DECISION OF THE CHINA SECURITIES REGULATORY COMMISSION ON AMENDING THE INTERIM MEASURES FOR THE ADMINISTRATION OF BONDS OF SECURITIES COMPANIES

China Securities Regulatory Commission

Order of the China Securities Regulatory Commission

No. 25

The Decision on Amending the Interim Measures for the Administration of Bonds of Securities Companies, which was deliberated and adopted
at the 119th executive meeting of the chairmen of the China Securities Regulatory Commission on October 15th, 2004, is hereby promulgated
and shall be implemented as of the promulgation date.

Shang Fulin, Chairman of the China Securities Regulatory Commission

October 18th, 2004

Decision of the China Securities Regulatory Commission on Amending the Interim Measures for the Administration of Bonds of Securities
Companies

1.

Subparagraph 3 of Article 7 shall be deleted.

2.

Paragraph 2 of Article 12 shall be amended as: “The amount of money secured for the public issuance of bonds shall be not less than
the total amount of the principals and the interests of the bonds. With respect to the bonds issued to targeted purchasers, the amount
shall be, in principle, not less than 50% of the total amount of the principals and the interests of the bonds, and if the amount
of guarantee is less than 50% or it doesn￿￿t provide guarantee for the bonds issued to targeted purchasers, the special risks shall
be mentioned to the investors at the time of issuance and transfer of bonds, and it shall be signed by the investors.”

3.

Article 23 shall be amended as: “The minimum period of the bonds shall be one year.”

4.

Subparagraph 2 of Article 26 shall be amended as: “The total amount of the par value of the bonds actually issued shall be not less
than RMB 50 million yuan.”

The present Decision shall be implemented as of October 18th, 2004.

The Interim Measures for the Administration of Bonds of Securities Companies shall be re-promulgated after being amended pursuant
to the present Decision.