TRANSACTION STANDARDS OF SHENZHEN STOCK EXCHANGE

All the member entities:

The Transaction Standards of Shenzhen Stock Exchange upon approval of China Securities Regulatory Commission (CSRC) are herby promulgated,
and the related matters concerning the implementation thereof are notified as follows:

I.

The Transaction Standards of Shenzhen Stock Exchange shall go into effect as of July 1, 2006, and the Transaction Standards of Shenzhen
and Shanghai Stock Exchanges promulgated on August 31, 2001 shall be abolished at the same time.

II.

This Exchange will, temporarily, not accept the declaration by the conclusion of transactions at the best five prices and in real
time and the cancellation of remaining orders, the declaration by the conclusion of transactions in real time and the cancellation
of orders, and the declaration by the conclusion of transactions in full amount or the cancellation of orders mentioned in Article
3 .4.4 of the Transaction Standards of Shenzhen Stock Exchange at present, and this Exchange shall give further notice about the
time for accepting the aforesaid three market orders.

Shenzhen Stock Exchange

May 15, 2006

Transaction Standards of Shenzhen Stock Exchange
Chapter I General Provisions

1.1

In order to regulate the transactions in the securities market, maintain the order of the securities market, and protect the lawful
rights and interests of investors, these Rules are instituted in accordance with the Securities Law of the People￿￿s Republic of
China and other laws, administrative regulations, ministerial rules and the Articles of Association of Shenzhen Stock Exchange.

1.2

The transactions concerning the listed securities and their derivatives (hereinafter referred to as securities) of Shenzhen Stock
Exchange (hereinafter referred to as this Exchange) shall comply with these Rules.

Any matter that has not been prescribed in these Rules shall comply with other related provisions of this Exchange.

1.3

The securities transactions shall follow the principles of openness, fairness and equity.

1.4

The transactions of investors shall comply with the laws, administrative regulations, ministerial rules and the related business
operational rules of this Exchange, and the principles of free will, compensation and good faith.

1.5

The securities transactions shall employ the paperless centralized transactions and other methods upon approval of the China Securities
Regulatory Commission(referred to as the CSRC herein after).

Chapter II Trading Market

Section 1 Trading Places

2.1.1

This Exchange will provide trading places and facilities for the securities transactions. The trading places and facilities consist
of the exchange server, trading hall, trading seats, offering system and related communications systems, etc.

2.1.2

Approved by this Exchange, any member may declare by the traders assigned to the trading hall by it.

Without the special approval of this Exchange, those allowed to enter into the trading hall shall be limited to the persons as follows:

(1)

The registered traders; and

(2)

The personnel for supervision of the hall.

2.1.3

This Exchange will manage the trading competence of the members, and the concrete measures therefor shall be respectively prescribed
and go into effect after being reported to and approved by the CSRC.

Section 2 Trading Varieties

2.2.1

The securities as follows may be listed in this Exchange:

(1)

Stocks;

(2)

Funds;

(3)

Bonds;

(4)

Treasury bonds repurchase (T-bond repurchase) ;

(5)

Warrants; and

(6)

Other trading varieties upon approval of the CSRC.

Section 3 Trading Hours

3.1

The trading days of this Exchange are every week except Saturday and Sunday.

On State statutory holidays and the rest days announced by this Exchange, this Exchange will rest.

3.2

The securities are traded by means of competitive bidding, 9￿￿ to 9￿￿5 every trading day shall be the time for the aggregate auction
of opening quotation; 9￿￿0 to 11￿￿0 and 13￿￿0 to 14￿￿7 shall be the time for continuous auction; and 14￿￿7 to 15￿￿0 shall be
the time for the aggregate auction of closing quotation.

As approved by the CSRC, this Exchange may modulate the trading hours.

3.3

If the trading is suspended because of some reasons within the trading hours, the trading hours will not be put off.

