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					                                                                                           March 21-April 7, 2008

ChinaVest                                 Articles
Senior Management                         Industrial & Consumer
Robert Theleen                            1)   SAIF Invests US$30 Million in Digital Ad Company
Jenny Hsui                                2)   China to Establish Nation’s First Jumbo Jet Company
Alexander Lee                             3)   Brilliance China Auto Receives US$100 Million
Wallace Mathai-Davis                      4)   Alternext Gets First Chinese IPO
William Fuller                            5)   Lehman Forms Infrastructure Fund with Local Partner
Eugene Zhao                               6)   SAFE Accumulates Multi-Billion-Dollar Stake in Total SA
Tao Tao                                   7)   Shanghai International Port Group Achieves 23% Rise in Profits
Erik Bethel
Editorial                                 Technology
David Greer                               8) Sequoia Makes VC Investment in Online Game Ad Company
Patrick Kelly                             9) Education Site Receives US$10 Million in Venture Financing
Rajith Sebastian                          10) China Mobile Enjoys Profit Growth, Begins 3G Trials
                                          11) SMIC Reportedly Close to Introducing Strategic Investor
Market Weekly
Shanghai Composite Index                  12)   China Banks Report Increasing Profits
      3/21 Close:      3,796.58           13)   China Life and CIC Invest in Visa IPO
      4/3 Close:       3,446.24           14)   Poor Performance Causes First Liquidation of a QDII Fund
      Change:          ↓ 9.228%           15)   Venture Investment Up 13% in First Quarter
      Since 1/1/08:    ↓ 34.502%
                                          Regulations & Macro
Shenzhen Composite Index                        China FX Reserves Surge at Record Pace, but Reasons Not Cause
      3/21 Close:      13,718.96                for Serious Alarm
      4/3 Close:       12,652.91
      Change:          ↓ 7.771%           Deals in China
      Since 1/1/08:    ↓ 28.517%                M&A Activity – A Closer Examination
                                                IPO Pipeline
Exchange Rate
      3/21: US$1 =     RMB 7.062          Random Tidbits
      4/3: US$1 =      RMB 7.031
      Change:          ↑ 0.439%
      Since 1/1/08:    ↑ 3.877%

                                   4th Floor, No. 7 Zhong Shan Dong Yi Road, Shanghai P.R. China 200002
                                   Tel: (8621) 6323-2255       Fax: (8621) 6329-3951
   Industrial & Consumer

1) SAIF Invests US$30 Million in Digital Ad Company
Softbank Asia Infrastructure Fund (SAIF) invested US$30 million in Chinese outdoor digital
advertising company Advision Media Holdings. Advision places large LED TV ad screens in
downtown areas, airports, and on highways in China. The company has a presence in major cities
like Shanghai, Beijing, Shenzhen, and Tianjin, and will reportedly use the money from SAIF to
build an additional 35 LED screens in 20 cities. (Zero2IPO research center)

The fast-growing outdoor advertising sector is popular among investors as it is a way to capitalize
on China’s rising domestic consumption. Focus Media (Nasdaq, market cap: US$5 billion) is still
China’s largest out-of-home advertising company, but a slew of others have emerged in the last
few years. One such company is AirMedia (market cap: US$956 million), which listed on Nasdaq
in a US$225 million IPO last November (November 9, 2007 issue of the newsletter). AirMedia
provides LCD screen ad programming in China’s airports and on airplanes.

2) China to Establish Nation’s First Jumbo Jet Company
China is currently in the final stages of establishing the country’s first ever jumbo jet passenger
aircraft company. The firm, to be headquartered in Shanghai, is expected to start with
approximately US$2.8 billion in registered capital.

The company will receive capital and/or assets from many of China’s state-owned enterprises
(SOEs). Major shareholders will include: the State-owned Assets Supervision and Administration
Commission (SASAC); metal producers Baosteel and Chinalco; oil trader Sinochem; and China’s
top two aircraft manufacturers—China Aviation Industry Corp I (AVIC I) and China Aviation
Industry Corp II (AVIC II).

Generally, such an undertaking takes at least 10 to 20 years in R&D efforts. This new company
hopes to develop a viable aircraft within 15 years. The company also estimates that the project
will need an additional US$8.5 billion in funding during this period. Proposed aircraft will have a
minimum of 150 seats and a minimum take-off weight of 100 tons.

