wall Street

Technology Group of Jefferies with over 90 tech bankers

Highly differentiated approach to the market with dedicated sector teams globally focused on full-service relationship banking

Jefferies Broadview is the M&A platform of choice in technology

– Since 1998 Jefferies Broadview has advised on 440 technology transactions globally worth approximately $67.3 billion

Technology Group(Jefferies Broadview)

Jefferies

(1) Wall Street Journal, March 2004.(2) Market Capitalization as of May 10, 2006.(3) Revenue represents FY2005 ending December 31, 2005.

Austin

San Francisco Los Angeles

Dallas Houston

New Orleans

Chicago Nashville

Atlanta Richmond

Boston

Stamford New York Jersey City Washington

London Paris Zurich

Tokyo

Sydney**Melbourne**

Silicon Valley Israel*

Waltham

Hong Kong*

Shanghai

New Delhi

Publicly-held (NYSE:JEF)

The #1 performing stock price of investment banks over the past 10 years(1)

$4.0 billion market capitalization(2)

$1.5 billion in annual revenue(3)

Over 2,000 employees in 27 offices worldwide

50%+ Employee Owned

Cities in red indicate Jefferies Broadview locations, * Affiliates

$0

$10

$20

$30

$40

$50

$60

4/22/99 11/22/99 6/22/00 1/22/01 8/22/01 3/22/02 10/22/02 5/22/03 12/22/03 7/22/04 2/22/05 9/22/05 3/20/06

Investment Dealers Digest

2005

Middle Market

Bank of the Year

2005

Middle Market

Bank of the Year

1

Jefferies Delivers The Full Spectrum Of Products And Services To Technology Clients

Investment Banking

Leading banking franchise focused on high growth companies with over 400 Investment Bankers (nearly 100 in technology) in over 20 offices worldwide

Equity Offerings – Completed over 230 IPO and Follow-on offerings, raising over $40B since 2000

M&A – Ranked #1 in technology M&A advisory assignments in 2006YTD, 2005 and 2004(1)

Private Equity - Regular dialogue and relationships with over 250 financial sponsors

Restructuring - Restructured approximately $150 billion in securities and liabilities

Equity

Over 135 account executives cover over 2,200 institutional accounts; make markets in over 4,000 stocks

#2 YTD volume trader of NASDAQ and OTC stocks; #3 trader in 2005(2); handle over 10% of NYSE volume; top 5 trader in nearly 2,000 NASDAQ stocks

Over 100 research analysts covering over 700 companies

Debt

Dedicated high yield team of over 40 experienced senior professionals

Integrated sales, trading, research, capital markets and banking functions

#1 underwriter of mid-cap high yield debt(3); led by team that joined Jefferies Broadview from Drexel Burnham Lambert

Investm

ent B

ankin

g

Equity

Asset ManagementDebt

Cash Managemen

tCapital Partners High Yield

PrivatePlacements

Structured Finance

Trading

Sales

Research

Capital Markets

IndustryCoverageMergers

andAcquisitions

FinancialSponsors

Restructuring

Private ClientServices

Offers A Full Suite Of Investment Banking Products And Services To Serve High Growth Companies Throughout The

Corporate Lifecycle

(1) Source: SDC, 1/1/2005 - 12/31/2005.(2) Source: Autex, 1/1/2005 - 12/31/2005 (2005), 1/1/2006 – 5/19/2006 (YTD). (3) Source: SDC, 1/1/2005 - 12/31/2005.

Asset Management

Private Client Services / Cash Management – advisory, portfolio management and customized financial solutions

Jefferies Capital Partners - more than $685 million in private equity funds under management

2

CHF80,000,000

Co-Manager

Initial Public OfferingJoint Book Runner

$1,803,000,000

SMIC

*

Considerable Asian Investment Banking Experience

Japan

Korea

* Transaction completed by team at previous employer

Greater China

$62,000,000

has been acquired by

$106,000,000

Initial Public OfferingCo-Manager

$80,600,000


China Finance Online Co. Limited

$165,100,000

has divested its Handset Division to

has divested certain manufacturing assets to

Confidential

formerly the graphics unit of

Confidential

has restructured its Digital Media Business and Merged

its Graphics Business with

Initial Public OfferingSole Book Runner

$92,479,037

*Silicon Motion

Initial Public OfferingLead Book Runner

$71,454,555

*

$30,000,000

has sold certain mobilecomputing assets to

has completed aSeries C Round of

Financing

Pequot CapitalNational SemiconductorPericom Semiconductor

and other investors$37,000,000

has divested itsbroadcasting equipment

subsidiary TV/COMInternational, Inc., to

Confidential Confidential


HK$ 882,000,000

Och-Ziff Capital Management

速达软件Superdata Software

速达软件Superdata Software

India

has agreed to be acquired by

Financial Advisor to the Seller

$324,000,000

Access Co. Ltd.

