1. CHINA
Internet Traffic Tracker
Valuation Summary
Stock code Company Mkt price Rating TP (US$) Beyond the stories
(US$)
SINA US Sina 111.3 OP 95.0 Event
BIDU US Baidu 140.7 OP 145.0
DANG US Dangdang 19.4 OP 36.0  This report is our first issue of Internet Traffic Tracker to analyse Internet
YOKU US Youku 53.0 UP 32.0
traffic data and trends of leading Chinese websites in major segments such as
Source: Macquarie Research, April 2011
th
Prices as of 12 April, 2011 portals, search, video, e-commerce, miniblog, and SNS. While investors and
analysts alike often are captivated by the exciting “stories” of Internet
companies, we believe the traffic data can help substantiate the fundamentals
beyond just the “stories”. Key observations include online video is a lot more
competitive than many believe and SNS is not growing much. Retain
Outperform on Sina, Baidu, Dangdang and Underperform on Youku.
Impact
 Portal. It is an oligopoly segment and the data shows that Internet users
increasingly gravitate towards the top 5 portal sites for news. However,
NetEase has lost share in its portal (163.com). Given it is a mature segment,
relatively modest change in market share is expected. All leading portals have
other major businesses.
 Search. It is a duopoly segment but appears to be moving to a near monopoly
segment. Baidu has been gaining share at the expense of Google China and
Soso (Tencent). With its partnership with Alibaba, Sogou (Sohu) has been
ramping up its user base.
 Online video. It is a highly fragmented and competitive segment with 8 video
sites having over 30% penetration into the total Internet video user population
in China. In addition, the data does not capture the peer-to-peer video
software users, implying the segment is even more competitive than the data
here suggests. Youku remains the leader but Qiyi and Sohu are catching up
fast. Surprisingly, smaller sites such as Xunlei, 56 and K6 have been able to
hold on to their users and grow in line with the market, with total users +30%
YoY.
 E-commerce. Number of ecommerce users is growing at 50+% YoY, faster
than any other segment except miniblog. Group buy players such as Lashou
are rapidly ramping up user base. Among conventional B2C players, market
share and visitor patterns have seen little change. Dangdang is holding on to
its penetration rate in monthly unique visitors despite competitive concerns.
 Miniblog. Hottest segment in Internet in China with total miniblog users up
10x from a year ago. Sina’s Weibo still dominant but Tencent and Sohu
appear to be catching up.
 Social Network Services. Despite a lot of attention placed on SNS by
investors and analysts, the space is not growing much in China. #1 SNS site
Renren has been maintaining its user base while #2 Kaixin is seeing a YoY
decline in its monthly unique visitor counts.
Jiong Shao, CFA, CMT
+852 3922 3566 jiong.shao@macquarie.com Outlook
Steve Zhang, CFA
+852 3922 3578 steve.zhang@macquarie.com  We continue to believe that Chinese Internet has entered into a new phase
Jose Pun
+852 3922 3593 jose.pun@macquarie.com with many new business models having emerged. With quite a few exciting
“stories”, it is important for analysts and investors to figure out what is real and
13 April 2011 what is talk. Therefore, we believe analysis of data traffic is a critical element
Macquarie Capital Securities Limited of Internet research.
Please refer to the important disclosures and analyst certification on inside back cover of this document, or on our
website www.macquarie.com.au/disclosures.

2. Macquarie Research Internet Traffic Tracker
Analysis
Portals (Oligopoly) – Internet users increasingly rely on top portal sites; pecking order
unlikely to change anytime soon
The total number of monthly unique visitors increased 18% YoY and reached 373.6 mn in Feb 2011,
suggesting over 80% of Chinese Internet users visited portal sites in that month. Given portal is a
mature segment of the Chinese Internet industry, significant market share shift and meaningful
change in competitive positioning among players should not be expected. However, we have
observed that NetEase’s portal site (163.com) has lost some share in terms of % of portal users who
visited 163.com over the last few months according to the data below. In addition, the data suggests
that outside of the top 5 portal sites (qq.com, sina.com.cn, 163.com, sohu.com, ifeng.com) the rest of
the portals appear to be losing Internet users’ interest. Across the board, a smaller percentage of
total portal visitors are using tier 2 portal sites (yahoo.com.cn, msn.com.cn, china.com, yahoo.com,
tom.com, 21cn.com, msn.com) today than a year ago. Generally speaking, Chinese Internet users
appear to increasingly gravitate towards top portal sites for news. We expect this trend to continue.