The company’s registration is expected to be completed by May, 2008. China is eager to produce
more aircraft to fill demand in its own general aviation sector, which is witnessing double-digit
growth. Boeing estimates that China will need 3,400 additional commercial aircraft over the
course of the next 20 years.

                             4th Floor, No. 7 Zhong Shan Dong Yi Road, Shanghai P.R. China 200002
                             Tel: (8621) 6323-2255       Fax: (8621) 6329-3951
   Industrial & Consumer

3) Brilliance China Auto Receives US$100 Million
Last month, U.S.-based investment group Rocket Capital, along with businessman Red McCombs,
signed an MOU to inject US$100 million into China’s Brilliance Auto. Rocket Capital and Red
McCombs will take roughly a 10%-15% stake in the firm. Brilliance will use the funds to expand
its production capacity for new sedans. It also plans to add capacity for its Brilliance-BMW
products (Brilliance is BMW’s China auto making JV partner). In addition, Brilliance and Rocket
Capital/Red McCombs plan to form a joint venture auto aftermarket business.

Brilliance Auto has developed into one of China’s leading car manufacturers, producing sedans,
mini-vans, and auto components under the Zhonghua, JinBei, and Zunchi brands, among others.

The addition of Red McCombs will play an important role in the auto aftermarket JV, as McCombs
has a wealth of experience in auto sales. McCombs made much of his fortune by building Red
McCombs Automotive Group, a successful nationwide car dealership empire in the United States.
He was also one of the first to bring Japanese and Korean cars to the U.S. market. Rocket Capital
was founded by the owner of the NBA’s Houston Rockets, Leslie "Les" Alexander. The two
entrepreneurs share a love of sports. McCombs owned the NFL’s Minnesota Vikings from

Food & Beverage
4) Alternext Gets First Chinese IPO
Alternext, an equity trading market for small and medium-sized firms, successfully listed its first
Chinese company last week. China Corn Oil (ALCCO) raised €5 million (US$9.8 million) through
a sale of 6% of its share capital. As of April 1, the stock was trading at €23.9, 20% above its
opening day trading price of €19.83.

Alternext, which is a division of its parent company NYSE Euronext, began operating in 2005 and
has since seen its market cap grow to over €1.6 billion. So far, the platform mainly serves as a
market for European companies; however, its latest move shows its desire to push into global
markets. Exchanges around the world have been eager to attract Chinese companies, who seek
less stringent listing requirements and greater access to capital. However, many of the large cap
firms have chosen to list on the NYSE, Nasdaq, and Hong Kong Main Board exchanges. Other than
the American OTCBB, the AIM stock market (the London Stock Exchange’s growth board) has
historically been the most popular platform for Chinese SME’s with 62 listed companies;
Germany’s Deutsche Bourse and Frankfurt exchanges have also hosted Chinese IPO’s. Euronext
(Alternext’s parent) has 44 companies from mainland China and an additional 14 from Greater

China Corn Oil is one of China’s largest specialist producers and exporters of edible corn oil.
Founded in 1998, the company supplies more than 35% of the edible corn oil in China’s domestic

                             4th Floor, No. 7 Zhong Shan Dong Yi Road, Shanghai P.R. China 200002
                             Tel: (8621) 6323-2255       Fax: (8621) 6329-3951
   Industrial & Consumer

5) Lehman Forms Infrastructure Fund with Local Partner
Contractor China Railway Erju will form a US$40.5 million joint venture with a unit of Lehman
Brothers to invest in "urban industrial projects." China Rail Erju, which is listed on the Shanghai
Stock Exchange, will own 51% of the JV, with the Lehman Brothers’ unit owning the remaining
49%. Specifically, the venture will invest in "infrastructure projects, industrial parks, and other
urban industrial projects." (Reuters)

In 2006, Lehman Brothers set up another China investment fund with IBM (roughly US$200MM).
The fund has made investments in software provider Kingdee and fabless semiconductor
company VeriSilicon.

6) SAFE Accumulates Multi-Billion-Dollar Stake in Total SA
The Financial Times reports that China’s State Administration of Foreign Exchange (SAFE) has
built up a 1.6% stake in France-based petroleum giant Total SA, the world’s fourth-largest oil
company. "A Chinese state-owned fund has built up a stake gradually over the past few months,"
said Patricia Marie, a spokeswoman for Total (Xinhua News Agency). She added that Total sees
the stake sale "as a way to diversify our shareholding and open up to China" (Xinhua). Based on
Total’s share price, a 1.6% stake is currently worth more than US$3 billion. Total did not, however,
reveal the exact purchase price.

