At the 13th Meeting of the 4th Board of Directors, held on 24 Jul 2008, the following proposals were examined and approved:

1. to revise the Articles of Association
2. a self-inspection report on the possible misappropriation of funds by controlling shareholders and other related parties
Details pertaining to the report are available on the website of the Shanghai Stock Exchange (www.sse.com.cn) dated 26 Jul 2008.

3. to replace certain directors and senior management
1) to accept the resignation of Wang Qingguo from his positions as director and general manager
2) to appoint Zhang Yi general manager

The company will hold its 1st 2008 Extraordinary General Meeting of Shareholders on 28 Aug 2008, to further examine proposals 1 and 3.

Board of Directors
26 Jul 2008


Source: Shanghai Stock Exchange

Date: 28 Jul 2008

CN01/CJ/LZ/BT/KM