Fig 1 Web portal monthly unique visitors (‘m)
Web portal monthly unique visitors('m) 2010-01 2010-02 2010-03 2010-04 2010-05 2010-06 2010-07 2010-08 2010-09 2010-10 2010-11 2010-12 2011-01 2011-02
Total 306.8 315.6 372.1 365.7 350.7 346.7 359.0 359.8 357.9 348.3 355.8 358.8 367.4 373.6
qq.com 283.1 287.1 347.1 344.4 324.8 325.3 339.2 339.3 336.5 328.7 336.1 335.4 344.1 350.0
sina.com.cn 234.7 218.5 271.0 279.2 266.2 269.2 275.4 276.6 267.7 272.8 275.6 279.9 281.3 289.7
163.com 210.3 178.2 235.3 244.5 229.7 227.9 231.0 236.0 228.7 228.2 233.4 238.9 234.8 230.0
sohu.com 188.9 167.3 221.2 226.9 214.7 217.6 212.9 214.1 203.1 211.4 212.9 219.2 222.9 229.2
ifeng.com 83.7 66.3 91.4 99.9 90.2 89.8 90.7 96.2 99.9 105.0 104.9 106.0 104.9 105.9
yahoo.com.cn 92.4 71.7 100.6 121.5 108.5 107.6 107.7 101.2 95.2 94.8 95.5 101.5 99.8 95.2
msn.com.cn 76.4 65.7 92.4 98.3 85.9 84.2 81.4 81.4 74.0 72.1 88.7 71.6 66.6 63.3
china.com 31.4 23.8 32.1 33.0 35.3 33.7 31.9 36.1 37.7 39.3 33.1 33.0 31.5 32.3
yahoo.com 30.4 22.3 31.7 33.7 32.2 33.0 31.1 31.8 29.9 30.3 30.0 29.2 26.9 28.5
tom.com 43.1 31.5 40.6 42.7 39.2 45.5 39.9 37.8 35.6 34.1 29.4 25.1 25.6 24.4
21cn.com 24.3 19.5 26.3 29.4 33.0 34.3 32.7 26.5 22.0 23.9 23.9 22.8 24.9 21.8
msn.com 18.9 14.8 18.7 19.9 21.9 22.7 20.4 23.9 17.4 17.8 34.9 20.1 19.7 18.4
Source: iResearch, Macquarie Research, April 2011
Fig 2 Web portal penetration rate (‘m)
Web portal penetration rate 2010-01 2010-02 2010-03 2010-04 2010-05 2010-06 2010-07 2010-08 2010-09 2010-10 2010-11 2010-12 2011-01 2011-02
qq.com 92.3% 91.0% 93.3% 94.2% 92.6% 93.8% 94.5% 94.3% 94.0% 94.4% 94.5% 93.5% 93.7% 93.7%
sina.com.cn 76.5% 69.2% 72.8% 76.4% 75.9% 77.6% 76.7% 76.9% 74.8% 78.3% 77.5% 78.0% 76.6% 77.5%
163.com 68.5% 56.5% 63.2% 66.9% 65.5% 65.7% 64.3% 65.6% 63.9% 65.5% 65.6% 66.6% 63.9% 61.6%
sohu.com 61.6% 53.0% 59.5% 62.0% 61.2% 62.8% 59.3% 59.5% 56.8% 60.7% 59.8% 61.1% 60.7% 61.4%
ifeng.com 27.3% 21.0% 24.6% 27.3% 25.7% 25.9% 25.3% 26.7% 27.9% 30.1% 29.5% 29.5% 28.6% 28.3%
yahoo.com.cn 30.1% 22.7% 27.0% 33.2% 30.9% 31.0% 30.0% 28.1% 26.6% 27.2% 26.9% 28.3% 27.2% 25.5%
msn.com.cn 24.9% 20.8% 24.8% 26.9% 24.5% 24.3% 22.7% 22.6% 20.7% 20.7% 24.9% 20.0% 18.1% 16.9%
china.com 10.2% 7.5% 8.6% 9.0% 10.1% 9.7% 8.9% 10.0% 10.5% 11.3% 9.3% 9.2% 8.6% 8.6%
yahoo.com 9.9% 7.1% 8.5% 9.2% 9.2% 9.5% 8.7% 8.8% 8.3% 8.7% 8.4% 8.1% 7.3% 7.6%
tom.com 14.1% 10.0% 10.9% 11.7% 11.2% 13.1% 11.1% 10.5% 9.9% 9.8% 8.3% 7.0% 7.0% 6.5%
21cn.com 7.9% 6.2% 7.1% 8.0% 9.4% 9.9% 9.1% 7.4% 6.1% 6.9% 6.7% 6.3% 6.8% 5.8%
msn.com 6.2% 4.7% 5.0% 5.5% 6.3% 6.5% 5.7% 6.7% 4.9% 5.1% 9.8% 5.6% 5.4% 4.9%
Source: iResearch, Macquarie Research, April 2011
13 April 2011 2

3. Macquarie Research Internet Traffic Tracker
Search (duopoly but moving to monopoly) – Baidu has strengthened its market leadership;
Google & Soso (Tencent) losing ground
In Feb 2011, 356.5mn Internet users searched the web, up 21% YoY. While investors and analysts
often look at search query market share to analyse market positioning of different search engines, we
are using monthly unique visitors here but have reached a similar conclusion – Baidu has been
strengthening its market leadership at the expense of almost every other search engine. Specifically,
95% of search users today in China use Baidu compared to 90% a year ago. On the other hand, the
percentage of search users in China who have been using Google and Soso has been generally
declining over the last year. In Feb 2011, roughly 43% and 27% of search users visited Google and
Soso, respectively, both figures down noticeably from a year ago. Sogou (Sohu), however, has been
gradually increasing its market penetration according to the data below. In Feb 2011, 18% of Internet
search users used Sogou compared to the low teens a year ago.
