REGULATIONS FOR THE IMPLEMENTATION OF WILD AQUATIC ANIMAL PROTECTION

Category	AGRICULTURE, FORESTRY AND METEOROLOGY	Organ of Promulgation	The State Council	Status of Effect	In Force
Date of Promulgation	1993-10-05	Effective Date	1993-10-05

Regulations of the People’s Republic of China for the Implementation of Wild Aquatic Animal Protection

Chapter I  General Provisions
Chapter II  Protection of Wild Aquatic Animal
Chapter III  Administration of Wild Aquatic Animal
Chapter IV  Awards and Penalties
Chapter V  Supplementary Provisions

(Approved by the State Council on September 17, 1993 and promulgated

by Decree No.1 of the Ministry of Agriculture on October 5, 1993)
Chapter I  General Provisions

Article 1 These Regulations are formulated in accordance with the
provisions of the Law of the People’s Republic of China on the Protection
of Wildlife (hereinafter referred to as the Law on the Protection of Wildlife).

Article 2 The term “wild aquatic animal” mentioned in these Regulations
refers to the species of wild aquatic animal which are precious or being
endangered; whereas the “products of wild aquatic animal” refers to any
part of the species of wild aquatic animal which are precious or being
endangered and their derivatives.

Article 3 The competent department of fishery administration under the
State Council shall be responsible for the nationwide administration of wild
aquatic animal.

The competent department of fishery administration under the people’s
governments at or above the county level shall be responsible for the
administration of wild aquatic animal in their respective administrative
areas.

The administrative sanction rights stipulated in the Law of the People’s
Republic of China on the Protection of Wildlife and these Regulations shall
be exercised by departments of fishery administration or their subordinate
fishery superintendency agencies.

Article 4 The people’s governments at or above the county level and their
relevant authorities shall encourage and support the relevant research or
teaching institutions in undertaking scientific research on wild aquatic
animal.

Article 5 The competent department of fishery administration and their
fishery superintendency agency shall have the right to supervise and inspect
the implementation of the Law on the Protection of Wildlife and these
Regulations, whereas all units and individuals subject to inspection shall
have the obligation to be prepared for such inspection.
Chapter II Protection of Wild Aquatic Animal

Article 6 The competent department of fishery administration under the
State Council and the competent departments of fishery administration under
the people’s governments of the provinces, autonomous regions and
municipalities directly under the Central Government shall regularly carry
out surveys of wild aquatic animal resources and keep records of them so
as to provide the basis for the planning of the protection and development of
wild aquatic animal resources and the preparation of the list or revised list
of wild aquatic animal under special protection by the State or local
authorities.

Article 7 The competent departments of fishery administration shall
organize all possible social forces and adopt effective measures to maintain
and improve the living environment of wild aquatic animal and to protect
and increase wild aquatic animal resources.

Any damage to the living and breeding waters and areas or the living
conditions of wild aquatic animal under special protection by the State or
local authorities by any unit or individual shall be prohibited.

Article 8 Any unit or individual shall have the right to report and
charge the conduct of seizing or destroying wild aquatic animal resources to
the local departments of fishery administration and their subordinate fishery
superintendency agencies.

Article 9 If any injured, stranded or strayed wild aquatic animal is
found in a harbor or a branch of a river by any unit or individual, the same
should be promptly reported to the local department of fishery administration
or their fishery superintendency agencies which shall take emergency measures
to rescue. Alternately, the nearby unit which is capable of rendering rescue
can be asked to take emergency first-aid measures to rescue such wild aquatic
animal, and report to the fishery administration.

Dead wild aquatic animal should be appropriately handled by the competent
department of fishery administration. Wild aquatic animal caught by mistake in
fishing operation should be freed at once without any condition.

Article 10 If the protection of wild aquatic animal under special
protection by the State or local authorities causes losses, claim for
compensation may be made to the competent department of fishery administration
under the local people’s government. If after investigation, it has been
established that the loss has actually occurred and the compensation is
necessary, such compensation shall be made by the local people’s government in
accordance with the relevant provisions of the people’s government of the
relevant province, autonomous region or municipality directly under the
Central Government.

Article 11 The competent department of fishery administration under the
State Council and the people’s governments of provinces, autonomous regions
and municipalities directly under the Central Government shall, in the main
districts and water areas where wild aquatic animal under special State or
local protection lives and breeds, designate natural reserves for wild
aquatic animal and strengthen the protection and administration of wild
aquatic animal under special State or local protection and of the environment
for its survival. Concrete administrative measures shall be formulated
separately by the State Council.
Chapter III Administration of Wild Aquatic Animal

Article 12 The catching or killing of wild aquatic animal under special
protection by the State shall be prohibited.

If, under any of the following cases, the catching of wild aquatic animal
under special protection by the State is necessary, the organization concerned
must apply for a special catching license.

(1) Where the wild aquatic animal has to be caught for the purpose of
scientific exploration and survey of resources;

(2) Where the origin of the wild aquatic animal has to be obtained from
natural waters or areas for the purpose of domestication and breeding thereof
under special protection by the State;

(3) Where the wild aquatic animal under special protection by the State
has to be obtained from natural waters or areas for the purpose of undertaking
scientific research above the provincial level or the production of medicine
assigned by the State;

(4) Where the wild aquatic animal under special protection by the State
has to be obtained from natural waters or areas for the purpose of propagation
and popularization of knowledge about aquatic wildlife or for the purpose of
education or exhibition;

(5) Be caught for other special reasons.

Article 13 The procedures for the application for special license for
catching wild aquatic animal:

(1) Where the catching of wild aquatic animal under class I State
protection is necessary, the application must be made to the competent
department of fishery administration under the State Council for a special
catching license, and attached with the views of the competent department of
fishery administration under the people’s government of the province,
autonomous region or municipality directly under the Central Government where
the applicant’s place of residence is located and where the catching is to be
carried out;

(2) Where the catching of wild aquatic animal under class II State
protection is to be carried out in the applicant’s own province, autonomous
region or municipality directly under the Central Government, the applicant
must apply to the competent department of fishery administration under the
people’s government of the province, autonomous region or municipality
directly under the Central Government for a special catching license,
and be attached with the views of the competent department of fishery
administration under the people’s government at the county level,
where the applicant’s residence is located;

(3) Where the catching of wild aquatic animal under class II State
Protection is to be carried out across the borders of different provinces,
autonomous regions or municipalities directly under the Central Government,
the applicant must apply to the competent department of fishery administration
under the people’s governments of the provinces, autonomous regions or
municipalities directly under the Central Government where the catching is to
be carried out for a special catching license, the application shall be
attached with the views of the competent department of fishery administration
under the people’s government of the province, autonomous region or
municipality directly under the Central Government where the applicant’s
residence is located.

Any zoo applying for the catching of the wild aquatic animal under class I
State protection shall have the application examined and approved by the
competent department of construction administration under the State Council
before it is submitted to the competent department of fishery administration
under the State Council for a special catching license. Where the catching
of wild aquatic animal under class II State protection is to be carried out,
the application shall be examined and approved by the competent department of
construction administration under the government at the same level with the
competent department of fishery administration before it is submitted to
competent department of fishery administration under the people’s government
of the relevant province, autonomous region or municipality directly under
the Central Government where the applicant’s residence is located for a
special catching license.

The department responsible for issuing the special catching license shall
decide to approve or disapprove the application within three months from the
date of receipt of the application.

Article 14 No special catching license shall be issued under any of the
following circumstances:

(1) Where there are legal and non-catching method available to the
applicant to obtain the origin of the species of wild aquatic animal under
special protection by the State or the products thereof or to fulfill the
applicant’s purpose;

(2) The application made is not in conformity with the relevant provisions
of the State, or the applicant’s gear or catching method is inappropriate, or
the season or location for catching is not suitable;

(3) The catching is not justified taking into consideration the situation
of wild aquatic animal resources.

Article 15 The unit or individual that has obtained the special catching
license shall observe the stipulations contained therein with respect to the
species, quantity, area, time limit, gear and method of catching, in order to
prevent the wild aquatic animal from accidental injury and their living
environment from accidental damage.

After the completion of catching, an application for examination shall be
made in time to the competent department of fishery administration or their
subordinate fishery superintendency agency under the relevant people’s
government at county level.

The competent department of fishery administration or their fishery
superintendency agency under the people’s government at the county level
shall exercise supervision and inspection over the catching of wild aquatic
animal under special protection by the State within their respective
administrative area, and timely report the results of supervision and
inspection to the department by which approval for the catching has been
granted.

Article 16 Any foreigner intending to make scientific surveys or to
collect specimens or to make films or videos of wild aquatic animal under
special protection by the state in the territory of China must apply to the
competent department of fishery administration under the people’s government
of the relevant province, autonomous region or municipality directly under the
Central Government where the relevant species of wild aquatic animal under
special protection by the State exist. After such application has been
examined by the above said department, it shall be submitted to the competent
department of fishery administration under the State Council or by a body
authorized thereby for approval.

Article 17 A domestication and breeding license is required for the
domestication and breeding of wild aquatic animal under class I special
protection by the State, to be issued by the competent department of the
fishery administration under the State Council. A domestication and breeding
license is required for the domestication and breeding of wild aquatic animal
under class II special protection by the State, to be issued by the competent
department of fishery administration under the people’s governments of the
relevant provinces, autonomous regions or municipalities directly under the
Central Government.

The competent department of fishery administration may entrust the
competent department of construction administration at the same level to issue
domestication and breeding licenses if any zoo intends to domesticate and
breed wild aquatic animal under special protection by the State.

Article 18 The sale and purchase of wild aquatic animal under special
State protection or the products thereof shall be prohibited. Where the sale,
purchase or utilization of wild aquatic animal under class I State protection
or the products thereof is necessary for scientific research, domestication
and breeding, exhibition or other special purposes, the unit concerned must
put forward the application to the competent department of fishery
administration under the people’s government of the relevant provinces,
autonomous regions and municipalities directly under the Central Government,
which shall, together with its remarks, submit the application to the
competent department of fishery administration under the State Council for
approval. Where the sale, purchase or utilization of wild aquatic animal under
class II State protection or the products thereof is necessary, the unit
concerned must submit the application to the competent department of fishery
administration under the people’s government of the relevant province,
autonomous region or municipality directly under the Central Government for
approval.

Article 19 The competent department of fishery administration and the
administrative authorities for industry and commerce under the people’s
government at or above the county level shall establish a system of
supervision and inspection of the business operation and utilization of wild
aquatic animal or the products thereof, and to enhance the supervision and
control over the business operation and utilization of wild aquatic animal or
the products thereof.

Transactions of wild aquatic animal or their products at country fairs
shall be supervised and managed by the administrative authorities for
industry and commerce, with the assistance of the competent department of
fishery administration, while those transactions outside the country fairs
shall be supervised and managed by the competent department of fishery
administration, the administrative authorities for industry and commerce or
units authorized by them.

Article 20 An application shall be made to the competent department of
fishery administration under the people’s government at the county level,
attached with the special catching license or the domestication and breeding
license, if transportation or carrying of wild aquatic animal under special
protection by the State or the products thereof is to be effected out of a
county. The application shall be submitted to and approved by the competent
department of fishery administration under the people’s government of the
relevant province, autonomous region or municipality directly under the
Central Government or by a department authorized thereby. If the
transportation of wild aquatic animal under special protection by the State
is necessary for the breeding of wild aquatic animal among different zoos,
the application for the transportation shall be approved by the competent
department of construction administration under the people’s government of
the relevant province, autonomous region or municipality directly under the
Central Government authorized by the competent department of fishery
administration at the same level.

Article 21 the transportation, railway, civil aviation administration
and postal enterprises should inform the relevant administration in time to
handle the wild aquatic animal or products thereof which have no lawful
transport certificate, and are not allowed to carry, accept and send the
above-mentioned items by post.

Article 22 With respect of the species of wild aquatic animal to be
imported or introduced from abroad, the unit concerned shall apply to the
competent department of fishery administration under the people’s government
of the relevant province, autonomous region or municipality directly under
the Central Government, and such application shall be submitted to and
approved by the competent department of fishery administration under the
State Council, after going through scientific authentication by the science
research institution designated by the competent department of fishery
administration under the people’s government at or above the provincial level.

Article 23 With respect to the export of wild aquatic animal under
special protection by the State or the products thereof, and the import or
export of wild aquatic animal or products thereof which are restricted by
international conventions to which China is a party, an application shall be
filed to the competent department of fishery administration under the people’s
government of the relevant province, autonomous region or municipality
directly under the Central Government where the unit or individual concerned
is located for scrutiny. Such application shall then be submitted to and
approved by the competent department of fishery administration under the
State Council. Where the import or export is made for trade purposes, the same
must be undertaken by the unit which has the right to be engaged in import
and export trade in the relevant commodities.

Where any zoo intends to import or export wild aquatic animal described
in the preceding paragraph for the purpose of mutual exchanges, the same shall
be scrutinized and agreed to by the competent department of construction
administration under the State Council, pending submission to the competent
department of fishery administration under the state Council for approval.

Article 24 The economic benefits derived from the exhibition of wild
aquatic animal or the products thereof and from other activities shall be
mainly used for the purpose of wild aquatic animal protection.
Chapter IV Awards and Penalties

Article 25 Any unit or individual that has achieved any of the following
deeds shall be rewarded by the people’s government at or above the county
level or by the competent department of fishery administration thereunder:

(1) Where outstanding contribution has been made in the survey of wild
aquatic animal resources, protection and maintenance, propagation and public
education, as well as development and utilization;

(2) Where outstanding achievements have been scored in the implementation
of laws and regulations on wildlife protection;

(3) Where outstanding achievements have been made in the rescue,
protection, domestication and breeding of wild aquatic animal;

(4) Where any act of violation of laws and regulations on wild aquatic
animal protection has been stopped in time or anyone who is credited with
reporting the violation thereof;

(5) Where outstanding contribution has been made in the handling of cases
of damage to wild aquatic animal resources;

(6) Where great achievements have been made in the scientific research of
wild aquatic animal or remarkable benefits have been gained in the application
and extension of the results of scientific research;

(7) Where five years or more have been spent continuously in a grass-root
unit on the protection and maintenance of wild aquatic animal and outstanding
achievements have been made;

(8) Where other special contribution has been made in the protection and
maintenance of wild aquatic animal.

Article 26 Illegal catching or killing of wild aquatic animal under
special protection by the State shall be liable to be prosecuted for criminal
responsibility in accordance with the Supplementary Provisions of the
Standing Committee of the National People’s Congress Concerning the Punishment
of the Crimes of Catching or Killing Precious and Endangered Species of
Wildlife Under Special State Protection; if the case is obviously not serious
enough and the damage is a minor one, or the circumstances of the offence are
too light to be punished, the competent department of fishery administration
shall confiscate the captured quarries, catching gears and the illegal income
obtained therefrom, and revoke the special catching license, and impose a
fine of below ten times the value of the captured quarries or, in case there
is no captured quarry, a fine below 10,000 RMB yuan shall be imposed.

Article 27 Anyone, in violation of the provisions of the laws and
regulations on wildlife protection, destroying the main areas where wild
aquatic animal under special protection by the State or local authorities
lives and breeds in natural reserves for wild aquatic animal shall be imposed
a fine in accordance with the provisions of Article 34 of the Law on the
Protection of Wildlife, and the fine range shall be below three times the cost
for the restoration thereof.

Article 28 Where anyone in violation of the provisions of the laws and
regulations on wildlife protection, sells, purchases, transports or carries
wild aquatic animal under special protection by the State or local authorities
or the products thereof, such wild aquatic animal and products and unlawful
income obtained therefrom shall be confiscated by the administrative
authorities for industry and commerce or by the competent department of
fishery administration authorized thereby, and a fine below ten times the
value thereof shall be imposed.

Article 29 Anyone forging, speculatively selling or transferring a
domestication and breeding license shall be imposed a fine below 5,000 RMB
yuan in accordance with the provisions of Article 37 of the Law on the
Protection of Wildlife. Anyone forging, speculatively selling or transferring
special hunting and catching license or an import or export permit shall be
imposed a fine below 50,000 RMB yuan in accordance with the provisions of
Article 37 of the Law on the Protection of Wildlife.

Article 30 Where anyone, in violation of the provisions of the laws and
regulations on wildlife protection, domesticates or breeds aquatic wildlife
under special protection by the State without domestication or breeding
license or domesticates or breeds wild aquatic animal under special protection
by the State beyond those specified in the domestication and breeding license,
his unlawful income shall be confiscated by the competent department of
fishery administration, and a fine below 3,000 RMB yuan shall be imposed; the
species of wild aquatic animal may be concurrently confiscated and the
domestication and breeding license may be revoked.

Article 31 Where any foreigner makes scientific surveys, collects
specimens or makes films or videos of wild aquatic animal under special
protection by the State in the field within the territory of China without
approval, the data of survey and film and video shooting and the specimens
collected by him shall be confiscated by the competent department of fishery
administration, and he may concurrently be imposed a fine below 50,000 RMB
yuan.

