ADMINISTRATIVE MEASURES FOR THE SECURITIES REGISTRATION AND SETTLEMENT

Order of China Securities Regulatory Commission

No. 29

The Administrative Measures for the Securities Registration and Settlement are hereby promulgated and shall enter into effect as of
July 1, 2007.

Chairman of China Securities Regulatory Commission, Shang Fulin

April 7, 2006

Administrative Measures for the Securities Registration and Settlement
Chapter I General Provisions

Article 1

In order to regulate the securities registration and settlement activities, protect the lawful rights and interests of investors,
maintain the securities registration and settlement order, guard against the securities registration and settlement risks and safeguarding
the safe and efficient operation of the securities market, these Measures are formulated in accordance with the Securities Law, the
Company Law and other laws and administrative regulations.

Article 2

These Measures shall be applied to the registration and settlement of stocks, bonds, shares of securities investment funds, as well
as other securities and securities derivatives (hereinafter referred to as the securities) listed in the stock exchanges.

The registration and settlement business about the non-listed securities shall be carried out with reference to these Measures.

If there are separate provisions in the laws, administrative regulations or of China Securities Regulatory Commission (hereinafter
referred to as CSRC) about the registration and settlement business about the foreign capital stocks listed in China, such provisions
shall prevail.

Article 3

The principles of openness, fairness, equity, safety and efficiency shall be followed in the securities registration and settlement
activities.

Article 4

Securities registration and settlement institutions are non-profitable legal persons that provide centralized registration, depository
and settlement services for the securities trading.

The securities registration and settlement business shall be governed by the method of nationally centralized and unified operations,
and be dealt with in the form of the centralized and unified processing by securities registration and settlement institutions.

The securities registration and settlement institutions shall carry out the industrial self-discipline management.

Article 5

The securities registration and settlement activities shall be subject to the laws, administrative regulations, the provisions of
the CSRC and the business operational rules formulated by the securities registration and settlement institutions in accordance with
law.

Article 6

The CSRC shall supervise and administer the securities registration and settlement institutions as well as securities registration
and settlement activities according to law.

Chapter II Securities Registration and Settlement Institutions

Article 7

The establishment and dissolution of securities registration and settlement institutions shall be subject to the approval of the
CSRC.

Article 8

A securities registration and settlement institution shall perform the functions as follows:

(1)

The establishment and management of securities accounts and settlement accounts;

(2)

The depository and transfer of securities;

(3)

The registration of the roster of securities holders as well as the registration of their rights and interests;

(4)

The liquidation and delivery of securities and capital as well as the relevant management;

(5)

The distribution of securities rights and interests upon the strength of the entrustment of issuers;

(6)

Providing the inquiry, information, consultancy and training services relating to the securities registration and settlement business
according to law; and

(7)

Other businesses as approved by the CSRC.

Article 9

A securities registration and settlement institution shall not carry out any of the activities as follows:

(1)

The investments that are irrelevant to the securities registration and settlement business;

(2)

Purchasing non-self-use real estate;

(3)

Purchasing or selling securities not under Article 65 or 66 of these Measures; or

(4)

Other activities as prohibited by the laws, administrative regulations or the CSRC.

Article 10

The following matters of securities registration and settlement institutions shall be reported to the CSRC for approval:

(1)

The formulation or revision of Articles of association or business operational rules;

(2)

The important international cooperation and communication activities or the important affairs related to Hong Kong, Macao or Taiwan;

(3)

The formulation or adjustment of main charging items or rates related to the securities registration and settlement;

(4)

The appointment or removal of the chairman or deputy chairman of the board of directors, the general manager or deputy general manager;
or

(5)

Other matters that shall be reported to the CSRC for approval.

The “business operational rules” as mentioned in the Item (1) of the preceding Paragraph means the rules about the securities registration
and settlement business, such as the management of securities accounts, securities registration, securities custody and depository,
securities settlement and management of settlement participants of the securities registration and settlement institutions.

Article 11

The following matters and documents of securities registration and settlement institutions shall be reported to the CSRC:

(1)

The detailed rules for the business operations;

(2)

The formulation or alteration of the business management rules, the business resumption plans and the emergency handling procedures;

(3)

The handling of the registration and settlement business related to new securities varieties or the alteration of the modes for registration
and settlement business;

(4)

The acquisition or deprivation of the qualifications of settlement participants or settlement banks;

(5)

The discovery of significant business operational risks or technical risks, significant illegal or irregular acts, or the involvement
in significant lawsuits;

(6)

The appointment or removal of the general manager of any subsidiary, the assistant of the general manager of the company, or the person-in-charge
of a department of the company;

(7)

Annual work reports on the relevant business operations or the conditions on the implementation of the relevant state provisions;

(8)

Annual financial reports audited by an accountant firm, schemes on financial budgets and final accounts, projects with large expenses,
the hiring or replacement of accountant firms;

(9)

The main business cooperation agreements reached with stock exchanges, and the sample formats of various business agreements reached
with the securities issuers, settlement participants and settlement banks; and

(10)

Other matters and documents that the CSRC requires reporting.

Article 12

A securities registration and settlement institution shall properly keep the original vouchers as well as the relevant documents
and materials about the registration, depository and settlement, which shall be kept for not less than 20 years.

Article 13

A securities registration and settlement institution shall manage the data and materials exclusively, which formulates for the securities
registration and settlement business. Without the consent of the securities registration and settlement institution, any organization
or individual may not use the data and materials under exclusive management for any commercial purpose.

Article 14

A securities registration and settlement institution and its staff members shall keep confidential the data and materials related
to the securities registration and settlement business according to law.

A securities registration and settlement institution shall refuse the inquiry of the data and materials related to the securities
registration and settlement, except for the circumstances as follows:

(1)

The securities holder inquires about his or its’ own securities materials;

(2)

The securities issuer inquires about the roster of securities holders and the relevant materials;

(3)

The stock exchange requires the securities registration and settlement institution to provide the relevant data and materials in order
to perform its functions according to law; or

(4)

The people’s court, the people’s procuratorate, the public security organ or the CSRC inquires or obtains evidences in the light of
statutory conditions and procedures.

A securities registration and settlement institution shall take effective measures to facilitate the securities holders’ inquiry about
the holding records of their own securities.

Article 15

A securities registration and settlement institution shall make public its business operational rules, and the main charging items
and rates related to the securities registration and settlement.

If a securities registration and settlement institution formulates or revises its business operational rules, adjusts the main charging
items or rates related to the securities registration and settlement, it shall solicit the opinions of the relevant market participants.

Article 16

The staff members of securities registration and settlement institutions shall be dedicated to their posts, deal with affairs according
to law, and shall not seek for unjustifiable interests by taking advantage of their posts or divulge the business secrets of relevant
entities or individuals they have known.

If a securities registration and settlement institution violates the Securities Law or these Measures, the CSRC shall give it an administrative
punishment; and the principal and other persons who are directly responsible for shall be subject to administrative punishments.

Chapter III Management of Securities Accounts

Article 17

An investor shall hold the securities through his securities accounts, and the securities accounts shall be used for recording the
balance of securities held by the investor as well as the information on the change of securities.

Article 18

The securities shall be recorded in the securities accounts of the securities holders themselves, however, if any of the laws, administrative
regulations or the CSRC prescribe that the securities may be recorded in the securities accounts of a nominal holder, such provisions
shall prevail.

