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2010

Dealogic 5,000 A 2012 2

11

12

1995
John Mack

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2006 10
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2007
50

2008 4

2008 6

2009 6
12
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2010 12 31

2011 6 10 ,

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13

A
100 30

14

15

2010

16

15

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60 15
300

17

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Mack

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Committee

Chang, Joe

Managing Director

Head of A-share IBD

Depute CEO of MSHX

John J. Mack

Jeffrey H. Salzman

CFO COO

21

2012

2012

2

6
1

12
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20,000
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16,000
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( 2011 3 16 )

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118

2012 3 28
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10

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60
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114

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25
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2012 5 28

15
14
13
12
11
10

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25

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15

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2007

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10,000

: MSHX FID

: MSHX FID

26

2012 14
2012 10 19

14

14

2005

AA
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BT

14

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; 11%

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: MSHX FID

27

2012 10 26

2012 10

AA+
AAA

2012
AA+/AA+
5

12 12

2012 8

5
10

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:

28

2012 10 26

17.3

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8 22
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33

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3+2
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29


2012 10 31

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2012

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LED

31

 LED

LED
LED
LED

LED
2011
LED 4,000
1,560

LED

50

1999 450 2008 3000

LED
LED
2013 LED 489 40%

2011 LED

GAN LED

LED

990

710

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LED

570

390

69%

260

170

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1820

1270

70%

2008-2013 LED

2011 LED

600

1,400
50.0%
45.0%
1,200
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40.0%
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1,000
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600.0
600
450.0
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400
250.0 285.0
204.0
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86.0
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23.0
0
0.0%
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2006 15.0
2007 19.0
2008
2009 50.0
2010
2011
1,210.0

100.0%
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500
400
200

60.0%

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300
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27.6%

35.7%

40.0%
20.0%

100
0

2008
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108.8
2009

80.0%

138.9
2010

188.4
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2012E
277.1

2013E
488.9

0.0%

2011 LED

32

 LED

LED
LED

LED
2011 LED
149.29
LED 79.2%

LED

2011 LED

2011 1210
34%

25%

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LED

2011 LED

LED

3%

17%

79%

33

 LED

LED

LED

2011 LED
32.77
LED
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LED
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6.37

LED

LED

LED

2008-2013 LED

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40.0%
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100
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98.3
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149.3
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189.6
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2008-2013 LED

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20
0

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1995

1996

1997

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100

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1999

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2008-2013 LED

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139.5% 160.0%

120

150

120.0%

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1996

1997

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40
20
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1.8

3.5

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1995

1996

1997

100.0%

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150.0%

1999

106.6
2000

0.0%

34

 LED

LED
LED
LED

, ,
LED

2007
285 2014
390

2009

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13.5%
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44 2009
54 2014
82
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8.7%

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2007 15.4%
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LED
LED

LED

Globalization 2011

35

 LED

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LEDinside

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2006

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2007

2009

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2011-01-13

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2011

2012

2011

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LED

LED

LED

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2012 10 31

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2010

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40

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30
20
10
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2010

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80240.16 122275.30 239276.56

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20747.88

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2009

2010

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2007

LED

1,000
500
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LED

2,000
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52

A IPO 2014

2013 12 31
2014 3
IPO

2014
12 31
2015 3
IPO
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2014 12
2014 11
2014 9
2014 8
2014 3
2013 9
2013 9

IPO

2013 4
2013 2
2013 1

A IPO IPO

53

1.

a.

b.

a.
b. c.

54

2012-12-12

A LED

/EBITDA

2011

2012

2013
2012
2011

2013

300296.SZ

2012-03-15

11.66

9.30

14.49x

20.76x

002638.SZ

2011-11-25

34.51

22.08

12.68x

11.02 x

7.02

27.69x

20.97x

14.24x

300241.SZ

2011-07-12

14.13

11.66

25.68 x 14.17 x

8.93

42.64x

27.39x

19.31x

300219.SZ

2011-05-18

14.26

11.18

10.80 x 11.18 x

8.35

19.53x

18.75x

14.23x

300162.SZ 2011-01-13

13.53

9.02

26.21 x 19.60x

14.78

40.88x

30.76 x

28.80 x

17.97x

13.99x

9.77x 30.3x

24.47x

19.15x

14.49x

12.67x

8.64x 27.69x

24.18x

16.78x

26.21x

19.60x

14.78x 42.64x

30.76x

28.80x

10.80x

11.02x

7.02x 19.53x

18.75x

14.23x

55

24.8-30.8

2015

25%

2012 12 12

2012 1

30.8x

18.8x

31.0x( 24.8125%4)