Article 32 Anyone who has committed any of the following acts being not
so serious as to constitute a crime shall, in accordance with the provisions
of the Regulations of the People’s Republic of China on Administrative
Penalties for Public Security, be punished by the public security organs:

(1) Refusing or impeding the fishery inspectors to carry out their duty in
accordance with law;

(2) Stealing, robbing or intentionally damaging instruments, devices or
facilities for protection of wildlife.

Article 33 The wildlife or the products thereof confiscated in accordance
with the provisions of the laws and regulations on wildlife protection shall
be dealt with according to the provisions made by the competent department of
fishery administration under the State Council.
Chapter V Supplementary Provisions

Article 34 The competent department of fishery administration under the
State Council shall be responsible for the interpretation of the Regulations.

Article 35 The Regulations shall come into force on the date of
promulgation.

SUPPLEMENTARY PROVISIONS CONCERNING THE PUNISHMENT OF CRIMES OFCOUNTERFEITING REGISTERED TRADEMARKS MADE BY THE STANDING COMMITTEE NATIONAL PEOPLE’S CONGRESS

Supplementary Provisions Concerning the Punishment of Crimes ofCounterfeiting Registered Trademarks Made by the Standing Committee
National People’s Congress

(Adopted at the 30th Session of the Standing Committee of theSeventh National People’s Congress, on February 22, 1993)

Important Notice:

In case of discrepancy, the original version in Chinese shall prevail.

Whole Document Supplementary Provisions Concerning the Punishment of Crimes ofCounterfeiting Registered Trademarks Made
by the Standing Committee of the National People’s Congress(Adopted at the 30th Session of the Standing Committee of the Seventh
National People’s Congress, on February 22, 1993)In order to punish such criminal acts as to counterfeit registeredtrademarks,
the following supplementary provisions shall be made and addedto the Criminal Law:

1. Where any person uses, without the authorization of the proprietor of aregistered trademark, a trademark that is identical with
the registeredtrademark in question in respect of the same goods, and the amount of hisillegal income is considerable or he has
committed other serious acts, heshall be sentenced to fixed-term imprisonment of not more than three yearsor criminal detention,
or sentenced concurrently or exclusively to a fine;where the amount of his illegal income is enormous, he shall be sentencedto fixed-term
imprisonment of not less than three years but not more thanseven years and concurrently to a fine.Where any person sells goods that
he knows bear a counterfeited registeredtrademark, and the amount of his illegal income is considerable, he shallbe sentenced to
fixed-term imprisonment of not more than three years orcriminal detention, or sentenced concurrently or exclusively to a fine;where
the amount of his illegal income is enormous, he shall be sentencedto fixed-term imprisonment of not less than three years but not
more thanseven years and concurrently to a fine.

2. Where any person counterfeits, or makes, without authorization,representations of a registered trademark of another person,
or sells suchrepresentations of a registered trademark as were counterfeited, or madewithout authorization, and the amount
of his illegal income isconsiderable or he has committed other serious acts, he shall be punishedaccording to the provisions
of Paragraph 1 of Article 1 above.

3. Where any enterprise or institution has committed any of such crimes asenumerated in the preceding two articles, it shall be sentenced
to a fine,and the person in charge who is directly responsible and any other personswho are directly responsible shall be prosecuted,
according to theprovisions of the preceding two articles, for their criminal liabilities.

4. Where any functionary of the State exploits his office to intentionallyharbour any enterprise, institution or individual that
he knows to beguilty of any of such criminal acts as enumerated in these Provisions andmake it or him to escape being prosecuted,
he shall be prosecuted, mutatismutandis under the provisions of Article 188 of the Criminal Law, for hiscriminal liabilities.Where
any functionary of the State who is responsible for prosecuting suchcriminals as enumerated in these Provisions fails to perform
his functionsof prosecution as prescribed by law, he shall be prosecuted, according tothe provisions of Article 187 of the Criminal
Law or mutatis mutandisunder the provisions of Article 188 of the Criminal Law, for his criminalliabilities.5. These Provisions
shall enter into force on July 1, 1993.

ARBITRATION LAW

Category	ARBITRATION	Organ of Promulgation	The Standing Committee of the National People’s Congress	Status of Effect	In Force
Date of Promulgation	1994-08-31	Effective Date	1995-09-01

Arbitration Law of the People’s Republic of China

Chapter I  General Provisions
Chapter II  Arbitration Commissions and the Arbitration
Chapter III  Arbitration Agreement
Chapter IV  Arbitration Proceedings
Chapter V  Application for Rescission of Award
Chapter VI  Execution
Chapter VII  Special Provisions for Foreign-related
Chapter VIII  Supplementary Provisions
Annex:  The Relevant Articles of the Civil Procedure Law

(Adopted at the Ninth Meeting of the Standing Committee of the Eighth National People’s Congress on August 31, 1994, promulgated by
Order No.31 of the President of the People’s Republic of China on August 31, 1994, and effective as of September 1, 1995)

Chapter I  General Provisions

Article 1 This Law is formulated for the
purpose of ensuring the impartial and prompt
arbitration of economic disputes, protecting the
legitimate rights and interests of the parties, and
guaranteeing the sound development of the socialist
market economy.

Article 2 Disputes arising out of contracts and
other disputes relating to rights and interests
in property between citizens, legal persons and other
organizations that are equal subjects may be
submitted to arbitration.

Article 3 Disputes coming under the following
categories shall not be submitted to arbitration:

(1) disputes arising from marriage, adoption,
guardianship, support and inheritance; and

(2) administrative disputes that, according to
law, should be handled by administrative authorities.

Article 4 The parties’ submission to arbitration
to settle their dispute shall be on the basis of both
parties’ free will and an arbitration agreement
reached between them. Failing an arbitration
agreement, the Arbitration Commission shall not accept
the application for arbitration submitted by either
of the parties.

Article 5 In case of an arbitration agreement,
a suit brought before a people’s court by either of
the parties to the arbitration agreement shall not be
accepted, except the arbitration agreement is null
and void.

Article 6 The Arbitration Commission shall be
selected by the parties by agreement.

In arbitration, there shall be no level competency,
nor territorial jurisdiction.

Article 7 In arbitration, disputes shall be
settled on the basis of facts, in conformity with
law and in a just and reasonable manner.

Article 8 The arbitration shall be conducted
independently by virtue of law, and shall not be subject
to interference by any administrative agency, public
organization or individual.

Article 9 The arbitral award shall be final.
Once an arbitral award has been made, neither the
Arbitration Commission nor the people’s court shall
accept the application for arbitration submitted,
or the suit brought, by either of the parties as to
the same dispute.

Where an arbitral award has been ordered to be
rescinded or not to be executed by a people’s court
according to law, either of the parties may submit
the dispute to arbitration according to the
arbitration agreement reconcluded between them, or
bring a suit before a people’s court.
Chapter II Arbitration Commissions and the Arbitration
Association

Article 10 An Arbitration Commission may be set up
in the capital city of a province, autonomous region
or municipality directly under the Central Government,
and also in other cities divided into districts if the
circumstances require, with no need to set up at every
administrative level.

In setting up an Arbitration Commission, the
people’s government of the city as mentioned in the
preceding paragraph shall arrange for the departments
concerned and the relevant chambers of commerce to
organize such Commission in a unified manner.

For setting up an Arbitration Commission, the
registration procedure shall be completed with the
judicial administration of the province, autonomous
region or municipality under the Central Government.

Article 11 An Arbitration Commission shall meet
the following requirements:

(1) has its own name, domicile and constitution;

(2) has the necessary property;

(3) has the personnel constituting the Commission; and

(4) has appointed arbitrators.

The constitution of an Arbitration Commission shall
be formulated in accordance with this Law.

Article 12 An Arbitration Commission shall be
composed of one Chairman, two to four Vice-Chairmen
and seven to eleven members.

The posts of Chairman, Vice-Chairman and member
of an Arbitration Commission shall be held by
specialists in the fields of law, economy and
trading and persons with practical experience. The
specialists in law and in economy and trading shall
not be less than two-thirds of the personnel of an
Arbitration Commission.

Article 13 An Arbitration Commission shall appoint
their arbitrators from among persons who are just and
upright.

An arbitrator shall have one of the following
qualifications:

(1) has been engaged in arbitration for eight
years or more;

(2) has practised law as a lawyer for eight years
or more;

(3) has served as a judge for eight years or more;

(4) has been engaged in legal research or legal
education and has a senior professional post_title; or

(5) with an acquaintance with law, has been
engaged in the professional work of economy and
trading, etc. and has a senior professional post_title
or has attained the equivalent professional level.

An Arbitration Commission shall draw up rolls of
arbitrators according to different professions.

Article 14 Arbitration Commissions shall be
independent of administrative agencies and there
shall be no subordinate relationship between an
Arbitration Commission and any administrative agency,
nor that between the different Arbitration Commissions.

Article 15 China Arbitration Association shall
be a social organization with the status of a legal
person. All Arbitration Commissions shall be members
of China Arbitration Association. The constitution
of China Arbitration Association shall be formulated
by the National Congress of the Members.

China Arbitration Association shall be a
self-disciplining organization of Arbitration
Commissions, and it shall conduct supervision
over the undisciplined activities of Arbitration
Commissions and their members and arbitrators.

China Arbitration Association shall formulate
arbitration rules in accordance with the relevant
provisions of the Civil Procedure Law and this Law.
Chapter III Arbitration Agreement

Article 16 The term “arbitration agreement”
shall mean either an arbitral clause in a contract
or any arbitration agreement in other writing form
concluded before or after the dispute arising.

An arbitration agreement shall contain the
following particulars:

(1) the express intention of arbitration;

(2) matters that may be submitted to
arbitration; and

(3) the Arbitration Commission appointed.

Article 17 An arbitration agreement shall be
null and void if it comes under any of the following
circumstances:

(1) the agreed matters for arbitration are beyond
the arbitral scope provided for by law;

(2) one or more parties of the arbitration
agreement are persons having no capacity for civil
conduct or persons with limited capacity for civil
conduct; or

(3) the arbitration agreement was concluded as
a result of coercion.

Article 18 Where they have not or not expressly
appointed the matters for arbitration or the
Arbitration Commission in their arbitration agreement,
the parties may make an additional agreement; failing
the additional agreement, the arbitration agreement
shall be null and void.

Article 19 An arbitration agreement shall be
independent of contracts, and no modification,
rescission, termination or invalidation of a contract
shall affect the effect of the arbitration agreement.

The Arbitration Tribunal shall be enpost_titled to
confirm the effect of a contract.

Article 20 Where any party challenges the effect
of an arbitration agreement, he may either submit it
to the Arbitration Commission for a decision or bring
it before the people’s court for an order. If one party
submits it to the Arbitration Commission for a
decision while the other one brings it before the
people’s court for an order, the people’s court shall
rule an order.

The party who intends to challenge the effect of
the arbitration agreement shall put forward his
challenge before the first hearing of the Arbitration
Tribunal.
Chapter IV Arbitration Proceedings

Section 1 Application and Acceptance

Article 21 Where any party intends to submit a
dispute to arbitration, the following requirements
shall be met:

(1) there is an arbitration agreement;

(2) he has a concrete claim, together with facts and
grounds; and

(3) the dispute is within the arbitral scope of
the Arbitration Commission.

Article 22 In applying for arbitration, a
party shall submit to the Arbitration Commission
the arbitration agreement, an application for
arbitration and its duplicates.

Article 23 An application for arbitration shall
include the following particulars:

(1) the name, sex, age, occupation, place of
work and domicile of the parties, or if the party is
a legal person or other organizations, its name and
domicile, and the name and position of its legal
representative or of the person in charge;

(2) the arbitration claim and the facts and
grounds on which the claim is based; and

(3) the evidence and its source, as well as the
names and domiciles of witnesses.

Article 24 Within 5 days after receiving an
application for arbitration, the Arbitration
Commission shall, if it deems that the requirements
for acceptance have been satisfied, accept the
application and notify the party, or if it deems
that the requirements for acceptance have not been
satisfied, notify the party in writing that the
application has been rejected and provide due
explanation.

Article 25 After accepting the application, the
Arbitration Commission shall, within the time limits
as provided for by the arbitration rules, serve the
Claimant with the arbitration rules and the roll of
arbitrators, and serve the Respondent with a
duplicate of the application for arbitration, as well
as the arbitration rules and the roll of arbitrators.

After receiving the duplicate of the application
for arbitration, the Respondent shall, within the time
limits as provided for by the arbitration rules,
submit his defence to the Arbitration Commission.
After receiving the defence, the Arbitration Commission
shall, within the time limits as provided for by the
arbitration rules, serve the Claimant with a
duplicate of the defence. Failure by the Respondent
to file a bill of defence shall not prevent the
arbitration proceedings from being carried out.

Article 26 In the event that a party, despite
of the existence of an arbitration agreement, brings
a lawsuit before a people’s court without a
statement of the existence of the agreement, and the
people’s court has accepted it as a case, if the
other party submits the arbitration agreement
before the first hearing of the court, the people’s
court shall reject the suit with the exception that
the arbitration agreement is null and void; if
the other party does not raise any challenge to the
jurisdiction of the court before the first hearing,
he shall be deemed to have abandoned the arbitration
agreement, and the people’s court shall continue its
proceedings.

Article 27 The Claimant may abandon or modify
his claim. The Respondent may either accept or
refuse the claim, and he shall be enpost_titled to file
his counter-claim.

Article 28 Where it becomes impossible or
difficult to execute an arbitral award because of
the acts of the other party or for other reasons,
a party may apply for economic preservative measures.

Where a party applies for economic preservative
measures, the Arbitration Commission shall refer it
to the people’s court in accordance with the
relevant provisions of the Civil Procedure Law.

If the application comes to be false, the
applicant shall compensate the other party for any
loss of property due to the economic preservative
measures.

Article 29 A party or his agent ad litem may
entrust a lawyer or other agent to act on his behalf
in arbitration. Those who intend to entrust a lawyer
or other agent to act on his behalf in arbitration
shall submit to the Arbitration Commission a power
of attorney.

Section 2 Formation of Arbitration Tribunal

Article 30 An Arbitration Tribunal may consist
of either three or a sole arbitrator. Where an
Arbitration Tribunal consists of three arbitrators,
a presiding arbitrator shall be appointed.

Article 31 Where the parties have agreed that
the Arbitration Tribunal shall be composed of three
arbitrators, they shall respectively select or
respectively authorize the Chairman of the
Arbitration Commission to appoint an arbitrator,
and the third arbitrator shall be selected jointly
by the parties or be appointed by the Chairman of
the Arbitration Commission with the authorization
jointly by the parties. The third arbitrator shall
be the presiding arbitrator.

Where the parties have agreed that the
Arbitration Tribunal shall be composed of a sole
arbitrator, that arbitrator shall be selected
jointly by the parties or be appointed by the
Chairman of the Arbitration Commission with the
authorization jointly by the parties.

Article 32 Where the parties, within the time
limits as provided for by the arbitration rules,
fail to agree on the formation of the Arbitration
Tribunal or fail to select the arbitrator(s), the
formation of the Arbitration Tribunal or the
arbitrator(s) shall be decided or appointed by the
Chairman of the Arbitration Commission.

Article 33 After an Arbitration Tribunal has
been formed, the Arbitration Commission shall
notify the formation of the Arbitration Tribunal
in writing to the parties.

Article 34 Where any arbitrator comes under
any of the following circumstances, he shall
withdraw from his office, also the parties shall
have the right to make a request for a withdrawal
of him from his office:

(1) he is a party or a near relative of a
party or of the agent of a party to the case;

(2) he has a personal interest in the case;

(3) he has other relationship with a party or
the agent of a party to the case that cause doubts
to his impartiality; or

(4) he has secretly met with a party or the
agent of a party, or accepted lavish dinner and gift
offered by a party or the agent of a party.

Article 35 The party who challenges an
arbitrator shall state the reason and make a request
for withdrawal before the first hearing. Where the
reason for challenge becomes known after the first
hearing, the request for withdrawal may be made
before the end of the last hearing.

Article 36 The Chairman of the Arbitration
Commission shall decide on the withdrawal of an
arbitrator; the Arbitration Commission shall decide
on the withdrawal of the Chairman of the Arbitration
Commission as an arbitrator.

Article 37 Where an arbitrator cannot perform
his functions because of his withdrawal or for
other reasons, a substitute arbitrator shall be
selected or appointed in accordance with the
provisions of this Law.

After the substitute arbitrator has been
selected or appointed upon the withdrawal, the
parties may request that the arbitral proceedings
in progress begin anew, and the Arbitration Tribunal
shall decide to permit or not; the Arbitration
Tribunal may also decide of itself whether or not
the arbitral proceedings shall begin anew.

Article 38 Where any arbitrator comes under the
circumstances as mentioned in Item (4) of Article 34
of this Law and the case is serious, or under the
circumstances as mentioned in Item (6) of Article 58
of this Law, he shall be investigated for legal
responsibilities according to law, and the Arbitration
Commission shall remove his name from the roll of
arbitrators.

Section III Hearing and Award

Article 39 Arbitration shall be conducted by
means of oral hearing. Where the parties agree to
omit oral hearing, the Arbitration Tribunal may
make an award according to the application for
arbitration, the bill of defence and other papers.