Chapter III Purchase and Sales of Securities

Section 1 General Provisions

3.1.1

After accepting the entrustment of purchase and sales from an investor, any member shall make declaration to this Exchange in accordance
with the entrustment, and be responsible for the related liabilities of trading and delivery.

If any member accepts the entrustment of purchase and sales from an investor and the transaction is completed, the investor shall
deliver the member with the securities it/he entrusts the member to sell out or the money by which it/he entrusts the member to buy
securities, and the member shall deliver the investor with the money gotten from the sales of securities or the securities as purchased.

3.1.2

A member shall send out declaration orders about purchase or sales to the exchange server of this Exchange by means of the offering
system, and complete the transaction in accordance with these Rules, and the trading records shall be sent to the member by this
Exchange.

3.1.3

The entrustment and declaration records shall be properly kept by a member in accordance with the related provisions.

3.1.4

Any investor shall not sell the securities purchased before the delivery thereof, except that a turnaround transaction is effected.

The “securities turnaround transaction” refers to that the securities purchased by an investor will be totally or partly sold out
before the delivery after the confirmation of the transaction.

3.1.5

Same-day turnaround transactions will be carried out for the bonds and T-bond repurchase, and the next-trading-day turnaround transactions
will be carried out for B-shares.

3.1.6

This Exchange may carry out the system of primary dealers in accordance with the demands of the market, and the concrete measures
therefor shall be respectively prescribed by this Exchange and shall go into effect after being reported to and approved by the CSRC.

Section 2 Entrustment

3.2.1

When an investor buys or sells the securities, a securities account and a capital account shall be opened, and an entrustment agreement
on securities transactions shall be signed with a member. After the agreement goes into effect, the investor will become the client
of brokerage business of this member.

The opening of securities accounts by investors shall be conducted in accordance with the provisions of the registration and clearing
institutions designated by this Exchange.

3.2.2

A client may entrust a member to buy or sell the securities by means of the self-help entrustment methods such as letters, phone
calls, self-help terminals, and internet.

The entrustment by phone calls, self-help terminals, Internet and other self-help methods shall be conducted in accordance with the
related provisions.

3.2.3

For a client taking part in the purchase or sales of securities by any self-help entrustment method, the member shall sign a self-help
entrustment agreement with the client.

3.2.4

Except otherwise herein provided for by this Exchange, an entrustment instruction of any client shall consist of:

(1)

The number of the securities account;

(2)

The code of the securities;

(3)

The direction of the deal;

(4)

The entrusted quantity;

(5)

The entrusted price; and

(6)

Other contents required by this Exchange and the member.

3.2.5

A client may entrust a member to buy or sell the securities by means of limit order or market order.

The “limit order” means that a member is entrusted by the client to buy or sell the securities at the prescribed price, and the member
shall give declaration for purchasing the securities at the prescribed price or at a lower price and give declaration for selling
the securities at the prescribed price or at a higher price.

The “market order” means that a member is entrusted by the client to buy or sell the securities at the market price.

3.2.6

The uncompleted transaction as entrusted may be cancelled by a client.

3.2.7

As to the entrustment cancelled or invalidated, after making confirmation, the related capital or securities shall be returned timely
to the client by a member.

3.2.8

A member who provides the securities financing services through the securities sales for its clients shall be in accordance with
the related provisions.

Section 3 Declaration

3.3.1

This Exchange will accept the declarations of competitive bidding by the members at 9￿￿5 to 11￿￿0 and 13￿￿0 to 15￿￿0every trading
day.

At 9￿￿0 to 9￿￿5 and 14￿￿7 to 15￿￿0 every trading day, the exchange server of this Exchange will not accept the declarations for
the cancellation of competitive bidding, and the uncompleted transactions can be declared for cancellation at any other time for
accepting declarations. And a declaration for cancellation will not become valid without confirmation of the exchange server in this
Exchange.

At 9￿￿5 to 9￿￿0 every trading day, the exchange server only accepts the declarations, but will not deal with the sales declarations
or declarations for cancellation.

This Exchange can make modulation on the time for accepting the declarations of the members.

3.3.2

A member shall make declarations to this Exchange in time in accordance with the chronological order by which it accepts the entrustments
of its clients.

3.3.3

This Exchange will accept the declaration of the limit orders and market orders of the members.

3.3.4

In accordance with the demands of the market, this Exchange may accept the market orders of the types as follows:

(1)

The declaration through the best price of the counterpart;

(2)

The declaration through the best price of this side;

(3)

The declaration through the conclusion of transactions at the best five prices and in real time and the cancellation of remaining
orders;

(4)

The declaration through the conclusion of transactions in real time and the cancellation of remaining orders;

(5)

The declaration through the conclusion of transactions in full amount or the cancellation of orders; and

(6)

Other types formulated by this Exchange.

As to a declaration through the best price of the counterpart, the best price of the counterpart listed in the book of centralized
orders when the declaration enters into the exchange server shall be the price for declaration.

A declaration through the best price of this side means that the best price of this side listed in the book of centralized orders
as the declaration entering into the exchange server shall be the price for declaration.

As to a declaration through the conclusion of transactions at the best five prices and in real time and the cancellation of remaining
orders, the price of the counterpart shall be the transaction price, the transactions shall be completed in turn in accordance with
the declaration queue of the best five prices of the counterpart in the book of centralized orders as the declaration entering into
the exchange server, as well as the part of uncompleted transactions shall be automatically cancelled.

As to a declaration through the conclusion of transactions in real time and the cancellation of orders, the price of the counterpart
shall be the transaction price, the transactions shall be completed in turn in accordance with the queue of all the declarations
of the counterpart in the book of centralized orders as the declaration entering into the exchange server, as well as the part of
uncompleted transactions shall be automatically cancelled.

As to a declaration through the conclusion of transactions in full amount or the cancellation of orders, the price of the counterpart
shall be the transaction price, if the transactions can be completed in turn in accordance with the queue of all the declarations
of the counterpart in the book of centralized orders as the declaration entering into the exchange server, the transactions shall
be completed in turn, or all the declarations shall be automatically cancelled.

3.3.5

The market orders shall only apply to the transactions of the securities with the price limit during the course of continuous auction.
During other trading hours, the exchange server will not accept the market orders.

3.3.6

When a declaration by the best price of this side entering into the exchange server, if there is no declaration of this side in the
book of centralized orders, the aforesaid declaration shall be automatically cancelled.

Where any other declaration by the market order entering into the exchange server, if there is no declaration of the counterpart in
the book of centralized orders, the aforesaid declaration shall be automatically cancelled.

3.3.7

A limit order shall consist of the number of the securities account, the code of the securities, the code of the seat, the direction
of the deal, as well as the quantity and price, etc.

A market order shall consist of the type of the declaration, the number of the securities account, the code of the securities, the
code of the seat, the direction of the deal as well as the quantity, etc.

A declaration order shall be transferred in the form prescribed by this Exchange.

3.3.8

As to the purchase of stocks or funds by means of competitive bidding, the declared quantity shall be 100 shares (units) or the integral
number of times of 100 shares (units).

If selling the stocks or funds, the sales of the part less than 100 shares (units) shall be declared once and for all.

3.3.9

The purchase of bonds by means of competitive bidding shall be declared by 10 sheets or the integral number of times of 10 sheets.
And the purchase or sales of pledge-type repurchase of bonds shall be made declaration by 10 sheets or the integral number of times
of 10 sheets.

If selling the bonds, the sales of the part less than 10 sheets shall be made declaration once and for all.

The 100 Yuan of par value of bonds shall be one sheet, and the 100 Yuan of standard coupons of pledge-type repurchase of bonds shall
be one sheet.

3.3.10

The largest amount in a single declaration of competitive stock (fund) transactions shall less than one million shares (units), and
the largest amount in a single declaration of competitive transactions of bonds or pledge-type repurchase of bonds shall less than
100,000 sheets.

3.3.11

Different units of account shall be employed for the trading of different securities: the “price per share” for the stocks, the “price
per unit of funds” for the funds, the “price per 100 Yuan of par value of bonds” for the bonds, and the “due annual proceeds per
100 Yuan of capital” for the pledge-type repurchase of bonds.

3.3.12

The minimum price variance unit for the transaction of A-shares, bonds or pledge-type repurchase of bonds shall be 0.01 Yuan, and
0.001 Yuan for the transactions of funds, 0.01 HK Dollars for the transactions of B-shares.

3.3.13

In accordance with the demands of the market, this Exchange may modulate the minimum price variance unit of the declared quantity
and price of a single declaration of securities transaction.

3.3.14

This Exchange carries out the price limit to the transactions of stocks and funds, and the fluctuating proportion shall be 10%, and
the fluctuating proportion of ST or *ST shares shall be 5%.

The formula used for the fluctuating price shall be as follows: Fluctuating Price = Previous Closing Price ￿￿(1￿￿luctuating Proportion).

The calculation result shall be the minimum price variance unit in accordance with the principle of rounding (to the nearest whole
number).

If it meets any of the following circumstances, the price limit shall not be carried out on the first listing day of stocks:

(1)

The initial public offering;

(2)

The listed issuance of additional shares;

(3)

The resumption of trading after the suspending of trading; or

(4)

Other circumstances recognized by this Exchange or the CSRC.

As approved by the CSRC, this Exchange may modulate the fluctuating proportion of the securities.

3.3.15

When buying or selling the securities under the price limit, the declaration under the price limit shall be valid, otherwise, it
shall be declared to be invalid.

When buying or selling the shares of middle and small enterprise board (SME Board) under the price limit, the valid declarations beyond
the scope of valid auction during the period of continuous auction can not take part in the auction in real time and shall be temporarily
deposited in the exchange server; and when the transaction price is fluctuated into the scope of valid auction, the exchange server
will automatically take out the declarations for auction.

3.3.16

When buying or selling the securities without the price limit, the declarations beyond the scope of valid auction can not take part
in the auction in real time and shall be temporarily deposited in the exchange server; and when the transaction price is fluctuated
into the scope of valid auction, the exchange server will automatically take out the declarations for auction.

3.3.17

A declaration shall be valid on the current day. If each competitive transaction declared can not be completed once and for all,
the uncompleted part may continuously take part in the auction on the current day, other than the market orders prescribed in Item
(3), (4) and (5) of Article 3 .3.4.

Section 4 Auctions

3.4.1

The ways of aggregate auction and continuous auction shall be employed for the competitive securities transactions.

The “aggregate auction” refers to such a competitive method that the sales declarations accepted during a certain period shall be
collectively matched once and for all.

The “continuous auction” refers to such a competitive method that the sales declarations shall be continuously matched item by item.

3.4.2

The sales declarations that are not completed during the period for the aggregate auction of opening quotation shall automatically
enter into the continuous auction.

The sales declarations that are not completed during the period of continuous auction shall automatically enter into the aggregate
auction of closing quotation.

3.4.3

The scope of valid auction of the securities under the price limit during the period of aggregate auction shall be in line with the
scope of price limit.

The scope of valid auction of the stocks in the SME Board during the period of continuous auction shall be up and down 3% of the latest
transaction price. If the stocks are not transacted during the period for the aggregate auction of opening quotation, the scope of
valid auction shall be modulated to up and down 3% of the previous closing price when the continuous auction begins. The scope of
valid auction of other securities under the price limit during the period of continuous auction shall be in line with the scope of
price limit.

The calculation result for the scope of valid auction shall be the minimum price variance unit in accordance with the principle of
rounding (to the nearest whole number).

3.4.4

The scope of valid auction for the transactions of the securities without the price limit shall be made determination in accordance
with the methods as follows:

(1)

The scope of valid auction for the aggregate auction of opening quotation on the first listing day of stocks shall be less than 900%
of the offering price, and the scope of valid auction for the continuous auction and the aggregate auction of closing quotation shall
be up and down 10% of the latest transaction price;

(2)

The scope of valid auction for the aggregate auction of opening quotation on the first listing day of bonds shall be 30% or so of
the offering price, and the scope of valid auction for the continuous auction and the aggregate auction of closing quotation shall
be 10% or so of the last transaction price; and the scope of valid auction for the aggregate auction of opening quotation on the
non-first listing day of bonds shall be 10% or so of the previous closing price, and the scope of valid auction for the continuous
auction and the aggregate auction of closing quotation shall be 10% or so of the last transaction price; and

(3)

The scope of valid auction for the aggregate auction of opening quotation on the non-first listing day of the pledge-type repurchase
of bonds shall be 100% or so of the previous closing price, and the scope of valid auction for the continuous auction and the aggregate
auction of closing quotation shall be 100% or so of the latest transaction price.

3.4.5

If the securities without the price limit are not transacted during the period of aggregate auction of opening quotation, the scope
of valid auction thereof may be modulated in accordance with the methods as follows when the continuous auction starts:

(1)

If the highest buying price declared under the scope of valid auction is higher than the offering price or the previous closing price,
the scope of valid auction shall be modulated by taking the highest buying price declared as the benchmark; and

(2)

If the lowest selling price declared under the scope of valid auction is lower than the offering price or the previous closing price,
the scope of valid auction shall be modulated by taking the lowest selling price declared as the benchmark.

3.4.6

This Exchange may modulate the scope of valid auction of the securities in accordance with the demands of the market.

Section 5 Conclusion of Transactions

3.5.1

The securities competitive bidding shall be matched by complying with the principle of price and time priority.

The principle of price priority at the time of transaction conclusion shall be: the declaration for the purchase at a higher price
shall take precedence over the declaration for the purchase at a lower price, and the declaration for the sales at a lower price
shall take precedence over the declaration for the sales at a higher price.

The principle of time priority at the time of transaction conclusion shall be: the former declarer shall have priority to the later
declarer if the direction of the deal and the price are the same. The sequence of declarations shall follow the time when the exchange
server accepts the declarations.

3.5.2

As to aggregate auction, the principle for determination of the transaction price shall be as follows:

(1)

The price at which the maximum trading volume can be realized;

(2)

The declarations for the purchase at the price higher than the aforesaid price and the declarations for the sales at the price lower
than the aforesaid price shall all be transacted; and

(3)

All the transactions of either the buyer or the seller with the price in line with the aforesaid one shall be completed.

In case there are two or more aforesaid prices meeting the conditions mentioned above, the transaction price shall be the price closest
to the previous closing price.

All the transactions under aggregate auction shall be completed at the same price.

3.5.3

As to continuous auction, the principle for determination of the transaction price shall be as follows:

(1)

If the highest price upon declaration for the purchase is the same as the lowest price upon declaration for the sales, the aforesaid
price shall be the transaction price;

(2)

If the price upon declaration for the purchase is higher than the lowest price upon declaration for the sales in the book of centralized
auctions, the lowest price upon declaration for the sales in the book of centralized auctions shall be the transaction price; and

(3)

If the price upon declaration for the sales is lower than the highest price upon declaration for the purchase in the book of centralized
auctions, the highest price upon declaration for the purchase in the book of centralized auctions shall be the transaction price.

3.5.4

After the sales declarations are matched by the exchange server, the transactions are completed. A transaction goes into effect when
the transaction is completed in accordance with the provisions in these Rules, and both parties to the transaction shall accept the
trading result and undertake the obligation of liquidation and delivery.

In case a transaction is seriously influenced by the force majeure, accident or illegal invasion into the trading system, this Exchange
may employ proper measures or make sure the transaction as invalid.

As confirmed by this Exchange, proper measures may be employed for the clearly unfair transactions.

For the transactions that are against these Rules and will seriously destroy the normal operation of the securities market, this Exchange
has the right to make announcement on the cancellation of the transactions. And the losses that happened therefrom shall be undertaken
by the traders in violation of the rules.

3.5.5

For the transactions completed in accordance with these Rules, the trading results shall be determined based on the trading data
recorded in the exchange server of this Exchange.

3.5.6

The liquidation and delivery between the members shall be dealt with by the registration and clearing institution designated by this
Exchange.

Section 6 Block Trades

3.6.1

The method of block trades may be employed for the securities sales implemented in this Exchange and satisfying the conditions as
follows:

(1)

The quantity of A-shares in a single transaction thereof is more than 500,000 shares, or the trading amount is more than 3 million
Yuan;

(2)

The quantity of B-shares in a single transaction thereof is more than 50,000 shares, or the trading amount is more than 300,000 HK
Dollars;

(3)

The quantity of funds in a single transaction thereof is more than 3 million shares, or the trading amount is more than 3 million
Yuan;

(4)

The quantity of bonds in a single transaction thereof is more than 10,000 sheets (100 Yuan of par value for one sheet), or the trading
amount is more than 1 million Yuan;

(5)

The quantity of bonds in a single transaction of pledge-type repurchase of bonds is more than 10,000 sheets (100 Yuan of par value
for one sheet), or the trading amount is more than 1 million Yuan;

(6)

The trading amount in the aggregate one-way purchase or sales of several A-shares is more than 5 million Yuan, and of which the trading
amount of each single A-share is more than 200,000 shares;

(7)

The trading amount in the aggregate one-way purchase or sales of several funds is more than 5 million Yuan, and of which the trading
amount of each single fund is more than 1million shares; and

(8)

The trading amount in the aggregate one-way purchase or sales of several bonds is more than 5 million Yuan, and of which the trading
amount of eah single bond is more than 15,000 sheets.

In accordance with the demands in the market, this Exchange may modulate the minimum quota of block trades.

3.6.2

This Exchange will make acceptance of the declarations for block trades at 9￿￿5 to 11￿￿0 and 13￿￿0 to 15:30 every trading day.

3.6.3

The declarations for block trades shall consist of the declarations of intent and the declarations of transaction that has been completed.

A declaration of intent for block trades shall consist of the number of the securities account, the code of the securities, the direction
of the deal, the number of seat of this side as well as other contents. Whether the price and quantity of the transaction are to
be made sure in the declaration of intent shall be determined by the declarer.

A declaration of transaction that has been completed shall consist of the number of the securities account, the code of the securities,
the direction of the deal, the price and quantity of the transaction, the seat number of the counterpart as well as other contents.

3.6.4

The transaction price of the block trade of securities under the price limit shall be made determination by both parties to the transaction
under the scope of price limit on the current day.

The transaction price of the block trade of securities without the price limit shall be made determination through the consultation
of both parties to the transaction based on 30% or so of the previous closing price or between the highest and lowest prices of completed
transactions on the current day.

3.6.5

Both parties to the transaction shall, after signing an agreement, make declarations of transaction that has been completed to the
exchange server of this Exchange, and the transaction price of the declaration of transaction that has been completed shall agree
with the transaction quantity.

3.6.6

The exchange server will implement the transaction confirmation concerning the declarations of transactions that have been completed
made by both parties to the transactions from 15￿￿0to 15￿￿0 every trading day.

A declaration of transaction that has been completed shall not be changed or cancelled once it is made sure by this Exchange, and
both parties to the transaction shall accept the transaction result.

3.6.7

A member shall make sure that the participants in block trades actually own the securities or capital related to the declaration
of intent or the declaration of transaction that has been completed.

3.6.8

A block trade shall not be calculated into the calculation of real-time market information and indices of this Exchange, as well
as the trading volume shall be calculated into the current total securities trading volume after the block trade is closed.

3.6.9

As block trades is completed every trading day, this Exchange will promulgate the names of the securities, the trading volume, the
transaction price of block trades, and the name of the business department or seat of the member where both the buyer and the seller
make their transaction.

Section 7 Transactions of T-bond Repur

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