PRINCE FROG INTERNATIONAL HOLDINGS LIMITED (“Prince Frog” or the “Company”) is a People’s Republic of China (“PRC”) based producer of childcare products that raised RMB 536mm in a 2011 Hong Kong IPO. In this report, we present Nielsen retail sales data, a PRC government survey on consumer brand awareness, public tax records, and SAIC filings that, in our opinion, all independently indicate that Prince Frog’s actual sales are less than 25% of the figures reported in the Company’s public filings. We expect trading in the Company’s shares to be halted and its equity to be worth between HKD 0.74 to HKD 0.98 per share.