Progress on Share Reform Scheme

The company's holders of non-tradable shares are currently negotiating with related parties on issues regarding the resumption of its share reform procedures.

On 11 Jun 2008, the company retained Guo Hai Securities Co., Ltd. as its sponsoring institution and Wang Xu as sponsor representative for its share reform.

The board of directors is urging holders of the company's non-tradable shares to reach an agreement within the prescribed time period and to flash out detailed plans regarding the re-initiation of the company's share reform.

Board of Directors
21 Nov 2008


Source: Securities Times

Date: 24 Nov 2008

CN01/BJ/JL/VW/JW