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%27 Apr chghgHK Equities Hang Seng Index 28,434 3731.3- Spot mth fut. 28,410 (Prem.:-24)H-share Index 14,741 2521.7- Spot mth fut. 14,780 (Prem.:39)Turnover HK$bn 190.9 23 14.0-% from HSI 29.8 1-% CBBC, wrnt 21.0 (1)China Equities CSI 300 Index 4,808 1052.2Sh Composite Index 14,809 2111.4Sz Composite Index 2,271 150.7Asian Equities Nikkei 225 19,983 (37) (0.2)Korea KOSPI 2,158 (2) (0.1)Taiwan TWSE 9,973 600.6India Sensex 30 27,177 (261) (1.0)US/European Equities DJIA18,038 (42) (0.2)S&P500 2,109 (9) (0.4)NASDAQ 5,060 (32) (0.6)UK FTSE 100 7,104 33 0.5 Germany DAX 12,039 228 1.9 France CAC40 5,269 67 1.3 Source: Bloomberg Other Indicators PriceAbs Chg27 Aprchg%WTI oil $/bl 57.0 (0.2) (0.3)Gold $/troy oz 1,206.9 31.0 2.6 Cu fut. $/metric ton 6,030.0 0.0 0.0 Al fut. $/metric ton 1,822.5 0.0 0.0 Reuters/Jefferies CRB fut. 224.0 (0.1) (0.0)Baltic Dry Index 600.0 0.0 0.0 UST yield 3m % 0.01 (0.01)UST yield 10y % 1.92 0.012 HIBOR 3m % 0.38 (0.004)USD LIBOR 3m % 0.28 0.000 Source: Bloomberg HK Listco ADR US (Top Ten) ADR cls HK clsChgHK$ eqv.HK$%Petrochina 10.41 10.64 (2.17)China Mobile 116.15 116.10 0.04 HSBC 76.70 76.45 0.33 China Life 38.18 38.20 (0.04)Sinopec Corp 7.36 7.63 (3.52)CNOOC 13.55 13.42 1.00 Hutchison Whampo 114.66 115.30 (0.56)China Telecom 6.04 6.02 0.33 Cheung Kong 169.00 168.70 0.18 Sun Hung Kai 128.39 127.90 0.38 ImpliedHK clsChg ptHSI 28,403 28,434 (30)H-share Index 14,694 14,741 (47)(Note: ADRs account for 36.7% weighting of HSI, 23.7% of H-share Index) Source: Bloomberg Equity Research Market Report VIEWPOINTS EXPRESS 28 April 2015 Changyou.com (CYOU.US) 1Q15: in-line results with stable game progress Changyou.com (Changyou) finished the first quarter of 2015 with in-line results, with topline beat company’s earlier high-end guidance of US$200.0mn by 4.5%, reaching US$209mn (up 15% YoY, down 3% QoQ). Benefited from effective cost control measures, the company’s margin improved in 1Q15, with stable gross margin at 68% and net margin up to 23% from 4Q14’s 5%. Management gave a softer 2Q15 revenue guidance of US$180-190mn, lower than consensus of US$215.5mn, due to divestment of 7Road and seasonal slowdown from TLBB PC game. TMT Sector TMT Daily Update HIGHLIGHTS:  Alibaba aims big of smart home market  Baidu Sues Sogou for Hijacking Traffic via IME  Ratan Tata buys stake in Xiaomi  China's Internet Watchdog Closes 35 Illegal Dating Sites  ZTE eyes health care market for elderly Chinese VIEWPOINTS EXPRESS – 28 April 2015 2 Equity Research Changyou.com 1Q15: in-line results with stable game progress Changyou.com (Changyou) finished the first quarter of 2015 with in-line results, with topline beat company’s earlier high-end guidance of US$200.0mn by 4.5%, reaching US$209mn (up 15% YoY, down 3% QoQ). Benefited from effective cost control measures, the company’s margin improved in 1Q15, with stable gross margin at 68% and net margin up to 23% from 4Q14’s 5%. Management gave a softer 2Q15 revenue guidance of US$180-190mn, lower than consensus of US$215.5mn, due to divestment of 7Road and seasonal slowdown from TLBB PC game. 1Q15 results in-line, mobile game continued stable performance, while PC game under softer progress. 1. Changyou finished 1Q15 with topline in-line with market consensus, reached US$209mn (vs consensus of US$204mn). Online games contributed 88.5% of total revenues or US$185mn, up 13% YoY, helped by TLBB and new game titles’ strong performance. Online ads witnessed 47% QoQ decrease in revenues due to seasonality in the first quarter. Gross margin saw a slight 3% QoQ decrease due to change in revenue mix, with mobile game & licensed PC game demanded additional revenue share. 2. Operating metrics for MMO games were less attractive as total MAU down 25% YoY/29% QoQ, driven by company’s action to shut down false accounts. While mobile games MAU enjoyed solid growt