Value crystallisation: Lakala gets an alternative listing in A-share market 40% YoY preliminary net profit growth beats consensus Supply-driven product mix change has yet to translate to margin gain Daily prices and news: Global air traffic surges to five-year high Lakala transaction: profit guarantee above base case; NAV neutral China Economic Viewpoint: Macro Scenarios for 2016: Muddling through, Bottoming out or Hard Landing? New urbanisation and hukou policies may exacerbate housing oversupply January gaming revenue review: Sequential growth across segments Potentially increase scale of Coca Cola bottling business DB Today-Global/Macro