Key takeaways from 1H 2017 results presentation and detailed discussion with management Continue to be the proxy for China biotech Markets Overview China Cement Weekly Flash Notes Semiconductors continue to drive export gains Saturation of shopping malls seen in Tier-1 cities BAIC Motor: HK NDR takeaways; Results: Ctrip/Gree (+) Galaxy/BEW/Tsingtao (=) Cotai novelty effect has worn off for the VIPs? Int’l strategy to mitigate domestic risk