Confidential

has been acquired by has been acquired by

$90,000,000

Financial Advisor to the Seller


Confidential Confidential

has made a minority investment in

Uniccs Co. Ltd.

has sold a minority interest to

Confidential

Confidential

has sold a minority stake to

$450,000,000

has acquired

$38,000,000

has acquired


Softbank

Kingston Technology Corporation

Confidential


Softbank

$30,000,000

has made a minorityinvestment in

SunUp DesignSystems, Inc.

Electronics Inc.

Confidential

$34,500,000

Convertible Bond PlacementSole Manager

$28,750,000

Convertible Notes OfferingSole Manager

$32,200,000


$38,000,000

Co-Manager

$50,000,000

Co-Manager

$34,500,000


$139,800,000

Initial Public Offering (ADS)Co-Manager

has been delisted from the Hong Kong GEM in a

management-led buyout sponsored by




Sole Placement Agent$13,000,000

Ambow Education

has sold a minority stake to

$80,500,000


$50,000,000


$45,000,000Convertible Notes Offering

Sole Manager

Nahar Industrial Enterprises Ltd.

$33,000,000Convertible Notes Offering

Sole Manager

The Simbhaoli Sugar Mills Limited

$50,000,000


$160,813,125


$30,000,000


¥11.3 billion$100,000,000

Convertible Notes OfferingInternational Financial Advisor

$160,000,000


3

http://www.elong.com/

http://www.cisco.com/en/US/hmpgs/index.html

http://www.cidvc.com/html/body-1.htm

Representative Asian Investment Banking Services

Mergers & Acquisitions Advisory

– Buy-side or sell-side cross border M&A advisory Examples:

Japan: PalmSource/Access, Airborne/Cybird, Zingy/For-Side China: Ross Systems/CDC, Audiovox/UT Starcom Korea: Integrant/ADI

– Private equity/hedge fund sponsored buyouts Example: Superdata Software delisting from HK stock market

Equity, Equity-Linked and Debt Financings

– IPO listings: U.S. NYSE/NASDAQ, London AIM/Euronext, Japan Mothers Examples:

China: China Finance Online (U.S.), Ninetowns (U.S.) Japan: Gung Ho (Japan), Cybird (Japan) India: Patni (India & U.S.)

– Convertible financings Examples:

India: HEG (Euro), GHCL (Euro), Bilcare (Euro)

– High yield and bank debt financing

Jefferies provides Asian clients with the same broad range of investment banking services offered to U.S. and European clients

4

China Venture Capital, IPO And M&A Market Overview

5

Why China?

Market Opportunity

– Most populous nation in the world

– Fastest growing large scale economy (9%+ annual growth)

– Chinese math: “If I could sell 1 widget for US$1 to each Chinese person…”

Global Supply China

– Silicon Valley (VCs), Wall Street (Capital Markets), Main Street (Wal-Mart)

– What isn’t “Made in China”?

Factors of Production

– Land: Grants, loans, subsidies, banquets

– Labor: More engineers than anywhere in the world

– Capital: LPs > GPs > Entrepreneurs

– Entrepreneurship: Little Emperors & Sea Turtles

China has all the ingredients to become a dominant force in the global technology food chain

6

Venture Investment In Chinese Companies Remains Hot…

Total VC Investment In Chinese Companies Since 2002 (US$millions)

Source: Zero2IPO

Key Trends

- Technology continues to attract the most investment

- Increase in average deal size

- Money continues to flow into China but demand for quality investment opportunities not being met

2005 was a record year in terms of VC money raised with over $4 billion raised to invest in China. 2006 is on pace to be another big year with $904 million raised in Q1 2006.

