Operating losses continue,tender offer launched UW：Offshore order gain，profit pain When the strong get stronger Yip's Chemical Holdings First Take: 1H results in-line, solid growth, margin expansion; Buy Techtronic Industries (669.HK, Sell): First Look – 1H13 Results AirAsia (AIRA MK) N: A mixed bag of fuel, currency, and competition in 2Q13 Shimao Property (0813.HK) Above expectations on other gains and JV contribution China Wireless Technologies (2369.HK) Below expectations, but core earnings stronger; maintain CL-Buy China Telecom (0728.HK) HK$4.06 First Take: In-line 1H, vague LTE but firm rural broadband strategy