Article 40 Arbitration shall be conducted in
camera. Where the parties agree on open hearing, it
may be done so, with the exception that any state
secrets are involved.

Article 41 The Arbitration Commission shall,
within the time limits as provided for by the
arbitration rules, notify both sides of the parties
the date of oral hearing. With justified reasons, a
party may, within the time limits as provided for by
the arbitration rules, request for an postponement
of the date of oral hearing. The Arbitration
Tribunal shall decide on the request.

Article 42 The Applicant who has been notified
in writing to but fails to appear at the hearing
without any justified reason or leaves the session in
the progress of the hearing without permission of the
Arbitration Tribunal shall be deemed to withdraw his
application for arbitration.

Where the Respondent who has been notified in
writing fails to appear at the hearing without any
justified reason or leaves the session in the progress
of the hearing without permission of the Arbitration
Tribunal, the Arbitration Tribunal may make an award
by default.

Article 43 The parties shall give evidence for
their own arguments.

The Arbitration Tribunal may, when it considers
necessary, make investigation and collect evidence on
its own initiative.

Article 44 The Arbitration Tribunal may, when it
considers necessary, refer a specialized issue for
appraisal to an appraisal agency agreed upon by the
parties or appointed by the Tribunal itself.

The appraisal agency shall, on the request of
the party or the demand of the Arbitration Tribunal,
send an appraiser to attend the hearing. With
permission of the Arbitration Tribunal, the parties
may put questions to the appraiser.

Article 45 Evidence shall be presented during
the hearings, and the parties may make challenges
thereon.

Article 46 Under circumstances where there is
a likelihood that evidence may be destroyed or
lost or difficult to obtain later on, the parties
may apply for the evidence to be preserved. Where a
party applies for any evidence to be preserved, the
Arbitration Commission shall pass the application
on to the basic people’s court at the place of the
evidence.

Article 47 The parties shall have the right to
carry on debate in the course of arbitration. The
presiding arbitrator or the sole arbitrator shall,
at the end of the debate, seek the final statements
of the parties.

Article 48 The Arbitration Tribunal shall make
a written record of the hearing. If any party or
any other participant in the hearing holds that
there is any omission or error in the records of
his statements, he shall have the right to apply
for supplement or correction. The application shall
be recorded if it is rejected.

The written record shall be signed or sealed by
the arbitrator(s), recorder, parties and any other
participants in the hearing.

Article 49 The parties may make reconcilement
of themselves after they have submitted their dispute
to arbitration. Where a settlement is reached through
reconcilement, the parties may either ask the
Arbitration Tribunal to make an award according to
the agreement on reconcilement or withdraw the
application for arbitration.

Article 50 Where he retracts after an agreement
on reconcilement has been reached, the party may
apply for arbitration again by virtue of the
arbitration agreement after the original application
for arbitration has been withdrawn.

Article 51 The Arbitration Tribunal may conduct
conciliation first before making an award. Where the
parties themselves wish to make a settlement through
conciliation, the Arbitration Tribunal shall conduct
conciliation. Failing settlement through
conciliation, an award shall be made without
delay.

Where a conciliation agreement has been reached,
the Arbitration Tribunal shall either draw up a
conciliation statement or give an award according to
the conciliation agreement. The conciliation
statement and the award shall be of equal legal
effect.

Article 52 The arbitral claim and the
settlement agreed on by the parties shall be stated
in a conciliation agreement. The conciliation
statement shall be signed by the arbitrator(s) with
the seal of the Arbitration Commission and then be
served to both sides of the parties.

The conciliation statement shall become
effective as soon as both sides of the parties have
signed for receipt thereof.

Where any party retracts before he signs for
receipt of the conciliation statement, the
Arbitration Tribunal shall make an award without
delay.

Article 53 The award shall be decided by the
majority of the arbitrators, while the minority
opinion may be put in a written record. Where no
majority is obtainable, the award shall be
decided by the presiding arbitrator.

Article 54 The award shall be written into the
arbitral claim, the facts of the dispute, the
reasons for the decisions, the result of the award,
the arbitration costs to be borne and the date on
which the award was made. The facts of the dispute
and reasons for the award may be omitted if they are
agreed to be by the parties. The award shall be
signed by the arbitrator(s) with the seal of the
Arbitration Commission. The arbitrator of the
minority opinion may either sign or not.

Article 55 The Arbitration Tribunal may, in the
process of the arbitration, make an interlocutory
award first on any facts of the case if those facts
are already evident.

Article 56 The Arbitration Tribunal shall
correct any literal error and any error in
computation, and add matters that have been
adjudicated but omitted to write in the award; any
of the parties may, within 30 days after receiving
the award, request the Arbitration Tribunal to make
a correction or addition.

Article 57 The award shall become effective as
of the date of making.
Chapter V Application for Rescission of Award

Article 58 Any party who can give evidence to
prove that the award comes under one of the following
circumstances may apply to the intermediate people’s
court of the same region where the Arbitration
Commission is located for rescission of the award:

(1) there was no arbitration agreement between
the parties;

(2) the matters as to which the award was made
were beyond the scope as specified in the arbitration
agreement or beyond the jurisdiction of the
Arbitration Commission;

(3) the formation of the Arbitration Tribunal or
the arbitral proceedings were contrary to the
statutory procedure;

(4) the evidence on which the award was made was
fabricated;

(5) the other party withheld some evidence and
the withholding was enough to impair the impartiality
of the award; or

(6) the arbitrator, while conducting arbitration
of the case, asked for or accepted bribes, played
favouritism and committed irregularities, or conducted
arbitration by twisting the law.

Where the people’s court, by forming a collegial
panel, verifies upon investigation that the award
was made under any of the circumstances as mentioned
in the preceding paragraph, it shall make an order
to rescind the award.

Where the people’s court verifies that an award
is prejudicial to the public interests, it shall
make an order to rescind the award.

Article 59 The application of the parties for
rescission of an award shall be put forward within a
period of six months after receiving the award.

Article 60 the people’s court shall make an
order to rescind the award or to reject the
application within a period of two months after
accepting an application for rescission of an
award.

Article 61 After accepting an application for
rescission of an award, if the people’s court
holds that it may be rearbitrated by the
Arbitration Tribunal, it shall notify the
Arbitration Tribunal to make a rearbitration
within a certain period of time limit, and in the
meantime, make an order to suspend the rescission
procedure. Where the Arbitration Tribunal refuses to
make a rearbitration, the people’s court shall make
an order to resume the rescission procedure.
Chapter VI Execution

Article 62 The parties shall perform the award.
Where any party fails to perform the award, the
other party may, in accordance with the relevant
provisions of the Civil Procedure Law, apply to the
people’s court for execution. The people’s court
which is applied to shall make an execution.

Article 63 In case that the person against whom
an application for execution is made gives evidence
to prove that the award comes under any of the
circumstances as mentioned in the Second Paragraph,
Article 217, of the Civil Procedure Law, the people’s
court shall, after examination and verification by a
collegial panel, make an order to disallow the award.

Article 64 In case that one party applies for
execution of an award while the other one applies
for rescission of the award, the people’s court
shall make an order to suspend the execution.

Where it makes an order to rescind

MEASURES OF THE PEOPLE’S REPUBLIC OF CHINA ON ADMINISTRATION OF INVOICE

The Ministry of Finance

Decree of the Ministry of Finance of the People’s Republic of China

No.6

“Measures of the People’s Republic of China on Administration of Invoice” is adopted by the State Council on December 12, 1993, and
is promulgated now.

Minister of the Ministry of Finance Liu Zhongli

December 23,1993

Measures of the People’s Republic of China on Administration of Invoice

Chapter I General Provisions

Article 1

These Measures are formulated in accordance with the Law of the People’s Republic of China on Administration of Tax Collection with
a view to strengthening the control of invoices and the supervision of financial affairs, to ensuring tax revenue of the State and
maintaining economic order.

Article 2

Units and individuals who print, receive, purchase, issue, obtain and keep invoices (hereinafter referred to as “units and individuals
who print and use invoices”) within the territory of the People’s Republic of China, must comply with these Measures.

Article 3

“The invoice” stated in these Measures refers to the certificates of payment or receipt of money made out or received in purchases
and sales of goods, provision or acceptance of services and in other business activities.

Article 4

The State Administration for Taxation takes the overall responsibility for the control of invoices nationwide. The branches of the
State Administration of Taxation and local tax bureaux of the provinces, autonomous regions and municipalities directly under the
Central Government (hereinafter referred to as “tax authorities of the provinces, autonomous regions and municipalities directly
under the Central Government”) shall, based on their respective responsibilities, make joint efforts to have good control of invoices
in their respective administrative regions.

The relevant departments of finance, audit, administrations for industry and commerce, and public security shall within the scope
of their responsibilities coordinate with the tax authorities to have good control of invoices.

Article 5

The categories, order of duplicates, contents and the range of usage of invoices shall be determined by the State Administration of
Taxation.

Article 6

Any unit and individual can inform against any act violating the legislation for the control of invoices. Tax authorities shall maintain
secrecy for the informers and present them with appropriate awards.

Chapter II Printing of Invoices

Article 7

Invoices shall be printed by enterprises appointed by tax authorities of the provinces, autonomous regions and municipalities directly
under the Central Government; special invoices for Value-Added Tax shall solely be printed by the State Administration of Taxation.
Printing, forgery and revision of invoices without permission are prohibited.

Article 8

Devices against forgery of invoices shall be produced by enterprises appointed by the State Administration of Taxation. Illegal manufacturing
of these anti-forgery devices is prohibited.

Article 9

Tax authorities of the provinces, autonomous regions and municipalities directly under the Central Government shall implement the
principle of unified control of the printing of invoices, strictly examine the qualifications of the enterprises engaged in printing
invoices and issue invoice printing permit to these appointed enterprises.

Article 10

lnvioces shall be stamped with a nationwide uniform stamp for supervision of the printing of invoices. The form of the stamp and the
requirements for the printing and layout of invoices shall be stipulated by the State Administration of Taxation. The stamp for supervision
of the printing of invoices shall be made by the tax authorities of the provinces, autonomous regions and municipalities directly
under the Central Government. Forgery of the stamp for supervision of the printing of invoices is prohibited.

A system of changing the printing plate at irregular intervals shall be implemented.

Article 11

In accordance with unified regulations of tax authorities, enterprises printing invoices shall establish a system for printing and
managing invoices, and measures for safe-keeping.

A system of person-in-charge of the usage and control of the stamp for supervision of the printing of invoices and the special anti-forgery
devices shall be implemented.

Article 12

Enterprises printing invoices must print the invoices in accordance with the type and amount approved by tax authorities.

Article 13

Invoices must be printed in Chinese. In autonomous regions, a national language used in common in that particular region can be added
to the invoices. If necessary, invoices can be printed in both Chinese and a foreign language simultaneously.

Article 14

Apart from the special invoices for Value-Added Tax, the invoices used by units and individuals in various provinces, autonomous regions
and municipalities directly under the Central Government should be printed within the respective provinces, autonomous regions and
municipalities directly under the Central Government; if for any reason they must be printed in other provinces, autonomous regions
and municipalities directly under the Central Government, the tax authorities of the relevant provinces, autonomous regions and municipalities
directly under the Central Government should obtain consent from the tax authorities of these other provinces, autonomous regions
and municipalities directly under the Central Government undertaking the printing of invoices. The invoices shall then be printed
by the enterprises appointed by the tax authorities of these other provinces, autonomous regions and municipalities directly under
the Central Government which undertake the printing of invoices.

Printing of invoices outside the territory of the People’s Republic of China is prohibited.

Chapter III Purchasing of Invoices

Article 15

All units and individuals who perform tax registration according to the law shall, upon receiving the tax registration certificate,
apply to acquire invoices from the respective tax authorities.

Article 16

Units and individuals applying for acquisition of invoices shall file an application for purchasing invoices, provide certificates
of identity of the person in charge, tax registration certificates or other relevant documents, as well as moulds for stamps of the
financial department or special stamps for invoices. After examination and approval of the relevant tax authorities, invoice purchase
books will be issued.

Units and individuals who need invoices shall, based on the categories, quantity and mode of acquisition approved by the relevant
authorities as indicated in the invoice purchase books, purchase invoices from the relevant tax authorities.

Article 17

Units and individuals who temporarily need to use invoices may directly apply to the relevant tax authorities for purchase.

Article 18

Units or individuals who temporarily carry on business activities outside their own provinces, autonomous regions and municipalities
directly under the Central Government should by presenting the certificates from the tax authorities of their original location,
apply for the acquisition of invoices from the local tax authorities where their business activities take place.

Tax authorities of the provinces, autonomous regions and municipalities directly under the Central Government shall regulate the procedures
for acquisition of invoices by units or individuals who temporarily carry on cross city or county business within the provinces,
autonomous regions and municipalities directly under the Central Government.

Article 19

For units and individuals from other provinces, autonomous regions and municipalities directly under the Central Government applying
for purchase of invoices for temporary business activities in the areas under their own jurisdiction, tax authorities can request
for provision of guarantors or a security deposit of not exceeding 10,000 yuan based on the face value of the invoices purchased
and handing in the invoices for disposal within a set time limit.

For those who hand in invoices on time for disposal, their guarantors shall be released from the commitments or have their security
deposit refunded; for those who fail to hand in the invoices for disposal on time, their legal liabilities should be taken over by
the guarantors or satisfied with the security deposit.

Tax authorities shall issue receipts upon collecting security deposit.

Chapter IV Issuance and Safekeeping of Invoices

Article 20

Units and individuals engaged in the sales of goods, provision of services and other business activities, should issue invoices to
the payers when collecting payment in business activities with outside parties. However, under extraordinary circumstances, payers
can issue invoices to payees.

Article 21

Units and individuals engaged in production and business activities should obtain invoices from payees for payment made in purchasing
commodities, accepting services and taking part in other business activities. Upon receipt of the invoice, they should not ask for
alteration of the name of article and amount of payment.

Article 22

Invoices not in line with the regulations must not be taken as the proof for reimbursement. Any unit and individual has the right
to refuse such invoices.

Article 23

Invoices should be issued column by column and with all the duplicates, in strict accordance with the time limit and sequence stipulated
in the regulations and be stamped with the unit’s stamp of the financial department or a special stamp for invoices.

Article 24

In use of computers to generate invoices, prior approval from the respective tax authorities should be obtained. Standard invoices
issued under the supervision of tax authorities besides the computer-generated invoices shall be used. The stubs of the invoices
so issued must be bound into booklets with sequential numbers.

Article 25

No unit or individual can lend, transfer or issue invoices on other unit’s or individual’s behalf. Without the prior approval from
the tax authorities, they cannot use invoices by tearing invoice books apart, nor expand the scope of usage of the special invoices.

Illegal sales or purchases of invoices, stamps for supervision of the printing of invoices and anti-forgery devices for invoices are
prohibited.

Article 26

The area of issuance of invoices is limited to the provinces, autonomous regions and municipalities directly under the Central Government
where the units and individuals purchase them.

Tax authorities of the provinces, autonomous regions and municipalities directly under the Central Government may regulate the procedures
for issuance of invoices cross city or county.

Article 27

Without prior approval, no unit or individual can carry, mail or transport blank invoices beyond the regions where these invoices
are bound to be used.

Carrying, mailing and transporting blank invoices into or from the territory of China is prohibited.

Article 28

Units and individuals issuing invoices should establish a system for the use and registration of invoices, prepare a invoice register
and report to the respective tax authorities on the use of invoices at regular intervals.

Article 29

Units and individuals issuing invoices should, at the same time as they go through the formalities for changing or cancelling tax
registration, go through the formalities for changing or cancelling invoices and invoice purchase books.

Article 30

Units and individuals issuing invoices should, in accordance with the regulations of the tax authorities, store and keep invoices
and shall not destroy the invoices without authorization. The stubs of the invoices already issued and the invoice register should
be kept for five years. Upon completion of the period the invoices shall be destroyed after examination by the relevant tax authorities.

Chapter V Inspection of Invoices

Article 31

In managing invoices, the tax authorities have the right to conduct the following inspections:

(1)

Examining the printing, purchasing, issuing, obtaining and safe keeping of invoices;

(2)

Selecting invoices to be examined;

(3)

Investigating and duplicating documents and materials related to the invoices;

(4)

Inquiring the parties concerned about the problems and the conditions related to the invoices;

(5)

Making notes, tape-recording, video-recording, taking photographs and making copies on the related state of affairs and data when
dealing with cases of investigation of invoices.

Article 32

Units and individuals printing and using invoices must accept lawful inspection by tax authorities, present the truth and provide
the relevant data without refusal or concealment.

Tax officials should present their tax inspection permits at the time of inspection.

Article 33

When tax authorities take away the invoices already issued for inspection, they should issue certificates for exchange of the invoices
to the units and individuals to be inspected. The certificates for exchange of the invoices and the invoices to be examined are equally
authentic. The units and individuals whose invoices have been taken away for inspection must not refuse the above arrangement.

