Additional USD 3.74 Mln Investment in Zhejiang Minhe

At the 6th Meeting of the 5th Board of Directors, held on 21 Aug 2008, the following proposals were examined and approved:

1. the 2007 Semiannual Report and its Abstract
2. for Zhejiang Furun Printing and Dyeing Co., Ltd., of which a 46% stake is held by the company, to invest USD 3,746,939 to increase the registered capital of Zhejiang Minhe Steel Tube Co., Ltd. to USD 14,693,878.
Following the capital increase, Furun Printing will have invested a total of USD 7,493,878 in Zhejiang Minhe, a 51% stake of which will still held by Furun Printing.

Board of Directors
25 Aug 2008


Source: Shanghai Stock Exchange

Date: 25 Aug 2008

CN01/CJ/JL/BT/KM