CHINA CENTRAL DEPOSITORY & CLEARING CO.,LTD
Daily Report of China Bond Market
2013-5-7
1. Yield Curves Analysis and Comments on the Market
(1) Data and Statistics
Money Market Data:
PBC conducted 28-day Repurchase with an amount of 55 billion yuan: The money
supply remains stable.
Domestic Market Data:
Stock Market Fluctuations: The Shanghai Composite Index slightly rose by 4.4
points to 2235.57 point.
Bond Market Performance:
To be specific, Treasury bond yield curve (3Y 5Y&10Y) went up by 1-5BP to
3.00%, 3.10% and 3.43%. The Central Bank bill curves remain stable. Inter-bank
fixed-rate policy bank bond yield curve and Inter-bank fixed-rate policy bank bond
yield curve (China Development Bank) generally went down with a margin of 1-2BP.
Refer to the bids of floating-rate policy bank bond yield curve (China Development
Bank), Inter-bank policy bank bond floating-rate spread (SHIBOR) slightly
decreased.
The corporate bonds yields continued the decent trend. CP&Notes(AAA 3Y & 5Y)
went down by 2-3BP to 4.26% and 4.65% based on the transactions of 1382147 and
1382178. CP&Notes(top tier AAA 4Y & 5Y) went down by 3-4BP to 4.40% and 4.41%
as a result of the transactions of 1182271 and 1282156.In terms of low-rating bonds,
the transactions of 1282155 and 1382051 pulled CP&Notes(AA+ 4Y & 5Y)down by
1-2BP to 4.86% and 4.98%.
1
CHINA CENTRAL DEPOSITORY & CLEARING CO.,LTD
Trend of Treasury Bond Yield (10Y)
Changes of Inter-bank Fixed Rate Treasury Bond Yield Curve
(Key terms)
0
0.08
0.17
0.25
0.5
0.75
1
2
3
4
5
6
7
8
9
10
15
20
30
40
2013/5/6
1.8264
2.5417
2.6128
2.5952
2.7139
2.7843
2.8008
2.9733
3.0029
3.1349
3.147
3.3363
3.3402
3.3834
3.4256
3.4354
3.7719
4.0134
4.1673
4.2459
50
4.3266
2013/5/7
Difference(BP)
1.5064
-32.00
2.5587
1.70
2.6127
-0.01
2.5902
-0.50
2.7195
0.56
2.79
0.57
2.8052
0.44
2.9664
-0.69
2.997
-0.59
3.0898
-4.51
3.0962
-5.08
3.3295
-0.68
3.3245
-1.57
3.3715
-1.19
3.4256
0.00
3.4261
-0.93
3.7682
-0.37
4.0127
-0.07
4.167
-0.03
4.2456
-0.03
4.3264
-0.02
(Edited by Huang Shan)
(2) Voices of the Market
The following translation is for reference only and does not represent the point of
view of the translator or CCDC.
1. New bank lending predicted to slow in April
2
CHINA CENTRAL DEPOSITORY & CLEARING CO.,LTD
New yuan loans extended by Chinese banks in April could fall to as low as 700
billion yuan ($113 billion), down from March's 1.06 trillion yuan, as economic
growth falters, analysts have warned.
With the central bank expected to release new lending and social financing figures
this week, Lian Ping, chief economist at Bank of Communications, said economic
data for the first quarter suggests the economy still lacks momentum, indicating only
moderate credit demand.
"Fewer deposits among banks at the beginning of a quarter would usually restrain
lenders from extending more loans, due to fixed loan-to-deposit ratios," he said.
Although stronger supervision of non-bank financing activities could channel
some financing demand back into traditional banking loans, Lian added new loans in
April will probably fall from March levels.
Net new loans increased to 1.06 trillion yuan in March, close to January's level,
and registered a 12.2 percent growth year-on-year in the first quarter.
Total social financing rebounded to 2.54 trillion yuan in March from 1.07 trillion
yuan in February, much stronger than expected. And trust loans surged to 430.6
billion yuan in March, the highest level recorded.
But Chang Jian, China economist with Barclays Capital, predicted the expansions
in total social financing and new loans in the first quarter were unlikely to be
sustained.
"We expect monthly numbers to come down, after the regulators strengthened
quota controls.
"The strong first-quarter results reflected pent-up demand from the end of 2012
and a pickup in demand after the Chinese Lunar New Year holiday," said Chang.