In order to perform their duties according to law, a securities registration and settlement institution may require a nominal holder
to provide the relevant materials about the owners of securities rights and interests under its name.

Article 19

An investor shall submit an application to a securities registration and settlement institution to open a securities account.

Applying for opening a securities account, an investor shall ensure that the materials he/it submits for opening the account are true,
accurate and integral.

Article 20

A securities registration and settlement institution may directly open securities accounts for investors, or may entrust securities
companies to do so.

A securities registration and settlement institution shall follow the principles of facilitating investors and optimizing the allocation
of account resources when opening securities accounts for investors.

Article 21

Where a securities company opens a securities account on commission, it shall apply to a securities registration and settlement institution
for the acting qualification for opening accounts.

When opening securities accounts on commission, a securities company shall examine the authenticity, accuracy and integrity of the
originals of valid identity cards and other account opening materials provided by the investors in the light of the business operational
rules of the securities registration and settlement institution, and the relevant account opening materials shall be properly kept
for not less than 20 years.

Article 22

The investor may not provide his/its securities account to any other person to use.

Article 23

According to the business operational rules, a securities registration and settlement institution shall supervise over the opening
of securities accounts by the acting account opening institutions. If the acting account-opening institution violates the business
operational rules, the securities registration and settlement institution may suspend or cancel its acting qualification for opening
accounts in the light of the business operational rules, and ask the CSRC to suspend or cancel its relevant licensed securities business
in accordance with the relevant provisions; and the principal and other persons held to be directly responsible shall singly or concurrently
be subject to warning, fine, revocation of practicing qualifications or securities practicing qualifications, etc.

Article 24

A securities company shall keep informed of the materials and the credit status of its clients, and supervise over the use of securities
accounts of its clients. If a securities company finds that any of its clients commits any illegal act during the course of using
the securities account, it shall handle it in the light of the business operational rules of the securities registration and settlement
institution, and timely report it to the securities registration and settlement institution and the stock exchange. If any legal
person establishes a securities account in any other’s name or makes use of the securities account of any other’s for purchasing
and selling of securities, the securities company shall also report it to the CSRC, which shall punish it in accordance with law.

Article 25

If an investor commits the illegal act during the period of opening or using a securities account, the securities registration and
settlement institution shall, according to law, take measures to limit the use of or write off the illegal securities account, etc.

Chapter IV Securities Registration

Article 26

An issuer of listed securities shall entrust a securities registration and settlement institution to deal with the registration of
the securities it has issued.

A securities registration and settlement institution shall reach a securities registration and service agreement with the securities
issuer that entrusts it to deal with the securities registration business and specify the rights and obligations of both parties.

A securities registration and settlement institution shall formulate and publish the model texts of securities registration and service
agreements.

A securities registration and settlement institution may deal with the registration of listed governmental bonds according to the
requirements of the competent department for government bonds.

Article 27

In accordance with the records of securities accounts, a securities registration and settlement institution shall confirm the facts
of the securities holders’ holding the securities, and implement the registration of the roster of securities holders.

Article 28

After the public issuance of securities, a securities issuer shall submit the roster of securities issuers that have issued the securities
and other relevant materials to the securities registration and settlement institution. The securities registration and settlement
institution shall deal with the initial registration of the roster of securities issuers based thereon.

A securities issuer shall guarantee the legality, truthfulness, accuracy and integrity of the materials it submits. A securities registration
and settlement institution shall not be responsible for the losses and legal consequences incurred from the mistakes in the roster
of securities issuers or other relevant materials made by the securities issuers.

Article 29

Where the securities are listed and traded in a stock exchange, the securities registration and settlement institution shall deal
with the alteration registration of the roster of securities issuers according to the delivery results of the securities transactions.

If the securities are transferred by way of agreement-based transfer, inheritance, compulsory enforcement or administrative appropriation,
the securities registration and settlement institution shall alter the balance of the relevant securities account in the light of
its business operational rules, and deal with the corresponding alteration registration of the roster of securities issuers.

If the securities are mortgaged, locked or frozen and thus the rights of the owner thereof are limited, the securities registration
and settlement institution shall indicate it on the roster of securities holder.

Article 30

A securities registration and settlement institution shall guarantee the truthfulness, accuracy and integrity of the roster of securities
holders and the transfer registration records, and shall not disguise, forge or destroy any of them.

Article 31

In the light of its business operational rules and the agreements, a securities registration and settlement institution shall regularly
circulate the roster of securities holders and other relevant materials to the securities issuers.

Article 32

If a securities issuer applies for providing the distribution of rights and interests and other agency services, it shall submit
the relevant materials and pay the money to the securities registration and settlement institution in the light of the business operational
rules and the agreement.

If a securities issuer fails to perform the aforesaid obligation in time, the securities registration and settlement institution has
the right to delay or refuse the handling thereof, and the securities issuer shall issue an announcement and explain the relevant
conditions in time.

Article 33

If a securities issuer or its liquidation group terminates the securities registration or other relevant service agreement, the securities
registration and settlement institution shall provide it with the roster of securities holders and other registration materials according
to law.

Chapter V Custody and Depository of Securities

Article 34

An investor shall entrust a securities company with the custody of its securities, and the securities company shall keep its own
securities and the securities of its clients under its custody at a securities registration and settlement institution, except for
being otherwise prescribed by the laws, administrative regulations or the CSRC.

Article 35

A securities registration and settlement institution shall set up general ledgers for the securities of the securities companies’
clients and general ledgers for its own securities for the statistics of the securities of the securities companies’ clients and
its own securities.

A securities company shall entrust a securities registration and settlement institution to maintain for its clients’ securities account
and its own securities account, except for being otherwise prescribed by the laws, administrative regulations or the CSRC.

Article 36

When buying or selling securities, an investor shall conclude a securities trading, trusteeship and settlement agreement with a securities
company.

A securities registration and settlement institution shall formulate and publish the necessary Articles of the securities registration
and settlement in the securities trading, custody and settlement agreement. The necessary Articles shall include but not be limited
to the contents as follows:

(1)

The securities company shall submit an application for the trading of securities upon the strength of the entrustment of its client
and in the light of the securities trading rules, complete the delivery of securities and capital with its client according to the
transaction results, and assume the corresponding obligations of delivery; while the client shall allow the securities company to
entrust a securities registration and settlement institution to deal with the securities delivery between its/his securities account
and the securities delivery account of the securities company after concentrated transactions;

(2)

If a pledge-type repurchase transaction is implemented, the investor and the securities company shall submit the pledged coupons for
repurchase to the securities registration and settlement institution in the light of the business operational rules. The relationship
of credits and debts between the investor and the securities company shall not affect the securities registration and settlement
institution, which, in the light of the business operational rules, carries out its right to the pledged coupons as submitted by
the securities company; and

(3)

The securities company may entrust the securities registration and settlement institution to transfer the net bought-in securities
into its securities disposal account when a client defaults in the delivery of capital, and require the client to make up the capital
within the stipulated time limit. The securities company may refuse to transfer the capital equivalent to the amount of defaulted
securities to the client temporarily when a client defaults in the delivery of securities.

Article 37

A securities company shall report the matters concerning the establishment, alteration and termination of securities custody relationships
with its clients to the securities registration and settlement institution.

The aforesaid matters shall be recorded down by the securities registration and settlement institution.