$418

$992

$1,269$1,173

$334

226

170

253228

42

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

2002 2003 2004 2005 Q1 2006

0

50

100

150

200

250

300

Total Invested Deal Count

7

…With Chinese Technology Leading the Way

Announced Chinese Technology VC Investments Year-To-Date

Source: SDC; as of May 31, 2006

Within the technology sector, Internet and Digital Media continue to be the hottest areas of interest

RoundDate

Company Name Company Business Description InvestorsAmount Raised ($000)

5/22/06 Lingtu Software Company, Ltd. Develops wireless mapping communications and GPS technology software.

Gobi, Oak 30,000

5/19/06 Hunan Greatdreams Cartoon Media, Ltd. Develops computer animation software, cartoon programmes, etc. Sequoia 7,500

5/17/06 51.com Operates as a networking and blog website. Sequoia 4,000

5/16/06 Maxthon (Asia), Ltd. Provides Internet browsing services for customers. WI Harper, Charles River NA

5/15/06 Toodou.com Operates a multimedia podcasting website. Granite Global, JAFCO, IDG 8,500

4/11/06 99Bill Corporation Provides an online and wireless payment platform. Doll Capital, Peninsula Capital, Lightspeed 15,050

3/31/06 Miartech, Inc. Provides PLC IC design for energy management. DFJ 6,000

3/23/06 Datang Microelectronics Technology Co., Ltd. Provides smartcard integrated circuits and related business. Warburg Pincus 2,000

3/22/06 Runstar International (AKA: 9You) Develops online games. Carlyle Asia 3,000

3/21/06 Cgen Digital Media Network Company Operates as in-store LCD advertising company. JAFCO, Redpoint, Venture TDF, Hotung, Sumitomo

NA

3/20/06 Undisclosed Company Develops short messaging services (SMS) technologies. Dragonvest, Kodiak 1,200

3/20/06 FG Wireless Operates design house for 3-G mobile phones. Bessemer 2,000

3/15/06 Shenxun Information Technology Development Co., Ltd.

Provides value-added services for mobile applications. Motorola Ventures NA

3/14/06 Qihoo.com Operates a Chinese Internet search engine. Sequoia, CDH, IDG 20,000

3/2/06 Oak Pacific Interactive (FKA:ChinaInterActive)(DBA: mop.com)

Operates web-based internet community services. General Atlantic, Doll Capital, Legend Capital, Accel Partners, TCV

48,100

3/1/06 KooXoo.com Operates as an Internet search engine. NA 2,000

3/1/06 Heiyou Operates an online dating website. Mayfield, GSR Ventures 1,500

2/18/06 China AA Corporation (FKA: Chemeng International Corp.)

Provides web-based applications and associated services for car owners.

Walden 1,750

1/31/06 Advanced Micro-Fabrication Equipment, Inc. (AKA: AMEC)

Develops plasma etching and chemical vapor deposition equipment. Walden, Redpoint, Global Catalyst, Bay Partners, Lightspeed, InterWest

19,500

1/28/06 HomeE Information Holdings Co., Ltd. Provides home hardwares via the Internet in China. WI Harper 2,000

1/25/06 mInfo, Inc. Operates as a Chinese mobile search company. Staenberg NA

1/10/06 3G Information Technology Company (WaPPP) Provides mobile Cyworld service. Walden 3,000

1/9/06 RDA Microelectronics (Shanghai), Inc. Designs integrated circuit products for China. Warburg Pincus 5,000

8

Where Has The Money Gone?

Internet

– #2 Internet market by users

– #1 Mobile Internet with 400MM mobile users (highest ratio to desktop users)

– Broadband penetration and 3G will only accelerate usage

Software and Services

– #1 growth market opportunity for software /service companies

– Distinction between software and service is unclear

– SaaS primary method of delivery

– Political incentives to promote open source

Semiconductors

– #1 semiconductor growth market

– Strategically supported by the government

– Value chain established: foundries, packaging, test, assembly, design

Communications

– #1 communications investment cycle

– 3G holds promise as “mother of all upgrade cycles”

– Foundation for Internet, Semis, Software, etc.

Capital is flowing to all of the natural segments of the technology value chain; albeit at different rates and stages of development

9

Where Will The Money Go?

