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This publication has been produced by Blue Lotus Capital Advisors Limited (Blue Lotus), which is authorized and regulated by The Securities and Futures Commission (SFC), registered institution under the Securities and Futures Ordinance (SFO) (Chapter 571 of the Laws of Hong Kong SAR) to carry on Type 4 (advising on securities) regulated activities with Central Entity number BFT 876. This document must not be issued, circulated or distributed in Hong Kong other than to ‘professional investors’ as defined in the SFO. The contents of this publication have not been reviewed by any regulatory authority. Information on financial instruments and issuers is updated irregularly or in response to important events.
Analyst certification
The following analysts hereby certify that views about the companies discussed in this report accurately reflect their personal view about the companies and securities. They further certify that no part of their compensation was, is, or will be directly or indirectly linked to the specific recommendations or views in this report:

Tianli Wen, is employed by Blue Lotus Capital Advisors Limited, which is authorized and regulated by the The Securities and Futures Commission (SFC).
Blue Lotus rating system:
Buy :  The stock is expected to have an absolute return of more than 15-20% within 12 months
Hold:  The stock is expected to have an absolute return of between 0-15% within 12 months
Sell:   The stock is expected to have negative absolute return within 12 months
Blue Lotus equity research rating system is a relative system indicating expected performance against a specific benchmark identified for each individual stock.
General: The information and opinions expressed in this publication were produced as of the date of writing and are subject to change without notice. This publication is intended for information purposes only and does not constitute an offer or an invitation by, or on behalf of, Blue Lotus to buy or sell any securities or related financial instruments or to participate in any particular trading strategy in any jurisdiction. Opinions and comments of the authors reflect their cur-rent views, but not necessarily of other Blue Lotus entities or any other third party. Other Blue Lotus entities may have issued, and may in the future issue, other publications that are inconsistent with, and reach different conclusions from, the information presented in this publication. Blue Lotus assumes no obligation to ensure that such other publications are brought to the attention of any recipient of this publication.
Suitability: Investments in the asset classes mentioned in this publication may not be suitable for all recipients. This publication has been prepared without taking account of the objectives, financial situation or needs of any particular investor. Before entering into any transaction, investors should consider the suitability of the transaction to individual circumstances and objectives. Any investment or trading or other decision should only be made by the client after a thorough reading of the relevant product term sheet, subscription agreement, information memorandum, prospectus or other offering document relating to the issue of the securities or other financial instruments. This publication should not be read in isolation without reference to the full research report (if available) which may be provided upon request. Nothing in this publication constitutes investment, legal, accounting or tax advice, or a representation that any investment or strategy is suitable or appropriate to individual circumstances, or otherwise constitutes a personal recommendation to any specific investor. Blue Lotus recommends that investors independently assess with a professional advisor, the specific financial risks as well as legal, regulatory, credit, tax and accounting consequences.
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Risk: The price and value of, and income from investments in any asset class mentioned in this publication may fall as well as rise and investors may not get back the amount invested. Risks involved in any asset class mentioned in this publication may include but are not necessarily limited to market risks, credit risks, currency risks, political risks and economic risks. Past performance is not a reliable indicator of future results. Performance forecasts are not a reliable indicator of future performance. Particular risks in connection with specific investments featured in this publication are disclosed prominently hereinabove in the text of this publication. Any investment should only be made after a thorough reading of the current prospectuses and/or other documentation/information available.
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