1H15 disappointing, special dividends is positive surprise 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 Buy: Yet another quarter of flat in-line earnings growth 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