Tax authorities should issue receipts when taking away blank invoices for inspection, blank invoices that are found in order should
be returned in time.

Article 34

In the course of examining the reporting of tax, should the tax authorities find any doubt with invoices or evidence concerning the
reporting of tax obtained outside China by the units or individuals, they may ask the units or individuals for certificates of confirmation
provided by foreign notary or chartered accountants. After examination and approval by the tax authorities, these invoices or evidence
could be taken as basis for book-keeping.

Article 35

In the course of examining invoices, tax authorities may find the need to check how the stubs and invoices are completed, they may
send out invoice completion checking cards to the units in possession of the invoices or stubs. These units concerned should complete
the cards in accordance with facts and return them in time.

Chapter VI Penalty Provisions

Article 36

Acts violating the legislation for management of invoices include:

(1)

Failure to print invoices or manufacture anti-forging devices for invoices in accordance with the relevant regulations;

(2)

Failure to purchase invoices in accordance with the relevant regulations;

(3)

Failure to issue invoices in accordance with the relevant regulations;

(4)

Failure to obtain invoices in accordance with the relevant regulations;

(5)

Failure to keep invoices in accordance with the relevant regulations;

(6)

Failure to accept inspection by tax authorities in accordance with the relevant regulations.

For all the units and individuals who have committed one of the above said acts, the tax authorities may order them to rectify within
a prescribed time limit, confiscate their illicit income and impose a fine of up to l0,000 yuan at the same time. Those who have
committed two or more of the acts listed above can be penalized on separate accounts.

Article 37

Tax authorities shall confiscate the blank invoices and the illicit income of those who illegally carry, mail, transport or keep these
invoices and a fine of up to 10,000 yuan may be imposed at the same time.

Article 38

Tax authorities shall seal up, detain or destroy the invoices illegally printed, counterfeited, bought or sold, and the privately
made stamps for supervision of the printing of invoices and the anti-forgery products for invoices. Tax authorities shall also confiscate
the illicit income and the tools used in committing the offenses; a fine between 10,000 yuan and 50,000 yuan may be imposed at the
same time; if these offenses constitute crimes, legal actions shall be taken against the offenders for their criminal liability.

Article 39

In cases of violations of the regulations on the control of invoices leading to the evasion and degraudation of tax by other units
or individuals, tax authorities shall confiscate the illicit income and a fine of no more than the actual amount of the tax evaded,
unpaid or underpaid may be imposed at the same time.

Article 40

If the units or individuals concerned do not agree to the decisions of the tax authorities on the penalties imposed, they can apply
to the higher tax authorities for reconsideration or file a suit at the People’s Court in accordance with the law; the tax authorities
which have made the decision on the penalties can apply to the People’s Court to forcefully execute the penalties if the parties
concerned have neither applied for reconsideration within the prescribed time, nor filed a suit at the People’s Court, nor implemented
the decisions.

Article 41

According to the relevant regulations, administrative sanctions shall be imposed on any tax officials who, by taking advantage of
their positions, deliberately place obstacles before any units or individuals who print or use invoices or indulge in acts in violation
of the regulations concerning the management of invoices. If such acts constitute criminal offenses, they shall be prosecuted for
their criminal liability.

Chapter VII Supplementary Provisions

Article 42

The special invoices used by State-owned financial, posts and telecommunications, railways, civil aviation, road and water transport
institutions, etc. may be managed by the respective competent departments of the State Council or the respective departments of the
people’s governments of the provinces, autonomous regions and municipalities directly under the Central Government after the approval
of the State Administration of Taxation or its branches in the provinces, autonomous regions and municipalities directly under the
Central Government.

Article 43

In accordance with the need for economic development and for the collection and supervision of tax, the State encourages the use of
cash registers. Specific procedures will be promulgated separately.

Article 44

The State Administration for Taxation shall be responsible for the interpretation of these Measures and the rules for their implementation
shall be formulated by the State Administration of Taxation.

Article 45

These Measures shall enter into force as of the date of promulgation. The Interim Measures on Administration of Countrywide Invoices
promulgated by the Ministry of Finance in 1986 and the Interim Provisions Concerning Administration of Invoices of Enterprises with
Foreign Investment and Foreign Enterprises promulgated in 1991 by the State Administration of Taxation shall be repealed simultaneously.

The Ministry of Finance
1993-12-23

BASIC LAW OF THE MACAO SPECIAL ADMINISTRATIVE REGION OF THE PEOPLE’S REPUBLIC OF CHINA

The National People’s Congress

Order of the President of the People’s Republic of China

No.3

The Basic Law of the Macao Special Administrative Region of the People’s Republic of China which is composed of the Method for the
Selection of the Chief Executive of the Macao Special Administrative Region(attachment I), the Method for the Formation of the Legislative
Council of the Macao Special Administrative Region(attachment II), the National Laws to Be Applied in the Macao Special Administrative
Region(attachment III) and the regional flag and the form of the regional emblem of the Macao Special Administrative Region, has
been adopted at the First Session of the Eighth National People’s Congress on March 31, 1993, and promulgated hereby for implementation
as of December 20, 1999.

President of the People’s Republic of China Jiang Zemin

March 31, 1993

Basic Law of the Macao Special Administrative Region of the People’s Republic of China ContentsPreamble

Chapter I General Principles

Chapter II Relationship Between the Central Authorities and the Macao Special Administrative Region

Chapter III Fundamental Rights and Duties of the Residents

Chapter IV Political Structure

Chapter V Economy

Chapter VI Cultural and Social Affairs

Chapter VII External Affairs

Chapter VIII Interpretation and Amendment of the Basic Law

Chapter IX Supplementary Provisions

Attachment I: Method for the Selection of the Chief Executive of the Macao Special Administrative Region

Attachment II: Method for the Formation of the Legislative Council of the Macao Special Administrative Region

Attachment III: National Laws to Be Applied in the Macao Special Administrative Region

Preamble

Macao, including the Macao Peninsula, Taipa Island and Coloane Island, has been part of the territory of China since ancient times;
it was gradually occupied by Portugal after the mid-16th century. On 13 April 1987, the Chinese and Portuguese Governments signed
the Joint Declaration on the Question of Macao, affirming that the Government of the People’s Republic of China will resume the exercise
of sovereignty over Macao with effect from 20 December 1999, thus fulfilling the long-cherished common aspiration of the Chinese
people for the recovery of Macao.

Upholding national unity and territorial integrity, contributing to social stability and economic development, and taking account
of its history and realities, the People’s Republic of China has decided that upon China’s resumption of the exercise of sovereignty
over Macao, a Macao Special Administrative Region will be established in accordance with the provisions of Article 31 of the Constitution
of the People’s Republic of China, and that under the principle of “one country, two systems”, the socialist system and policies
will not be practised in Macao. The basic policies of the People’s Republic of China regarding Macao have been elaborated by the
Chinese Government in the Sino-Portuguese Joint Declaration.

In accordance with the Constitution of the People’s Republic of China, the National People’s Congress hereby enacts the Basic Law
of the Macao Special Administrative Region of the People’s Republic of China, prescribing the systems to be practised in the Macao
Special Administrative Region, in order to ensure the implementation of the basic policies of the People’s Republic of China regarding
Macao.

Chapter I General Principles

Article 1

The Macao Special Administrative Region is an inalienable part of the People’s Republic of China.

Article 2

The National People’s Congress authorizes the Macao Special Administrative Region to exercise a high degree of autonomy and enjoy
executive, legislative and independent judicial power, including that of final adjudication, in accordance with the provisions of
this Law.

Article 3

The executive authorities and legislature of the Macao Special Administrative Region shall be composed of permanent residents of Macao
in accordance with the relevant provisions of this Law.

Article 4

The Macao Special Administrative Region shall safeguard the rights and freedoms of the residents of the Macao Special Administrative
Region and of other persons in the Region in accordance with law.

Article 5

The socialist system and policies shall not be practised in the Macao Special Administrative Region, and the previous capitalist system
and way of life shall remain unchanged for 50 years.

Article 6

The Macao Special Administrative Region shall protect the right of private ownership of property in accordance with law.

Article 7

The land and natural resources within the Macao Special Administrative Region shall be State property, except for the private land
recognized as such according to the laws in force before the establishment of the Macao Special Administrative Region. The Government
of the Macao Special Administrative Region shall be responsible for their management, use and development and for their lease or
grant to individuals or legal persons for use or development. The revenues derived therefrom shall be exclusively at the disposal
of the government of the Region.

Article 8

The laws, decrees, administrative regulations and other normative acts previously in force in Macao shall be maintained, except for
any that contravenes this Law, or subject to any amendment by the legislature or other relevant organs of the Macao Special Administrative
Region in accordance with legal procedures.

Article 9

In addition to the Chinese language, Portuguese may also be used as an official language by the executive authorities, legislature
and judiciary of the Macao Special Administrative Region.

Article 10

Apart from displaying the national flag and national emblem of the People’s Republic of China, the Macao Special Administrative Region
may also use a regional flag and regional emblem.

The regional flag of the Macao Special Administrative Region is a green flag with five stars, lotus flower, bridge and sea water.

The regional emblem of the Macao Special Administrative Region is composed of five stars, lotus flower, bridge and sea water encircled
by the words “Macao Special Administrative Region of the People’s Republic of China” in Chinese and “MACAO” in Portuguese.

Article 11

In accordance with Article 31 of the Constitution of the People’s Republic of China, the systems and policies practised in the Macao
Special Administrative Region, including the social and economic systems, the system for safeguarding the fundamental rights and
freedoms of its residents, the executive, legislative and judicial systems, and the relevant policies, shall be based on the provisions
of this Law.

No law, decree, administrative regulations and normative acts of the Macao Special Administrative Region shall contravene this Law.

Chapter II Relationship Between the Central Authorities and the Macao Special Administrative Region

Article 12

The Macao Special Administrative Region shall be a local administrative region of the People’s Republic of China, which shall enjoy
a high degree of autonomy and come directly under the Central People’s Government.

Article 13

The Central People’s Government shall be responsible for the foreign affairs relating to the Macao Special Administrative Region.

The Ministry of Foreign Affairs of the People’s Republic of China shall establish an office in Macao to deal with foreign affairs.

The Central People’s Government authorizes the Macao Special Administrative Region to conduct relevant external affairs on its own
in accordance with this Law.

Article 14

The Central People’s Government shall be responsible for the defence of the Macao Special Administrative Region.

The Government of the Macao Special Administrative Region shall be responsible for the maintenance of public order in the Region.

Article 15

The Central People’s Government shall appoint or remove the Chief Executive, the principal officials of the government and the Procurator-General
of the Macao Special Administrative Region in accordance with the relevant provisions of this Law.

Article 16

The Macao Special Administrative Region shall be vested with executive power. It shall, on its own, conduct the administrative affairs
of the Region in accordance with the relevant provisions of this Law.

Article 17

The Macao Special Administrative Region shall be vested with legislative power.

Laws enacted by the legislature of the Macao Special Administrative Region must be reported to the Standing Committee of the National
People’s Congress for the record. The reporting for record shall not affect the entry into force of such laws.

If the Standing Committee of the National People’s Congress, after consulting the Committee for the Basic Law of the Macao Special
Administrative Region under it, considers that any law enacted by the legislature of the Region is not in conformity with the provisions
of this Law regarding affairs within the responsibility of the Central Authorities or regarding the relationship between the Central
Authorities and the Region, the Standing Committee may return the law in question but shall not amend it. Any law returned by the
Standing Committee of the National People’s Congress shall immediately be invalidated. This invalidation shall not have retroactive
effect, unless otherwise provided for in the laws of the Region.

Article 18

The laws in force in the Macao Special Administrative Region shall be this Law, the laws previously in force in Macao as provided
for in Article 8 of this Law, and the laws enacted by the legislature of the Region.

National laws shall not be applied in the Macao Special Administrative Region except for those listed in Attachment III to this Law.
The laws listed therein shall be applied locally by way of promulgation or legislation by the Region.

The Standing Committee of the National People’s Congress may add to or delete from the list of laws in Attachment III after consulting
its Committee for the Basic Law of the Macao Special Administrative Region and the government of the Region. Laws listed in Attachment
III to this Law shall be confined to those relating to defence and foreign affairs as well as other matters outside the limits of
the autonomy of the Region as specified by this Law.

In the event that the Standing Committee of the National People’s Congress decides to declare a state of war or, by reason of turmoil
within the Macao Special Administrative Region which endangers national unity or security and is beyond the control of the government
of the Region, decides that the Region is in a state of emergency, the Central People’s Government may issue an order applying the
relevant national laws in the Region.

Article 19

The Macao Special Administrative Region shall be vested with independent judicial power, including that of final adjudication.

The courts of the Macao Special Administrative Region shall have jurisdiction over all cases in the Region, except that the restrictions
on their jurisdiction imposed by the legal system and principles previously in force in Macao shall be maintained.

The courts of the Macao Special Administrative Region shall have no jurisdiction over acts of state such as defence and foreign affairs.
The courts of the Region shall obtain a certificate from the Chief Executive on questions of fact concerning acts of state such as
defence and foreign affairs whenever such questions arise in the adjudication of cases. This certificate shall be binding on the
courts. Before issuing such a certificate, the Chief Executive shall obtain a certifying document from the Central People’s Government.

Article 20

The Macao Special Administrative Region may enjoy other powers granted to it by the National People’s Congress, the Standing Committee
of the National People’s Congress or the Central People’s Government.

Article 21

Chinese citizens who are residents of the Macao Special Administrative Region shall be enpost_titled to participate in the management of
state affairs according to law.

In accordance with the assigned number of seats and the selection method specified by the National People’s Congress, the Chinese
citizens among the residents of the Macao Special Administrative Region shall locally elect deputies of the Region to the National
People’s Congress to participate in the work of the highest organ of state power.

Article 22

No department of the Central People’s Government and no province, autonomous region, or municipality directly under the Central Government
may interfere in the affairs which the Macao Special Administrative Region administers on its own in accordance with this Law.

If there is a need for departments of the Central Government, or for provinces, autonomous regions, or municipalities directly under
the Central Government to set up offices in the Macao Special Administrative Region, they must obtain the consent of the government
of the Region and the approval of the Central People’s Government.

All offices set up in the Macao Special Administrative Region by departments of the Central Government, or by provinces, autonomous
regions, or municipalities directly under the Central Government, and the personnel of these offices shall abide by the laws of the
Region.

For entry into the Macao Special Administrative Region, people from other provinces, autonomous regions or municipalities directly
under the Central Government must apply for approval. Among them, the number of persons who enter the Region for the purpose of settlement
shall be determined by the competent authorities of the Central People’s Government after consulting the government of the Region.

The Macao Special Administrative Region may establish an office in Beijing.

Article 23

The Macao Special Administrative Region shall enact laws on its own to prohibit any act of treason, secession, sedition, subversion
against the Central People’s Government, or theft of state secrets, to prohibit foreign political organizations or bodies from conducting
political activities in the Region, and to prohibit political organizations or bodies of the Region from establishing ties with foreign
political organizations or bodies.

Chapter III Fundamental Rights and Duties of the Residents

Article 24

Residents of the Macao Special Administrative Region (“Macao residents”) shall include permanent residents and non-permanent residents.

The permanent residents of the Macao Special Administrative Region shall be:

(1)

Chinese citizens born in Macao before or after the establishment of the Macao Special Administrative Region and their children of
Chinese nationality born outside Macao;

(2)

Chinese citizens who have ordinarily resided in Macao for a continuous period of not less than seven years before or after the establishment
of the Macao Special Administrative Region and their children of Chinese nationality born outside Macao after they have become permanent
residents;

(3)

The Portuguese who were born in Macao and have taken Macao as their place of permanent residence before or after the establishment
of the Macao Special Administrative Region;

(4)

The Portuguese who have ordinarily resided in Macao for a continuous period of not less than 7 years and have taken Macao as their
place of permanent residence before or after the establishment of the Macao Special Administrative Region;

(5)

Other persons who have ordinarily resided in Macao for a continuous period of not less than 7 years and have taken Macao as their
place of permanent residence before or after the establishment of the Macao Special Administrative Region;

(6)

Persons under 18 years of age born in Macao of those residents listed in category (5) before or after the establishment of the Macao
Special Administrative Region.

The above-mentioned residents shall have the right of abode in the Macao Special Administrative Region and shall be qualified to obtain
permanent identity cards.

The non-permanent residents of the Macao Special Administrative Region shall be persons who are qualified to obtain Macao identity
cards in accordance with the laws of the Region but have no right of abode.

Article 25

All Macao residents shall be equal before the law, and shall be free from discrimination, irrespective of their nationality, descent,
sex, race, language, religion, political persuasion or ideological belief, educational level, economic status or social conditions.

Article 26

Permanent residents of the Macao Special Administrative Region shall have the right to vote and the right to stand for election in
accordance with law.

Article 27

Macao residents shall have freedom of speech, of the press and of publication; freedom of association, of assembly, of procession
and of demonstration; and the right and freedom to form and join trade unions, and to strike.

Article 28

The freedom of the person of Macao residents shall be inviolable.