Internet

– Rich Media, Mobile, Security

Software and Services

– Financial Services, Healthcare, Energy, Open Source

Semiconductors

– Digital Media

Communications

– Optical, Wireless, IPTV

Healthcare

– Medical Devices, Biotechnology, Services, Facilities

Energy

– Solar, Wind, Fuels

Education

– Schools, Distance Learning

Defense

– Weapons

Capital will continue to flow in past sectors but new ones will emerge

10

Foreign IPOs Outside of Mainland China Continue To Be Exit Of Choice For Chinese Companies

Source: Thomson Financial, CapitalIQ; as of June 16, 2006. Dual listed companies listed by primary exchange. Other exchanges includes London AIM, Mothers, Kuala Lumpur, SG SESDAQ and TSXVenture.

Total Number Of Chinese IPOs By ExchangeTotal Amount Raised Through Chinese IPOs

By Exchange

Hong Kong

New York

Nasdaq

Singapore

Shenzhen

Shanghai

HK GEM

OtherAvg. IPO Amt. Since 2000

$262

$1,896

$98

$21

$56

$79

$19

$31

(US$Millions)

$0

$5,000

$10,000

$15,000

$20,000

$25,000

$30,000

2000 2001 2002 2003 2004 2005 2006YTD

0

50

100

150

200

2000 2001 2002 2003 2004 2005 2006YTD

11

But Recent End Of Yearlong Ban On Share Sales Marks Potential Return Of Domestic China IPO Activity

Shanghai Stock Exchange IPO Volume 2004-2006YTD

Shenzhen Stock Exchange IPO Volume 2004-2006YTD

Shanghai and Shenzhen Stock Exchange Relative Performance

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$1,000

$1,200

$1,400

$1,600

$1,800

Q1 '04 Q2 '04 Q3 '04 Q4 '04 Q1 '05 Q2 '05 Q3 '05 Q4 '05 Q1 '06 Q2 '06

IPO

Am

ou

nt

Rai

sed

($m

illi

on

s)

0

5

10

15

20

25

30

35

IPO

Co

un

tAmount Raised Count

Source: Thomson Financial, CapitalIQ; as of June 16, 2006

China CAMC Engineering’s $55mn IPO, the first since the moratorium was lifted in May, was 576x and 100x oversubscribed for the retail (80%) and institutional (20%) portions, respectively. Shares begin trading on June 19.

The domestic markets in China have been on a rebound in 2006 but have given back some gains recently due to profit taking and concerns over liquidity as new IPOs flood the market

0

20

40

60

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120

140

Jan-04 Mar-04 May-04 Jul-04 Sep-04 Nov-04 Jan-05 Mar-05 May-05 Jul-05 Sep-05 Nov-05 Jan-06 Mar-06 May-06

Re

lativ

e In

de

x

Dow Jones Shanghai Index Dow Jones Shenzhen Index

Median IPO Proceeds Since 2004: $43mn

Median IPO Proceeds Since 2004: $27mn

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Q1 '04 Q2 '04 Q3 '04 Q4 '04 Q1 '05 Q2 '05 Q3 '05 Q4 '05 Q1 '06 Q2 '06

IPO

Am

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Amount Raised Count

12

Nasdaq Continues To Be The Listing Venue Of Choice For Technology Companies But Record Is Mixed

Source: Thomson Financial, CapitalIQ; as of June 16, 2006

Chinese Technology Nasdaq IPOs Since 2004

(US$Millions)

Aftermarket perf.

Name Ticker

Pricing

date

Shrs

offered

(mm)

Offer

price

Amt

offered

($mm)

% sec

shrs

% of post-

deal mkt

cap

% chng

price

file/offer

% chng

shares

file/offer

Price vs.

