Revised Stock Option Incentive Plan Approved

At the 22nd Meeting of the 3rd Board of Directors and the 15th Meeting of the 3rd Board of Supervisors, both held on 14 Oct 2008, a revised stock option incentive plan (draft) was examined and approved.

According to the revised plan, the company will grant 11 mln stock options, valid for four years, to incentive recipients, who in turn, are entitled to subscribe to one share for every stock option held, at an exercise price of RMB 12.95 per share. Consequently, 11 mln shares will be placed, accounting for 8.05% of the company's 136.63 mln total shares outstanding as of the signing date of the incentive plan. In addition, the incentive plan has been examined and approved by the China Securities Regulatory Commission.

The company plans to convene its 3rd 2008 Extraordinary General Meeting of Shareholders on 3 Nov 2008, at which voting on the aforementioned plan and other proposals will be conducted conventionally at 2:00 pm, and on-line from 9:30 am to 11:30 am and from 1:00 pm to 3:00 pm. The on-line voting code is '738485' and the abbreviation is 'Zhongchuang Voting'.

Independent directors of the company plan to collect voting rights for the incentive plan. Shareholders of record on 27 Oct 2008 are entitled to the voting rights collection from 9:00 am to 5:00 pm between 28 Oct and 2 Nov 2008 (working sessions). Detailed information will be disclosed in the China Securities Journal and on the website of the Shanghai Stock Exchange (www.sse.com.cn), of which both are the company's designated media.

Board of Directors and Board of Supervisors
17 Oct 2008


Source: Shanghai Stock Exchange

Date: 17 Oct 2008

CN01/SS/MR/BT/KM