Article 38

If a client requires the securities company to transfer its/his securities to an other securities company for custody, the relevant
securities company shall handle it according to the relevant business operational rules of the stock exchange and the securities
registration and clearing institution, and shall not refuse to do so except for being otherwise prescribed by laws, administrative
regulations or the CSRC.

Article 39

A securities company shall take effective measures to ensure the safety of the securities under custody, and shall not misappropriate
or sell the aforesaid securities without authorization.

A securities registration and clearing institution shall take effective measures to ensure the safety of the securities it keeps,
and shall not misappropriate or sell the aforesaid securities without authorization.

Article 40

The pledge, lock-up, freeze or deduction of securities shall be managed by the securities company, which entrusts the custody of
the securities and the securities registration and settlement institution in the light of the relevant provisions as set down by
the securities registration and settlement institution.

Chapter VI Liquidation and Delivery of Securities and Capital

Article 41

To participate in the centralized liquidation and delivery of securities and capital, a securities company shall apply to the securities
registration and settlement institution for obtaining the qualification of a settlement participant, conclude a settlement agreement
with the securities registration and settlement institution and specify the obligations and obligations of both parties.

If the securities company has not obtained the qualification of a settlement participant, it shall conclude an entrusted settlement
agreement with a settlement participant so as to entrust the settlement participant for the centralized liquidation and delivery
of securities and capital on its behalf.

The model texts of the settlement agreement and the entrusted settlement agreement shall be formulated and published by the securities
registration and settlement institution.

Article 42

A securities registration and settlement institution shall choose a qualified commercial bank as the settlement bank for dealing
with the capital transfer.

The conditions for settlement banks shall be prescribed by the securities registration and settlement institution.

Article 43

The settlement of securities and capital shall be governed by the principle of graded settlement. The securities registration and
settlement institution shall take charge of dealing with the centralized liquidation and delivery between itself and the settlement
participants; and the settlement participants shall be responsible for handling the centralized liquidation and delivery between
themselves and their own clients.

Article 44

A securities registration and clearing institution shall establish an account of centralized securities delivery and an account of
centralized capital delivery so as to deal with the centralized liquidation and delivery between itself and the settlement participants.

In accordance with the rules as set down by the securities registration and settlement institution, a settlement participant shall
apply for opening an account of centralized securities delivery and an account of centralized capital delivery so as to deal with
the delivery of securities and capital. A settlement participant engaging in the self-management business and the brokerage business
simultaneously shall apply for opening an account of self-management securities and capital delivery and an account of the clients’
securities and capital delivery separately for dealing with the self-management securities and capital delivery and the securities
and capital delivery for the brokerage business.

Article 45

If a securities registration and settlement institution adopts the method of multi-lateral netting settlement, it shall act as a
central counter party (CCP) of the settlement participants in accordance with the business operational rules, and deal with the liquidation
and delivery by taking a settlement participant as a settlement unit in the light of the principle of delivery versus payment (DVP).

Article 46

The settlement agreement concluded by a securities registration and settlement institution and the settlement participant in the
multi-lateral netting settlement shall include:

(1)

As to a securities exchange contract for which the settlement participant takes charge of settlement, the right of both settlement
participants to the aforesaid contract to collect the securities or capital from the opposite party and the obligation of the aforesaid
opposite party to pay the capital or securities shall be both transferred to the securities registration and settlement institution;
and

(2)

The securities registration and settlement institution shall enjoy the right and perform the obligation of both settlement participants
to the original contract to the opposite party after accepting the right and obligation prescribed in the preceding paragraph.

Article 47

When a securities registration and settlement institution implements multi-lateral netting liquidation, it shall compute the net
amounts receivable and payable according to the netting of the securities and capital of the settlement participants, and notify
the liquidation results to the settlement participants upon conclusion of the liquidation in time.

If a securities registration and settlement institution adopts the other settlement method, it shall implement the liquidation in
accordance with the relevant business operational rules.

Article 48

Before conducting a centralized delivery, a settlement participant shall collect the securities and capital payable from its clients,
and shall retain sufficient securities and capital in its securities delivery account and its capital delivery account.

The securities transfer between a settlement participant and its clients shall be dealt with by a securities registration and settlement
institution on commission.

Article 49

In the period of a centralized delivery, a securities registration and settlement institution shall collect the capital and securities
payable from the settlement participants at the time of delivery, and shall deliver the securities and capital receivable at the
same time. The delivery may not be revoked after being completed.

If a settlement participant has not sufficiently performed the obligation of securities or capital delivery, it cannot obtain the
corresponding capital or securities.

With respect to a settlement participant which engages in the self-management business and the brokerage business or asset management
business simultaneously, the securities registration and settlement institution can use the capital in the self-management capital
delivery account of the aforesaid settlement participant to complete the delivery if the capital in its client’ capital delivery
account is not sufficient.

Article 50

A settlement participant shall deliver the securities and capital receivable to its clients after conducting a centralized delivery.

The securities transfer between a settlement participant and its clients shall be dealt with by a securities registration and settlement
institution on commission.

Article 51

A securities registration and settlement institution shall, in the settlement business operational rules, separately prescribe the
time limits for the centralized delivery of securities and capital between the settlement participants and itself as well as the
centralized delivery of securities and capital between a settlement participant and its clients.

A settlement participant shall accomplish the work of delivering the securities and capital within the prescribed time limit for delivery.

Article 52

Where the liquidation results are wrong because of the securities registration and settlement institution, the settlement participant
may require the securities registration and settlement institution to make corrections after performing the obligation of delivery,
and assume the direct losses it has suffered.

Chapter VII Risk Prevention and Handling of Delivery Default

Section I Risk Prevention and Control Measures

Article 53

A securities registration and settlement institution shall take the measures as follows so as to strengthen the risk prevention and
control of the securities registration and settlement business:

(1)

Constituting perfect risk prevention rules and internal control rules;

(2)

Establishing a perfect technical system, and formulating technical standards and criteria that shall be observed by all settlement
participants;

(3)

Establishing perfect entrance standards and risk evaluation system for the settlement participants and the settlement banks; and

(4)

Making backups for the settlement data and the technical system, and formulating business-related emergency dealing with procedures
and operational procedures.

NOTICE OF MINISTRY OF COMMERCE ABOUT FURTHER IMPROVING THE WORK OF ATTRACTING FOREIGN CAPITAL IN LOGISTICS AREA

Ministry of Commerce

Notice of Ministry of Commerce about Further Improving the Work of Attracting Foreign Capital in Logistics Area

Shang Zi Han [2006] No.38

The competent department of commerce of all provinces, autonomous regions, municipalities directly under the Central Government, and
cities specifically designated in the state plan, and Xinjiang Production and Construction Corps.

Since 2000, according to the spirit of Circular on Relevant Issues concerning the Development of Establishment of Pilot Logistics
Foreign-funded Enterprises by the Ministry, a batch of foreign funded logistic enterprises have been established upon the approval
in all pilot areas. The expansion of pilot work has played an active action on the health development of international trade of our
country and the modern logistics industry. For further development on extending opening up to the outside world in logistic area
and promoting foreign investment on logistic enterprises on the basis of pilot, we hereby noticed as follows:

The expression “foreign investment on logistic enterprises” refers to the foreign funded enterprises whose main business activities
shall be the logistic and relevant services provided for other enterprises, including foreign funded enterprise on the road transportation,
foreign funded enterprise on waterway transportation, foreign funded enterprise on air transportation, foreign funded enterprise
on freight agency, foreign funded enterprise on commerce, foreign funded enterprise on logistic of the third party and other foreign
funded enterprises engaged in other logistic or relative business of logistics.

