At the 16th Meeting of the 3rd Board of Directors and the 5th Meeting of the 3rd Board of Supervisors, both held on 23 Oct 2008, the following proposals were examined and approved:

1. the 3Q 2008 Report
2. to replace certain members on the board of directors and the board of supervisors

Xia Guohong resigned from his positions as a director and Chairman of the Board of Directors.

The board of directors plans to convene the 1st 2008 Extraordinary General Meeting of Shareholders on 12 Nov 2008, at which proposal 2 will be examined and considered for approval.

Source: Shanghai Stock Exchange

Date: 27 Oct 2008

CN01/AX/MR/NK/KM