Agoodstartto2013.Ourrecentchatwithmanagementsuggeststhat2H12saleswerestrongerthanexpected,thoughthiswasoffsetbyerosioningrossmargins.WealsolearnedthatthecompanyraiseditsASPsbyaround5%throughthereductionofitssalesrebatesinearlyJan2013,whicharepositivemovesamiditspeakseason.WereiterateourviewthatTiannengwillcontinuetoenlargeitsmarketsharein2013,thefinalyearbeforetheeffectiveexecutionof“E...