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%5 May chg chgHK Equities Hang Seng Index 27,756 (368) (1.3)- Spot mth fut. 27,781 (Prem.:25)H-share Index 14,078 (382) (2.6)- Spot mth fut. 14,053 (Prem.:-25)Turnover HK$bn 175.6 20 12.9-% from HSI 23.5 (2)-% CBBC, wrnt 23.5 1China Equities CSI 300 Index 4,597 (191) (4.0)Sh Composite Index 14,233 (627) (4.2)Sz Composite Index 2,218 (64) (2.8)Asian Equities Nikkei 225 19,532 00.0Korea KOSPI 2,132 00.0Taiwan TWSE 9,820 (25) (0.3)India Sensex 30 27,440 (50) (0.2)US/European Equities DJIA17,928 (142) (0.8)S&P500 2,089 (25) (1.2)NASDAQ 4,939 (78) (1.5)UK FTSE 100 6,928 (58) (0.8)Germany DAX 11,328 (292) (2.5)France CAC40 4,974 (108) (2.1)Source: Bloomberg Other Indicators PriceAbs Chg5 Maychg%WTI oil $/bl 60.4 1.5 2.5 Gold $/troy oz 1,194.0 4.8 0.4 Cu fut. $/metric ton 6,400.0 0.0 0.0 Al fut. $/metric ton 1,910.0 0.0 0.0 Reuters/Jefferies CRB fut. 230.8 3.0 1.3 Baltic Dry Index 580.0 (7.0) (1.2)UST yield 3m % 0.01 0.01 UST yield 10y % 2.19 0.041 HIBOR 3m % 0.39 0.002 USD LIBOR 3m % 0.28 0.000 Source: Bloomberg HK Listco ADR US (Top Ten) ADR cls HK clsChgHK$ eqv.HK$%Petrochina 9.92 9.93 (0.13)China Mobile 110.39 111.70 (1.17)HSBC 73.75 74.85 (1.48)China Life 36.90 37.10 (0.55)Sinopec Corp 7.30 7.24 0.79 Hutchison Whampo 112.70 113.10 (0.35)China Telecom 5.68 5.73 (0.94)Cheung Kong 169.02 166.40 1.57 Sun Hung Kai 133.01 132.90 0.09 China Unicom 14.60 14.76 (1.06)ImpliedHK clsChg ptHSI 27,737 27,756 (19)H-share Index 14,072 14,078 (6)(Note: ADRs account for 36.9% weighting of HSI, 23.7% of H-share Index) Source: Bloomberg Equity Research Market Report VIEWPOINTS EXPRESS 6 May 2015 Bitauto.com (BITA.US, BUY, TP US$88.0) 1Q15 Preview: Investment Worth for Long Term Growth, Set for Bright 2015 Bitauto is set to announce 1Q15 earnings after market close on 8 May. We expect its revenue to reach Rmb690mn, up 95% YoY and beat company’s high end guidance by 6% and consensus by 1%. We are long term bullish on the company’s new initiatives: including its two online auto e-commerce business - Huimaiche.com and Bitauto mall as well as the newly launched JD Bitauto mall. We expect the company’s strategy of scarifying short term margin to foster long term growth via new business would deliver bright result in 2015, and we would encourage investor to buy on dip to ride on the company’s long term growth. VIEWPOINTS EXPRESS – 6 May 2015 2 Equity Research Bitauto.com Rating BUY 1Q15 Preview: Investment Worth for Long Term Growth, Set for Bright 2015 Bitauto is set to announce 1Q15 earnings after market close on 8 May. We expect its revenue to reach Rmb690mn, up 95% YoY and beat company’s high end guidance by 6% and consensus by 1%. We are long term bullish on the company’s new initiatives: including its two online auto e-commerce business - Huimaiche.com and Bitauto mall as well as the newly launched JD Bitauto mall. We expect the company’s strategy of scarifying short term margin to foster long term growth via new business would deliver bright result in 2015, and we would encourage investor to buy on dip to ride on the company’s long term growth. Key financial estimates for 1Q15. We expect Bitauto to enjoy a stronger 1Q15 given its platform leverage: total revenue to reach Rmb690mn, up 90%+ YoY, vs company's guidance range of 78.2%~83.9% YoY growth; non-GAAP net profit to be around Rmb9.4mn, compared to management earlier guidance of Rmb-5.0mn ~Rmb5.0mn. While given its large scale investment in G&A and S&M expenses for auto e-commerce, branding etc., operating margin and net margin would be significantly hurt during the quarter. We expect auto e-commerce to accelerate in 2H2015. We expect the company’s revenue growth from new initiatives, especially auto e-commerce, to accelerate from 2H15, as its online mall partnership with JD.com was just launched on April 15th. With the cross selling between Huimaiche.com, Bitauto mall and JD mall partnership, we expect the new initiative together with EP platform to enjoy 75% YoY revenue growth in 2015, contributing to ~46% of total revenue. Updates on other new business initiatives. Bitauto began investment in new business initiatives in