Fig 3 Web search monthly unique visitors (‘m)
Web search monthly unique visitors('m) 2010-01 2010-02 2010-03 2010-04 2010-05 2010-06 2010-07 2010-08 2010-09 2010-10 2010-11 2010-12 2011-01 2011-02
Total 291.7 294.8 350.4 348.9 331.2 332.5 342.5 342.7 341.4 333.8 340.6 344.8 349.8 356.5
Baidu 267.0 267.4 328.4 332.1 308.3 311.3 320.0 321.0 319.0 313.9 320.6 325.9 332.2 337.7
Google China 168.2 140.7 187.8 186.9 168.5 171.5 177.5 174.7 172.5 168.1 160.8 157.6 154.1 154.5
Soso 99.9 86.8 101.0 106.4 99.6 108.0 111.6 105.7 112.5 110.9 100.8 112.7 100.9 97.3
Sogou 39.9 29.8 42.6 50.0 43.3 43.3 62.5 64.7 59.3 56.6 57.0 58.2 62.4 63.7
Google 39.6 28.8 46.9 50.0 42.8 41.7 43.5 45.1 41.2 44.3 41.1 39.8 36.2 38.9
Bing 21.5 15.2 24.2 24.5 21.7 22.3 21.4 21.0 20.7 20.8 23.7 21.2 21.6 20.0
Youdao 9.4 5.8 8.4 11.6 15.1 15.4 15.6 17.6 18.7 23.1 22.6 22.9 15.4 14.7
Gougou 22.4 15.6 17.8 19.3 21.4 19.2 18.9 14.8 13.3 13.9 12.8 10.2 10.1 9.1
Yahoo China 4.7 3.0 4.4 5.1 5.6 5.4 4.5 5.4 3.8 4.0 3.8 3.6 2.9 2.9
Source: iResearch, Macquarie Research, April 2011
Fig 4 Web search penetration rate (by monthly unique visitors)
Web search penetration rate 2010-01 2010-02 2010-03 2010-04 2010-05 2010-06 2010-07 2010-08 2010-09 2010-10 2010-11 2010-12 2011-01 2011-02
Baidu 91.5% 90.7% 93.7% 95.2% 93.1% 93.6% 93.4% 93.7% 93.4% 94.0% 94.1% 94.5% 95.0% 94.7%
Google China 57.7% 47.7% 53.6% 53.6% 50.9% 51.6% 51.8% 51.0% 50.5% 50.4% 47.2% 45.7% 44.1% 43.3%
Soso 34.3% 29.4% 28.8% 30.5% 30.1% 32.5% 32.6% 30.8% 33.0% 33.2% 29.6% 32.7% 28.9% 27.3%
Sogou 13.7% 10.1% 12.1% 14.3% 13.1% 13.0% 18.2% 18.9% 17.4% 17.0% 16.7% 16.9% 17.8% 17.9%
Google 13.6% 9.8% 13.4% 14.3% 12.9% 12.6% 12.7% 13.2% 12.1% 13.3% 12.1% 11.5% 10.3% 10.9%
Bing 7.4% 5.2% 6.9% 7.0% 6.5% 6.7% 6.2% 6.1% 6.1% 6.2% 7.0% 6.2% 6.2% 5.6%
Youdao 3.2% 2.0% 2.4% 3.3% 4.6% 4.6% 4.5% 5.1% 5.5% 6.9% 6.6% 6.6% 4.4% 4.1%
Gougou 7.7% 5.3% 5.1% 5.5% 6.5% 5.8% 5.5% 4.3% 3.9% 4.2% 3.7% 3.0% 2.9% 2.6%
Yahoo China 1.6% 1.0% 1.3% 1.5% 1.7% 1.6% 1.3% 1.6% 1.1% 1.2% 1.1% 1.1% 0.8% 0.8%
Source: iResearch, Macquarie Research, April 2011
Video (highly fragmented and competitive) – 8 video sites that have 30% or higher penetration
rate among video viewers; Qiyi the fastest grower
In Feb 2011, there were 343mn Internet video users in China, up 30% YoY, and eight video sites
each had at least 30% penetration among Internet video users, suggesting a highly fragmented
marketplace. In other words, for each of these 8 sites, at least 30% of the Chinese Internet video
users visited the site in the month of Feb. Over the last 12 months, Youku has gained modestly in
penetration to now about 65% while #2 player Tudou has largely maintained its penetration of around
55%. The biggest share gainers are Qiyi and Sohu. Since its inception less than a year ago, Qiyi now
has about 30% penetration. With significant investments in video, Sohu has been gradually
improving its penetration from mid 20s a year ago to high 30s today. Somewhat surprisingly, smaller
players such as Ku6, Xunlei, and 56 have largely maintained their penetration rate. While many
industry observers have been predicting upcoming industry consolidation, the reality appears, for the
time being, that the Chinese Internet video industry today remains highly fragmented and
competitive. We also highlight that the data below excludes peer-to-peer software sub-segment of
the Internet video industry, making the online video market even more competitive.