No Macao resident shall be subjected to arbitrary or unlawful arrest, detention or imprisonment. In case of arbitrary or unlawful
detention or imprisonment, Macao residents have the right to apply to the court for the issuance of a writ of habeas corpus.

Unlawful search of the body of any resident or deprivation or restriction of the freedom of the person shall be prohibited.

Torture or inhuman treatment of any resident shall be prohibited.

Article 29

Macao residents shall not be punished by law, unless their acts constitute a crime and they shall be punished for it as expressly
prescribed by law at the time.

When charged with criminal offences, Macao residents shall enjoy the right to an early court trial and shall be presumed innocent
before convicted.

Article 30

The human dignity of Macao residents shall be inviolable. Humiliation, slander and false accusation against residents in any form
shall be prohibited.

Macao residents shall enjoy the right to personal reputation and the privacy of their private and family life.

Article 31

The homes and other premises of Macao residents shall be inviolable. Arbitrary or unlawful search of, or intrusion into, a resident’s
home or other premises shall be prohibited.

Article 32

The freedom and privacy of communication of Macao residents shall be protected by law. No department or individual may, on any grounds,
infringe upon the freedom and privacy of communication of residents except that the relevant authorities may inspect communication
in accordance with the provisions of the law to meet the needs of public security or of investigation into criminal offences.

Article 33

Macao residents shall have freedom of movement within the Macao Special Administrative Region and freedom of emigration to other countries
and regions. They shall have freedom to travel and to enter or leave the Region and shall have the right to obtain travel documents
in accordance with law. Unless restrained by law, holders of valid travel documents shall be free to leave the Region without special
authorization.

Article 34

Macao residents shall have freedom of conscience.

Macao residents shall have freedom of religious belief and freedom to preach and to conduct and participate in religious activities
in public.

Article 35

Macao residents shall have freedom of choice of occupation and work.

Article 36

Macao residents shall have the right to resort to law and to have access to the courts, to lawyers’ help for protection of their lawful
rights and interests, and to judicial remedies.

Macao residents shall have the right to institute legal proceedings in the courts against the acts of the executive authorities and
their personnel.

Article 37

Macao residents shall have freedom to engage in education, academic research, literary and artistic creation, and other cultural activities.

Article 38

The freedom of marriage of Macao residents and their right to form and raise a family freely shall be protected by law.

The legitimate rights and interests of women shall be protected by the Macao Special Administrative Region.

The minors, the aged and the disabled shall be taken care of and protected by the Macao Special Administrative Region.

Article 39

Macao residents shall have the right to social welfare in accordance with law. The welfare benefits and retirement security of the
labour force shall be protected by law.

Article 40

The provisions of International Covenant on Civil and Political Rights, International Covenant on Economic, Social and Cultural Rights,
and international labour conventions as applied to Macao shall remain in force and shall be implemented through the laws of the Macao
Special Administrative Region.

The rights and freedoms enjoyed by Macao residents shall not be restricted unless as prescribed by law. Such restrictions shall not
contravene the provisions of the first paragraph of this Article.

Article 41

Macao residents shall enjoy the other rights and freedoms safeguarded by the laws of the Macao Special Administrative Region.

Article 42

The interests of the residents of Portuguese descent in Macao shall be protected by the Macao Special Administrative Region in accordance
with law, and their customs and cultural traditions shall be respected.

Article 43

Persons in the Macao Special Administrative Region other than Macao residents shall, in accordance with law, enjoy the rights and
freedoms of Macao residents prescribed in this Chapter.

Article 44

Macao residents and other persons in Macao shall have the obligation to abide by the laws in force in the Macao Special Administrative
Region.

Chapter IV Political Structure

Section 1 The Chief Executive

Article 45

The Chief Executive of the Macao Special Administrative Region shall be the head of the Macao Special Administrative Region and shall
represent the Region.

The Chief Executive of the Macao Special Administrative Region shall be accountable to the Central People’s Government and the Macao
Special Administrative Region in accordance with the provisions of this Law.

Article 46

The Chief Executive of the Macao Special Administrative Region shall be a Chinese citizen of not less than 40 years of age who is
a permanent resident of the Region and has ordinarily resided in Macao for a continuous period of not less than 20 years.

Article 47

The Chief Executive of the Macao Special Administrative Region shall be selected by election or through consultations held locally
and be appointed by the Central People’s Government.

The specific method for selecting the Chief Executive is prescribed in Attachment I: “Method for the Selection of the Chief Executive
of the Macao Special Administrative Region”.

Article 48

The term of office of the Chief Executive of the Macao Special Administrative Region shall be five years. He or she may serve for
not more than two consecutive terms.

Article 49

The Chief Executive of the Macao Special Administrative Region, during his or her term of office, shall have no right of abode in
any foreign country and shall not engage in any activities for his or her personal gains. The Chief Executive,on assuming office,
shall declare his or her assets to the President of the Court of Final Appeal of the Macao Special Administrative Region. This declaration
shall be put on record.

Article 50

The Chief Executive of the Macao Special Administrative Region shall exercise the following powers and functions:

(1)

To lead the government of the Region;

(2)

To be responsible for the implementation of this Law and other laws which, in accordance with this Law, apply in the Macao Special
Administrative Region;

(3)

To sign bills passed by the Legislative Council and to promulgate laws;

To sign budgets passed by the Legislative Council and report the budgets and final accounts to the Central People’s Government for
the record;

(4)

To decide on government policies and to issue executive orders;

(5)

To formulate the administrative regulations and promulgate them for implementation;

(6)

To nominate and to report to the Central People’s Government for appointment the following principal officials: Secretaries of Departments,
Commissioner Against Corruption, Director of Audit, the leading members of the Police and the customs and excise; and to recommend
to the Central People’s Government the removal of the above-mentioned officials;

(7)

To appoint part of the members of the Legislative Council;

(8)

To appoint or remove members of the Executive Council;

(9)

To appoint or remove presidents and judges of the courts at all levels and procurators in accordance with legal procedures;

(10)

To nominate and report to the Central People’s Government for appointment of the Procurator-General and recommend to the Central People’s
Government the removal of the Procurator-General in accordance with legal procedures;

(11)

To appoint or remove holders of public office in accordance with legal procedures;

(12)

To implement the directives issued by the Central People’s Government in respect of the relevant matters provided for in this Law;

(13)

To conduct, on behalf of the Government of the Macao Special Administrative Region, external affairs and other affairs as authorized
by the Central Authorities;

(14)

To approve the introduction of motions regarding revenues or expenditure to the Legislative Council;

(15)

To decide, in the light of security and vital public interests, whether government officials or other personnel in charge of government
affairs should testify or give evidence before the Legislative Council or its committees;

(16)

To confer medals and post_titles of honour of the Macao Special Administrative Region in accordance with law;

(17)

To pardon persons convicted of criminal offences or commute their penalties in accordance with law; and

(18)

To handle petitions and complaints.

Article 51

If the Chief Executive of the Macao Special Administrative Region considers that a bill passed by the Legislative Council is not compatible
with the overall interests of the Region, he or she may give his or her reasons in writing and return it to the Legislative Council
within 90 days for reconsideration. If the Legislative Council passes the original bill again by not less than a two-thirds majority
of all the members, the Chief Executive must sign and promulgate it within 30 days or act in accordance with the provisions of Article
52 of this Law.

Article 52

The Chief Executive of the Macao Special Administrative Region may dissolve the Legislative Council under any of the following circumstances:

(1)

The Chief Executive refuses to sign a bill passed the second time by the Legislative Council; and

(2)

The Legislative Council refuses to pass a budget introduced by the government or any other bills which he or she considers concern
the overall interests of the Region, and after consultations, consensus still cannot be reached.

Before dissolving the Legislative Council, the Chief Executive must consult the Executive Council and he or she shall explain the
reason for it to the public.

The Chief Executive may dissolve the Legislative Council only once in each term of his or her office.

Article 53

If the Legislative Council of the Macao Special Administrative Region fails to pass the budget introduced by the government, the Chief
Executive may approve provisional short-term appropriations according to the level of expenditure of the previous fiscal year.

Article 54

The Chief Executive of the Macao Special Administrative Region must resign under any of the following circumstances;

(1)

When he or she loses the ability to discharge his or her duties as a result of serious illness or other reasons;

(2)

When, after the Legislative Council is dissolved because he or she twice refuses to sign a bill passed by it, the new Legislative
Council again passes by a two-thirds majority of all the members the original bill in dispute, but he or she still refuses to sign
it within 30 days; and

(3)

When, after the Legislative Council is dissolved because it refuses to pass a budget or any other bill concerning the overall interests
of the Macao Special Administrative Region, the newly elected Legislative Council still refuses to pass the original bill in dispute.

Article 55

If the Chief Executive of the Macao Special Administrative Region is not able to discharge his or her duties for a short period, such
duties shall temporarily be assumed by the secretaries of the departments in the order of precedence, which shall be stipulated by
law.

In the event that the office of Chief Executive becomes vacant, a new Chief Executive shall be selected within 120 days in accordance
with the provisions of Article 47 of this Law. During the period of vacancy, his or her duties shall be assumed according to the
provisions of paragraph 1 of this Article and the choice of the acting Chief Executive shall be reported to the Central People’s
Government for approval. The acting Chief Executive shall abide by the provisions of Article 49 of this Law.

Article 56

The Executive Council of the Macao Special Administrative Region shall be an organ for assisting the Chief Executive in policy-making.

Article 57

Members of the Executive Council of the Macao Special Administrative Region shall be appointed by the Chief Executive from among the
principal officials of the executive authorities, members of the Legislative Council and public figures.Their appointment or removal
shall be decided by the Chief Executive. The term of office of members of the Executive Council shall not extend beyond the expiry
of the term of office of the Chief Executive who appoints them. Members of the original Executive Council shall remain in office
until the new Chief Executive is selected.

Members of the Executive Council of the Macao Special Administrative Region shall be Chinese citizens who are permanent residents
of the Region.

The Executive Council shall be composed of seven to eleven persons. The Chief Executive may, as he or she deems necessary, invite
other persons concerned to sit in on meetings of the Council.

Article 58

The Executive Council of the Macao Special Administrative Region shall be presided over by the Chief Executive. The meeting of the
Executive Council shall be held at least once each month. Except for the appointment, removal and disciplining of officials and the
adoption of measures in emergencies, the Chief Executive shall consult the Executive Council before making important policy decisions,
introducing bills to the Legislative Council, formulating administrative regulations, or dissolving the Legislative Council.

If the Chief Executive does not accept a majority opinion of the Executive Council, he or she shall put the specific reasons on record.

Article 59

A Commission Against Corruption shall be established in the Macao Special Administrative Region. It shall function independently and
its Commissioner shall be accountable to the Chief Executive.

Article 60

A Commission of Audit shall be established in the Macao Special Administrative Region. It shall function independently

REGULATIONS ON ADMINISTRATIVE PROTECTION OF AGRICULTURAL CHEMICAL PRODUCTS

Regulations on Administrative Protection of Agricultural Chemical Products

(Effective Date:1993.01.01–Ineffective Date:)

CHAPTER I GENERAL PROVISIONS CHAPTER II APPLICATION FOR ADMINISTRATIVE PROTECTION CHAPTER III EXAMINATION AND APPROVAL OF ADMINISTRATIVE
PROTECTION CHAPTER IV DURATION, CESSATION, REVOCATION AND EFFECT OF ADMINISTRATIVE PROTECTION CHAPTER V SUPPLEMENTARY PROVISIONS

Article 1 These Regulations are formulated with a view to expanding economic and technological cooperation and exchange with foreign countries
and providing administrative protection for the lawful rights and interests of the owners of the exclusive right of foreign agricultural
chemical products.

Article 2 The “agricultural chemical products” as mentioned in these Regulations refers to synthetic agricultural chemicals used in agricultural
production such as herbicides, insecticides, fungicides, raticides and plant growth regulators produced by means of chemical synthesis.

Article 3 Enterprises and other organizations or individuals from the country or the region, which has concluded bilateral treaty or agreement
with the People’s Republic of China on administrative protection of agricultural chemical products, may apply for administrative
protection of agricultural chemical products in accordance with these Regulations.

Article 4 The competent administrative department of chemical industry under the State Council shall accept and examine applications for administrative
protection of agricultural chemical products, grant administrative protection to the agricultural chemical products which conform
with the provisions of these Regulations and issue to the applicants the certificates of administrative protection.

CHAPTER II APPLICATION FOR ADMINISTRATIVE PROTECTION

Article 5 An agricultural chemical product to be applied for administrative protection shall meet the following requirements:

(1) Enjoying no protection of exclusive right in accordance with the provisions of the China’s Patent Law prior to January 1, 1993;

(2) Enjoying an exclusive right granted after January 1, 1986 and before January 1, 1993 to prohibit others from making, using or
selling it in the country where the applicant resides;

(3) Being not yet marketed in China prior to the date of filing the application for administrative protection.

Article 6 The right to apply for administrative protection of an agricultural chemical product belongs to the owner of the exclusive right
of the agricultural chemical product.

Article 7 An owner of the exclusive right of a foreign agricultural chemical product intending to apply for administrative protection shall
entrust an agency designated by the competent administrative department of chemical industry under the State Council to undertake
the matter.

Article 8 An applicant shall provide the bilingual versions in Chinese and the original foreign language of the following documents:

(1) An application for administrative protection of the agricultural chemical product;

(2) A copy of the certificate issued by the competent authorities of the country where the applicant resides granting such exclusive
right;

(3) A copy of the document issued by the competent authorities of the country where the applicant resides approving the manufacturing
or sale of such agricultural chemical product;

(4) A copy of the contract for the manufacturing or sale of the agricultural chemical product in China formally signed between the
applicant and a Chinese enterprise with legal personality (including foreign-capital enterprise, Chinese-foreign equity joint venture,
and Chinese-foreign contracted joint venture).

Article 9 Before or after applying for the administrative protection, the owner of the exclusive right of a foreign agricultural chemical product
shall apply to the competent administrative department of agriculture under the State Council for going through the registration
procedures in accordance with China’s laws and regulations.

CHAPTER III EXAMINATION AND APPROVAL OF ADMINISTRATIVE PROTECTION

Article 10 Within 15 days from the date of receipt of the application documents for administrative protection, the competent administrative
department of chemical industry under the State Council, upon preliminary examination, shall handle the case in either of the following
manners according to the specific circumstances:

(1) Where the application documents are in conformity with the provisions of Article 8 of these Regulations, a notification of acceptance
shall be issued and announced;

(2) Where the application documents are not in conformity with the provisions of Article 8 of these Regulations, the applicant shall
be required to complete them within a time limit; if, on the expiry of the limit, the requirement is not met, the application shall
be deemed as not having been filed.

Article 11 The competent administrative department of chemical industry under the State Council shall finish the examination within six months
from the date of receipt of the application documents, or from the date of receipt of the complementary documents stipulated in Article
10, Item (2) of these Regulations. If, under special circumstances, the examination cannot be finished within six months, the said
department shall promptly notify the applicant, give the reason therefor and properly prolong the examination time.

After examination, where the application is in conformity with the provisions of these Regulations, the administrative protection
shall be granted; where the application is not in conformity with the provisions of these Regulations, the administrative protection
shall be denied, with the reason therefor given.

Article 12 Where an agricultural chemical product is granted with administrative protection, the competent administrative department of chemical
industry under the State Council shall issue the certificate of administrative protection and make an announcement.

CHAPTER IV DURATION, CESSATION, REVOCATION AND EFFECT OF ADMINISTRATIVE PROTECTION

Article 13 The duration of administrative protection of an agricultural chemical product is seven years and six months, and begins from the
date on which the certificate of administrative protection is issued.

Article 14 The owner of the exclusive right of a foreign agricultural chemical product shall pay an annual fee beginning with the year in which
the certificate of administrative protection of the agricultural chemical product is issued.

Article 15 In any of the following cases, the administrative protection shall cease before the expiration of its duration:

(1) Where the exclusive right of an agricultural chemical product proves invalid or becomes invalid in the country where the applicant
resides;

(2) Where the owner of the exclusive right of an agricultural chemical product does not pay an annual fee as prescribed;

(3) Where the owner of the exclusive right of an agricultural chemical product waives the administrative protection by a written declaration;

(4) Where the owner of the exclusive right of an agricultural chemical product does not apply to the competent administrative department
of agriculture under the State Council for going through the registration procedures within a year from the date on which the certificate
of administrative protection of the agricultural chemical product is issued.

Article 16 After the certificate of administrative protection of an agricultural chemical product has been issued, any organization or individual
that believes the grant of administrative protection to that product not in conformity with the provisions of these Regulations may
request the competent administrative department of chemical industry under the State Council to revoke the administrative protection
of the product in question. The owner of the exclusive right of the product that is not satisfied with the revocation decision made
by the said department may institute legal proceedings in a people’s court.

Article 17 The cessation or revocation of the administrative protection of an agricultural chemical product shall be announced by the competent
administrative department of chemical industry under the State Council.

