Recently, certain media reported that the company was negotiating with certain enterprises to restructure its public transport business in Nanjing. In response to the issue, the company makes the following clarification:

1. Following consultation with relevant government authorities and Nanjing Urban Construction Investment (Holding) Group Co., Ltd., the company's largest shareholder, the company has neither negotiated with any enterprise on the issue before, nor will it in the next three months; and currently, no plan of material progress on the public transport restructuring in Nanjing was formulated.
2. There is no significant undisclosed information outstanding.
3. The Securities Times, China Securities Journal, and China Info website (www.cninfo.com.cn) are the company's designated media for information disclosure. Investors are advised to exercise caution when dealing in the company's shares.

Board of Directors
23 Oct 2008


Source: Securities Times

Date: 24 Oct 2008

CN01/BJ/JL/NK/KM