The foreign investor may apply to establish the foreign funded logistic enterprise to engage in one or more business of logistics
according to the Provisions on the Administration of Foreign Investment in the Road Transport Sector, Provisions on Administration
of Foreign Investment in International Maritime Transportation, Provisions on Foreign Investment in Civil Aviation, Interim Measures
for Approval and Administration concerning the Foreign Investment on Railway Freight Transportation, Administration Measures on Foreign-funded
International Freight Agency Enterprises, Measures for the Administration on Foreign Investment in Commercial Fields and other laws
and regulations on foreign investment. Thereinto when applying for more businesses of logistics, the highest condition shall be satisfied
among the qualification conditions required by every business of logistics when applied separately.

With regard to the good result on the pilot work of establishing foreign funded logistic enterprises, the foreign investor shall be
permitted to establish the foreign funded logistic enterprise with the form of joint venture, cooperative and solely-funded throughout
the country. The foreign funded logistic enterprise may be engaged in part of or all businesses prescribed in Article 5 of the Circular
upon the approval, and its minimum limitation amount of registered capital shall no longer be limited, but the foreign funded logistic
enterprise shall, according to the operation business, accordingly accord with the requirement of minimum limitation of registered
capital and other requirements prescribed by the Measures for the Administration on Foreign Investment in Commercial Fields, the
Administration Measures on Foreign-funded International Freight Agency Enterprises, the Provisions on the Administration of Foreign
Investment in the Road Transport Sector and other relevant laws and regulations on foreign investment. Except the enterprise that
shall be approved by Ministry of Commerce prescribed by the above mentioned department rules or other laws and regulations on foreign
investment, other foreign funded logistic enterprise shall be approved by the competent department of commerce at provincial level.

The competent department of commerce at all levels shall do good work on attracting foreign investment in logistic areas in accordance
with all provisions above mentioned and relevant laws and rules on foreign investment. The application materials shall be reported
to the Ministry of Commerce in the prescribed time limit when the limit of authority for approval by locality has been exceeded.

The competent department of commerce of all places that has the limits of authority for approval shall not abuse their administrative
power; with regard to the application for establishing the branch at the locality by the logistic enterprises coming from other areas,
if it accords with the legal condition, the decision of administrative permission shall be made in time.

In case any relevant provision in the Circular on Relevant Issues concerning the Development of Establishment of Pilot Logistics Foreign-funded
Enterprises (NO.615 [2002] of the Letter of the MOFTEC) by Ministry of Foreign Trade and Economic Cooperation is inconsistent with
the present Notice, the present Notice shall prevail.

The present Notice shall be implemented as of March 31, 2006.

Ministry of Commerce

April 20, 2006

Ministry of Commerce
2006-04-20

THE PASSPORT LAW OF THE PEOPLE’S REPUBLIC OF CHINA

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

No. 50

The Passport Law of the People’s Republic of China, which was adopted at the 21st Session of the Standing Committee of the 10th National
People’s Congress of the People’s Republic of China on April 29, 2006, is hereby promulgated and shall come into force as of January
1, 2007.
Hu Jintao, President of the People’s Republic of China

April 29, 2006

The Passport Law of the People’s Republic of China

(Adopted at the 21st Session of the Standing Committee of the 10th National People’s Congress of the People’s Republic of China on
April 29, 2006)

Article 1

The present law is formulated in order to regulate the application, issuance and management of passports of the People’s Republic
of China, guarantee the rights and interests of the citizens of the People’s Republic of China exiting and entering the People’s
Republic of China and promote the intercourse with foreign countries.

Article 2

Passports of the People’s Republic of China are the certificates, upon which the citizens of the People’s Republic of China exit
and enter China and prove their nationalities and identities when they are staying abroad.

No organization or individual may forge, alter, transfer, deliberately damage or destroy, or illegally hold or detain any passport.

Article 3

Passports are classified into ordinary passports, diplomatic passports and service passports.

The passport shall be recommended by the Ministry of Foreign Affairs to foreign governments through the diplomatic channel.

Article 4

Ordinary passports shall be issued by the exit/entry administrative departments of the Ministry of Public Security or the exit/entry
administrative departments of the public security organs of the local people’s governments at or above the county level as authorized
by the Ministry of Public Security, and the embassies or consulates stationed abroad of the People’s Republic of China or other institutions
stationed abroad upon the authorization of the Ministry of Foreign Affairs.

Diplomatic passports shall be issued by the Ministry of Foreign Affairs.

Service passports shall be issued by the Ministry of Foreign Affairs, the embassies or consulates stationed abroad of the People’s
Republic of China or other institutions stationed abroad upon the authorization of the Ministry of Foreign Affairs, and the foreign
affair departments of the people’s governments of the provinces, autonomous regions, municipalities directly under the Central Government
and districted cities upon the authorization of the Ministry of Foreign Affairs.

Article 5

Where a citizen goes abroad for residence, visiting relatives, study, employment, travel, business activities or other non-official
service reasons, he shall file an application with the exit/entry administrative department of the public security organ of the local
people’s government at the county level or above where his own permanent residence is located.

Article 6

When applying for an ordinary passport, a citizen shall submit his own resident identity certificate, residence register, recent
full-face photos without hat and materials related to the reasons for the application. Where a state functionary applies for an ordinary
passport for any reason as prescribed in Article 5 of the present law, he shall additionally submit the relevant certification documents
according to the relevant provisions of the state.

The exit/entry administrative department of the public security organ shall issue an ordinary passport within 15 days after receiving
the application materials. If it disapproves the issuance of a passport since that the application materials do not meet the relevant
provisions, it shall give the applicant a written explanation and inform him of his right to apply for an administrative review or
to lodge an administrative lawsuit.

In a remote region or area without convenient traffics, or under special circumstances, if it is unable to issue a passport within
the time limit, the time limit may be extended to 30 days upon the approval of the principal of the passport issuance department.

Where a citizen requests for going through the relevant formalities urgently for obtaining a passport at an earlier date due to any
reasonable emergency, the exit/entry administrative department of the public security organ shall fulfill the relevant formalities
timely.

Article 7

The items registered on an ordinary passport shall include the name, gender, birth date and birth place of the passport holder, as
well as the issuance date, valid period, issuance place and issuance organ of the passport.

The valid period of an ordinary passport shall be five years for a holder under the age of 16, and be ten years for a holder at or
above the age of 16.

The detailed measures for the issuance of ordinary passports shall be formulated by the Ministry of Public Security.

Article 8

Diplomatic officials, consular officials and their accompanying spouses and minor children, and diplomatic messengers shall hold
and use diplomatic passports.

The personnel dispatched by the Chinese Government to the embassies or consulates stationed abroad of the People’s Republic of China,
or to the United Nations, the special agencies of the United Nations and other international inter-governmental organizations, as
well as their accompanying spouses and minor children shall hold and use service passports.

Where any citizen other than those as prescribed in the preceding 2 paragraphs goes abroad to execute any official business, his working
entity shall file an application with the department of foreign affairs according to the provisions of the second and the third paragraphs
of Article 4 of the present law. And the department of foreign affairs shall, in light of actual demands, issue a diplomatic passport
or service passport.