Article 18 In case of any manufacture or sale of an agricultural chemical product without authorization of the owner of the exclusive right
of the agricultural chemical product who has obtained administrative protection, the owner of the exclusive right of the agricultural
product may request the competent administrative department of chemical industry under the State Council to check the infringing
act; the owner of the exclusive right of the agricultural chemical product that claims for economic compensation may institute legal
proceedings in a people’s court.

CHAPTER V SUPPLEMENTARY PROVISIONS

Article 19 The competent administrative department of chemical industry under the State Council shall take measures to keep secret of the materials
provided by applicants which require to be kept secret.

Article 20 A fee shall be paid as prescribed for filing the application for administrative protection of agricultural chemical products and
fulfilling any other relevant procedures with the competent administrative department of chemical industry under the State Council.

Article 21 The rules for the implementation of these Regulations shall be formulated by the competent administrative department of chemical
industry under the State Council.

Article 22 The competent administrative department of chemical industry under the State Council shall be responsible for the interpretation
of these Regulations.

Article 23 These Regulations shall enter into force as of January 1, 1993.

INTERIM PROVISIONS ON THE MANAGEMENT OF THE ISSUING AND TRADING OF STOCKS

Interim Provisions on the Management of the Issuing and Trading of Stocks

(Effective Date:1993.04.22–Ineffective Date:)

CONTENTS

CHAPTER ONE GENERAL PROVISIONS CHAPTER TWO ISSUING OF STOCKS CHAPTER THREE TRADING OF STOCKS CHAPTER FOUR BUY OUT CHAPTER FIVE SAFEKEEPING,
SETTLEMENT AND TRANSFER CHAPTER SIX INFORMATION REVEALED BY LISTED COMPANIES CHAPTER SEVEN INVESTIGATION AND PUNISHMENT CHAPTER EIGHT
ARBITRATION OF DISPUTES CHAPTER NINE SUPPLEMENTARY PROVISIONS

CHAPTER ONE GENERAL PROVISIONS

Article 1. This set of provisions is formulated with a view to meeting the needs of the development of the socialist market economy and the
establishment and development of a unified and highly-efficient national stock market, protecting the legitimate rights and interests
of investors and the social and public interests and promoting the development of the national economy.

Article 2. The issuing and trading of stocks and related activities within the territory of the People’s Republic of China shall abide by the
provisions.

The provisions apply to securities which have the same nature and functions as stocks.

Article 3. The issuing and trading of stocks shall observe the principle of being open, fair, honest and trustworthy.

Article 4. The issuing and trading of stocks shall not impinge the State owned property to safeguard and ensure the principal position of the
socialist public ownership.

Article 5. The Securities Committee of the State Council (SCSC) is the principal organization to exercise unified management and control of
the stock markets in the whole country according to law and provisions. The China Securities Supervision and Management Committee
(CSSMC) is the managing hand of the SCSC to exercise supervision and control of the issuing and trading of stocks according to law
and regulations.

Article 6. The provisions for the issuing and trading of special stocks in Renminbi shall be formulated separately.

Issuing and listing of stocks abroad through direct or indirect means by enterprises within the territory of the People’s Republic
of China shall be examined by and get approval from the SCSC. Specific provisions in this regard shall be worked out separately.

CHAPTER TWO ISSUING OF STOCKS

Article 7. Issuers of stocks shall be limited liability companies which have been qualified to issue stocks.

The limited liability companies mentioned above include those which have been already established and which have got the approval
to establish.

Article 8. In establishing a limited liability company and applying for issuing stocks to the public, the following requirements shall be met:

1. The production and management shall conform to the industrial policies of the State;

2. Only one kind of common stocks to be issued, with equal rights for equal shares;

3. The promoter’s stock shall constitute not less than 35 percent of the total stock capital planned to be issued by the company;

4. Of the total stock capital to be issued by a company, the promoter’s share shall not be less than RMB30 million, except otherwise
provided for by the State;

5. The part to be issued to the public shall not be less than 25 percent of the total stock capital to be issued and the part to be
issued to the staff members and workers of the company shall not exceed 10 percent of the amount to be issued to the public. If the
total amount of stocks planned to be issued exceeds RMB400 million, the CSSMC may reduce the proportion to be issued to the public
according to provisions, but the minimum proportion shall not be less than 10 percent of the total stocks;

6. The promoter commits no major acts against the law within the last three years; and

7. Other requirements as provided for by the SCSC. Article 9. Apart from the requirements listed above, an enterprise must also meet
the following conditions when applying for changing into a limited liability company and issuing of stocks:

1. The net assets account for no less than 30 percent of the total assets and the intangible assets account for no higher than 20
percent of the net assets at the end of the year prior to the stock issuing except otherwise provided for by the SCSC;

2. The company has been making profits for three years running prior to the stock issuing.

When a State-owned enterprise is restructured into a limited liability company and applies for issuing stocks publicly, the proportion
of shares to be owned by the State in the total stock shall be provided for separately by the State Council or a department authorized
by the State Council.

Article 10. For an increase of equity, a limited liability company must conform to the following conditions apart from those listed in the preceding
articles of 8 and 9:

1. The proceeds from the previous stock issue are used profitably in full compliance with what is provided for in the prospectus concerned;

2. The interval from the previous stock issue shall be no less than 12 months;

3. The company has committed no major violations of the law since its previous stock issue; and

4. Other requirements as provided for by the SCSC.

Article 11. In raising stocks for fixed purposes, the following conditions shall be met apart from the ones listed in Articles 8 and 9:

1. The proceeds from the fund raising are use profitably in full compliance with what is provided for in the prospectus concerned;

2. The interval from the previous stock issue shall be no less than 12 months;

3. The company has committed no major violations of the law since its previous stock issue;

4. Stock options for staff members and workers of the company shall have been issued according to the prescribed scope and put in
the trusteeship of security organizations designated by the State; and

5. Other requirements provided for by security organizations.

Article 12. In applying for issuing stocks, the following procedures shall be followed:

1. Applicants shall firstly invite accountants offices, assets appraisal organizations, lawyers’ offices and other professional institutions
to examine and appraise their credit status, assets and financial situation and prepare proposals of legal effect and, with the proposals,
file applications with the people’s governments of provinces, autonomous regions, municipalities under the direct administration
of the central government and cities practicing separate plans (hereinafter referred to as “local governments”) or central departments
in charge of enterprises;

2. According to scales of issues as set by the State, local governments shall conduct examination and approval for local enterprises
and the central departments in charge shall conduct examination and approval for central enterprises upon consultation with the local
governments in places where the enterprises are located. The local governments and the central departments in charge shall take decisions
within 30 work days starting from the date in which applications are received and copy and submit the decisions to the SCSC; and

3. Approvals to the applications shall be sent to the CSSMC for review and the latter shall give results of the review within 20 days
after the approvals are received to the SCSC. After consent of the CSSMC, applicants shall file applications with the listing committees
of stock exchanges and begin to issue stocks after the listing committees approve to accept their stocks.

Article 13. In applying for issuing stocks with local governments or central departments in charge, an enterprise shall produce the following
documents:

1. An application;

2. Agreement for the issue made at promoters meetings or the meetings of stock holders;

3. Documents for approving the establishment of a limited liability company;

4. Business license or registration certificate for start up of the company granted by the departments for the administration of industry
and commerce;

5. Articles of association or draft articles of association;

6. Prospectus;

7. Feasibility study report on the application of the funds and documents of approval issued by government departments concerned for
fixed assets investment projects that needs funds or other conditions provided by the State;

8. Financial reports for the last three years or since its setup, which have been audited by accountants offices and the audit reports
signed and sealed by at least two registered accountants and their offices;

9. Proposals of legal effect signed or sealed by at least two lawyers and their office;

10. An asset appraisal report signed and sealed by at least two professional rating personnel and their office, a capital rating report
signed and sealed by at least two registered accountants and their office, and the document of confirmation produced by the department
for the control of State property if it concerns State assets;

11. Underwriting plan and underwriting agreement;

12. Other documents required by local governments or central departments in charge of enterprises.

Article 14. In submitting the approved applications for review by the CSSMC, the following documents are required apart from those listed in
Article 13:

1. Document of approval issued by local government or central government department in charge of enterprises; and

2. Other documents as required by the CSSMC.

Article 15. The prospectus mentioned in Article 13 should be made according to the requirements by the CSSMC and contain the following items:

1. Name and residence of the company;

2. Brief accounts of the promoter and issuer;

3. Purpose of raising funds;

4. The total amount of the current stock capital, the category and amount of stocks to be issued, face value and selling price of
each share, the net capital value for each stock before the issue and the net capital value of each stock after the issue, and expenses
and commissions for the issuing of stocks;

5. The number of stocks subscribed to by the promoter in the first issue, the structure of stock rights and certificate for capital
verification;

6. Name of the underwriter, the mode of underwriting and the amount to be underwritten;

7. Objects, time, location of the issue and the modes of subscription and payment;

8. Plan for using the funds raised and prediction of gain or loss and risks;

9. The short-term development plan of the company and the documents for the prediction of the gains for the next year examined and
certified by registered accountants;

10. Important contracts;

11. Major law suits concerning the company;

12. List and resumes of directors and supervisors of the board;

13. The situation of production and operations of the past three years or since its establishment and the basic accounts of the development
of related businesses;

14. The financial reports audited by the accountants offices over the past three years or since the establishment of the company and
the audit report signed and sealed by at least two registered accountants and the accountants offices to which they belong;

15. The application of the funds raised in the previous issue for companies which are to make additional issues; and

16. Other items required by the CSSMC.

Article 16. It should be noted on the cover of the prospectus that:”The promoter shall guarantee that the prospectus is true, accurate and complete.
Any decision made by the government and State securities management departments concerning the current issue does not necessarily
show the substantial judgement or guarantee for the value of the stocks to be issued or the gains of investors.”

Article 17. All the promoters or directors of the board and principal underwriters should put their signatures to the prospectus to ensure that
the prospectus contains no false and serious misleading statements or major omissions and promise to bear the joint responsibility.
Article 18. In performing their duties, registered accountants and their offices, professional appraisal personnel and their organizations,
lawyers and their offices shall follow their professional standards and ethic norms in producing documents for stock issuers and
carry out examination and verification of the truthfulness, accuracy and completeness of the documents produced.

Article 19. Before getting the approval for issuing stocks, no one is allowed to reveal the contents of the prospectus in any form. After getting
the approval, the issuers should publish the prospectus between two and five work days before the underwriting period begins.

Issuers should provide prospectus to subscribers. Underwriting organizations should place the prospectus in their business sites and
are obliged to remind subscribers of reading the prospectus.

The prospectus is valid for six months, starting from the date when the signature of the prospectus is completed. After the prospectus
becomes invalid, the issuing of stocks must stop immediately.

Article 20. Stocks to be issued to the public shall be underwritten by securities management organizations. Underwriting may be conducted by
way of contract or by acting as an agent.

Issuers should sign an underwriting agreement with the securities management organizations and the agreement should contain the following:

1. Name, residence and legal representatives of the parties concerned;

2. Mode of underwriting;

3. Categories, quantities and amount and selling prices of stocks to be underwritten.

4. The starting and ending dates of underwriting;

5. The date and mode of payment for underwriting;

6. Calculation, mode of payment and date of expenses for underwriting;

7. Responsibilities for breach of contract; and

8. Other matters named to be agreed upon.

The principles for collecting underwriting fees shall be fixed by the CSSMC.

Article 21. In contracting for underwriting, the securities management organizations should verify the truthfulness, accuracy and completeness
of the prospectus and other related publicity materials. If the documents are found to contain false and seriously misleading statements
or major omission, they should not issue offer invitation or offers. If the offers have been issued, the selling activities must
be stopped immediately and at the same time remedial measures shall be taken.

Article 22. If the total face value of stocks to be issued to the public has exceeded RMB30 million or the total amount to be sold is expected
to exceed RMB50 million, the issue shall be underwritten by an underwriting group.

An underwriting group is made of at least two underwriting organizations. The principal underwriter shall be determined by the issuer
through competitive bidding or consultation according to the principle of fair competition. The principal underwriter should sign
an underwriting group agreement with other sub-underwriters.

Article 23. If the total face value of stocks to be issued to the public has exceeded RMB100 million or the total amount to be sold is expected
to exceed RMB150 million, the number of underwriters of place other than the locality in the underwriting group and the quantities
to be sold elsewhere should take a rational proportion.

Elsewhere mentioned in the preceding paragraph is referred to places outside the province, autonomous region and municipalities under
the administration of the central government in which the issuer is located.

Article 24. The period of underwriting shall not be less than ten days or exceed 90 days.

Within the underwriting period, the underwriters shall try to sell out the stocks underwritten and shall not be allowed to retain
stock underwritten.

Upon the expiry of the underwriting period, the stocks remaining unsold shall be disposed of according to the underwriting agreement
by way of contract or by acting as an agent.

Article 25. In issuing applications for shares to the public, underwriting organizations or organizations they have entrusted are not allowed
to collect fees higher than the cost for the printing and issuing of the application forms or limit the qualities of application
forms to be issued.

When the subscribed amount has exceeded the total quantities planned to be issued to the public, the underwriting organizations shall
adopt the proportional sales, or rationed sales according to fixed proportions or selling by drawing lots according to the principle
of fairness. In drawing lots, the underwriting organizations should carry out the lot drawing publicly in the prescribed date, under
the supervision by notary organizations and according to the prescribed procedures and sell the stocks to winners.

No units or individuals other than the underwriting organizations or organizations they have entrusted are allowed to issue or resell
application forms for shares.

Article 26. Underwriting organizations should submit written reports on the underwriting to the CSSMC within 15 days after the expiry of the
underwriting period.

Article 27. In issuing offer invitations or offers or selling the stocks of the issuers in their own hands to the public other than the issuers
after the underwriting period, the securities management organizations shall get the approval of the CSSMC and conduct it in prescribed
procedures.

Article 28. If the issuer uses the new stocks to trade back the stocks already issued and such trading does not involve, directly or indirectly,
the occurrence of expenses, this set of provisions do not apply.

CHAPTER THREE TRADING OF STOCKS

Article 29. Trading of stocks shall be conducted at stock exchanges approved for stock trading by the CSSMC.

Article 30. For listing of stocks, a limited liability company must meet the following requirements:

1. Its stocks have been issued to the public;

2. The total capital stock after the issue shall not be less than RMB50 million;

3. There are at least 1,000 individual stock holders who hold each more than RMB 1,000 of stocks in par value to give the total par
value of the shares not less than RMB 10 million.

4. The company make profits for the recent three years in a run. For a limited company formed through restructuring of an enterprise,
the original enterprise shall make profits for the latest three years in a run. A newly created limited company is an exception.

5. Other requirements as provided for by the SCSC.

Article 31. A limited liability company who has met the requirements listed in the preceding article can file an application with the listing
committee of the stock exchange for listing its stocks at a stock exchange. The listing committee shall give a reply or the approval
to the application within 20 work days after the receipt of the application and, if approves, fix the time of listing. The document
of examination and approval shall be submitted to the CSSMC for the record and a copy shall be submitted to the SCSC.

Article 32. In applying for the listing of its stocks, a company shall produce the following documents:

1. An application;

2. Document of registration;

3. Document of approval for openly issuing stocks;

4. The financial report which has been audited by an accountants office of the latest three years or since its establishment and the
audit report signed and sealed by at least two registered accountants and the office for which they work;

5. A recommendation by a member of the stock exchange;

6. The latest prospectus; and

7. Other documents as required by the stock exchange.

Article 33. After a company has been approved to list its stocks, it should publish a listing announcement and the documents listed in Article
32.

Article 34. The listing announcement should, apart from the main contents of the prospectus mentioned in Article 15 of this set of provisions,
include the following items:

1. The date of approval and the index of the document of approval for listing the stocks;

2. Conditions of issue, structure of stock rights and the list of the ten biggest stock holders and the total amount of stocks they
hold;

3. The resolution made in the founding meeting of the company or the shareholders conference to approve the listing of the stocks;

4. The resumes of the directors, supervisors and senior management personnel and the amounts of company stocks they hold;

5. The performance and financial situation in the latest three years of the company and the projected profit-making of the next year;
and

6. Other materials required by the stock exchange.

Article 35. Registered accountants and their offices, professional appraisal personnel and their organizations, lawyers and their offices should
examine and verify the truthfulness, accuracy and completeness of all the documents they produce in accordance with their professional
standards and ethic norms.

Article 36. The transfer of State-owned shares shall be approved by the State department concerned and the specific measures for such transfer
shall be worked out separately.

In transference, no harm shall be made on the right and interests of the State on such stocks.

Article 37. Stock exchanges and organizations for securities safekeeping, liquidation, transfer, registration and securities management should
ensure equal treatment for local trustees as well as outside trustees and no discrimination or restriction against the latters.

Article 38. If the directors, supervisors, senior management personnel or legal person shareholders who each holds more than 5 percent of the
voting stocks sell the stocks of the company they hold within six months after they bought in or buy in after six months of selling
out, the profits they make shall belong to the company.

The preceding provision applies to the directors, supervisors, senior management personnel and legal person shareholders of the company
who each holds over 5 percent of the voting stocks of the company.

