At the 4th 2008 Extraordinary General Meeting of Shareholders, held on 13 Oct 2008, the following proposals were examined and approved:

1. to guarantee a RMB135 mln loan with China Construction Bank, Aksu branch for Xinjiang Hailong Chemical Fiber Co., Ltd., a subsidiary in which the company holds a 45% stake
2. to retain Wanlong Certified Public Accountants as the company's auditors for 2008

Board of Directors
14 Oct 2008


Source: Shanghai Stock Exchange

Date: 14 Oct 2008

CN01/NS/MR/JE/KM