Where have the earnings gone? China Growth Accelerates, Alongside Provisions Markets gained amid positive sentiment and liquidity SMBC proposed subscription of 222m new shares in BEA - ALERT YTD sales performance below expectations; lowering TP/EPS NEA issues long-awaited distributed solar policy Downgrade to N: Weaker but not falling apart at the seams More rerating to come Refinancing overhang cleared after successful bond issuance 1H14 review: Concerns on delayed drug tender and anti-corruption eliminated; expect further re-rating