We underwrite IPOs, follow-on offerings, issuance of convertible corporate bonds, rights issues, and private placements. We had 43 PRC sponsor representatives as at December 31, 2012. We receive underwriting fees based on a certain percentage of the amount of securities we underwrite.

Our underwriting fees from our equity financing business amounted to RMB381.6 million,RMB281.6 million and RMB125.3 million in 2010, 2011 and 2012, respectively, representing 51.6%, 41.3% and 18.3% of the total revenue and other income of our investment banking business in the same periods, respectively.

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