7) Shanghai International Port Group Achieves 23% Rise in Profits
Operators of the world’s second largest port, Shanghai International Port Group (SIPG), reported
strong growth during 2007. The group announced a 23% profit increase in for the year, with net
income reaching US$519 million. Sales also enjoyed excellent growth, jumping 27% to reach
US$2.3 billion.

The Port of Shanghai also reported that container throughput reached 26.2 million TEUs
(twenty-foot equivalent units—the standard measurement for container throughput) last year,
slightly lower than throughput in Singapore (27.9 million TEUs), the world’s busiest container
port. In 2007, Shanghai surpassed Hong Kong to become the world’s second-busiest container
port and it is expected to overtake Singapore this year, with estimated throughput of 30 million
TEUs. Despite the positive outlook, industry experts have warned that China’s shipping industry,
which is heavily reliant on exports, may see a slowdown in 2008 due to a slowdown in US
consumption and currency woes.

                             4th Floor, No. 7 Zhong Shan Dong Yi Road, Shanghai P.R. China 200002
                             Tel: (8621) 6323-2255       Fax: (8621) 6329-3951

Online Games
8) Sequoia Makes VC Investment in Online Game Ad Company
Sequoia Capital recently invested US$10 million in Beijing Bihu Technology, a company that
provides in-game advertising services for online games. Online games and in-game advertising
are hot sectors in China, a nation with a large appetite for video games. The size of the market in
China is projected to reach US$3 billion annually by 2010. Sequoia Capital’s investment in Bihu
Technology is one of several newsworthy in-game advertising deals in China. In 2007 Focus
Media bought local in-game ad company WonderAd, while domestic VC firm Qiming Venture
Partners invested in Captiv8.

By market value, China’s largest online game company is NYSE-listed Giant Interactive (market
cap: US$3.2 billion), which operates massive multiplayer online role-playing games (MMORPG).
The company listed last November in a headline IPO, raising about US$900 million.

Online Education
9) Education Site Receives US$10 Million in Venture Financing
NIF SMBC Ventures Asia led a "multi-million dollar" Series C into, a Chinese online
language education provider. Specifically, delivers "multi-language learning and
communication services through internet and mobile interactive multimedia technologies." Peter
Lee, executive director of NIF SMBC Ventures, elaborated on his group’s interest in and
in the sector: "China is one of the largest education markets in the world, with 1 billion people
with education needs. Foreign language skill set is an important element for China's economic
growth and improving its global competitiveness. NIF SMBC is pleased to have this opportunity to
partner with a company that has such a strong track record and a dynamic team. " Lee added that plans to expand into other countries in the future. (Zero2IPO Research Center)

10) China Mobile Enjoys Profit Growth, Begins 3G Trials
China’s top mobile operator reported a 32% surge in net income for 2007. Profits at China Mobile
increased from the 2006 mark of RMB66 billion (roughly US$9.3 billion) to just over RMB87 billion
(US$12.3 billion) in 2007. Revenues and number of subscribers also saw significant growth with
21% and 23% increases respectively.

The rise in profits is higher than what many analysts expected. For instance, a DBS Vickers
Securities analyst forecasted net income to be 5.1% lower than actually reported (Wall Street
Journal). The increase in business can be attributed to strong economic growth in China, rising
consumer purchasing power, and higher than expected subscriber demand. Development in
China’s rural economy also contributed to the high growth.

In other news, China Mobile reportedly began pre-commercial trials of the country’s new
"homegrown" standard TD-SCDMA 3G mobile services in eight cities. 3G technology allegedly
allows for more advanced features, such as broadband wireless and video services. The
TD-SCDMA standard will compete with the two 3G Western standards, CDMA 2000 (from the
United States) and WCDMA (from Europe). China has long desired to debut 3G service nationwide

                             4th Floor, No. 7 Zhong Shan Dong Yi Road, Shanghai P.R. China 200002
                             Tel: (8621) 6323-2255       Fax: (8621) 6329-3951

before the Olympics, but plans have been beset by a series of technological delays, which may
put the Olympics deadline in jeopardy. "I think China's TD-SCDMA still has at least one year to go
before it becomes a mature technology," said Wang Yuquan, president of Frost & Sullivan China,
a marketing consultant. "There are many technical defects and problems to be solved during the
pre-commercial tests" (China Daily). China Mobile has already spent RMB20 billion building the
TD-SCDMA network across China.