Lu Zhengwei, chief economist at Industrial Bank Co, said he expected new loans
in April would be somewhere between 800 billion and 1 trillion yuan, based on
historical figures.
"Judging from the credit growth pace in first three months, the overall credit will
be stable this year," added Lu.
In the first three weeks of April, the "Big Four" State-owned commercial banks
extended loans worth 130 billion yuan, a slower pace than previous months, according
to a report from China International Capital Corporation Ltd.
It said tougher measures to curb the real estate market were likely to drag down
growth in property lending, and forecast new loans for April to stand at 800 billion
yuan.
Some analysts said that the rise in non-performing loans in the first quarter has
made banks more likely to extend loans rather than offer new loans in April.
Lian said new loans may rebound in May, and predicted they could total between
9 and 9.5 trillion yuan this year.
According to Chang, based on this year's lending pace mirroring that of 2012,
with a quarterly distribution ratio of 3:3:2:2, the first quarter out-turn implies full-year
new loans at 9.2 trillion yuan, while the 6.16 trillion yuan in total social financing
from January and March would point to a total of 20 trillion yuan for the full year.
Shen Jianguang, an economist at Mizuho Securities Asia Ltd, said inflation risks
3
CHINA CENTRAL DEPOSITORY & CLEARING CO.,LTD
seemed less worrying than slower economic growth, and that the monetary authorities
do not need to tighten their stance.
(Chinadaily May 7th, 2013)
(Edited by Wei Xiaoning)
2. Daily Statistics of ChinaBond Indices
ChinaBond Composite Index tracking general performance of bond market went
up today. The net price index excluding interest revenue rose by 0.0391%; and the
total return index including interest reinvested revenue rose by 0.0496%. In addition,
the average yield to maturity was 4.2176%. The average market capitalization yield
was 3.9517%. And the market value weighted duration was 4.1739.
Table 1: Overall Changes of Total Return Indices
Index
Indicator Term
Total
ChinaBond
Exchange
Total
Return
Treasury Bond Index
Value
Index
Total
ChinaBond 5-Year Treasury
Total
Return
Bond Index
Value
Index
Total
ChinaBond 7-year Treasury
Total
Return
Bond Index
Value
Index
4
2013-5-7
2013-5-6
Change
144.9829
37
144.6178
59
0.25244
3
128.3778
39
128.2014
93
0.13755
3
137.4501
26
137.2993
9
0.10978
6
CHINA CENTRAL DEPOSITORY & CLEARING CO.,LTD
ChinaBond
Fixed
Treasury Bond Index
Rate
ChinaBond Treasury Bond
Aggregate Index
ChinaBond
Interbank
Treasury Bond Index
Inter-Bank Fix-rate Corporate
Bond Index
ChinaBond Corporate Bond
Index
ChinaBond Fixed Rate Index
ChinaBond
Term Index
Short-Middle
ChinaBond New High Grade
Bond Index
ChinaBond Aggregate Index
ChinaBond Company Credit
Bond Index
Chinabond High Grade Bond
Index
ChinaBond Composite Index
ChinaBond
Aggregate Index
ChinaBond
Index
Interbank
Credit
Bond
China Medium Term Notes
Total
Return
Index
Total
Return
Index
Total
Return
Index
Total
Return
Index
Total
Return
Index
Total
Return
Index
Total
Return
Index
Total
Return
Index
Total
Return
Index
Total
Return
Index
Total
Return
Index
Total
Return
Index
Total
Return
Index
Total
Return
Index
Total
5
Total
Value
146.7583
48
146.6170
82
0.09635
Total