13 April 2011 3

4. Macquarie Research Internet Traffic Tracker
Fig 5 Online video website monthly unique visitors (‘m)
Online video website monthly unique visitors ('m) 2010-01 2010-02 2010-03 2010-04 2010-05 2010-06 2010-07 2010-08 2010-09 2010-10 2010-11 2010-12 2011-01 2011-02
Total 270.5 264.3 309.4 315.8 305.5 307.9 318.9 324.5 317.1 313.9 322.9 329.3 335.6 343.4
Youku 171.1 153.5 182.1 193.7 194.8 199.2 207.3 213.7 203.0 206.5 203.6 209.4 215.9 225.6
Tudou 152.0 134.4 152.9 165.9 167.7 170.2 177.0 183.6 176.1 177.1 175.6 182.4 186.7 188.9
Sohu 61.8 65.7 81.7 81.3 84.5 84.1 91.6 95.5 84.9 89.3 95.7 107.9 119.6 128.0
Qiyi - - - 2.1 2.6 2.2 28.1 43.4 44.6 50.4 51.6 56.3 76.5 102.4
Ku6 98.2 79.1 90.8 101.1 110.8 124.0 125.0 123.3 110.5 113.0 120.1 120.3 122.0 112.4
Sina 107.0 88.5 104.0 110.6 114.0 107.6 107.4 117.2 114.4 119.2 122.4 115.5 117.7 124.0
Xunlei 112.3 94.3 108.7 117.1 122.0 119.9 120.3 118.0 111.4 115.1 105.5 109.5 129.2 120.5
56 95.7 81.4 95.3 103.7 113.1 110.0 108.1 112.7 103.7 110.7 103.6 110.5 107.0 106.7
PPTV 30.6 34.8 39.9 32.9 30.6 45.6 48.5 49.2 38.5 41.8 51.6 54.6 56.3 46.5
CNTV 31.5 35.7 40.1 45.1 41.7 72.6 58.3 52.9 52.4 58.0 65.9 59.0 67.1 73.7
PPS 45.3 40.9 40.8 48.9 48.2 50.4 55.9 54.7 48.4 52.6 55.0 54.4 60.5 56.8
Six Rooms 36.2 29.7 30.6 28.6 29.4 32.7 34.6 36.2 27.8 26.3 27.9 26.0 27.3 33.0
Joy.cn 41.2 35.1 43.3 43.0 47.7 51.4 50.8 51.4 49.4 48.7 35.9 34.7 40.0 41.9
Letv 15.2 19.6 19.2 19.6 18.5 17.4 20.0 30.9 26.3 25.1 25.2 28.4 35.9 42.8
Source: iResearch, Macquarie Research, April 2011
Fig 6 Online video website penetration rate (by monthly unique visitors)
Online video website penetration rate 2010-01 2010-02 2010-03 2010-04 2010-05 2010-06 2010-07 2010-08 2010-09 2010-10 2010-11 2010-12 2011-01 2011-02
Youku 63.3% 58.1% 58.9% 61.3% 63.8% 64.7% 65.0% 65.8% 64.0% 65.8% 63.0% 63.6% 64.3% 65.7%
Tudou 56.2% 50.9% 49.4% 52.5% 54.9% 55.3% 55.5% 56.6% 55.5% 56.4% 54.4% 55.4% 55.6% 55.0%
Sohu 22.8% 24.8% 26.4% 25.8% 27.7% 27.3% 28.7% 29.4% 26.8% 28.4% 29.6% 32.8% 35.6% 37.3%
Qiyi 0.7% 0.9% 0.7% 8.8% 13.4% 14.1% 16.1% 16.0% 17.1% 22.8% 29.8%
Ku6 36.3% 29.9% 29.3% 32.0% 36.3% 40.3% 39.2% 38.0% 34.9% 36.0% 37.2% 36.5% 36.4% 32.7%
Sina 39.5% 33.5% 33.6% 35.0% 37.3% 35.0% 33.7% 36.1% 36.1% 38.0% 37.9% 35.1% 35.1% 36.1%
Xunlei 41.5% 35.7% 35.1% 37.1% 39.9% 38.9% 37.7% 36.4% 35.1% 36.7% 32.7% 33.2% 38.5% 35.1%
56 35.4% 30.8% 30.8% 32.8% 37.0% 35.7% 33.9% 34.7% 32.7% 35.3% 32.1% 33.6% 31.9% 31.1%
PPTV 11.3% 13.2% 12.9% 10.4% 10.0% 14.8% 15.2% 15.1% 12.1% 13.3% 16.0% 16.6% 16.8% 13.5%
CNTV 11.6% 13.5% 12.9% 14.3% 13.7% 23.6% 18.3% 16.3% 16.5% 18.5% 20.4% 17.9% 20.0% 21.5%
PPS 16.7% 15.5% 13.2% 15.5% 15.8% 16.4% 17.5% 16.9% 15.3% 16.8% 17.0% 16.5% 18.0% 16.5%
Six Rooms 13.4% 11.2% 9.9% 9.0% 9.6% 10.6% 10.8% 11.2% 8.8% 8.4% 8.6% 7.9% 8.1% 9.6%
Joy.cn 15.2% 13.3% 14.0% 13.6% 15.6% 16.7% 15.9% 15.8% 15.6% 15.5% 11.1% 10.5% 11.9% 12.2%
Letv 5.6% 7.4% 6.2% 6.2% 6.1% 5.7% 6.3% 9.5% 8.3% 8.0% 7.8% 8.6% 10.7% 12.5%
Source: iResearch, Macquarie Research, April 2011
E-commerce (fast growing; steady competitive landscape) – 51% YoY growth in unique
visitors; group buying is the new trend
In Feb 2011, there were a total of 290.8mn online shoppers, up from 192.7mn a year earlier, +51%
YoY. We highlight that the growth rate in unique visitors for ecommerce is higher than that for video,
which may be counter-intuitive for some given all the attention placed on video by investors.
Generally speaking, most of the leading ecommerce sites, such as Taobao and Dangdang, have
largely maintained their penetration rates among online shoppers. Another general observation is
that group buying sites have been embraced by online shoppers with top group buy sites such as
Lashou and Meituan having reached double-digit penetration among internet shoppers in less than a
year of being in operation. For Dangdang, despite intensifying competition in ecommerce area, the
company has largely maintained its double-digit penetration rate.
