终止承保

Termination of Coverage China Toll RoadWayne FUNG,CFA(852) 3900 0826waynefung@cmbi.com.hk In view ofa reallocation of resources, we terminate coverage ofYuexiuTransport (1052 HK). All previous recommendations are no longer valid, as Disclosures& Disclaimers Analyst Certification The research analyst who is primaryresponsible for the content of this research report, in whole or in part, certifies that with respect to the securities or issuerthat the analyst covered in this report: (1) all of the views expressed accurately reflect his or her personal views about thesubject securities or issuer; and (2)no part of his or her compensation was, is, or will be, directly or indirectly, related to the specific views expressed by that analyst in this report.Besides, the analyst confirms that neither the analyst norhis/her associates (as defined in the code of conduct issued by The Hong Kong Securities and Futures Commission) (1) have dealt in or traded in the stock(s) covered in this research report within 30 calendar days prior to thedate of issue of this report;(2) willdeal in or trade in the stock(s) covered in this research report 3 business days after the date of issue of this report; (3)serve as an officer of any of the HongKong listed companies covered in this report; and (4) have any financial interestsin the Hong Kong listed companies covered in this report. CMBIGM Ratings BUY: Stock with potential return of over 15% over next 12 monthsHOLD: Stock with potential return of +15% to-10% over next 12 monthsSELL: Stock with potential lossof over 10% over next 12 monthsNOT RATED: Stock is not rated byCMBIGM OUTPERFORM:Industry expected to outperform the relevant broad market benchmark over next 12 monthsMARKET-PERFORM:Industry expected to performin-line with the relevant broad market benchmark over next 12 monthsUNDERPERFORM:Industry expected to underperform the relevant broad market benchmark over next 12 months Address: 45/F,Champion Tower, 3 Garden Road, Hong Kong, Tel: (852) 3900 0888 Fax: (852) 3900 0800CMB InternationalGlobal MarketsLimited (“CMBIGM”) is a wholly owned subsidiary of CMB International Capital Corporation Limited (a wholly ownedsubsidiary of ChinaMerchants Bank) Important Disclosures There are risks involved in transacting in any securities. The information contained in this report may not be suitable forthe purposes of all investors.CMBIGMdoes not provide individually tailored investment advice. This report has been prepared without regard to the individual investment objectives, financial positionor special requirements. Past performance has no indication of future performance, and actual events may differ materially from that which is contained in thereport.The value of, and returns from, any investments are uncertain and are not guaranteed and may fluctuate as a result of their dependence on the or its affiliate(s) to whom it is distributed. This report is not and should not be construed as an offer or solicitation tobuy or sell any security or any interest insecurities or enter into any transaction.NeitherCMBIGMnor any of its affiliates,shareholders, agents, consultants, directors, officers or employees shall beliable for any loss, damage or expense whatsoever, whether direct or consequential, incurred in relying on the information contained in this report.Anyonemaking use of the information contained in this report does so entirely at their own risk. CMBIGMhas exerted everyeffort in its capacity to ensure, but not to guarantee, their accuracy, completeness, timeliness or correctness.CMBIGMprovidesthe information, advices and forecasts on an "AS IS" basis.The information and contents are subject to change without notice.CMBIGMmay issue otherpublications having information and/ or conclusions different from this report.These publications reflect different assumption, point-of-view and analyticalmethods when compiling.CMBIGMmay make investment decisions or take proprietary positions that are inconsistent with the recommendations or views in CMBIGMmay have a position, make markets or act as principal or engage in transactions in securities of companies referred to in this report for itself and/oron behalf of its clients from time to time.Investors should assume thatCMBIGMdoes or seeks to have investment banking or other business relationships withthe companies in this report.As a result, recipients should be aware thatCMBIGMmay have a conflict of interest that could affect the objectivity of this reportand CMBIGMwill not assume any responsibility in respect thereof. This report is for the use of intended recipients only and this publication, may not be For recipients of this document in the United KingdomThis report has been provided only to persons(I)falling within Article19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended from time to time)(“The Order”) or (II) are persons falling within Article 49(2) (a) to (d) (“High Net Wort