Value
146.4096
07
146.2686
77
0.09635
Total
Value
147.7444
88
147.6079
52
0.09249
9
Total
Value
128.4927
62
128.4041
87
0.06898
2
Total
Value
129.3084
129.2194
04
0.06887
2
Total
Value
147.0490
2
146.9490
65
0.06802
Total
Value
144.3732
19
144.2833
51
0.06228
6
Total
Value
127.7033
06
127.6252
58
0.06115
4
Total
Value
145.7386
99
145.6508
35
0.06032
5
Total
Value
130.7994
93
130.7334
92
0.05048
5
Total
Value
132.4794
25
132.4130
78
0.05010
6
Total
Value
149.9083
94
149.8341
18
0.04957
2
Total
Value
147.9092
42
147.8397
53
0.04700
3
Total
Value
130.3655
23
130.3045
24
0.04681
2
Total
129.5931
129.5357
0.04431
CHINA CENTRAL DEPOSITORY & CLEARING CO.,LTD
Index
ChinaBond New
Notes Index
Medium
ChinaBond Long Term Index
ChinaBond New Composite
Index
ChinaBond
Index
CBIC
Bond
ChinaBond CDB bond index
ChinaBond commercial bank
bond index
ChinaBond
Fixed
Finance Bond Index
Rate
ChinaBond 5-Year Finance
Bond Index
ChinaBond Finance
Aggregate Index
Bond
ChinaBond
Commercial
Paper (AA) Index
ChinaBond
paper Index
commercial
ChinaBond Floating
Finance Bond Index
Rate
ChinaBond
Index
Rate
Floating
ChinaBond money market
fund investable bond index
Return
Index
Total
Return
Index
Total
Return
Index
Total
Return
Index
Total
Return
Index
Total
Return
Index
Total
Return
Index
Total
Return
Index
Total
Return
Index
Total
Return
Index
Total
Return
Index
Total
Return
Index
Total
Return
Index
Total
Return
Index
Total
Return
6
Value
47
45
4
Total
Value
129.5440
54
129.4867
4
0.04426
2
Total
Value
144.5170
86
144.4532
97
0.04415
9
Total
Value
146.0227
32
145.9593
33
0.04343
6
Total
Value
118.4210
73
118.3772
95
0.03698
2
Total
Value
149.1360
5
149.0911
46
0.03011
9
Total
Value
129.5377
15
129.4992
11
0.02973
3
Total
Value
143.0624
74
143.0221
06
0.02822
5
Total
Value
131.1089
09
131.0745
85
0.02618
6
Total
Value
146.1912
61
146.1556
88
0.02433
9
Total
Value
132.5926
16
132.5632
15
0.02217
8
Total
Value
132.6188
5
132.5937
28
0.01894
6
Total
Value
140.8111
42
140.7913
74
0.01404
1
Total
Value
141.5772
141.5574
31
0.01396
5
Total
Value
124.8449
53
124.8277
51
0.01378
CHINA CENTRAL DEPOSITORY & CLEARING CO.,LTD
Index
Total
ChinaBond
Commercial
Return
Paper 50 index
Index
Total
ChinaBond Central Bank
Return
Paper 50 Index
Index
Total
ChinaBond Central Bank
Return
Paper index
Index
Total
Value
130.3481
57
130.3309
6
0.01319
4
Total
Value
126.8235
05
126.8101
33
0.01054
5
Total
Value
135.7307
29
135.7164
17
0.01054
5
2013-5-7
2013-5-6
Change
117.8606
76
117.5724
3
0.24516
5
107.9591
7
107.8185
83
0.13039
2
111.8809
44
111.7662
87
0.10258
7
116.1770
57
116.0755
13
0.08748
1
116.5380
9
116.4362
3
0.08748
1
117.1425
96
117.0447
68
0.08358
1
116.4386
48
116.3705
31
0.05853
4
93.36084
2
93.30977
8
0.05472
5
93.66132
6
93.61025
4
0.05455
9
115.1521
115.0913
0.05286
Table 2: Overall Changes of Net Price Indices
Indicat
Index
Term
or
Net
ChinaBond
Exchange
Total
Price
Treasury Bond Index
Value
Index
Net
ChinaBond 5-Year Treasury
Total
Price
Bond Index
Value
Index
Net
ChinaBond 7-year Treasury
Total
Price
Bond Index
Value
Index
Net
ChinaBond Treasury Bond
Total
Price
Aggregate Index
Value
Index
Net
ChinaBond
Fixed
Rate
Total
Price
Treasury Bond Index
Value
Index
Net
ChinaBond Interbank Treasury
Total
Price
Bond Index
Value
Index
Net
Total
ChinaBond Fixed Rate Index
Price
Value
Index
