Shenzhen Chunda Investment Co., Ltd., the controlling company shareholder, has been working with Shanghai Zhouji (Group) Co., Ltd. on a major asset company restructuring scheme since 9 Jul 2008. As a result, trading in the company's stock was suspended from 16 Jul 2008.

However, due to the global financial crisis, the initial major asset restructuring scheme is no longer adaptable under the current economic conditions. The company has explored every possible option to adapt the scheme but could not reach an agreement with the involved parties within the prescribed period. Thus, after negotiations with all parties, the major asset restructuring scheme was abandoned .

The company has pledged that there is no major asset restructuring planned in the next three months. Trading in the company's stock will resume on 24 Nov 2008.

Board of Directors
21 Nov 2008

Source: Securities Times

Date: 24 Nov 2008

CN01/DC/LZ/VW/JW