Home Inns & Hotels Management, Inc. engages in the development, lease, operation, franchise, and management of economy hotel chains in China. It operates its hotels under the brand name Home Inn. As of March 31, 2007, its Home Inns hotel chain consisted of 97 leased-and-operated hotels in operation with an additional 36 leased-and-operated hotels under development, and 48 franchised-and-managed hotels in operation with an additional 12 franchised-and-managed hotels under development, covering 53 cities in China. The company was incorporated in 2001 and is headquartered in Shanghai Market Cap: $1.12B, Total Cash on Hand $88.54MM, Revenue $86.80MM, Total Debt $30MM Major Holders: TCW Group owns 665,8006 Shares; Citadel owns 320,763 Shares; Schroder Investment Management Group owns 290,600 Shares

Hurray! Holding Co., Ltd. engages in the artist development, music production, and offline distribution in China. It acts as online distributor of music and music-related products, such as ringtones, ringbacktones, and truetones to mobile users through various wireless value-added services platforms over mobile networks and through the Internet. The company's wireless value-added services include 2.5G services, such as wireless application protocol (WAP) services, including ringtone downloads, picture downloads, community services, games, pop culture, news and finance, and personal information management service; multimedia messaging service; and games based on the Java platform. Its wireless value-added services also incldue 2G services, including short message service, interactive voice response, and ring back tone. Hurray! Holding also provides other wireless value-added services, such as games, pictures and animation, community, and other media and entertainment services. Major Issue: Chinese Bootleggers. Market Cap: $90MM, Cash on Hand: $70MM Major Holders: Wellington Management owns 1,545,800 shares; Farallon Capital Management owns 600,000 shares; Level Global Investors owns 370,407 shares; Renaissance Technologies owns 335,490 shares

NetEase.com, Inc., through its subsidiaries, operates an interactive online and wireless community in China. It provides Chinese language content and services through its online games, wireless value-added services, and Internet portals. The company's online games business focuses on massively multiplayer online role-playing games by selling prepaid point cards to the end customers who may use the points on such cards for online game services provided by the company. It distributes prepaid point cards through wholesalers, Internet cafes, software stores, supermarkets, bookstores, newspaper stands, and convenience stores. The company's Web sites provide Chinese language online services focusing content, community and communication, and commerce, as well as advertising services. Total Cash on Hand: $528MM, Total Debt $90MM, Revenue $287.43MM, Short Position 4.6%. Major Holders: Line Pine Capital owns 8,042,286 shares; Legg Mason owns 6,800,000 shares; Matthews International Capital Management owns 3,851,900; Highfields Capital Managemtn owns 1,772,809

SINA Corporation operates as an online media company and information services provider in the People's Republic of China. It provides region-focused online portals, MVAS, search and directory, interest-based and community-building channels, free and premium email, blog services, audio and video streaming, online games, classified listings, fee-based services, e-commerce, and enterprise e-solutions. The company operates in five business lines: SINA.com, SINA Mobile, SINA Community, SINA.net, and SINA E-Commerce. The SINA.com business line offers advertising products, including banner, button, and text-link advertisements; promotional sponsorships that are event-specific; and advertising campaign design and management services. Total Cash: $382.67MM, Total Debt: $100MM, Revenue: $217.42MM, Short Position of 6.1% Major Holders: Lone Pine Capital owns 4,670,695 shares; Gilder Gagnon Howe owns 3,055,991, Fidelity International owns 3,009,943; Bridger Management owns 2,912,644 shares.

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