Article 9

The items registered on a diplomatic passport or service passport shall include the name, gender, birth date and birth place of the
passport holder, as well as the issuance date, valid period and issuance organ of the passport.

The issuance scope, issuance measures and valid period of diplomatic passports and service passports, and the detailed categories
of service passports shall be formulated by the Ministry of Foreign Affairs.

Article 10

Where any passport holder modifies any of the items registered on the passport, he shall, upon the strength of relevant certification
materials, file an application with the issuance organ for modifying the passport or adding a note to the passport.

Article 11

Under any of the following circumstances, the passport holder may apply for changing the passport for a new one or reissuing a passport
according to relevant provisions:

(1)

The valid period of the passport will expire soon;

(2)

The visa pages of the passport will be used up;

(3)

The passport is damaged or destroyed and it cannot be used any more;

(4)

The passport is lost or stolen; or

(5)

Other circumstances under which it is justifiable to change or reissue a passport.

When applying for changing an ordinary passport for a new one or reissuing a ordinary passport, the passport holder, if within China,
shall file an application with the exit/entry administrative department of the public security organ of the local people’s government
at the county level or above where his permanent residence is located; if outside China, he himself shall file an the application
with the embassy or consulate stationed abroad of the People’s Republic of China, or with any other institution stationed abroad
upon the authorization of the Ministry of Foreign Affairs. Where a Chinese citizen, who resides abroad, after returning to China,
applies for changing an ordinary passport for a new one or reissuing a new one, he himself shall file an application with the exit/entry
administrative department of the public security organ of the local people’s government at the county level or above where his temporary
abode is located.

The change or reissue of a diplomatic passport or service transport shall accord with the relevant provisions of the Ministry of Foreign
Affairs.

Article 12

A passport shall be readable either by human eyesight or by machine.

The anti-counterfeiting performance of a passport shall be made by referring to the international technical standards.

The passport issuance departments and their functionaries shall keep the personal information of the citizens confidential that they
have accessed to when making or issuing passports.

Article 13

Under any of the following circumstances, the passport issuance departments shall not issue any passport to the applicant:

(1)

He does not have the nationality of the People’s Republic of China;

(2)

He is unable to prove his identity;

(3)

He cheats during the process of application;

(4)

He has been sentenced to any criminal punishment and is serving the sentence at present;

(5)

He is not permitted to leave China because the people’s court has notified him of any pending civil case;

(6)

He is a defendant or criminal suspect of a criminal case; or

(7)

The competent organ of the State Council believes that his leaving China will do harm to the state security or result in serious
loss to the benefits of the state.

Article 14

In case an applicant is under any of the following circumstances, the passport issuance departments shall not issue to him any passport
within 6 months to 3 years as of the day when he completes the criminal punishment or he is repatriated to China:

(1)

He is sentenced to any criminal punishment due to his hindering the administration of national border (frontier); or

(2)

He is repatriated to China due to his illegal leaving from China, illegal dwelling or illegal employment overseas.

Article 15

The people’s courts, people’s procuratorate, organs of public security, organs of state security, organs of administrative supervision
may, in light of the needs for handling cases, detain the passports of the parties concerned in the cases.

Where a party concerned in a case refuses to hand in his passport, the state organs as prescribed in the preceding paragraph may propose
the passport issuance department to announce the invalidation of the passport of the party concerned.

Article 16

Where a passport holder loses his nationality of the People’s Republic of China, or the passport of the holder is lost or stolen,
the passport shall be announced to be invalidated by the passport issuance department.

The passport, which is fabricated, altered, obtained by cheating, or announced invalid by the issuance organ, shall be invalid

Article 17

Where any person obtains a passport by cheating, the passport shall be taken over by the passport issuance department or be announced
invalid. The organ of public security shall give him a fine not less than 2, 000 Yuan but not more than 5, 000 Yuan. If any crime
is constituted, he shall be subject to criminal liabilities.

Article 18

Where any person offers to others any fabricated or altered passport, or sells any passport, he shall be subject to criminal liabilities.
If the circumstance is not serious enough to make him subject to criminal liabilities, the public security organs shall confiscate
his illegal gains, detain him for not less than 10 days but not more than 15 days, and impose a fine upon him not less than 2, 000
Yuan but not more than 5, 000 Yuan. The illegal passports as well as the printing and production equipments shall also be taken over
by the public security organs.

Article 19

Where a person exits/ enters the national border (frontier) by holding a fabricated or altered passport or by holding the passport
of another person, he shall be punished by the public security organs according to the laws and provisions on exit/entry administration,
and the illegal passport shall be taken over by the public security organs.

Article 20

Where any functionary of a passport issuance department commits any of the following acts during the process of handling a passport,
he shall be imposed upon an administrative sanction. If any crime is constituted, he shall be subject to criminal liabilities:

(1)

Failing to accept an application that he should have accepted;

(2)

Without any justifiable reason, not issuing a passport within the statutory time limit;

(3)

Charging any fee beyond the criterions as prescribed by the state;

(4)

Extorting or accepting bribes from any applicant;

(5)

Impairing the legitimate rights and interests of any citizen due to leaking the personal information of the citizen that he has accessed
to when making or issuing a passport; or

(6)

Other acts such as abusing his power, neglecting his duties, seeking private benefits and so on.

Article 21

Ordinary passports shall conform to the format as prescribed by the Ministry of Public Security and be made under the supervision
of the Ministry of Public Security. Diplomatic passports and service passports shall conform to the formats as prescribed by the
Ministry of Foreign Affairs and shall be made under the supervision of the Ministry of Public Security.

Article 22

The passport issuance departments may collect the costs of passports and the note fees for passports. The costs of passports and
the note fees charged shall be turned over to the state treasury.

The criterions on the costs of passports and the note fees shall be prescribed and announced by the pricing administrative department
of the State Council jointly with the finance department of the State Council.

Article 23

As for a citizen whose passport is lost, stolen, destroyed or damaged while he stays abroad for a short period, he shall file an
application for a travel certificate with the embassy or consulate stationed abroad by of the People’s Republic of China or with
any other institution stationed abroad upon the authorization of the Ministry of Foreign Affairs.

Article 24

A citizen, who engages in border trade, border traveling service or participates in border travel, may file an application for a
exit/entry pass with the exit/entry administrative department of the public security organ of the local people’s government at or
above the county level upon the authorization of the Ministry of Public Security.

Article 25

A citizen, who exits and enters the national border and works in a foreign ship as a seaman, shall file an application for a seaman
certificate of the People’s Republic of China with the maritime administrative department upon the authorization of the Ministry
of Communications.

Article 26

The present law shall come into force as of January 1, 2007. The passports issued prior to the implementation of the present law
shall remain valid during their respective valid periods.

The Standing Committee of the National People’s Congress
2006-04-29

TRANSACTION STANDARDS OF SHENZHEN STOCK EXCHANGE

Circular of Shenzhen Stock Exchange concerning Promulgating the Transaction Standards of Shenzhen Stock Exchange

All the member entities:

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

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

II.

