For further product information please contact ICBC International Research Limited at (852) 2683 3888 Please read the important notice on last page Stock Market Performance Price Abs%20 Apr chg chgHK Equities Hang Seng Index 27,095 (558) (2.0)- Spot mth fut. 27,139 (Prem.:44)H-share Index 14,111 (425) (2.9)- Spot mth fut. 14,109 (Prem.:-2)Turnover HK$bn 211.0 (4) (1.6)-% from HSI 26.5 3-% CBBC, wrnt 18.0 2China Equities CSI 300 Index 4,522 (74) (1.6)Sh Composite Index 13,872 (278) (2.0)Sz Composite Index 2,094 (43) (2.0)Asian Equities Nikkei 225 19,634 (18) (0.1)Korea KOSPI 2,147 30.1Taiwan TWSE 9,553 (18) (0.2)India Sensex 30 27,886 (556) (2.0)US/European Equities DJIA18,035 209 1.2 S&P500 2,100 19 0.9 NASDAQ 4,995 63 1.3 UK FTSE 100 7,052 58 0.8 Germany DAX 11,892 203 1.7 France CAC40 5,188 44 0.9 Source: Bloomberg Other Indicators PriceAbs Chg20 Aprchg%WTI oil $/bl 56.4 0.6 1.1 Gold $/troy oz 1,194.6 (8.5) (0.7)Cu fut. $/metric ton 6,060.0 0.0 0.0 Al fut. $/metric ton 1,815.0 0.0 0.0 Reuters/Jefferies CRB fut. 222.7 (1.2) (0.5)Baltic Dry Index 598.0 1.0 0.2 UST yield 3m % 0.01 (0.01)UST yield 10y % 1.89 0.024 HIBOR 3m % 0.39 0.004 USD LIBOR 3m % 0.28 0.000 Source: Bloomberg HK Listco ADR US (Top Ten) ADR cls HK clsChgHK$ eqv.HK$%Petrochina 10.04 9.97 0.74 China Mobile 110.56 107.80 2.56 HSBC 70.54 70.45 0.13 China Life 37.44 37.15 0.79 Sinopec Corp 6.87 6.84 0.38 CNOOC 13.02 12.86 1.28 Hutchison Whampo 111.83 111.80 0.03 China Telecom 5.63 5.61 0.39 Cheung Kong 168.99 164.50 2.73 Sun Hung Kai 124.78 123.80 0.79 ImpliedHK clsChg ptHSI 27,126 27,095 31 H-share Index 14,132 14,111 21 (Note: ADRs account for 36.3% weighting of HSI, 23.2% of H-share Index) Source: Bloomberg Equity Research Market Report VIEWPOINTS EXPRESS 21 April 2015 58.com (WUBA.US) 43.2% Stake acquisition of Ganji, softens competition & boosts O2O development 58.com (WUBA) announced 43.2% stake acquisition of Ganji the other day, with newly issued 34mn ordinary shares and US$412.2mn in cash. The deal valued Ganji at US3.6bn with the current market price of WUBA (compared to its earlier capital raising valuation of US$1.6bn from the Carlyle group and Tiger). This deal just followed the company’s 100% stake acquisition of Anjuke in March. In our view, WUBA runs its online marketplace with a much diversified strategy: apart from its traditional yellow page, property rental and recruitment services, the company also aims used car (auto business), O2O (58 dao jia), and primary real estate service etc. The stake acquisition of Ganji would greatly ease the company’s competition pressure, giving it more space to run O2O business in cooperation with Ganji team. TMT Sector TMT Daily Update HIGHLIGHTS:  Aliyun Is Building China’s First “Cloud Hospital”  Chinese E-commerce Customer Complaints Up 174.4% In Q1 2015  Chinese on-demand auto repair startup Kalading nabs $10M in funding  China fines Alibaba $129,000 for pricing violations  Real Estate Firm Join-In Acquires 51% Share of Handset Maker Wingtech VIEWPOINTS EXPRESS – 21 April 2015 2 Equity Research 58.com 43.2% Stake acquisition of Ganji, softens competition & boosts O2O development 58.com (WUBA) announced 43.2% stake acquisition of Ganji the other day, with newly issued 34mn ordinary shares and US$412.2mn in cash. The deal valued Ganji at US3.6bn with the current market price of WUBA (compared to its earlier capital raising valuation of US$1.6bn from the Carlyle group and Tiger). This deal just followed the company’s 100% stake acquisition of Anjuke in March. In our view, WUBA runs its online marketplace with a much diversified strategy: apart from its traditional yellow page, property rental and recruitment services, the company also aims used car (auto business), O2O (58 dao jia), and primary real estate service etc. The stake acquisition of Ganji would greatly ease the company’s competi