Fig 7 E-commerce website monthly unique visitors (‘m)
E-commerce monthly unique visitors('m) 2010-01 2010-02 2010-03 2010-04 2010-05 2010-06 2010-07 2010-08 2010-09 2010-10 2010-11 2010-12 2011-01 2011-02
Total 216.7 192.7 249.1 260.7 249.2 250.4 260.9 272.2 271.7 270.1 276.2 290.4 289.2 290.8
Taobao (C2C) 151.7 127.6 174.9 188.9 184.2 182.9 190.3 200.0 202.1 199.6 211.8 220.1 217.9 205.1
Taobao Mall (B2C) - - - - - - - - - - 92.2 107.8 103.1 87.9
Taobao (Group buy) - - - - - - 22.6 32.3 26.0 31.3 52.3 76.2 75.6 67.0
Paipai (C2C) 51.5 36.2 48.1 52.0 54.3 55.6 58.3 59.6 59.2 60.7 60.4 72.1 63.6 62.7
Alibaba China (B2B) 51.9 34.7 55.7 56.0 54.9 67.8 67.4 75.3 76.1 82.0 73.4 70.6 47.3 49.1
Laishou (Group buy) 0.0 0.0 0.0 0.0 0.0 1.3 9.1 13.8 20.4 29.0 33.7 43.9 45.1 48.6
360Buy (B2C) 20.7 17.0 25.9 28.1 26.6 33.1 35.2 38.2 37.1 36.1 34.6 41.9 39.4 35.6
Meituan (Group buy) - - - - - 0.9 5.6 9.9 12.3 13.0 15.0 23.6 30.4 34.1
Dangdang (B2C) 26.2 16.7 27.1 30.1 28.1 29.5 30.1 33.7 32.0 33.2 33.0 36.6 30.6 30.4
Amazon China (B2C) 25.3 18.1 27.9 29.3 27.1 24.9 27.0 26.7 28.9 29.2 26.4 30.2 29.5 29.3
Tencent (Group buy) - - - - - - 2.8 5.0 8.0 12.3 12.3 19.3 25.1 25.9
Alibaba (B2B) 13.1 9.0 20.7 21.1 24.6 31.2 31.6 32.4 27.5 32.0 31.1 37.7 25.9 23.8
Source: iResearch, Macquarie Research, April 2011
13 April 2011 4

5. Macquarie Research Internet Traffic Tracker
Fig 8 E-commerce website penetration rate (by monthly unique visitors)
E-commerce penetration rate 2010-01 2010-02 2010-03 2010-04 2010-05 2010-06 2010-07 2010-08 2010-09 2010-10 2010-11 2010-12 2011-01 2011-02
Taobao (C2C) 70.0% 66.2% 70.2% 72.5% 73.9% 73.1% 72.9% 73.5% 74.4% 73.9% 76.7% 75.8% 75.3% 70.5%
Taobao Mall (B2C) 33.4% 37.1% 35.7% 30.2%
Taobao (Group buy) 8.6% 11.9% 9.6% 11.6% 18.9% 26.2% 26.1% 23.0%
Paipai (C2C) 23.8% 18.8% 19.3% 20.0% 21.8% 22.2% 22.3% 21.9% 21.8% 22.5% 21.9% 24.8% 22.0% 21.6%
Alibaba China (B2B) 24.0% 18.0% 22.4% 21.5% 22.0% 27.1% 25.8% 27.7% 28.0% 30.3% 26.6% 24.3% 16.3% 16.9%
Laishou (Group buy) 0.5% 3.5% 5.1% 7.5% 10.7% 12.2% 15.1% 15.6% 16.7%
360Buy (B2C) 9.6% 8.8% 10.4% 10.8% 10.7% 13.2% 13.5% 14.0% 13.7% 13.4% 12.5% 14.4% 13.6% 12.2%
Meituan (Group buy) 0.3% 2.1% 3.7% 4.5% 4.8% 5.4% 8.1% 10.5% 11.7%
Dangdang (B2C) 12.1% 8.7% 10.9% 11.5% 11.3% 11.8% 11.5% 12.4% 11.8% 12.3% 11.9% 12.6% 10.6% 10.4%
Amazon China (B2C) 11.7% 9.4% 11.2% 11.2% 10.9% 10.0% 10.4% 9.8% 10.6% 10.8% 9.6% 10.4% 10.2% 10.1%
Tencent (Group buy) 1.1% 1.9% 3.0% 4.6% 4.5% 6.7% 8.7% 8.9%
Alibaba (B2B) 6.0% 4.6% 8.3% 8.1% 9.9% 12.5% 12.1% 11.9% 10.1% 11.8% 11.3% 13.0% 8.9% 8.2%
Source: iResearch, Macquarie Research, April 2011
Miniblog (hottest segment; probably to become more competitive) – battle continues on; SINA
remains dominant
In Feb, there were a total of 206mn miniblog monthly unique visitors in China, according to
iResearch. We decided to use daily unique visitor stats for the miniblog segment as opposed to
monthly unique visitor stats because of the rapidly changing market environment and significant
difference in activeness of miniblog users on different sites. For example, both Sina and Tencent had
over 100mn unique visitors in Feb, but Sina had 14.2mn daily unique visitors that month while
Tencent had 8.7mn, suggesting that Sina’s miniblog users log on more often (on daily basis) than
Tencent miniblog users. In terms of the penetration rate, Sina has broadly maintained its 50%
penetration rate (ie half of China’s average daily miniblog users logged onto Sina’s Weibo) while
Tencent and Sohu appear to be catching up to now hold about 30% and 15% penetration rate,
respectively, while Baidu’s and Qihoo’s miniblog user base penetration has declined over the past
year. Sina has the first mover advantage in the miniblog space and all top three players here are
making significant investments in this hotly contested segment.