Net
Inter-Bank Fix-rate Corporate
Total
Price
Bond Index
Value
Index
Net
ChinaBond Corporate Bond
Total
Price
Index
Value
Index
ChinaBond
Short-Middle Net
Total
7
CHINA CENTRAL DEPOSITORY & CLEARING CO.,LTD
Term Index
ChinaBond Aggregate Index
ChinaBond New High Grade
Bond Index
ChinaBond Composite Index
ChinaBond Company Credit
Bond Index
Chinabond High Grade Bond
Index
ChinaBond
Aggregate Index
Interbank
ChinaBond Credit Bond Index
ChinaBond Long Term Index
ChinaBond New Composite
Index
ChinaBond
Notes Index
New
Medium
China Medium Term Notes
Index
ChinaBond CBIC Bond Index
ChinaBond CDB bond index
ChinaBond
Fixed
Finance Bond Index
Rate
Price
Index
Net
Price
Index
Net
Price
Index
Net
Price
Index
Net
Price
Index
Net
Price
Index
Net
Price
Index
Net
Price
Index
Net
Price
Index
Net
Price
Index
Net
Price
Index
Net
Price
Index
Net
Price
Index
Net
Price
Index
Net
Price
8
Value
69
21
9
Total
Value
115.3883
3
115.3298
35
0.05071
9
Total
Value
95.08580
6
95.04012
9
0.04806
1
Total
Value
101.6016
87
101.5620
25
0.03905
2
Total
Value
98.56950
1
98.53244
0.03761
3
Total
Value
97.09261
8
97.05631
5
0.03740
4
Total
Value
116.6540
98
116.6114
51
0.03657
3
Total
Value
97.99901
4
97.96567
5
0.03403
2
Total
Value
110.6494
2
110.6128
44
0.03306
7
Total
Value
99.53910
7
99.50645
3
0.03281
5
Total
Value
104.9055
36
104.8721
62
0.03182
3
Total
Value
104.9042
19
104.8708
46
0.03182
3
Total
Value
101.7927
16
101.7684
81
0.02381
4
Total
Value
100.7253
82
100.7056
71
0.01957
3
Total
Value
112.2272
9
112.2075
18
0.01762
1
CHINA CENTRAL DEPOSITORY & CLEARING CO.,LTD
ChinaBond commercial bank
bond index
ChinaBond 5-Year
Bond Index
ChinaBond Finance
Aggregate Index
Finance
Bond
ChinaBond Commercial Paper
(AA) Index
ChinaBond commercial paper
Index
ChinaBond money market
fund investable bond index
ChinaBond Floating
Finance Bond Index
Rate
ChinaBond
Index
Rate
Floating
ChinaBond Central
Paper 50 Index
Bank
ChinaBond
Paper index
Bank
Central
ChinaBond Commercial Paper
50 index
Index
Net
Price
Index
Net
Price
Index
Net
Price
Index
Net
Price
Index
Net
Price
Index
Net
Price
Index
Net
Price
Index
Net
Price
Index
Net
Price
Index
Net
Price
Index
Net
Price
Index
Total
Value
98.44488
6
98.42792
0.01723
6
Total
Value
107.0607
92
107.0439
64
0.01572
1
Total
Value
114.9956
61
114.9797
64
0.01382
7
Total
Value
98.02070
6
98.01125
2
0.00964
5
Total
Value
98.83977
6
98.83225
5
0.00761
Total
Value
98.52161
5
98.51755
7
0.00411
9
Total
Value
111.5341
38
111.5298
75
0.00382
3
Total
Value
112.2309
24
112.2267
09
0.00375
6
Total
Value
100.0774
13
100.0743
66
0.00304
5
Total
Value
101.1650
25
101.1619
45
0.00304
5
Total
Value
99.07643
6
99.07398
0.00248
2013-5-6
Change
147.3766
0.54496
4
150.2675
67
0.31786
2
Table 3: Top 10 Rising Indices (By Term Segments)
Index
Indicator Term 2013-5-7
Total
ChinaBond
Exchange
148.1797
Return
3-5y
Treasury Bond Index
5
Index
ChinaBond
Exchange Total
>=10 150.7452
Treasury Bond Index
Return
y
1
9
CHINA CENTRAL DEPOSITORY & CLEARING CO.,LTD
ChinaBond
Exchange
Treasury Bond Index
ChinaBond
Fixed
Treasury Bond Index
Rate
ChinaBond Treasury Bond
Aggregate Index
ChinaBond
Interbank
Treasury Bond Index
ChinaBond 7-year Treasury
Bond Index
ChinaBond money market
fund investable bond index
ChinaBond 5-Year Treasury
Bond Index
ChinaBond Fixed Rate Index
Index
ChinaBond