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

Shenzhen Stock Exchange

May 15, 2006

Transaction Standards of Shenzhen Stock Exchange
Chapter I General Provisions

1.1

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

1.2

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

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

1.3

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

1.4

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

1.5

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

Chapter II Trading Market

Section 1 Trading Places

2.1.1

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

2.1.2

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

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

(1)

The registered traders; and

(2)

The personnel for supervision of the hall.

2.1.3

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

Section 2 Trading Varieties

2.2.1

The securities as follows may be listed in this Exchange:

(1)

Stocks;

(2)

Funds;

(3)

Bonds;

(4)

Treasury bonds repurchase (T-bond repurchase) ;

(5)

Warrants; and

(6)

Other trading varieties upon approval of the CSRC.

Section 3 Trading Hours

3.1

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

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

3.2

The securities are traded by means of competitive bidding, 9 to 95 every trading day shall be the time for the aggregate auction
of opening quotation; 90 to 110 and 130 to 147 shall be the time for continuous auction; and 147 to 150 shall be
the time for the aggregate auction of closing quotation.

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

3.3

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

Chapter III Purchase and Sales of Securities

Section 1 General Provisions

3.1.1

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

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

3.1.2

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

3.1.3

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

3.1.4

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

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

3.1.5

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

3.1.6

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

Section 2 Entrustment

3.2.1

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

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

3.2.2

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

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

3.2.3

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

3.2.4

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

(1)

The number of the securities account;

(2)

The code of the securities;

(3)

The direction of the deal;

(4)

The entrusted quantity;

(5)

The entrusted price; and

(6)

Other contents required by this Exchange and the member.

3.2.5

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

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

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

3.2.6

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

3.2.7

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

3.2.8

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

Section 3 Declaration

3.3.1

This Exchange will accept the declarations of competitive bidding by the members at 95 to 110 and 130 to 150every trading
day.

At 90 to 95 and 147 to 150 every trading day, the exchange server of this Exchange will not accept the declarations for
the cancellation of competitive bidding, and the uncompleted transactions can be declared for cancellation at any other time for
accepting declarations. And a declaration for cancellation will not become valid without confirmation of the exchange server in this
Exchange.

At 95 to 90 every trading day, the exchange server only accepts the declarations, but will not deal with the sales declarations
or declarations for cancellation.

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

3.3.2

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

3.3.3

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

3.3.4

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

(1)

The declaration through the best price of the counterpart;

(2)

The declaration through the best price of this side;

(3)

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

(4)

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

(5)

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

(6)

Other types formulated by this Exchange.

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

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

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

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

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

3.3.5

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

3.3.6

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

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

3.3.7

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

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

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

3.3.8

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

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

3.3.9

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

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

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

3.3.10

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

3.3.11

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

3.3.12

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

3.3.13

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

3.3.14

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

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

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

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

(1)

The initial public offering;

(2)

The listed issuance of additional shares;

(3)

The resumption of trading after the suspending of trading; or

(4)

Other circumstances recognized by this Exchange or the CSRC.

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

3.3.15

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

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

3.3.16

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

3.3.17

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

Section 4 Auctions

3.4.1

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

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

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

3.4.2

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

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

3.4.3

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

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

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

3.4.4

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

(1)

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

(2)

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

(3)

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

3.4.5

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

(1)

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

(2)

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

3.4.6

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

Section 5 Conclusion of Transactions

3.5.1

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

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

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

3.5.2

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

(1)

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

(2)

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

(3)

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

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

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

3.5.3

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

(1)

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

(2)

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

(3)

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

3.5.4

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

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

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

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

3.5.5

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

3.5.6

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

Section 6 Block Trades

3.6.1

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

(1)

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

(2)

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

(3)

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

(4)

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

(5)

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

(6)

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

(7)

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

(8)

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

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

3.6.2

This Exchange will make acceptance of the declarations for block trades at 95 to 110 and 130 to 15:30 every trading day.

3.6.3

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

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

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

3.6.4

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

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

3.6.5

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

3.6.6

The exchange server will implement the transaction confirmation concerning the declarations of transactions that have been completed
made by both parties to the transactions from 150to 150 every trading day.

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

3.6.7

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

3.6.8

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

3.6.9

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

Section 7 Transactions of T-bond Repur

ANNOUNCEMENT NO. 30, 2006 OF THE GENERAL ADMINISTRATION OF CUSTOMS CONCERNING THE MATTERS ON THE TRANSFER OF TAXABLE MOTOR VEHICLES ENTERED THE TERRITORY OF CHINA BY THE PERMANENT PERSONNEL

Announcement No. 30, 2006 of the General Administration of Customs concerning the matters on the transfer of taxable motor vehicles
entered the territory of China by the permanent personnel

[2006] No. 30
May 29,2006

In order to regulate the supervision of the customs over the motor vehicles entering the territory of China by the permanent personnel
and take into consideration their reasonable needs, an announcement concerning the matters on the transfer of taxable motor vehicles
entering the territory of China by the permanent personnel is hereby made as follows:

Any taxable motor vehicle entering the territory of China by permanent personnel shall be transferred and changed the name of the
owner in the register only one year after the vehicle register formalities have been gone through in the traffic administrative department
of the public security.

In case the permanent personnel transfers any motor vehicle entering the territory of China and changes the name of the owner in
the register, a written application shall be sent to the competent customs house and the following documents shall be handed in for
examination:

(1)

The identity certificate;

(2)

The long-term residence permit;

(3)

The Driving Permit of Motor Vehicle for the motor vehicle entering the territory of China; and

(4)

The Archival Filing Certificate of the Customs of the People’s Republic of China on Permanent Offices of the permanent office where
the permanent personnel is located or the Registration Certificate of Entities Handling Customs Declaration by Themselves of the
foreign- invested enterprise in which the permanent personnel works.

After examination and approval, the competent customs house shall issue a Certificate of Releasing from Supervision over Vehicles
under the Customs’ Supervision of the People’s Republic of China. According to the said Certificate, the permanent personnel shall
go through the formalities on transferring the motor vehicle and changing the name of the owner in the register of related motor
vehicle in the traffic administrative department of the public security.

The related provisions of the Measures of the Customs of the People’s Republic of China for Supervising the Entry and Exit of Articles
for Self-use of Non-resident Permanent Passengers (Order of the General Administration of Customs, No. 116) shall apply to other
requirements for the permanent personnel concerning self-use vehicles entering the territory of China.

This Announcement shall go into effect as of the date of being promulgated

General Administration of Customs
2006-05-29

NOTIFICATION NO.12, 2006 OF FOREIGN ASSISTANCE PROJECT BID BOARD OF THE MINISTRY OF COMMERCE

Notification No.12, 2006 of Foreign Assistance Project Bid Board of the Ministry of Commerce

Tong Gao [2006] No.12

Foreign Assistance Project Bid Board of the Ministry of Commerce held the 12th regular meeting of 2006 on Jun 6, 2006. Relevant matters
and decisions are now announced as follows:

The bid-winning enterprise of National Gymnasium Maintenance assistance project was examined and approved. The Bid Board opened sealed
tenders on May 29, 2006. In all, 15 enterprises including Liaoning International Techno-Economic Cooperation Co., Ltd., Weihai International
Economic & Technical Cooperative Co., Ltd., China Jiangsu International Economic Technical Cooperation Corp., China Jiangxi Corporation
For Economic and Technical Cooperation, Gansu Foreign Engineering Corporation, China Henan International Cooperation Group Co., Ltd.,
Jiangsu Construction Group Corp., China State Construction Engineering Corp., China Shandong Foreign Economic Technical Cooperation
Corp., Anhui Foreign Economic Construction Corporation (group) Co., Ltd., China Shanxi International Economic & Technical Cooperative
Co., Ltd, Hubei Construction Engineering Group Corporation, Ningbo Construction Group Co., Ltd., China Tianjian International Economic
and Technical Cooperative Corporation and China SFECO Group Co.,Ltd..submitted tender documents on time. The Bid Board, in accordance
with “the Measures for Tender Assessment of Undertaking Foreign Assistance Complete Plant Projects” which was revised in 2005 by
the Ministry of Commerce of the People’ Republic of China, for Trial Implementation and the principles of “competing with no minimum
bid ” and “biding with reasonable lower price “, determined to confer bid to China Jiangsu International Economic Technical Cooperation
Corporation after two steps of tender assessment with technical measures and integrated quantity measures.

