M&a China Fall

Investment Banking

Fall 2009

China M&A Market

A Review of Factors Driving Economic and M&A Activity

Christopher C. McMahon Managing Director Head of Global M&A cmcmahon@rwbaird.com +1.312.609.4983 Nicholas R. Sealy Managing Director Co-Head, European Investment Banking nsealy@rwbaird.com +011.44.207.667.8370

Anthony Siu Managing Director Head of Baird Asia asiu@bairdasia.com.cn +86.21.6182.0980 Katharine J. Melzer Associate kmelzer@rwbaird.com +1.312.609.4940

John A. Fordham Chairman European Investment Banking jfordham@rwbaird.com +011.44.207.667.8438 J. David Cumberland, CFA Director, M&A Research dcumberland@rwbaird.com +1.312.609.5429

Brian P. McDonagh Managing Director Co-Head of M&A bmcdonagh@rwbaird.com +1.704.998.5757 Thomas J. Gaul M&A Market Analyst tgaul@rwbaird.com +1.312.609.4978

Table of Contents

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Executive Summary ............................................................................................ 1 China Market Overview ...................................................................................... 2 China M&A Themes............................................................................................. 7 Baird’s China Outlook ....................................................................................... 10 China M&A Analysis .......................................................................................... 11 Selected M&A Transactions .............................................................................. 25 Investment Banking Contact List ..................................................................... 32

The following report has been prepared by the Investment Banking Department of Robert W. Baird & Co. This report is an overview and analysis of industry and consolidation trends and is not intended to provide investment recommendations on any specific industry or company. A complete listing of all companies covered by Baird U.S. Equity Research and...