Article 39. The employees and management personnel in the securities trade and other people forbidden by the State to trade stocks shall not
hold and trade stocks directly or indirectly, except the trading of securities of investment funds approved for issue.

Article 40. Professional personnel who have produced the audit reports, assets appraisal reports and legal proposals for issuing stocks shall
not buy or hold the stocks within the underwriting period and in the six months after the expiry of the underwriting period.

Professional personnel who have produced the audit reports, assets appraisal reports and legal proposals for the listing companies
shall not buy or hold the stocks of the publication of the audit reports, the assets appraisal reports and legal proposals.

Article 41. Without approval according to relevant provisions of the State, a limited liability company is not allowed to buy back the stocks
it has issued.

Article 42. Without the prior approval of the SCSC, no one is allowed to trade the futures option and futures of stocks and their indices.

Article 43. No financial organization is allowed to provide loans for stock trading.

Article 44. Securities management organizations are not allowed to lend the stocks of customers to others or use them as collateral securities.

Article 45. The securities management organizations which have been approved to handle at least two items of businesses such as securities operations,
acting as an agent for securities and the management of investment funds should separate its staff members, funds and accounts of
different operations.

CHAPTER FOUR BUY OUT

Article 46. No individual is allowed to hold more than five per thousand of the common shares issued by a listed company. The part that exceeds
five per thousand shall be purchased by the listed company at the original purchase price by the holder or the market price which
is lower after getting the approval from the CSSMC. However, if the exceeded part is due to the later reduction of the total shares
issued, it is allowed to be held within a reasonable period of time without having to be purchased.

Such a limitation shall not apply to the B shares in Renminbi and shares issued abroad held by individuals from Hong Kong, Macao,
Taiwan and abroad.

Article 47. If a legal person has held, directly or indirectly, more than five percent of the common shares issued by a listed company, a written
report and announcement should be submitted to the listed company, the stock exchange and the CSSMC within three work days since
the holding. However, if the exceeded part is due to a later reduction of the total amount of common shares issued by the company,
it is allowed to be held within a reasonable period of time.

If a legal person holds more than five percent of the common shares issued by a listed company, a written report and announcement
should be submitted to the company, the stock exchange and the CSSMC within three work days starting upon an increase or reduction
of holding of such shares in an amount reaching two percent of the total amount of the common shares issued.

A legal person is not allowed to buy or sell such shares directly or indirectly before or within two work days of the submission of
the above said report and announcement.

Article 48. As soon as a legal person other than the promoters holds 30 percent or more of the common shares issued by a listed company, it shall
issue an offer of buying out in cash the shares of the company at a higher price of the two listed below:

1. The highest price paid for the shares by any buyout within 12 months before the present buyout offer is made;

2. The average market price of such shares within 30 days before the buyout offer is made.

The shareholder concerned is not allowed to again purchase such shares before the offer is made.

Article 49. A written report should be submitted to the CSSMC before an offer of buyout is made. At the same time of making an offer, a report
should be sent to the purchase offerees and the stock exchange with the related information about the offerer and the offer and ensure
that the materials are true to facts, accurate and complete, without any misleading effect.

The validity period of a buyout offer shall be no less than 30 work days upon the offer is made. The offerer shall not withdraw the
buyout offer within 30 days upon the offer is made.

Article 50. All the conditions laid down in a buyout offer equally apply to all holders of the same kinds of shares.

Article 51. The buyout is recognized failure when the offerer of the buyout still holds less than 50 percent of the total amount of common shares
issued by the listed company upon the expiry of the offering period and before a new offer to be made, the offerer is not allowed
to buy each year more than five percent of the total common shares issued by the listed company.

If an offerer succeeds in holding more than 75 percent of the total shares issued by a listed company upon the expiry of the offer,
the listed company shall cease to trade its shares at the stock exchange.

If the amount of shares purchased by a buyout offerer is less than the total addressed in the offer, the offerer shall purchase shares
from the offerees to the amount set.

If the amount of shares purchased by the buyout offerer has reached 90 percent of the total shares issued by the listed company upon
the expiry of the offering period, holders of the remaining shares have the right to force the sale of their shares under the same
conditions.

Article 52. Should any change be made in main conditions of the offer after the offer made, the buyout offerer shall notify the offerees immediately
by way of holding press briefings, publishing the alterations in newspapers or magazines or through other ways.

The buyout offerer is not allowed to purchase the same kind of shares under the conditions other than those prescribed in the offer
during the offering period and within 30 days after the expiry of the offer.

Buyout offerees have the right to withdraw their intended acceptance of the offer before the offer become invalid.

CHAPTER FIVE SAFEKEEPING, SETTLEMENT AND TRANSFER

Article 53. Shares shall be registrated in names. Shares may be listed in books or printed in coupons. The lists of shares in books shall be
safekept by organizations designated by the CSSMC. The printed shares needed to be kept in a whole packet should also be kept by
organizations designated by the CSSMC.

Article 54. Without written consent of a shareholder, the share keeping organization is not allowed to lend the shares of the shareholder to
others or use them as collateral.

Article 55. Clearing houses of securities shall formulate their own operational procedures and internal managing rules for stock settlement and
transfer according to the principle of convenience, safety and fairness.

Clearing houses of securities shall accept members according to the principle of fairness.

Article 56. Securities safekeeping, settlement, transfer and registration organizations shall accept the supervision and control by the CSSMC
in their operations.

CHAPTER SIX INFORMATION REVEALED BY LISTED COMPANIES

Article 57. Listed companies shall provide the CSSMC and the stock exchanges with the following documents:

1. A medium-term report provided within every 60 days after the end of the first six months of each accounting year;

2. An annual report audited by registered accountants provided within every 120 days after the end of each accounting year.

The medium-term and annual reports shall be compiled in full accordance with the provisions of the national accounting system and
the CSSMC and signed by a director or a manager authorized by the listed company and affixed with the seal of the listed company.

Article 58. The medium-term report listed in Article 57 shall contain the following:

1. Financial statement of the company;

2. An analysis of the financial situation and operational achievements by the company’s managing department;

3. Matters concerning major law suits involving the company;

4. Changes of the outstanding capital stocks;

5. Major matters submitted by the company to voting shareholders for examination; and

6. Other matters required to be specified by the CSSMC.

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CIRCULAR OF THE STATE COUNCIL REGARDING THE AMENDMENTS OF THE POLICY OF THE TARIFF AND THE TARIFF REDUCTION AND EXEMPTION ON IMPORTED SMALL MOTOR VEHICLES

Category	CUSTOMS	Organ of Promulgation	The State Council	Status of Effect	In Force
Date of Promulgation	1993-12-22	Effective Date	1994-01-01

Circular of the State Council Regarding the Amendments of the Policy of the Tariff and the Tariff Reduction and Exemption on Imported Small Motor Vehicles

(December 22, 1993)

The tariff rates in China on imported small motor vehicles (exclusively,
saloon cars, wagons, cross-country jeeps, minivans, utility vehicles, the
same hereinafter) are relatively high at present while the policies on
tariff reduction and exemption are too many and considerably unrestricted,
which are not conducive to regulating the importation of small motor vehicles
and to promoting the development of domestic automobile industry. Therefore,
the State Council has decided to amend the tariff rates and policies of
tariff reduction and exemption on imported small motor vehicles so as to
strictly control the tariff reduction and exemption, and to carry out the
macro-administration on imported small motor vehicles in accordance with
a unified taxation policy. The provisions made are hereby notified as
follows:

1. To reduce the tariff rates on imported small motor vehicles properly.
The tariff rates of the small gasoline motor vehicles with a cylinder
capacity not exceeding 3,000cc and the small diesel motor vehicles with a
cylinder not exceeding 2,500cc shall be cut down from 180% to 110%, and of
the small gasoline motor vehicles with a cylinder capacity exceeding 3,000cc,
and of the small diesel motor vehicles with a cylinder capacity exceeding
2,500cc shall be cut down from 220% to 150%.

2.The import duty, value-added tax paid at the time of importation and
other charges shall be levied by the customs on small motor vehicles imported
by any organizations and individuals except those which are presented gratis
by international organizations and foreign governments, or imported by
organizations and individuals according to the international treaties China
has concluded with or acceded to, and in terms of agreements concluded
between the Chinese government and foreign governments, may have the treatment
of tariff reduction and exemption.

3. This Circular shall be promulgated by the Customs General
Administration and effective on January 1, 1994. But the terms of validity
of tariff reduction and exemption on the small motor vehicles, which have
been ratified with certificates issued by department concerned but not yet
imported pursuant to regulations before Dec. 31, 1993, may be extended to
March 31, 1994 accordingly. All cases must be subject to the provisions of
this Circular after the deadline.

4. Any relevant provisions of former documents issued by the State Council
or various departments of the State Council which are inconsistent with the
provisions of the present Circular shall cease to be effective without
exception.

MEASURES FOR THE CONTROL OF CHINESE CITIZENS TRAVELLING TO OR FROM THE REGION OF TAIWAN

Measures for the Control of Chinese Citizens Travelling to or From the Region of Taiwan

(Effective Date:1992.03.01–Ineffective Date:)

CHAPTER I GENERAL PROVISIONS CHAPTER II MAINLAND RESIDENTS TRAVELLING TO TAIWAN CHAPTER III TAIWAN RESIDENTS ENTERING THE MAINLAND
CHAPTER IV EXIT-ENTRY INSPECTION CHAPTER V THE ADMINISTRATION OF CERTIFICATES CHAPTER VI PENALTIES CHAPTER VII SUPPLEMENTARY PROVISIONS

Article 1 These Measures are formulated with a view to safeguarding the contact of the persons on both sides of the Taiwan Straits, facilitating
the exchanges among various parties, and maintaining public order.

Article 2 These Measures are applicable to Chinese citizens residing in the Mainland (hereinafter referred to as Mainland residents) travelling
to or from the Region of Taiwan (hereinafter referred to as Taiwan) and Chinese citizens residing in Taiwan (hereinafter referred
to as Taiwan residents) entering or leaving the Mainland.

Those matters that are not specified in these Measures, but stipulated in other laws or regulations, shall comply with the laws or
regulations.

Article 3 For going to Taiwan, Mainland residents shall pass through open ports or other designated ports of exit and entry on the strength
of the travel certificates signed and issued by the exit-entry control departments of the public security organs.

Article 4 For entering the Mainland, Taiwan residents shall pass through open ports or other designated ports of entry and exit on the strength
of the travel certificates signed and issued by the competent organs of the State.

Article 5 Chinese citizens travelling between the Mainland and Taiwan may not commit any act harmful to the security, honour or interests of
the country.

CHAPTER II MAINLAND RESIDENTS TRAVELLING TO TAIWAN

Article 6 A Mainland resident who desires to go to Taiwan for the purposes of settling down there, visiting relatives and friends, travelling,
accepting and disposing of property, undertaking matrimonial or funeral matters or of participating in economic, scientific, technological,
cultural, educational, physical and academic activities shall file an application to the public security bureau of the municipality
or county where the applicant’s registered residence is located.

Article 7 A Mainland resident who applies for permission to go to Taiwan shall go through the following procedures:

(1) to present for examination the residential registration booklet or the certification of residence status;

(2) to fill in an application form for travelling to Taiwan;

(3) to present the written remarks by the applicant’s work unit or school concerning the travel to Taiwan, if the applicant is on
job or in school; or the written remarks by the police station where the applicant’s registered residence is located if the applicant
is not on job or in school; and

(4) to submit the certifications relevant to the reasons for filing the application.

Article 8 The certifications as mentioned in Item (4) of Article 7 of these Measures refer to:

(1) Where a person wishes to settle down, the person shall present the certification testifying that he is actually able to settle
down in Taiwan.

(2) Where a person wishes to visit relatives and friends, the person shall present the certification testifying to the kinship or
relationship between the applicant and his relatives or friends.

(3) Where a person wishes to travel to Taiwan, the person shall present the certification testifying to the necessary travelling expenses.

(4) Where a person wishes to accept and dispose of property in Taiwan, the person shall present the notarized certification relevant
to the applicant’s lawful right of the property.

(5) Where a person wishes to undertake matrimonial matters, the person shall present the notarized certification testifying to applicant’s
matrimonial status.

(6) Where a person wishes to undertake funeral matters of his relative or friend, the person shall present relevant letters and notification.

(7) Where a person wishes to participate in economic, scientific, technological, cultural, educational, physical and academic activities,
the person shall present the certification relevant to the invitation or consent from the corresponding organs, organizations, or
individuals in Taiwan.

(8) Other certifications which the competent department deems it necessary to present.

Article 9 The public security organ shall, after receiving a Mainland resident’s application for going to Taiwan, decide within 30 days or
60 days for one residing in a remote and not easily accessible place to approve or disapprove the application and notify the applicant
about the decision. In the case of an urgent application, the public security organ shall make a decision as the occasion demands.

Article 10 With respect to a Mainland resident whose application for going to Taiwan has been approved, the public security organ shall issue
the applicant a travel certificate or affix an endorsement in his travel certificate.

Article 11 A Mainland resident whose application for going to Taiwan has been approved, shall leave within the time limit specified in his travel
certificate and return on schedule, unless he goes there for permanent residence.

If a Mainland resident already arriving in Taiwan cannot return on schedule due to disease or other special circumstances on its expiry
of the travel certificate, he may file an application for the renewal of his travel certificate to the original-issuing public security
organ or the competent organ appointed or authorized by the Bureau of Entry- Exit Administration of the Ministry of Public Security.
With special reasons, he may file an application to the public security organ and go through the entry procedures at an entry port.

Article 12 The application filed for permission to go to Taiwan by a Mainland resident who comes under one of the following circumstances shall
not be approved:

(1) being a defendant in a criminal case or a criminal suspect;

(2) being a person who is notified by a people’s court owning to involvement in an unresolved suit case and may not leave the Mainland;

(3) being a convicted person still serving sentence;

(4) being a person undergoing rehabilitation through labour;

(5) being a person whose exit will, in the opinion of the competent department of the State Council, be harmful to the State security
or cause a great loss to the State interests;

(6) being a person who has committed such fraudulent act as fabricating situations or presenting forged certificates.

CHAPTER III TAIWAN RESIDENTS ENTERING THE MAINLAND

Article 13 Taiwan residents who wish to enter the Mainland shall apply to one of the following organs for travel certificates:

(1) Those who wish to enter the Mainland directly from Taiwan shall file an application to the competent organs appointed or authorized
by the Bureau of Entry-Exit Administration of the Ministry of Public Security. With special reasons, they may apply to the public
security organ at designated port of entry and exit.

(2) Those who wish to enter the Mainland after their arrival in the Regions of Hong Kong or Macao shall file an application to the
relevant organs in the Regions of Hong Kong or Macao appointed or authorized by the Bureau of Entry-Exit Administration of the Ministry
of Public Security.

(3) Those who wish to enter the Mainland by way of foreign countries shall apply to the People’s Republic of China’s diplomatic missions
or consular offices or any other resident agency abroad authorized by the Ministry of Foreign Affairs in accordance with the Law
of the People’s Republic of China on the Control of the Exit and Entry of Citizens.

Article 14 Taiwan residents applying for permission to enter the Mainland shall go through the following procedures:

(1)to present for the examination the valid certifications of residence status in Taiwan and exit-entry permits;

(2) to fill in the application forms;

(3) for Taiwan residents to enter the Mainland through other regions or countries, they shall present reentry permits issued by these
regions or countries, except the regions and countries which do not need transit endorsement;

(4) for those who wish to settle down, to meet relatives or friends, to travel, to accept and dispose of the property, to undertake
matrimonial and funeral matters, they shall present the corresponding certifications concerning the applicant’s reasons for filing
the application:

(5) for those who wish to engage in economic, scientific, technological, cultural, educational, physical or academic activities, they
shall present the invitation letter (s) or the certifications of consent from the corresponding organs, organizations, or individuals
in the Mainland.

Article 15 For a Taiwan resident whose application for entering the Mainland has been approved, the State’s competent department shall issue
the travel certificate or endorse the travel certificate.

Article 16 A Taiwan resident who comes to the Mainland for the purposes of taking part in the economic activities such as making investment
and doing business or of handling other affairs and need to make frequent trips to and from the Mainland may file an application
to the local public security organ of the municipality or county for the endorsement of the validity for multiple trips.

Article 17 Taiwan residents wishing to go to foreign countries after their arrival in the Mainland shall comply with the Law of the People’s
Republic of China on the Control of the Exit and Entry of Citizens and the Rules for the Implementation of the Law of the People’s
Republic of China on the Control of the Exit and Entry of Citizens.

Article 18 Taiwan residents who come to the Mainland for a short stay shall, in accordance with the provisions of the administration of residence
registration, go through the procedures for the registration of temporary residence; those who are accommodated in such enterprises
and institutions as guest houses, hotels, inns, hostels and schools, or in State organs, public organizations and other institutions
shall fill in the registration forms for temporary residence; those who stay in the homes of their relatives or friends shall, within
24 hours (72 hours in rural areas), go through the registration procedures for temporary residence by themselves, or by their relatives
or friends, with the local police station or office for residence registration.