24.8x

36.5x( 29.2125%4)
3

29.2x

0.0x

10.0x

20.0x

30.0x

40.0x

50.0x

60.0x

24.8 30.8

25x

27.5x

30x

0.30

7.50

8.25

9.00

0.35

8.75

9.63

10.50

0.40

10.00

11.00

12.00

1. 5 2012
2. 2001
3.
4. 25%
5. 2014 3,000 3,500 4,000

56

A IPO

57

A IPO
LED
LED

LED

LED

15%

3 3

58

A IPO
LED

LED

LED
LED

2011 5 [2011 28 ]
2012 10 1 100
2014 10 1 60 2016
10 1 15
LED

59

A IPO
LED

LED LED

LED
LED
LED

LED

LED

LED LED

60

A IPO

61

62

63

1.

64

65

66

A IPO

67

A IPO

IPO

68

A IPO

A
A

69

A IPO

A IPO

66

//

55

//

//

1.
2.
3. 10 30 2011 9

70

A IPO

71

A IPO

A
2012 9 30

2010 2011 A
IPO

100

86.2

80
60
40
21.9

21.0

20

18.1

15.9

7.4

8.5

2012 9

IPO

80
12.3

24.19

64.2

60

47.42

40

5.46
0.68
6.14

42.9

19.8

20

2007

26.7
28.2

2008

2009

2010

2011

47.5

0.68
1.37
13.7

10.23

2006
A

12.9

18.43

13.42
0

21.85

32.7

Bloomberg Dealogic

72

A IPO

A
A

2004

2009

,
2000

2012 1 4 100, 2012 10 31

140
: -0.1%

120
: -1.2%

100

: -2.3%

80

: -2.9%

60

73

A IPO

A IPO
2012 10 31

2009 A IPO

2009 A IPO

4910.6

5,000

400
3724.5

4,000

200

1878.9
1034

1,000

282

300

3,000
2,000

349

154
99

100
0

0
2009
Total

2010
IPO

2011

2012 1-10

IPO

2009
2010
2011
2012 1-10
Total IPO IPO IPO

74

A IPO

IPO
2012 10 31

2012 10
1,416
211,212
2012 1-10
26
92.3% 26
333.6
IPO 12.8
23.5

IPO

IPO

50

93.3%

92.3%

47

40
37

30

83.0%

26

20
15

10
0

2009

75.7%
2010

2011

2012 1-10

95%

2,500

90%

2,000

85%

1,500

80%

1,000

75%

500

70%

28

26

30
20
10

9
1,251.2

1,919.6

1,014.0

333.6

2009

2010

2011

2012 1-10

1
2012 10 31

50

40

39

46.4
36.3

40

39.2

30

15%

23.5

20

20%

10

39%

4%

22%

0
2009

2010

2011

2012 1-10

1.

75

A IPO

IPO
2012 10 31

2012 10
701
28,486
2012 1-10
82
73.2% 54
348.9
IPO 6.5
29.1

IPO

IPO

250

87.3%

200

82.7%

100

73.2%

71.1%

50
0

110

208

159

82

2009

2010

2011

2012 1-10

90%

2,500

85%

2,000

80%

150

75%
70%

1,000
500

60%

250

204

200

1,500

65%

150

115
54

54

423.6

2,027.7

1,019.0

348.9

2009

2010

2011

2012 1-10

54.6
45.3

2012 10 31

48

50

60

100

2%
5%

43.8

10%

36

29.1

24

6%

7%

12

70%

0
2009

2010

2011

2012 1-10

1.

76

A IPO

IPO
2012 10 31

2012 10
355
8,337
2012 1-10
117
78.6% 74
351.5
IPO 4.7
33.6

IPO

IPO

200

90%

150

85%

83.8%

100

79.7%

50

78.6%
117

139

74

2009

2010

2011

128

1,200
900

105

2012 1-10

80%

600

75%

300

70%

70
36

35

204.1

963.3

791.5

351.5

2009

2010

2011

2012 1-10

(1)
2012 10 31

64

62.6

80

140

117
74

81.3%
173

70.4
53.3
3% 3% 2%

48

33.6

32

4%
23% 4%

16

62%

0
2009

2010

2011

2012 1-10

1.

77

78