霸王集团 汇丰研究报告 英文(6)

霸王集团 汇丰研究报告 英文

Rating distribution for long-term investment opportunities

As of 23 November 2010, the distribution of all ratings published is as follows: Overweight (Buy) 47% (22% of these provided with Investment Banking Services) Neutral (Hold) Underweight (Sell)

38% 15%

(18% of these provided with Investment Banking Services) (21% of these provided with Investment Banking Services)

Share price and rating changes for long-term investment opportunities

Recommendation & price target history

From To Date N/A

Neutral (V) Overweight (V) Neutral (V) Overweight (V) Target Price Price 1 Price 2 Price 3 Price 4

Source: HSBC

Neutral (V) Overweight (V)

Neutral (V) Overweight (V)

Neutral (V)

Value

3.60 5.80 6.40 4.10

12 August 2009 08 September 2009 06 January 2010 26 February 2010 11 November 2010

Date 12 August 2009 06 January 2010 18 May 2010 03 September 2010

HSBC & Analyst disclosures

Disclosure checklist Company

BAWANG INTERNATIONAL

Source: HSBC

Ticker1338.HK

Recent price

3.35

Price Date22-Nov-2010

Disclosure

1, 5

1 2

HSBC* has managed or co-managed a public offering of securities for this company within the past 12 months.

HSBC expects to receive or intends to seek compensation for investment banking services from this company in the next 3 months.

3 At the time of publication of this report, HSBC Securities (USA) Inc. is a Market Maker in securities issued by this

company.

4 As of 31 October 2010 HSBC beneficially owned 1% or more of a class of common equity securities of this company. 5 As of 30 September 2010, this company was a client of HSBC or had during the preceding 12 month period been a client

of and/or paid compensation to HSBC in respect of investment banking services.

6 As of 30 September 2010, this company was a client of HSBC or had during the preceding 12 month period been a client

of and/or paid compensation to HSBC in respect of non-investment banking-securities related services.

7 As of 30 September 2010, this company was a client of HSBC or had during the preceding 12 month period been a client

of and/or paid compensation to HSBC in respect of non-securities services.

8 A covering analyst/s has received compensation from this company in the past 12 months.

9 A covering analyst/s or a member of his/her household has a financial interest in the securities of this company, as

detailed below.

10 A covering analyst/s or a member of his/her household is an officer, director or supervisory board member of this

company, as detailed below.

11 At the time of publication of this report, HSBC is a non-US Market Maker in securities issued by this company and/or in

securities in respect of this company

Analysts, economists, and strategists are paid in part by reference to the profitability of HSBC which includes investment banking revenues.

6