Fig 9 Miniblog daily unique visitors (‘000)
Miniblog daily unique visitors ('000) 2010-03 2010-04 2010-05 2010-06 2010-07 2010-08 2010-09 2010-10 2010-11 2010-12 2011-01 2011-02
Total 3,841 5,415 6,829 9,566 9,770 11,050 12,398 13,201 16,686 19,535 24,092 28,424
Sina weibo 1,760 2,507 3,203 4,462 5,130 6,288 6,642 7,210 9,437 10,640 12,292 14,229
Tencent miniblog 67 330 774 1,161 1,132 1,660 2,052 2,547 3,094 4,273 6,371 8,686
Sohu miniblog 120 332 537 994 708 443 860 820 1,718 2,273 4,021 4,125
Baidu miniblog 872 1,166 1,166 1,864 1,876 1,909 1,668 1,602 1,537 1,699 1,616 2,364
Qihoo miniblog 966 980 1,047 1,065 1,013 1,084 1,343 1,248 1,367 1,311 1,175 1,235
Netease miniblog 76 178 261 473 328 225 280 312 443 585 772 1,132
iFeng miniblog - - - - - - 20 93 104 114 181 196
Digu miniblog 103 78 94 115 73 68 47 51 56 69 82 107
Twitter - - - - - - - - - - - 86
Tongxue miniblog 111 101 109 88 73 79 239 102 56 47 43 51
Zuosa miniblog 47 38 33 26 34 22 25 22 24 22 31 36
Follow5 miniblog - 38 18 32 24 18 21 21 32 20 20 33
9911 miniblog 49 44 34 36 27 36 33 34 18 20 32 19
Source: iResearch, Macquarie Research, April 2011
13 April 2011 5

6. Macquarie Research Internet Traffic Tracker
Fig 10 Miniblog penetration rate (by daily unique visitors)
Miniblog penetration rate 2010-03 2010-04 2010-05 2010-06 2010-07 2010-08 2010-09 2010-10 2010-11 2010-12 2011-01 2011-02
Sina weibo 45.8% 46.3% 46.9% 46.6% 52.5% 56.9% 53.6% 54.6% 56.6% 54.5% 51.0% 50.1%
Tencent miniblog 1.7% 6.1% 11.3% 12.1% 11.6% 15.0% 16.6% 19.3% 18.5% 21.9% 26.4% 30.6%
Sohu miniblog 3.1% 6.1% 7.9% 10.4% 7.2% 4.0% 6.9% 6.2% 10.3% 11.6% 16.7% 14.5%
Baidu miniblog 22.7% 21.5% 17.1% 19.5% 19.2% 17.3% 13.5% 12.1% 9.2% 8.7% 6.7% 8.3%
Qihoo miniblog 25.1% 18.1% 15.3% 11.1% 10.4% 9.8% 10.8% 9.5% 8.2% 6.7% 4.9% 4.3%
Netease miniblog 2.0% 3.3% 3.8% 4.9% 3.4% 2.0% 2.3% 2.4% 2.7% 3.0% 3.2% 4.0%
iFeng miniblog 0.2% 0.7% 0.6% 0.6% 0.8% 0.7%
Digu miniblog 2.7% 1.4% 1.4% 1.2% 0.7% 0.6% 0.4% 0.4% 0.3% 0.4% 0.3% 0.4%
Twitter 0.3%
Tongxue miniblog 2.9% 1.9% 1.6% 0.9% 0.7% 0.7% 1.9% 0.8% 0.3% 0.2% 0.2% 0.2%
Zuosa miniblog 1.2% 0.7% 0.5% 0.3% 0.3% 0.2% 0.2% 0.2% 0.1% 0.1% 0.1% 0.1%
Follow5 miniblog 0.7% 0.3% 0.3% 0.2% 0.2% 0.2% 0.2% 0.2% 0.1% 0.1% 0.1%
9911 miniblog 1.3% 0.8% 0.5% 0.4% 0.3% 0.3% 0.3% 0.3% 0.1% 0.1% 0.1% 0.1%
Source: iResearch, Macquarie Research, April 2011
Social Networking (highly concentrated segment but not really growing) – It Is a two horse
race, but neither horse is running very fast
Despite all the fanfare, growth of user base of leading Chinese social networking sites has not been
overly impressive, with total user growth of 18% YoY in Feb 2011, in line with total Chinese Internet
user growth. Contrary to the experience in the West (ie Facebook), social networks have not been
embraced by Chinese Internet users as widely. Broadly speaking, leading SNS site Renren’s monthly
unique visitors have been flattish over the last 12 month while #2 player Kaixin has been seeing a
decline in its monthly visitor count. There are many theories behind why Facebook-like social
networks don’t seem to get the same traction in China. For the time being, we have decided to
discount the monthly unique visitor stats for Tencent’s social networking offering as we believe
iResearch or Tencent may have reclassified some of the Tencent traffic into Pengyou traffic as our
on-the-ground checks suggested that not many people have used Tencent social networking sites.