Article 19 A Taiwan resident who desires to stay in the Mainland for over three months shall apply to the local public security organ of the
municipality or county for temporary residence permit.

Article 20 A Taiwan resident who desires to settle down in the Mainland shall file an application, before entering the Mainland, to the relevant
organs appointed or authorized by the Bureau of Entry-Exit Administration of the Ministry of Public Security, or entrust his relatives
or friends to file an application on his behalf to the public security bureau of the municipality or county where the applicant intends
to settle down. After the approval is obtained, the public security organ shall issue to the applicant the certification for permanent
residence.

Article 21 Taiwan residents shall leave the Mainland within the term of validity specified in their certificates, except for those who have
settled down in the Mainland.

Those who are really in need of extending their stay in the Mainland shall submit the relevant certifications to the public security
bureau of the municipality or county and go through the procedures for extension.

Article 22 The application filed for permission to come to the Mainland by a Taiwan resident who comes under one of the following circumstances
shall not be approved:

(1) being a person deemed to have committed criminal act;

(2) being a person considered prone, after entering the Mainland, to the activities that may jeopardize the State’s security and interests;

(3) being a person who has committed such fraudulent acts as fabricating situations or presenting forged certifications;

(4) being a person suffering from mental diseases or serious infectious diseases.

Those who enter the Mainland for treating their deseases or for other special reasons and whose application for entry may be approved
are excepted.

Article 23 Mainland residents who travel to and from Taiwan and Taiwan residents who enter or leave the Mainland shall show their credentials
to the frontier inspection posts at open ports or at designated ports of exit-entry, fill in and present the exit-entry registration
cards and accept the inspection thereof.

Article 24 With respect to those who come under one of the following circumstances, the frontier inspection posts have the power to forbid them
the exit or the entry:

(1) those who do not hold travel certificates;

(2) those who hold and use such invalid certificates as forged or altered;

(3) those who refuse to present travel certificates for inspection;

(4) those who are denied exit or entry under the provisions of Article 12 and Article 22 of these Measures.

CHAPTER V THE ADMINISTRATION OF CERTIFICATES

Article 25 The travel certificates held by Mainland residents for travelling to or from Taiwan mean the travel passes or other valid travel
certificates for Mainland residents to travel to or from Taiwan.

Article 26 The travel certificates held by Taiwan residents for entering or leaving the Mainland mean the travel passes or other valid travel
certificates for Taiwan residents to enter or leave the Mainland.

Article 27 The travel passes for Mainland residents to travel to or from Taiwan and the travel passes for Taiwan residents to enter or leave
the Mainland shall be kept by the holders and the period of validity of the passes shall be five years.

Article 28 The travel passes for Mainland residents to travel to or from Taiwan and the travel passes for Taiwan residents to enter or leave
the Mainland shall be endorsed once every time. The endorsement affixed in the travel pass is valid for one trip or for multiple
trips.

Article 29 In the event of the loss of the travel certificates by Mainland residents, they must report the loss to the original-issuing public
security organ; the organ may, having proved the case to be true through investigation, re-issue new corresponding travel certificates.

Article 30 In the event of the loss of the travel certificates by Taiwan residents in the Mainland, they must report the loss to the local public
security organ of the municipality or county. After the public security organ has, through investigation, proved the case to be true,
they are permitted to apply for receiving new corresponding travel certificates or the public security organ shall issue an exit
pass which is valid for one trip only.

Article 31 The travel certificates held by Mainland residents for going to Taiwan or held by Taiwan residents for coming to the Mainland shall
be revoked or declared null and void, if their holders come under one of the circumstances as stipulated in Article 12 and Article
22 of these Measures.

Article 32 The organ that examines and issues travel certificates shall have power to revoke travel certificates issued by it or declare them
null and void. The Ministry of Public Security may, whenever necessary, change the endorsement, revoke travel certificates or declare
them null and void.

Article 33 Any person who has held and used such an invalid travel certificate as forged or altered or used another person’s travel certificate
for exit and entry may be solely or concurrently punished with a fine of 100 to 500 yuan (RMB), in addition to the penalties stipulated
in Article 23 of the Rules for the Implementation of the Law of the People’s Republic of China on the Control of the Exit and Entry
of Citizens.

Article 34 Any person who has forged, altered, transferred or sold travel certificates at a profit, may be solely or concurrently punished with
a fine of 500 to 3,000 yuan (RMB), in addition to the penalties stipulated in Article 24 of the Rules for the Implementation of the
Law of the People’s Republic of China on the Control of the Exit and Entry of Citizens.

Article 35 Any person who has fabricated situations, presented a forged certificate or resorted to bribery to obtain a travel certificate may
be solely or concurrently punished with a fine of 100 to 500 yuan (RMB), in addition to the penalties stipulated in Article 25 of
the Rules for the Implementation of the Law of the People’s Republic of China on the Control of the Exit and Entry of Citizens.

For those who have committed the aforesaid acts, their application for exit and entry shall not be accepted and handled within six
months from the enforcement of their punishments.

Article 36 In the event that organs, organizations, enterprises or institutions are discovered to have fabricated situations, or provided forged
certificates in order to help applicants obtain travel certificates, the exercise of their certificates-issuing power shall be suspended;
if the circumstances are serious, their certificates-issuing qualifications shall be cancelled. Those persons who bear direct responsibility
for the offence may be solely or concurrently punished with a fine of 500 to 1,000 yuan (RMB), in addition to the penalties stipulated
in Article 25 of the Rules for the Implementation of the Law of the People’s Republic of China on the Control of the Exit and Entry
of Citizens.

Article 37 Those who fail to apply for temporary residence registrations or permits in violation of the stipulations in Article 18 or 19 of
these Measures shall be given a warning or be punished with a fine of 100 to 500 yuan (RMB).

Article 38 Those who stay in the Mainland illegally beyond the specified period of time in violation of the stipulations in Article 21 of these
Measures shall be given a warning or may solely or concurrently be punished with a fine of 100 yuan (RMB) for each day beyond the
time limit.

Article 39 If person who is punished does not accept the penalties imposed by the public security organ, he may, within 15 days of receiving
the notice, appeal to the public security organ at the next higher level for a final decision; he may also bring a suit directly
in a local people’s court.

Article 40 For those Taiwan residents who violate the stipulations in these Measures or commit other offences or criminal acts after entering
the Mainland, besides punished according to these Measures and other relevant laws or administrative regulations, the public security
organ may curtail their period of stay or order them to leave within a specified period of time or deport them from the Mainland.

Those who are under one of circumstances stipulated in Article 22 in these Measures shall be deported immediately.

Article 41 Where a State functionary charged with the duty of implementing these Measures takes advantage of his position to extort or accept
bribes, or commits any law-breaking act showing dereliction of duty, if the circumstance is minor, an administrative sanction shall
be imposed by the relevant department; if the case is so serious as to constitute a crime, criminal responsibility shall be investigated
in accordance with the relevant provisions of the Criminal Law of the People’s Republic of China.

Article 42 The property obtained by any person in violation of these Measures shall be recovered, reimbursed or compensated. The personal effects
used for committing the crime shall be confiscated.

The fines and confiscated property shall be turned over to the State Treasury.

CHAPTER VII SUPPLEMENTARY PROVISIONS

Article 43 The Ministry of Public Security shall be responsible for the interpretation of these Measures.

Article 44 These Measures shall go into effect as of May 1, 1992.

INTERIM PROVISIONS FOR THE CONTROL OF SHANGHAI METAL EXCHANGE

Interim Provisions for the Control of Shanghai Metal Exchange

(Effective Date:1992.04.25–Ineffective Date:)

CHAPTER I GENERAL PROVISIONS CHAPTER II THE ADMINISTRATION BOARD CHAPTER III ORGANIZATION CHAPTER IV MEMBERSHIP CHAPTER V TRANSACTIONS
CHAPTER VI AGENCY CHAPTER VII PRICES CHAPTER VIII SETTLEMENT AND DELIVERY CHAPTER IX SUPERVISION, ARBITRATION, PENALTIES

Article 1 These provisions are formulated in accordance with the relevant laws and policies of the State with a view to developing the planned
commodity economy and coordinating the planned adjustment and the market adjustment of commodities.

Article 2 The Shanghai Metal Exchange (hereinafter referred to as “the Exchange”) is under the joint leadership of the Ministry of Materials
and Supplies and the Shanghai Municipal People’s Government.

Article 3 The Exchange is a not-for-profit state-owned legal entity, whose expenditures shall be fully set off by its incomes and which shall
assume sole responsibility for its profits and losses.

Article 4 The task of the Exchange is to direct and control dealings in metal material spots and futures, which shall be transacted in an open,
fair and regular way in a designated place of business.

Article 5 All persons and organizations doing business on the Exchange shall abide by these provisions.

CHAPTER II THE ADMINISTRATION BOARD

Article 6 The administration board of the Shanghai Metal Exchange (hereinafter referred to as “the administration board”) is formed by the
Metal Material Department, the General Management Department and the Foreign Economic Cooperation Department of the Ministry of Materials
and Supplies and the Planning Committee, the Office of Economic Reform, the Bureau of Materials and Supplies, the Finance Bureau,
the Administration for Industry and Commerce and the Pricing Bureau of the Shanghai Municipal People’s Government.

Article 7 The chief function of the administration board are:

1. To formulate and revise the Regulations of the Shanghai Metal Exchange for Transaction of Business in accordance with these provisions;

2. To supervise and direct the work of the Exchange;

3. To coordinate the work of the Exchange as regards the relation between policies, between different government departments and between
different parts of the country; and

4. To examine and determine the kinds of commodities to be bought and sold on the Exchange.

Article 8 The Exchange is a society made up of its members.

Article 9 The board of directors is made up of the representatives of the investors and the representatives elected by the general meeting
of the members of the Exchange.

Article 10 The board of directors is the highest governing body of the Exchange and is responsible for its administration and management. The
functions of the board of directors are: to formulate and revise the articles of association of the Exchange; to decide important
matters within the Exchange; to approve admission of new members; and to appoint senior officers of the Exchange (the president,
the vice-president).

Article 11 The president is responsible for the administration and management of the Exchange under the leadership of the board of directors.
The president is the legal representative of the Exchange and is responsible to the board of directors.

Article 12 A board of supervisors composed of five to seven officials and experts from the Ministry of Materials and Supplies and the Shanghai
Municipal People’s Government shall supervise and inspect the activities of the Exchange in accordance with the relevant national
laws, the local laws of Shanghai Municipality and the regulations of the Exchange.

Article 13 Only those having the following qualifications may be admitted to membership of the Exchange:

1. They must be economic entities engaging in the production or use of, or dealing in, metal materials, foreign trade companies or
financial institutions which have registered with the local department in charge of administration of industry and commerce and have
acquired the independent status of legal persons;

2. They must each have a registered capital of not less than RMB five million yuan;

3. They must each have on their staff persons specializing in the metal material business; and

4. They must each have an established business reputation.

Article 14 Any enterprise which meets the above-mentioned qualifications may fill in the Application Form For Membership of the Shanghai Metal
Exchange and file the same with its board of directors. The enterprise shall become a member of the Exchange when its application
for membership is approved by the board of directors.

Article 15 Members of the Exchange shall enjoy equal rights and fulfill the prescribed obligations under the articles of association of the
Exchange.

Article 16 A member of the Exchange may appoint one or two persons who have been examined and trained by the Exchange to be its representatives
and do business for and on behalf of it on the Exchange. No one who hasn’t been authorized to be its representative can do business
on the Exchange.

Article 17 Contracts concluded by representatives of enterprises on the Exchange according to the instructions of the enterprises shall take
legal effect when certified by the Exchange.

Article 18 A representative of an enterprise on the Exchange shall do business only under the instructions from the enterprise. The represents
and shall not take instructions from any other member of the Exchange or any other organization which is not a member of the Exchange.

Article 19 Members of the Exchange shall do business on the principle of open, just and fair competition. All business activities on the Exchange
shall be under the protection of these provisions.

Article 20 The commodities to be bought and sold on the Exchange shall be metal materials.

Article 21 The modes of doing business on the Exchange shall be sales by open competitive offers, by negotiation or by auction.

Article 22 Standard contract forms shall be used in transactions in futures.

Article 23 Contracts shall be concluded when deals are made in transactions in spots. The texts of such contracts shall be uniformly prescribed
and prepared by the Exchange. Long-terms futures contracts not executed in standard forms may be transferred on the Exchange.

Article 24 The following are prohibited in doing business on the Exchange:

1. Doing business by making use of inside information;

2. One enterprise conspiring with two or more other enterprises to buy or sell at the same time contracts for commodities of the same
kind in order to create a false impression about demand and supply and about prices;

3. Concocting or spreading false and misleading information;

4. Continuously raising prices of commodities of the same kind in purchases or sales of contracts for the purpose of rigging the market;
and

5. Manipulating the market or disturbing its working order in some other direct or indirect ways.

Article 25 Members of the Exchange may be empowered by clients to act as their agents for the purchase or sale or transfer of contracts.

Article 26 The Exchange is only responsible to its members, while its members acting as agents shall be responsible to their principals.

Article 27 Enterprises which are not members of the Exchange are not restricted within the limits of their original business scope and may choose
any members of the Exchange as their agents to buy or sell contracts for them, for which they shall pay deposits and commissions
in accordance with the regulations on agency and the rules for their implementation.

Article 28 Members of the Exchange shall keep separate account books for their own business and for their agency business.

Article 29 The Exchange has the power to investigate and supervise the agency business of its members.

Article 30 The prices quoted on the Exchange shall be in Renminbi.

Article 31 The prices of commodities bought and sold on the Exchange are allowed to change according to market fluctuations.

Article 32 The Exchange shall set the maximum or minimum price limit to cope with sudden rise or sudden fall of prices caused by abnormal factors
and may, when necessary, suspend all business transactions.

Article 33 Information as to the kinds, quantities and prices bought and sold on the Exchange for the day shall be issued by the Exchange on
each business day.

CHAPTER VIII SETTLEMENT AND DELIVERY

Article 34 The Exchange follows the practice of requiring payment of basic deposits and additional deposits.

Article 35 The Exchange shall set up a settlement department in charge of settlement of accounts of transactions on the Exchange.

Article 36 Profits gained by an enterprise in a transaction shall be put down to its account as its profits, whereas loss incurred by an enterprise
in a transaction shall be set off in its account by the profits gained by the enterprise in transactions.

Article 37 when a transaction is concluded, both the buyer and the seller shall pay service charges to the Exchange. The rate of the service
charge shall be determined and adjusted by the Exchange subject to the approval of the department in charge of pricing.

Article 38 The Exchange shall bear full responsibility for all contracts, including the responsibility to perform obligations under contracts
in place of defaulting parties, and shall have the right to recover damages for losses from, and impose penalties on, defaulting
parties.

Article 39 The Exchange shall give public notice of the dates of delivery if the contracts vary as to the time for performance. The Exchange
shall be responsible for delivery if a contract contains the stipulation that the commodities shall be sold for immediate delivery.
The buyer and the seller shall be responsible for the delivery of commodities if the deal is made through negotiation or by auction.

CHAPTER IX SUPERVISION, ARBITRATION, PENALTIES

Article 40 The Exchange has the power to supervise the business activities of its members, the power to adjust, or arbitrate in, disputes between
them and the power to impose penalties on them for violation of its regulations or discipline in accordance with the relevant rules
and the articles of association.

Article 41 The Exchange may exercise its powers of supervision, of arbitration and of imposition of penalties in the following ways:

1. Hearing complaints of its members;

2. Handling charges of misconduct against its members;

3. Investigating the financial positions and business transactions of its members;

4. Inspecting the account books, documents and original records of its members; and

5. Instructing its members in writing to stop, or make amends for, their wrongdoing.

Article 42 Penalties shall be imposed on members of the Exchange for violation of regulations in accordance with the Regulations of the Shanghai
Metal Exchange For Transaction of Business and the Interim Procedures of the Shanghai Metal Exchange for the Control of its Members.

Article 43 Penalties shall be imposed on members of the staff of the Exchange who violate these provisions in accordance with the relevant provisions
in the Code of Conduct for Staff Members of the Exchange.

Article 44 Serious cases of wrongdoing in violation of criminal law shall be referred to the judicial authorities.

Article 45 The right to interpret these provisions resides in the administration board of the Shanghai Metal Exchange.

Article 46 The administration board of the Exchange may formulate rules for the implementation of these provisions.

Article 47 These provisions shall go into effect on the day of their issurance.

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CONSTITUTION ACT, 1982 – page 22

CONSTITUTION ACT, 1982 – page 21

CONSTITUTION ACT, 1982 – page 20

CONSTITUTION ACT, 1982 – page 19

CONSTITUTION ACT, 1982 – page 18

CONSTITUTION ACT, 1982 – page 17

CONSTITUTION ACT, 1982 – page 16

CONSTITUTION ACT, 1982 – page 12

CONSTITUTION ACT, 1982 – page 11

CONSTITUTION ACT, 1982 – page 10

CONSTITUTION ACT, 1982 – page 9

CONSTITUTION ACT, 1982 – page 8

CONSTITUTION ACT, 1982 – page 7