The bid-winning enterprise of Rwanda Ministry of Foreign Affairs Office Building assistance project was examined and proved. The
Bid Board opened sealed tenders on May 29,2006. In all, 18 enterprises including China Civil Engineering Construction Corporation,
Chongqing Foreign Construction Co., Ltd., Yanjian Group Co., Ltd., Anhui Foreign Economic Construction Corporation (group) Co.,
Ltd., Qingdao Construction Group Corporation, Beijing Construction Engineering Group Co., Ltd., Shanxi Construction Engineering (group)
Co., China National Overseas Engineering Corporation, Guangdong Xinguang International Group Co., Ltd., Guangdong Construction Engineering
Group Co., Ltd., Qilu Construction Group Corporation, China Jiangsu International Economic Technical Cooperation Corp., Fujian Construction
Engineering Group General Co., Jiangsu Construction Group Corp., Anhui Construction Engineering Group Co., Ltd., Zhengtai Group Co.,
Ltd., China Ershisanye Construction Group Co., Ltd. and Zhejiang Electric Power Construction Corp. submitted tender documents on
time. The Bid Board, in accordance with “the Measures for Tender Assessment of Undertaking Foreign Assistance Complete Plant Projects”
which was revised in 2005 by the Ministry of Commerce of the People’ Republic of China, for Trial Implementation and the principles
of “competing with no minimum bid ” and “biding with reasonable lower price “,, determined to confer bid to Beijing Construction
Engineering Group Co.Ltd. after two steps of tender review with technical measures and integrated quantity measures .

The contract price of Pakistan medical team for disaster areas of earthquake assistance project was examined and approved.

The tender mode of Mozambique National Gymnasium investigation and design assistance project was discussed. The Bid Board adopted
limited invitation tender mode, and 6 enterprises including Beijing Institution of Architectural Design, Wuhan Architectural Design
Institute, China IPPR Engineering Corporation, China Railway Engineering Consultants Group Co., Ltd., China International Engineering
Design & Consult Co., Ltd. and East China Investigation and Design Institute will be invited to participate in the bid.

Foreign Assistance Project Bid Board of the Ministry of Commerce

Jun 6, 2006

Foreign Assistance Project Bid Board of the Ministry of Commerce
2006-06-06

NOTICE OF THE STATE ADMINISTRATION OF TAXATION AND THE STATE ADMINISTRATION OF FOREIGN EXCHANGE ON ENLARGING THE SCOPE OF EXPORT ENTERPRISES UNDER THE PILOTING EXEMPTION FROM SUBMITTING ANY PAPER VERIFICATION AND WRITING-OFF FORM ON EXPORT PROCEEDS OF FOREIGN EXCHANGE IN CLAIMING TAX REFUND FOR EXPORT

Notice of the State Administration of Taxation and the State Administration of Foreign Exchange on Enlarging the Scope of Export Enterprises
under the Piloting Exemption from Submitting any Paper Verification and Writing-off Form on Export Proceeds of Foreign Exchange in
Claiming Tax Refund for Export

Guo Shui Fa [2006] No. 91

The state taxation administrations of all provinces, autonomous regions, municipalities directly under the Central Government and
the cities under separate state planning, the branches and management departments of foreign exchange of the State Administration
of Foreign Exchange in all provinces, autonomous regions, and municipalities directly under the Central Government, and the municipal
branches of the State Administration of Foreign Exchange in Shenzhen, Dalian, Qingdao, Xiamen and Ningbo:

According to the Notice of the State Administration of Taxation and the State Administration of Foreign Exchange on Piloting Exemption
from Submitting any Paper Verification and Writing-off Form on Export Proceeds of Foreign Exchange in Claiming Tax Refund for Export
(No. 1051 [2005] of the State Administration of Taxation), the piloting work on export enterprises being exempted from submitting
any paper verification and writing-off form on export proceeds of foreign exchange in claiming tax refund for export has been carried
out in Beijing, Guangdong and Liaoning, and certain achievements have been made. At present, the state taxation administrations and
the branches and management departments of foreign exchange of the State Administration of Foreign Exchange (hereinafter referred
to as the foreign exchange bureaus) in these three places have submitted a written request for further enlarging the scope of the
piloting export enterprises. With a view to promoting the work of ” system of Online Reporting to be examined of the Verification
and Writing-off of Export Proceeds of Foreign Exchange”, facilitating the trade and optimizing the services of tax refund for export,
the State Administration of Taxation and the State Administration of Foreign Exchange decide, upon deliberation, to promote the piloting
work by enlarging the scope of export enterprises exempted from submitting any paper verification and writing-off form on export
proceeds of foreign exchange in their claims on tax refund for export, and thus notice the relevant matters as follows:

As of June 1, 2006 (the export date as indicated on the declaration form of exported goods of export enterprises (exclusively used
for tax refund for export) shall prevail), the scope of the export enterprises exempted from submitting any paper verification and
writing-off form on export proceeds of foreign exchange in their claims for tax refund for export shall be further enlarged in Beijing,
Guandong and Liaoning, namely:

(1)

all the export enterprises of Bejing Municipality;

(2)

all the export enterprises of Guangzhou, Zhongshan and Meizhou City in Guandong Province; and

(3)

all the export enterprises of Shenyang in Liaoning Province.

Guangdong Province and Liaoning Province may, in light of the progress of the piloting work, further enlarge the scope of the piloting
export enterprises by the end of 2006, namely, all the export enterprises of Zhuhai, Foshan, Jiangmen, Dongwan, Huizhou and Zhaoqing
City of Guangdong Province, and all the export enterprises of Liaoning Province. The state taxation bureaus and foreign exchange
bureaus of Guangdong Province and Liaoning Province shall, before the implementation of the said policies, report the relevant situation
to the State Administration of Taxation and the State Administration of Foreign Exchange for archival filing.

The piloting plans of Guangdong Province and Liaoning Province shall be modified, and unless it is under any special circumstance,
the relevant foreign exchange bureau may semi-annually submit to the state taxation bureau at the provincial level a paper Electronic
Data Checklist of Export Proceeds of Foreign Exchange that Have been Verified and Written off for archival filing.

The piloting export enterprises of Liaoning Province are not required to submit to the administrative tax authority any paper Electronic
Data Checklist of Export Proceeds of Foreign Exchange that Have been Verified and Written off when claiming for tax refund (exemption)
of exported goods. In the case of no electronic data on the verification and writing-off of export proceeds of foreign exchange,
it shall be coped with in accordance with the provisions of Article 5 of the attachment to the Letter of the State Administration
of Taxation No. 1051 [2005].

