RMB 800 mln Bond Issue Approved

At the 2nd 2008 Extraordinary General Meeting of Shareholders, held on 5 Nov 2008, the following proposals were examined and approved:

1. the company's qualifications for corporate bond issuance
2. to extend the validity for a corporate bond issuance by an additional year
The company plans to issue up to RMB 800 mln worth of corporate bonds with a maturity of no less than five years. Funds raised through the corporate bond issuance will be used as repayment of short-term loans taken out from commercial banks, and for debt restructuring, working capital, investments or acquisitions.

The proposal will be valid for one year effective 5 Nov 2008.

3. to petition a general meeting of shareholders to authorize the board of directors to address issues related to the corporate bond issuance

Board of Directors
5 Nov 2008


Source: Securities Daily

Date: 5 Nov 2008

CN01/DC/LZ/NK/KM