Fig 11 Social Network Services website monthly unique visitors (‘m)
SNS monthly unique visitors ('m) 2010-01 2010-02 2010-03 2010-04 2010-05 2010-06 2010-07 2010-08 2010-09 2010-10 2010-11 2010-12 2011-01 2011-02
Total 209.3 185.5 226.8 234.1 214.3 212.1 216.8 226.1 218.3 219.1 219.8 221.8 229.8 217.9
Tencent Pengyou - - - - - - - - - - - 37.2 134.3 135.2
Renren 84.7 71.2 95.1 99.1 92.4 92.5 94.5 95.0 89.3 97.6 95.1 97.7 99.7 92.8
Kaixin 49.2 44.1 64.4 65.1 47.3 45.2 47.7 46.8 42.2 41.2 39.5 35.7 38.3 39.0
51.com 29.5 21.4 26.4 27.2 26.3 22.9 25.7 27.1 24.9 25.7 24.6 23.9 28.2 31.0
MySpace.cn 12.7 7.2 12.7 14.5 14.5 17.5 15.0 16.4 14.1 15.0 11.3 6.3 8.5 9.0
Jiaxingquan - - - - - - - - - - - - 4.0 7.9
China mobile - - - - - - - 9.1 10.5 10.1 9.4 9.8 6.6 6.3
Sohu 20.9 19.2 17.2 12.8 11.3 7.2 6.6 10.6 7.0 4.4 4.1 4.2 4.2 4.5
Facebook 3.9 3.2 3.3 4.3 4.0 3.7 3.5 4.0 3.3 3.6 3.0 3.9 4.5 4.2
Niwota.com 3.3 2.0 2.1 1.7 2.3 2.6 3.3 3.7 3.1 2.5 2.1 1.6 1.7 1.8
iPart.cn 2.2 2.1 3.0 2.9 2.7 2.7 3.0 2.9 3.2 2.8 2.2 1.9 3.6 0.8
MySpace 1.4 0.9 1.2 1.2 1.3 1.2 1.2 1.1 1.2 1.0 0.7 0.9 0.9 0.8
Source: iResearch, Macquarie Research, April 2011
Fig 12 Social Network Services website penetration rate (monthly unique visitors)
SNS penetration rate 2010-01 2010-02 2010-03 2010-04 2010-05 2010-06 2010-07 2010-08 2010-09 2010-10 2010-11 2010-12 2011-01 2011-02
Tencent Pengyou 17% 58% 62%
Renren 40% 38% 42% 42% 43% 44% 44% 42% 41% 45% 43% 44% 43% 43%
Kaixin 24% 24% 28% 28% 22% 21% 22% 21% 19% 19% 18% 16% 17% 18%
51.com 14% 12% 12% 12% 12% 11% 12% 12% 11% 12% 11% 11% 12% 14%
MySpace.cn 6% 4% 6% 6% 7% 8% 7% 7% 6% 7% 5% 3% 4% 4%
Jiaxingquan 2% 4%
China mobile 4% 5% 5% 4% 4% 3% 3%
Sohu 10% 10% 8% 5% 5% 3% 3% 5% 3% 2% 2% 2% 2% 2%
Facebook 2% 2% 1% 2% 2% 2% 2% 2% 2% 2% 1% 2% 2% 2%
Niwota.com 2% 1% 1% 1% 1% 1% 2% 2% 1% 1% 1% 1% 1% 1%
iPart.cn 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 2% 0%
MySpace 1% 1% 1% 1% 1% 1% 1% 0% 1% 0% 0% 0% 0% 0%
Source: iResearch, Macquarie Research, April 2011
13 April 2011 6

7. Macquarie Research Internet Traffic Tracker
Important disclosures:
Recommendation definitions Volatility index definition* Financial definitions
Macquarie - Australia/New Zealand This is calculated from the volatility of historical All "Adjusted" data items have had the following
Outperform – return >3% in excess of benchmark return price movements. adjustments made:
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Macquarie – Asia/Europe High – stock should be expected to move up or
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Underperform – expected return <-10% move up or down at least 25–30% in a year. number of shares
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Outperform (Buy) – return >5% in excess of Russell Note: Quant recommendations may differ from
3000 index return Fundamental Analyst recommendations
Neutral (Hold) – return within 5% of Russell 3000 index
return
Underperform (Sell)– return >5% below Russell 3000
index return
Recommendation proportions – For quarter ending 31 March 2011
AU/NZ Asia RSA USA CA EUR
Outperform 45.65% 65.72% 59.70% 43.02% 68.91% 51.16% (for US coverage by MCUSA, 14.36% of stocks followed are investment banking clients)
Neutral 39.49% 19.00% 29.85% 53.09% 26.43% 35.73% (for US coverage by MCUSA, 17.55% of stocks followed are investment banking clients)
Underperform 14.86% 15.28% 10.45% 3.89% 4.66% 13.11% (for US coverage by MCUSA, 0.00% of stocks followed are investment banking clients)
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8. Macquarie Research Internet Traffic Tracker
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13 April 2011 8

9. Asia Research
Head of Equity Research Oil, Gas and Petrochemicals Transport & Infrastructure
John O’Connell (Global Co – Head) (612) 8232 7544 Linda Huang (Hong Kong) (852) 3922 4068 Anderson Chow (China, Asia) (852) 3922 4773
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Linda Huang (Hong Kong) (852) 3922 4068
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Banks and Non-Bank Financials Alex Pomento (Philippines) (632) 857 0899
