Repurchase of shares and dividend policy March car market +13.6% yoy; we see Japanese brands recovering but pricing risk remains A better cost structure in UK with closure of retail operation China Model Portfolio and Equity Strategy The Asia Specialist An eventful year for an otherwise quiet outperformer; Buy Hong Kong/China Property Daily Rise in 2014 railway investment budget to further benefit the sector Winning at every step to become China's top brokerage firm Extending its China Footprint