Seeking cross boarder ecommerce initiatives in Qianhai 1H15 profit decline as guided In line with expectations； NPL pressure remained; high div yields First Take: 1H15 in line, modest core business growth, higher ROE Buy: Yet another quarter of flat in-line earnings growth "Managing through" as Mining costs cut; Need more to cure Balance Sheet Cannibalising its products In line with expectations: Slow growth, yet better than PIMM peers U/g CDC & HPH to Buy and CMD to Hold;OOIL; CN Telecoms, Macau; Results Not conservative to recognize NPLs