Asset-light model may adversely impact long-term appreciation 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 FY15 was a healthy year "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