China Mobile is the world’s largest mobile operator, with over 67% of the Chinese market. The
mainland now has 565 million mobile phone users, approaching a population nearly double that
of the entire United States (300 million). China Mobile is traded in Hong Kong and on the NYSE.

11) SMIC Reportedly Close to Introducing Strategic Investor
Shanghai-based Semiconductor Manufacturing International Corp (SMIC) announced that it is in
"relatively advanced negotiations to introduce a strategic investor." The strategic investor would
reportedly purchase a significant stake in the company, and may get seat(s) on SMIC’s board.

A year ago, SMIC hired Morgan Stanley and Deutsche Bank to advise on a sale of about a 25%
stake. Although the chipmaker attracted interest from private equity groups KKR and Bain
Capital, a deal never materialized. This time around, the plan is apparently to bring aboard a
strategic investor—not a PE fund.

SMIC, which is the largest mainland-based chipmaker, has not turned a full-year profit during the
past few years. The company has chiefly been plagued by falling prices of dynamic random
access memory (DRAM) chips. To combat the issue, the Financial Times reports that SMIC cut
shipments of DRAM chips last year and plans for DRAM sales to account for only 20% of total
revenues in 2008. SMIC is listed on the New York Stock Exchange and in Hong Kong.

                             4th Floor, No. 7 Zhong Shan Dong Yi Road, Shanghai P.R. China 200002
                             Tel: (8621) 6323-2255       Fax: (8621) 6329-3951

12) China Banks Report Increasing Profits
Chinese lenders released highly profitable results in March. We examine a few below.

The Industrial and Commercial Bank of China (ICBC—China’s largest bank) reported a 65% surge
in 2007 after-tax profits, which reached RMB82.3 billion under international financial reporting
standards (IFRS). ICBC attributed the results to strong fee income growth, widened spread, and
continued loan growth. Net interest income rose by 37% while net fee and commission income
rose by 1.1x.

Bank of China (BOC) reported a 29% rise in its 2007 after-tax profits (to RMB62 billion). Net
interest income rose 26%, while net fee and commission income rose 92%. Of all the Chinese
banks, BOC had the largest exposure to U.S. sub prime debt. The bank disposed of a portion of
its U.S. sub prime mortgage-related asset-backed securities and all of its U.S. sub prime
mortgage-related collateralized debt obligations (CDOs) during the last quarter of 2007. Those
moves brought BOC’s sub prime exposure down to US$4.99 billion at year end, with an
impairment charge of US$1.295 billion provided for related losses.

China CITIC Bank showed a 1.16x surge in its 2007 after-tax profit to RMB8.3 billion, while CITIC
International Financial Holdings (CIFH) reported a 64% rise in its 2007 profit after tax to HK$1.85

That said, there remains some concern regarding the exposure of Chinese banks to sub prime
losses, specifically in relation to disclosure transparency. Other issues to consider include the
recent credit tightening in China as well as interest rate hikes by the People’s Bank of China
(PBOC—China’s central bank). We will continue to keep a close eye on these and other issues.

Other Financial
13) China Life and CIC Invest in Visa IPO
China Life Insurance Co (China Life) and China Investment Corp (CIC) both recently purchased
shares in Visa’s NYSE IPO. China Life, the nation's largest insurer, bought a surprisingly large
US$300 million stake in Visa. Meanwhile, CIC, which manages the nation’s US$200 billion
sovereign wealth fund, invested more than US$100 million in the credit card company.

In China Life’s case, the deal marks the first share purchase by a Chinese insurer in the industry.
The deal also represents the second-largest overseas investment by a Chinese insurer, trailing
Ping An Insurance’s (China’s No. 2 life insurer) recent purchase of a stake in Fortis. China Life
said its investment in Visa is purely financial. Furthermore, this investment does not preclude
plans for further acquisitions in the U.S. and Europe. CIC similarly stated that its investment is
financial rather than strategic. Within the last year, the sovereign wealth fund has made a major
splash in the U.S. financial industry, spending more than US$8 billion to buy stakes in financial
firms such as The Blackstone Group, Morgan Stanley and JC Flowers.