Property
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Robert Burghart (Japan) (813) 3512 7853 Damian Thong (Japan) (813) 3512 7877 Mark Matthews (Asia) (65) 6601 0841
Industrials David Gibson (Japan) (813) 3512 7880 Peter Eadon-Clarke (Asia, Japan) (813) 3512 7850
George Chang (Japan) (813) 3512 7854 Jiong Shao (China, Hong Kong) (852) 3922 3566
Inderjeetsingh Bhatia (India) (9122) 6653 3166
Michiko Kakiya (Japan) (813) 3512 7868 Rakesh Arora (India) (9122) 6653 3054
Linda Huang (Hong Kong) (852) 3922 4068
Yukihiro Goto (Japan) (813) 3512 5984 Ferry Wong (Indonesia) (6221) 515 7335
Janet Lewis (Japan) (813) 3512 7475
Daniel Kim (Korea) (822) 3705 8641 David Gibson (Japan) (813) 3512 7880
Yuki Soga (Japan) (813) 3512 7859
Benjamin Ban (Korea) (822) 3705 8659 Chan Hwang (Korea) (822) 3705 8643
Chang Han Joo (Korea) (822) 3705 8511
Andrew Chang (Taiwan) (8862) 2734 7526 Kieran Calder (Malaysia) (603) 2059 8992
Juwon Lee (Korea) (822) 3705 8661
Daniel Chang (Taiwan) (8862) 2734 7516 Yeonzon Yeow (Malaysia) (603) 2059 8982
Sunaina Dhanuka (Malaysia) (603) 2059 8993
Jimmy Hsu (Taiwan) (8862) 2734 7533 Alex Pomento (Philippines) (632) 857 0899
David Gambrill (Thailand) (662) 694 7753
Kylie Huang (Taiwan) (8862) 2734 7528 Daniel Chang (Taiwan) (8862) 2734 7516
Insurance Telecoms David Gambrill (Thailand) (662) 694 7753
Scott Russell (Asia) (852) 3922 3567 Keith Neruda (Asia) (65) 6601 0830
Chung Jun Yun (Korea) (822) 2095 7222 Find our research at
Tim Smart (China) (852) 3922 3565 Macquarie: www.macquarie.com.au/research
Media and Internet Lisa Soh (China, Hong Kong) (852) 3922 1401 Thomson: www.thomson.com/financial
Riaz Hyder (Indonesia) (6221) 2598 8486 Reuters: www.knowledge.reuters.com
Jiong Shao (China, Hong Kong) (852) 3922 3566 Nathan Ramler (Japan) (813) 3512 7875 Bloomberg: MAC GO
Steve Zhang (China, Hong Kong) (852) 3922 3578 Prem Jearajasingam (Malaysia) (603) 2059 8989 Factset: http://www.factset.com/home.aspx
Prem Jearajasingam (Malaysia) (603) 2059 8989 Joseph Quinn (Taiwan) (8862) 2734 7519 CapitalIQ www.capitaliq.com
Alex Pomento (Philippines) (632) 857 0899 Best Waiyanont (Thailand) (662) 694 7993 TheMarkets.com www.themarkets.com
Email macresearch@macquarie.com for access
Asia Sales
Regional Heads of Sales Regional Heads of Sales cont’d Sales Trading cont’d
Robin Black (Asia) (852) 3922 2074 Miki Edelman (Taiwan) (8862) 2734 7580 Chris Reale (New York) (1 212) 231 2555
Chris Gray (ASEAN) (65) 6601 0288 Angus Kent (Thailand) (662) 694 7601 Marc Rosa (New York) (1 212) 231 2555
Peter Slater (Boston) (1 617) 598 2502 Michael Newman (Tokyo) (813) 3512 7920 Stanley Dunda (Indonesia) (6221) 515 1555
Jeffrey Shiu (China & Hong Kong) (852) 3922 2061 Angus Innes (UK/Europe) (44) 20 3037 4841 James Aitchison (Korea) (822) 3705 9990
Thomas Renz (Geneva) (41) 22 818 7712 Rob Fabbro (UK/Europe) (44) 20 3037 4865 Kenneth Cheung (Malaysia) (603) 2059 8888
Andrew Mouat (India) (9122) 6653 3200 Sean Alexander (Generalist) (852) 3922 2101 Michael Santos (Philippines) (632) 857 0813
Kenneth Yap (Indonesia) (6221) 515 1555 Regional Head of Distribution Isaac Huang (Taiwan) (8862) 2734 7582
JJ Kim (Korea) (822) 3705 8799 Dominic Shore (Thailand) (662) 694 7707
Jason Lee (Malaysia) (603) 2059 8888 Justin Crawford (Asia) (852) 3922 2065
Alternative Strategies
Chris Gould (Malaysia) (603) 2059 8888 Sales Trading
Gino C Rojas (Philippines) (632) 857 0761 Convertibles - Roland Sharman (852) 3922 2095
Adam Zaki (Asia) (852) 3922 2002 Depository Receipts – Seung-Jin Lee (65) 6601 0203
Greg Norton-Kidd (New York) (1 212) 231 2527
Yat Quan Tan (Hong Kong) (852) 3922 2028 Derivatives – Mark Holland (852) 3922 2081
Luke Sullivan (New York) (1 212) 231 2507
Phil Sellaroli (Japan) (813) 3512 7837 Futures - Tim Smith (852) 3922 2113
Eric Roles (New York) (1 212) 231 2559
Matthew Ryan (Singapore) (65) 6601 0288 Structured Products - Andrew Terlich (852) 3922 2013
Sheila Schroeder (San Francisco) (1 415) 762 5001
Mike Keen (Europe) (44) 20 3037 4905