Exchange
Treasury Bond Index
ChinaBond
Exchange
Treasury Bond Index
ChinaBond
Exchange
Treasury Bond Index
ChinaBond Treasury Bond
Aggregate Index
ChinaBond
Fixed
Rate
Treasury Bond Index
ChinaBond
Interbank
Treasury Bond Index
ChinaBond 7-year Treasury
Bond Index
ChinaBond money market
fund investable bond index
Index
Total
Return
Index
Total
Return
Index
Total
Return
Index
Total
Return
Index
Total
Return
Index
Total
Return
Index
Total
Return
Index
Total
Return
Index
Indicator
Net Price
Index
Net Price
Index
Net Price
Index
Net Price
Index
Net Price
Index
Net Price
Index
Net Price
Index
Net Price
Index
10
Total
Value
144.9829
37
144.6178
59
0.25244
3
3-5y
143.2210
95
142.8911
7
0.23089
3
3-5y
144.9283
69
144.5945
11
0.23089
3
3-5y
143.5788
48
143.2570
3
0.22464
4
3-5y
139.2558
51
138.9580
75
0.21429
2
5-7y
134.8647
26
134.6282
55
0.17564
7
Total
Value
128.3778
39
128.2014
93
0.13755
3
3-5y
145.6085
71
145.4151
76
0.13299
5
2013-5-7
126.8960
38
118.1766
86
117.8606
76
118.5124
48
117.1593
01
117.3802
1
113.5241
61
109.8537
81
2013-5-6
126.2130
23
117.8094
25
117.5724
3
118.2482
39
116.8981
09
117.1259
45
113.2876
34
109.6719
01
Change
0.54116
1
0.31174
2
0.24516
5
0.22343
6
0.22343
6
0.21708
7
0.20878
5
Term
3-5y
>=10
y
Total
Value
3-5y
3-5y
3-5y
3-5y
5-7y
0.16584
CHINA CENTRAL DEPOSITORY & CLEARING CO.,LTD
ChinaBond 5-Year Treasury Net Price Total
Bond Index
Index
Value
Net Price
ChinaBond Fixed Rate Index
3-5y
Index
107.9591
7
117.1641
53
Table 4: Top 10 Declining Indices (By Term Segments)
Index
Indicator Term 2013-5-7
Total
ChinaBond
commercial
116.2532
Return
>=10y
bank bond index
98
Index
Total
ChinaBond Credit Bond
121.1809
Return
>=10y
Index
3
Index
Total
ChinaBond CBIC Bond
116.0490
Return
7-10y
Index
98
Index
Total
ChinaBond
commercial
Return
7-10y 131.433
bank bond index
Index
Total
ChinaBond
7-year
136.0657
Return
<1y
Treasury Bond Index
94
Index
Total
ChinaBond Central Bank
132.1250
Return
<1y
Paper index
02
Index
Total
ChinaBond Central Bank
124.3174
Return
<1y
Paper 50 Index
02
Index
Total
ChinaBond Central Bank
Total
126.8235
Return
Paper 50 Index
Value 05
Index
Total
ChinaBond Central Bank
Total
135.7307
Return
Paper index
Value 29
Index
Total
ChinaBond Floating Rate
132.4221
Return
1-3y
Index
27
Index
Index
Indicator Term 2013-5-7
ChinaBond
commercial Net Price
84.31523
>=10y
bank bond index
Index
9
ChinaBond Credit Bond Net Price
88.79368
>=10y
Index
Index
9
11
107.8185
83
117.0185
93
0.13039
2
0.12439
2013-5-6
Change
116.2685
07
-0.01308
1
121.1901
39
-0.00759
9
116.0458
32
0.00281
5
131.4257
94
0.00548
4
136.0564
82
0.00684
4
132.1146
7
0.00782
124.3076
81
0.00782
126.8101
33
0.01054
5
135.7164
17
0.01054
5
132.4077
74
0.01084
2013-5-6
84.33904
7
88.81356
5
Change
-0.02822
9
-0.02237
9
CHINA CENTRAL DEPOSITORY & CLEARING CO.,LTD
ChinaBond CBIC Bond
Index
ChinaBond
commercial
bank bond index
ChinaBond
7-year
Treasury Bond Index
ChinaBond Central Bank
Paper 50 Index
ChinaBond Central Bank
Paper index
ChinaBond Floating Rate
Index
ChinaBond Floating Rate
Finance Bond Index
ChinaBond CDB bond
index
Net Price
Index
Net Price
Index
Net Price
Index
Net Price
Index
Net Price
Index
Net Price
Index
Net Price
Index
Net Price
Index
7-10y
7-10y
<1y
<1y
<1y
1-3y
1-3y
<1y
103.1868
27
98.67857
5
114.3697
4
99.10286
7
99.53138
3
104.8776
66
105.5450