filing

range T+1 T+7 T+30 current

China GrenTech Corp. Ltd. GRRF 03/29/06 6.3 18.00 112.5 20.0% 25.0% 20.0% 0.0% Above 5.6% (6.1%) (12.9%) (35.9%)Actions Semiconductor Co., Ltd. ACTS 11/29/05 9.0 8.00 72.0 33.3% 10.5% (23.8%) (30.8%) Below 0.0% 0.1% (4.5%) 36.3%Vimicro International Corp. VIMC 11/14/05 8.7 10.00 87.0 22.3% 23.7% (16.7%) 0.0% Below (16.4%) (9.8%) (9.2%) 40.1%China Medical Technologies Inc. CMED 08/09/05 6.4 15.00 96.0 0.0% 24.2% 0.0% 28.0% Within 8.0% 36.7% 31.2% 50.0%Baidu.com, Inc. BIDU 08/04/05 4.0 27.00 108.0 27.3% 11.7% 35.0% 8.1% Above 353.9% 244.4% 203.7% 206.3%Focus Media Holding Ltd. FMCN 07/12/05 10.1 17.00 171.7 30.7% 27.2% 13.3% 0.0% Above 18.8% 8.8% 28.8% 257.5%China Techfaith Wireless Communication Technology Ltd. CNTF 05/05/05 8.7 16.25 141.4 0.0% 16.5% 1.6% 0.0% Within (5.7%) (1.9%) 2.1% (15.7%)Hurray! Holding Co. Ltd. HRAY 02/03/05 6.9 10.25 70.5 3.7% 31.4% (3.3%) 0.0% Within 0.0% (7.3%) (20.4%) (43.2%)The9 Ltd. NCTY 12/14/04 5.9 17.00 100.3 8.5% 25.3% 21.4% (5.6%) Above 23.5% 25.9% 5.3% 40.7%Ninetowns Digital World Trade Holdings Ltd. NINE 12/02/04 9.6 11.00 105.6 33.3% 27.9% 0.0% 0.0% Within 3.6% 3.3% (15.4%) (54.7%)eLong Inc. LONG 10/27/04 4.6 13.50 62.1 21.3% 32.2% 8.0% 0.0% Within 6.7% 56.3% 50.4% 5.0%China Finance Online Co. Ltd. JRJC 10/14/04 6.2 13.00 80.6 19.4% 31.2% 18.2% 0.0% Above (10.0%) (17.3%) (12.3%) (58.5%)51job Inc. JOBS 09/28/04 5.3 14.00 73.5 0.0% 19.6% 16.7% 0.0% Above 51.1% 90.0% 143.6% 55.0%Kongzhong Corp. KONG 07/08/04 10.0 10.00 100.0 20.0% 29.2% (9.1%) 0.0% Within 1.0% (12.5%) (43.0%) 0.1%Shanda Interactive Entertainment Ltd. SNDA 05/12/04 13.9 11.00 152.4 30.4% 19.8% 0.0% 0.0% Within 8.8% 30.0% 51.5% 19.4%TOM Online Inc. TOMO 03/10/04 12.5 15.55 194.4 0.0% 25.7% 0.2% 0.0% Within (16.2%) (18.3%) (23.0%) 22.2%Linktone Ltd. LTON 03/03/04 6.1 14.00 86.0 16.1% 24.5% 27.3% 1.3% Above 24.4% (14.2%) (23.6%) (57.7%)

Mean 7.9 $14.15 106.7 16.8% 23.9% 6.4% 0.1% 26.9% 24.0% 20.7% 27.5%Median 6.9 $14.00 100.0 20.0% 25.0% 1.6% 0.0% 5.6% 0.1% (4.5%) 19.4%

Key Observations:• YTD06 and FY05 issuances (8) approximately same as FY04 (9)• Although only 6 IPOs trading below IPO price, aftermarket performance tends to be binary• IPO Sectors: Software/Internet (11), Media (1), Semis (2), Telecom Equipment (1), Med Devices (1), EMS (1)• Absent Sectors: Financial Technology, Healthcare/Bio Technology, Education, etc.

13

There Continue To Be Few Chinese Technology IPOs On Other Exchanges But We Predict This Will Change

Chinese Technology IPOs Ex-Nasdaq Since 2004 (>US$10MM Raised)

Note: Includes IPOs >$10MM. Companies listed by primary exchange.

(US$Millions)

Dual Listed NasdaqTechnology Companies

- Tom Online: Nasdaq / Hong Kong

- Nam Tai: Hong Kong / Nasdaq

Name

Pricing

date Subsector

Amt

offered

($mm)

NYSESuntech Power Holdings Co. Ltd. 12/13/05 Solar products 395.7 Semiconductor Manufacturing International Corp. 03/17/04 Semiconductor manufacturing 1,803.0