Visa raised more than US$19 billion from the IPO (March 19 debut), making it the largest ever
U.S. IPO and the second-largest globally, behind ICBC’s US$22 billion IPO in Hong Kong and
Shanghai in 2006.

                             4th Floor, No. 7 Zhong Shan Dong Yi Road, Shanghai P.R. China 200002
                             Tel: (8621) 6323-2255       Fax: (8621) 6329-3951

Other Financial
14) Poor Performance Causes First Liquidation of a QDII Fund
China Minsheng Banking Corp, one of the country’s top 10 banking institutions, is liquidating its
Qualified Domestic Institutional Investor (QDII) fund due to poor performance. The QDII
program allows selected Chinese domestic financial institutions to invest in foreign stock markets.
Chinese citizens cannot directly invest in overseas exchanges, and can only invest abroad
through a limited number of QDII funds. Minsheng launched its QDII fund last October, raising
RMB100 million. Along with other QDII funds, Minsheng hoped to take advantage of the
presumed rise in Hong Kong stocks. Investors also expected the eventual unveiling of the
"through-train" program by China’s State Administration of Foreign Exchange (SAFE). This
program was rumored to begin last summer. The theory was that Beijing would allow Chinese
citizens in certain cities to invest directly in Hong Kong stocks. The presumption was that millions
of mainland Chinese citizens would rush to invest in Hong Kong, and therefore drive up stock
prices. However, the through-train rumor has not yet materialized, and Hong Kong stocks have
taken a major hit from the fallout from the credit crisis in the West. Minsheng’s fund, which will
be the first QDII fund to liquidate, lost more than 50% of its value. Other funds have lost
anywhere from 15-40% of their value (Financial Times).

Peter Alexander of Z-Ben Advisors in Shanghai pointed out that domestic banks, which often
have less-than-experienced track records in fund management, run a high risk of failure when
investing in international stock markets. "With Minsheng, you have a good regional bank that was
trying to get into the market. But it didn't have the necessary investment experience, let alone
international expertise," he noted. "The vast majority of success [in QDII funds] will come from
fund management companies, and not the banks" (Financial Times).

15) Venture Investment Up 13% in First Quarter
In the first quarter of the year, the value of China's venture capital investments jumped 12.9%
year-on-year to US$585 million. During the first three months, 73 VC deals were completed,
compared to the 72 deals in the same period last year. However, the average deal size increased
11.3% to US$8.02 million. The most popular sector among investors was the medical and
healthcare industry, which saw seven completed deals, valued at US$84 million. Investors have
favored the sector since the fourth quarter of 2007, while the internet service sector witnessed a
dwindling number of deals. (ChinaVenture)

                             4th Floor, No. 7 Zhong Shan Dong Yi Road, Shanghai P.R. China 200002
                             Tel: (8621) 6323-2255       Fax: (8621) 6329-3951
   Regulations & Macro

FX Reserves Surge at Record Pace, but Reasons Not Cause for Serious Alarm
China’s foreign exchange reserves ballooned by US$119 billion during the first two months of
2008. The seemingly huge increases in FX (US$62 billion in January and US$57 billion in
February—the largest two monthly increases ever) have alarmed many analysts, some of whom
fear the numbers may reflect massive flows of speculative money into China. As a consequence,
inflows of speculative foreign capital can drive up inflation.

A recent UBS research report points out, however, that an estimated US$60 billion of that
US$119 billion total is only an accounting adjustment, and not the result of any foreign money
actually flowing into China. The adjustment accounts for unrealized gains on the People’s Bank of
China’s (PBOC—China’s central bank) reserve portfolio holdings of overseas fixed-income
securities, as well as for exchange rate gains (although the aggregate exchange rate gains are
smaller than the fixed-income gains). Central banks often invest a large portion of their reserve
assets in bonds and bills issued by other governments. With the recent credit crisis in the West,
bond yields in the U.S. and Europe have plummeted by approximately 100-150 basis points since
August and by 50 basis points in January and February. The result is huge gains for holders of
government bills and bonds, which include U.S. Treasuries. However, as we mentioned, those
gains are unrealized, as China hasn’t sold off its holdings. Thus, fears of a serious upturn in
speculative inflows seem to be unfounded.