9
97.44392
103.2000
65
98.68865
2
114.3706
82
99.10220
1
99.53071
5
104.8769
2
105.5440
33
97.44188
9
-0.01282
7
-0.01021
1
-0.00082
3
0.00067
2
0.00067
2
0.00071
1
0.00100
1
0.00208
4
Table 5: Top 10 Rising Total Return & Net Price Indices (By Term Segments)
Index
Indicator Term 2013-5-7 2013-5-6 Change
Total
ChinaBond
Exchange
Total 144.9829 144.6178 0.25244
Return
Treasury Bond Index
Value 37
59
3
Index
Total
ChinaBond Corporate Bond
127.3633 127.3311 0.02530
Return
<1y
Index
59
4
3
Index
Total
Inter-Bank Fix-rate Corporate
134.1195 134.0309
Return
1-3y
0.06611
Bond Index
8
71
Index
Total
ChinaBond
Exchange
148.1797
0.54496
Return
3-5y
147.3766
Treasury Bond Index
5
4
Index
Total
ChinaBond money market
134.8647 134.6282 0.17564
Return
5-7y
fund investable bond index
26
55
7
Index
Total
ChinaBond
Exchange
171.1926 170.9701 0.13013
Return
7-10y
Treasury Bond Index
19
25
6
Index
Total
ChinaBond
Exchange
>=10 150.7452 150.2675 0.31786
Return
Treasury Bond Index
y
1
67
2
Index
ChinaBond
Exchange Net Price Total 117.8606 117.5724 0.24516
Treasury Bond Index
Index
Value 76
3
5
12
CHINA CENTRAL DEPOSITORY & CLEARING CO.,LTD
ChinaBond Corporate Bond
Index
Inter-Bank Fix-rate Corporate
Bond Index
ChinaBond
Exchange
Treasury Bond Index
ChinaBond money market
fund investable bond index
ChinaBond
Exchange
Treasury Bond Index
ChinaBond
Exchange
Treasury Bond Index
Net Price
Index
Net Price
Index
Net Price
Index
Net Price
Index
Net Price
Index
Net Price
Index
96.56218
1
99.21361
1-3y
7
126.8960
3-5y
38
109.8537
5-7y
81
146.9289
7-10y
18
>=10 118.1766
y
86
<1y
96.55016
6
99.16150
9
126.2130
23
109.6719
01
146.7517
41
117.8094
25
0.01244
5
0.05254
9
0.54116
1
0.16584
0.12073
2
0.31174
2
（Edited by Zhuang Yan）
Contacts:
Director of Bond Information Department：
Liu Fan (010-88170601，[email protected])
Deputy Director of Bond Information Department：
Lu Zunhua (010-88170602，[email protected])
Bond Indices：
Niu Yurui (010-88170610，[email protected])
Liao Qianyun (010-88170611，[email protected])
Zhuang Yan (010-88170627，[email protected])
Zhao Chunshu (010-88170618，[email protected])
Liu Haifan(010-88170625，[email protected])
Niu Dai (010-88170620，[email protected])
Wang Bingkun (010-88170628，[email protected])
Valuation：
Zhao Ling (010-88170613，[email protected])
Wang Chaoqun (010-88170615，[email protected])
Chen Ning (010-88170616，[email protected])
Feng Haibin (010-88170617，[email protected])
Huang Shan (010-88170622，[email protected])
13
CHINA CENTRAL DEPOSITORY & CLEARING CO.,LTD
Li Yan (010-88170632，[email protected])
Wei Xiaoning (010-88170624，[email protected])
Ma Tunan (010-88170630，[email protected])
Liu Xiaolong(010-88170629，[email protected])
Wang Sihan (010-88170623，[email protected])
Quality Control：
Jin Lin (010-88170619，[email protected])
Xiang Ran (010-88170626，[email protected])
Statistics：
Li Jing (010-88170607, [email protected])
Jiao Yulong (010-88170609，[email protected])
Duan Xiao (010-88170608，[email protected])
Wang Ying (010-88170621，[email protected])
Sales：
Sun Mingjie (010-88170612，[email protected])
Jin Lin (010-88170619，[email protected])
Xiang Ran(010-88170626，[email protected])
Website：
Liu Yan(010-88170603，[email protected])
Wang Wei (010-88170605，[email protected])
Li Xiaoping(010-88170606，[email protected])
Fax： 010-66061883
14