Factores incidentes en el cambio del nivel medio del mar

SELECTED CONSOLIDATED FINANCIAL DATA

The following selected consolidated financial data for the periods and as of the dates indicated should be read in conjunction with our consolidated financial statements and related notes and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included elsewhere in this prospectus.

Our selected consolidated statements of comprehensive income data presented below for the years ended December 31, 2007, 2008 and 2009 and our selected consolidated statements of financial position data as of December 31, 2008 and 2009 have been derived from our audited consolidated financial statements included

elsewhere in this prospectus. Our audited consolidated financial statements are prepared in accordance with IFRS and have been audited by Ernst & Young Hua Ming, an independent registered public accounting firm. The report of Ernst & Young Hua Ming on those consolidated financial statements is included elsewhere in this prospectus. We have not included financial information for the years ended December 31, 2005 and 2006, as such information is not available on a basis that is consistent with the consolidated financial information for the years ended December 31, 2007, 2008 and 2009, and cannot be provided on an IFRS basis without unreasonable effort or expense.

Our selected consolidated statements of comprehensive income data for the nine months ended September 30, 2009 and 2010 and the selected consolidated statements of financial position data as of September 30, 2010 have been derived from our unaudited interim financial statements included elsewhere in this prospectus and have been prepared on the same basis as our audited consolidated financial data. The unaudited interim financial information includes all adjustments, consisting only of normal and recurring adjustments that we consider necessary for a fair presentation of our financial position and results of operations for the periods presented. Our unaudited results for the nine months ended September 30, 2010 may not be indicative of our results for the full year ending December 31, 2010. Our historical results do not necessarily indicate results expected for any future periods.

Changes in fair value of derivative component

of convertible preference shares (155,202 ) 50,295 (33,305 ) (4,978 ) (9,769 ) (806,934 ) (120,609 ) Changes in fair value of convertible promissory

notes — (8,709 ) 680 102 680 — —

(1) Including share-based payments of RMB2.1 million, RMB0.8 million, RMB0.3 million, RMB0.2 million and RMB5.3 million in 2007, 2008, 2009 and the nine months ended September 30, 2009 and 2010, respectively.

(2) Including (loss)/profit for the year from continuing operations and loss after tax for the year from discontinued operations.

(3) Including (loss)/profit for the year and foreign currency exchange difference.

(4) Our management supplements the data they receive regarding IFRS (loss)/profit from continuing operations with non-GAAP profit from continuing operations, which excludes from IFRS (loss)/profit from continuing operations the charges relating to (i) changes in fair value of the derivative component of our convertible preference shares, (ii) changes in fair value of our convertible promissory notes, (iii) finance costs relating to our preference shares, and (iv) share-based payments. This non-GAAP financial measure provides our management with the ability to assess our operating results without considering the charges resulting from our convertible preference shares being characterized as liabilities under IFRS. In addition, our convertible preference shares will be automatically converted into ordinary shares upon the completion of this offering and, as a result, there will be no such charges relating to our convertible preference shares after the conversion other than in the quarter in which the conversion occurs. Furthermore, this non-GAAP financial measure eliminates the impact of items that we do not consider indicative of the performance of our business. We believe investors will similarly use such non-GAAP financial measure as one of the key metrics to evaluate our operating performance and compare our current operating results with historical and future periods and with other comparable companies.

The use of non-GAAP profit from continuing operations has certain limitations. Although we believe the excluded items are less meaningful in evaluating our current performance, the excluded items may be important in assessing our operating and financial performance if we grant options and issue preference shares or other financial instruments, such as warrants and convertible bonds, in the future. If any of these events occur, the impact of these items likewise will not be reflected in the presentation of the non-GAAP profit from continuing operations. This non-GAAP financial measure should be considered in addition to results prepared in accordance with IFRS, and should not be considered a substitute for or superior to IFRS results. In addition, our non-GAAP profit from continuing operations may not be comparable to similarly titled measures utilized by other companies since such other companies may not calculate such measures in the same manner as we do.

The following table sets forth the reconciliation of our non-GAAP profit from continuing operations to IFRS (loss)/profit from continuing operations, the most directly comparable financial measure calculated and presented in accordance with IFRS:

Changes in fair value of derivative component of convertible preference

shares 155,202 (50,295 ) 33,305 4,978 9,769 806,934 120,609

The following table sets forth our selected consolidated statements of financial position as of December 31, 2008 and 2009 and September 30, 2010.

53

As of December 31, As of September 30,

Consolidated Statements of 2008 2009 2010

Financial Position Data Actual Actual Actual Pro Forma ⁽¹⁾

RMB RMB $ RMB $ RMB $

(In thousands)

Assets Current assets 276,312 429,761 64,235 437,960 65,460 437,960 65,460 Non-current assets 90,163 103,105 15,411 36,682 5,483 36,682 5,483

Total assets 366,475 532,866 79,646 474,642 70,943 474,642 70,943

Liabilities Current liabilities 154,620 249,735 37,327 320,631 47,924 320,631 47,924 Non-current liabilities:

Convertible preference shares 305,850 473,620 70,790 1,267,120 189,391 — — Total non-current liabilities 353,083 477,299 71,340 1,267,120 189,391 — —

Total liabilities 507,703 727,034 108,667 1,587,751 237,315 320,631 47,924

Total equity/(deficit) (141,228 ) (194,168 ) (29,021 ) (1,113,109 ) (166,372 ) 154,011 23,019

Total liabilities and equity 366,475 532,866 79,646 474,642 70,943 474,642 70,943

(1) Pro forma basis reflects the conversion of all outstanding preference shares on a 1-for-1 basis into an aggregate of 19,760,340 ordinary shares upon the completion of this offering.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF