LETTER OF CHINA SECURITIES REGULATORY COMMISSION ON HOW TO CONFIRM THE STANDARD OF ALLOTTING PROFITS WHEN THE B-SHARES ENTERPRISES SHARE BONUS

The China Securities Regulatory Commission

Letter of China Securities Regulatory Commission on How to Confirm the Standard of Allotting Profits when the B-shares Enterprises
Share Bonus

ZhengJianHanZi [1994] No.1

January 6, 1994

Shenzhen stock exchange corporation, Shanghai stock exchange corporation:

The department of listed companies of the China Securities Regulatory Commission received the letter from Shenzhen stock exchange
corporation on December 3, 1993, in which it asked whether the B-share enterprises can follow the example of H-shares enterprise
to allot profits according to the lower-amount one of two report forms of profits audited by domestic and oversea accountants when
they share bonus.

China Securities Regulatory Commission consulted with the administration department of accounting matters of the Ministry of Finance,
and hereby gives a reply as follows:

According to the relevant provisions, during the allocation of profits, the H-shares enterprises allot profits according to the
lower-amount one of the two report forms of profits audited by domestic accountants and oversea accountants and supported to the
domestic and overseas investors. The B-shares enterprises should conduct as it.