This publication is solely for
information and private circulation only. It should not be construed as an
offer or solicitation for the subscription,purchase or sale of the
securities mentioned herein. Whilst we have taken all reasonable care to
ensure that the information contained in this publication is accurate, it
does not guarantee the accuracy or completeness of this publication. Any
advice contained in this publication is made only on a general basis and is
subject to change without notice. We have not given only consideration to
and have not made any investigation of the investment objectives, financial
situation or particular needs of any specific person or group of persons as
we are not in possession of any such information. Accordingly, no warranty
whatsoever is given and no liability whatsoever is accepted for any loss
arising whether directly or indirectly as a result of any person or group
of persons acting on such information and advice. Phillip Securities
Research (HK) Ltd, its directors and research staff have may have interest
in the securities recommended herein, and its associates may also have
positions from time to time.
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