Hong KongGalaxy SemiConductor Hldgs Ltd. 06/09/06 Diode manufacturer 11.6 Dba Telecommunications (asia) Hldgs 05/10/06 Telecom equipment 40.6 Fittec International Group 12/13/05 Electronic manufacturing services 71.2 SIM Technology Group Ltd. 06/29/05 Handset and wireless module developer 82.0 Foxconn International Holdings Ltd 02/02/05 Mobile handset manufacturer 475.9 Nam Tai Electronic & Electrical Products Ltd. 04/27/04 Electronic manufacturing services 99.5 Solomon Systech International Ltd. 04/07/04 Semiconductor design and development 155.9

Singapore

Longcheer Holdings Ltd. 05/13/05 Mobile handset design services 19.1 CDW Holding Ltd 10/27/05 Precision components 29.8 Anwell Technologies Ltd. 11/03/04 Optical media equipment 53.7

London - AIM

RC Group (Holdings) Ltd. 07/01/04 Biometric software 183.0

Tokyo - Mothers

Xinhua Finance Ltd. 10/27/04 Financial media and services 50.6

14

13

8070

2228

1417

75555

0

25

50

75

100

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 Q1/2006

334

190

339

171 131 29610

229

0

50

100

150

200

250

300

350

400

Below £5m £5-10m £10-25m £25-50m £50-100m £100-250m £250-500m £500m-1bn Over £1bn

The London AIM Market Has Seen An Increasing Number Of Large, International Companies Over The Last 24 Months

Distribution of AIM Companies by Market Value

Number of companies

Companies With Equity Capitalization Greater Than US$90MM (UK£50MM)

Number of IPOs

As of March 31, 2006

Average market capitalizations make UK AIM a viable IPO option for Chinese companies that would be “small or mid-cap” in the U.S.

New entrants above UK£50MM create an asset class favored by institutional investors

15

While Overall M&A Activity Has Been Declining, Technology M&A Has Been On the Rise

Technology M&A Transactions Involving Chinese Targets With Deal Value >$20mn Since 2000

All M&A Transactions Involving Chinese Targets With Deal Value >$20mn Since 2000

$85,487

$16,769 $19,374 $18,191 $15,135 $10,026$3,075

7578

60

75 95

73

16

$0

$20,000

$40,000

$60,000

$80,000

$100,000

2000 2001 2002 2003 2004 2005 2006YTD

Dea

l Val

ue ($

mill

ions

)

0

20

40

60

80

100

Deal C

ount

Deal Value Deal Count

$2,790

$1,355

$946

$360

$948$708

$398

2

1210

95

1016

$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

2000 2001 2002 2003 2004 2005 2006YTD

Dea

l Val

ue ($

mill

ions

)

0

5

10

15

20

Deal C

ount

Deal Value Deal Count

Source: Thomson Financial; as of June 16, 2006. Includes completed deals with announced consideration and involving the acquisition of >50% ownership.

Over 40% of these transactions were cross-border deals

Over 50% of these transactions were cross-border deals

(US$Millions)

16

Summary: Predictions For 2006 And 2007

Chinese Companies Increasingly Looking To List Outside U.S.

– London, Hong Kong, Singapore and Tokyo represent real alternatives with less stringent listing requirements

– Hong Kong, in particular, will continue to attract Chinese IPOs given proximity to Mainland and relatively lax disclosure requirements for exchange of its size

– Growing number of Chinese technology companies below the US$300MM valuation range will choose to either list in London/Hong Kong or grow to larger scale before listing in U.S.

– Variety will continue to grow, reflecting diversity of Chinese economy

M&A Will Increasingly Be Deemed a Viable Exit Strategy

– Uncertain, volatile capital markets environment

– Will IPO valuations reflect China “premium” or “emerging market discount”?

– Realization that being public is only the “beginning”

Accelerating Cross Border M&A as China’s Global Impact Grows

– China is top strategic priority for many international firms

– Overseas investors (particularly U.S.) increasingly looking to make acquisitions and strategic investments in China – in several cases at “IPO-level” valuations!

17

Contact Information

David A. Liu 刘大伟Managing DirectorUS Tel: 650-573-4803China Tel: 86-1371-823-9325Email: [email protected]

Wei Z. Hopeman 张晨为Vice President & Chief RepresentativeUS Tel: 650-573-4883China Tel: 86-1391-830-6556Email: [email protected]

Randy C. Wang 王鸿宇Shanghai RepresentativeChina Tel: 86-1368-198-5889Email: [email protected]

18

Fra Presentation Final

Technology

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