Other sources of the large foreign exchange reserves include interest income on the
aforementioned bonds, net trade (i.e. the trade surplus), and foreign direct investment (FDI rose
23.4% in the first two months of the year). This totaled approximately US$65 billion in January
and February. That’s about US$6 billion higher than the remaining US$59 billion increase in FX
reserves on top of the unrealized gains on reserve holdings and exchange rate adjustments. Why
would the total (US$125 billion) exceed the increase in FX reserves (US$119 billion)? The
difference implies that there is potentially a net outflow of speculative money from China, which
in turn means that speculative inflows are currently not a contributor to China’s record inflation.
(UBS) As we’ve discussed in past newsletters, high food prices are causing inflation problems.
Monetary policy moves by PBOC will likely not have the desired damping effect on inflation until
food prices are brought under control to some degree. (Note: since the exact composition of
China’s reserve holdings is unknown, some of the numbers referenced above are UBS estimates.)

In light of the inflation issue and a potential slowdown in the West, we’ll continue to follow China’s
foreign exchange status and trade surplus situation throughout the year.

                              4th Floor, No. 7 Zhong Shan Dong Yi Road, Shanghai P.R. China 200002
                              Tel: (8621) 6323-2255        Fax: (8621) 6329-3951
      Deals in China

  M&A Activity

Acquirer          Description                     Target       Description              Amount        Deal
Huaneng           China’s largest power           Tuas Power   Singaporean power        US$3 Bil      100%
                  producer                                     company                                stake

China Telecom     China’s largest fixed-line      Beijing      arm of China Telecom’s   RMB 5.6 Bil   100%
                  operator                        Telecom      state-owned parent                     stake

Telava Networks   U.S.-based, OTCBB-listed        Shenzhen     Chinese cellphone        N/A           controlling
                  ICP of wireless broadband       Evergreen    advertising software                   stake
                  apps                            Technology   company

Citigroup         major international financial   Zhejiang     polyester producer       > US$100      26% stake
                  services company                Hengyi                                Mil

                                 4th Floor, No. 7 Zhong Shan Dong Yi Road, Shanghai P.R. China 200002
                                 Tel: (8621) 6323-2255         Fax: (8621) 6329-3951
    Deals in China

IPO Pipeline

Company                 Description                   Exchange             Size          Financial
Wisesoft                Sichuan province-based        Shenzhen or          N/A           N/A
                        software and equipment        Shanghai
                        services provider

Shandong Minhe          NE China-based animal         Shenzhen or          N/A           N/A
Animal Husbandry        husbandry company             Shanghai

Sichuan Nitrocell       produces nitrocellulose       Shenzhen or          N/A           N/A

Matsuoka Mechatronics   makes mahjong game            Australian Stock     N/A           N/A
(China)                 machines                      Exchange (later in

                                   4th Floor, No. 7 Zhong Shan Dong Yi Road, Shanghai P.R. China 200002
                                   Tel: (8621) 6323-2255         Fax: (8621) 6329-3951
   Random Tidbits

Pudong Airport Unveils New Terminal
Shanghai Pudong International Airport just opened its brand new terminal, which should help
make traveling to Shanghai much more pleasant. The new terminal is more than double the size
and the capacity of the old one. The old terminal was designed to accommodate only 20 million
passengers a year, and struggled to deal with the growing traffic, which reached nearly 30 million
passengers in 2007. The new terminal, whose shape is intended to resemble "the wings of a
seagull," is designed to handle 60 million passengers a year. "As the passenger numbers and
cargo flow have kept up double-digit growth for years, the old infrastructure can no longer satisfy
the soaring demand," summarized Wu Nianzu, chairman of the board of the Shanghai Airport
Authority (SAA). (Center for Aviation Industry)

Earlier this year, Beijing Capital Airport also opened its new "Terminal 3," a major achievement
for the city ahead of the Olympics. Beijing Capital, which is the largest airport in China, expects
its passenger throughput to reach 60 million this year, up 12% over 2007. Citigroup predicts that
Beijing Capital will be the world’s busiest airport by 2012 (South China Morning Post).

                            Shanghai’s new terminal      (photo: Shanghaiist)

                             4th Floor, No. 7 Zhong Shan Dong Yi Road, Shanghai P.R. China 200002
                             Tel: (8621) 6323-2255        Fax: (8621) 6329-3951

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