The state taxation bureaus and the state foreign exchange bureaus in the piloting regions shall, in accordance with the relevant
provisions of Document No. 1051 [2005] of the State Administration of Taxation, do a good job in enlarging the pilot work. Both parties
shall further enhance the cooperation and collaboration, and guarantee the safety of the electronic data on the verification and
writing-off of export proceeds of foreign exchange. The state taxation bureaus at all levels shall strengthen the internal transfer,
utilization and management of the electronic data. The state taxation bureaus at the provincial level of the piloting regions shall
formulate relevant measures for re-verifying, supervising and managing the electronic data on the verification and writing-off of
export proceeds of foreign exchange.

Other regions where the “System of Online Reporting to be examined of the Verification and Writing-off of Export Proceeds of Foreign
Exchange” has been applied, shall actively study the specific measures for the export enterprises within their regions being exempted
from submitting any paper verification and writing-off form on export proceeds of foreign exchange in the claim for tax refund for
export. Those regions with mature conditions may apply for the piloting work with the State Administration of Taxation and the State
Administration of Foreign Exchange. Without the approval of the State Administration of Taxation and the State Administration of
Foreign Exchange, no region may unlawfully alter the present measures for administrating the verification and writing-off form on
export proceeds of foreign exchange for tax refund for export.

State Administration of Taxation

State Administration of Foreign Exchange

June 19, 2006

State Administration of Taxation, the State Administration of Foreign Exchange
2006-06-19

ANNOUNCEMENT NO.52, 2006 OF THE MINISTRY OF COMMERCE OF THE PEOPLE’S REPUBLIC OF CHINA

Announcement No.52, 2006 of the Ministry of Commerce of the People’s Republic of China

[2006] No.52

In accordance with regulations of the Measures on Confirming Qualification of Enterprise Implementing Whole-set Projects of Foreign
Aid (Decree No.9, 2004 of Ministry of Commerce) and Measures on Confirming Qualification of Enterprise Implementing Materials Supply
Projects of Foreign Aid (Decree No.10, 2004 of Ministry of Commerce) (hereinafter referred to as Measures on Confirming Qualification),
related issues on examination and approval of qualification of enterprises implementing foreign aid projects in 2006 are now announced
as follows:

All 377 enterprises (list attached) that passed qualification confirmation by Dec 31, 2005 are involved in this examination and approval
of qualification; those passed the qualification confirmation in 2006 may not attend the said examination and approval of qualification;

Enterprises involved in the examination and approval of qualification shall fill out the Registration Form of Examination and Approval
of Qualification (please refer to Appendix, the format can be downloaded from website of Ministry of Commerce Department of Foreign
Aid, HTTP://YWS.MOFCOM.GOV.CN) before Jul 31, 2006, and prepare the following documents:

Enterprise implementing whole-set projects of foreign aid shall provide the following documents:

Letter of Application for Examination and Approval of Qualification;

Business license of enterprises (duplicate);

Latest report of qualification examination;

Certification of identity of investors (in case the investors are physical person, copies of ID cards are required; incase the investors
are not physical person, copies of business licenses and ID cards of corporate representatives are required);

Certificates of technical qualification;

Certification of qualification of foreign aid projects business;

Certificate of ISO9000 qualify system attestation;

The fiscal statement of the past 2 years audited by accounting organizations and auditing organizations; and

Statements of enterprises of no criminal penalty and administrative penalty because of illegal operation or serious violation of administrative
regulation of foreign aid in the past 2 year.

Enterprise implementing materials supply projects of Foreign Aid shall provide the following documents:

Letter of Application for Examination and Approval of Qualification;

Business license of enterprises (duplicate);

Latest report of qualification examination;

Certification of registration of foreign trade business operator;

Enterprises declaring in accordance with import and export performance must provide finished trade volume of 2004 and 2005 that was
validated by statistics department of Customs; enterprises declaring in accordance with performance of materials projects of foreign
aid must provide contract of materials projects of foreign aid signed with Ministry of Commerce in name of the said companies;

The fiscal statement of the past 2 years audited by accounting organizations and auditing organizations; and

Statements of enterprises of no criminal penalty and administrative penalty because of illegal operation or serious violation of administrative
regulation of foreign aid in the past 2 year.

Besides above materials, Enterprises applying for promotion are required to put forward formal application for promotion in Letter
of Application for Examination and Approval of Qualification.

Appendix:

Registration Form of Examination and Approval of Qualification of Enterprises Implementing Whole-set Projects of Foreign Aid

Registration Form of Examination and Approval of Qualification of Implementing Materials Supply Projects of Foreign Aid

List of Enterprises of Examination and Approval Qualification

The Ministry of Commerce

June 29, 2006

Ministry of Commerce
2006-06-29

ANNOUNCEMENT NO.39, 2006 OF THE GENERAL ADMINISTRATION OF CUSTOMS OF THE PEOPLE’S REPUBLIC OF CHINA CONCERNING CARRYING OUT PROVISIONAL ANTI-DUMPING MEASURES ON IMPORTED NONYL PHENOL ORIGINATING FROM INDIA AND TAIWAN REGION

Announcement No.39, 2006 of the General Administration of Customs of the People’s Republic of China concerning Carrying Out Provisional
Anti-dumping Measures on Imported Nonyl Phenol Originating from India and Taiwan Region

No. 39 [2006]

In accordance with Anti-dumping Regulations of the People’s Republic of China and results of anti-dumping investigation on imported
Nonyl Phenol originating from India and Taiwan region, Ministry of Commerce decided carry out provisional anti-dumping measures on
imported Nonyl Phenol originating from India and Taiwan region and released Announcement No.51, 2006 of Ministry of Commerce (See
Appendix 1 for details). Related matters are announced as follows:

As from July 10, 2006, besides Customs duties and value-added tax of import in line with the current regulations, related departments
will impose anti-dumping deposits on imported Nonyl Phenol (Tariff No.: 29071310 ) originating from India and Taiwan region in line
with rates of anti-dumping deposits (See Appendix 2 for details), different suppliers with different rates of anti-dumping deposits:

Anti-dumping deposit = (price after customs duty * rate of anti-dumping deposit)*(1+ rate of value-added tax of import)

Importers must provide certificate of origin to Customs for import of Nonyl Phenol; in case the commodities are from India and Taiwan
region, commercial invoices from the original manufacturers are required as well. For those cannot provide the certificate of origin,
the Customs will impose an anti-dumping deposit in accordance with the highest rate of anti-dumping deposit listed in Appendix 2
when failing to assure that the commodities are from India and Taiwan region after investigation. In case the commodities are from
India and Taiwan region, but import operators cannot provide commercial invoices from the original manufacturers, the Customs will
levy an anti-dumping deposit in accordance with rate of anti-dumping deposit of other companies of relevant countries listed in Appendix
2.

Related issues on anti-dumping deposits on Nonyl Phenol originating from India and Taiwan region of processing trade bonded import
are subject to Announcement No.9, 2001 of General Administration of Customs of the People’s Republic of China and Decree No.111 of
General Administration of Customs of the People’s Republic of China.

General Administration of Customs will separately release announcement on disposal of anti-dumping deposits in accordance with arbitration
results.

During valid period of the provisional anti-dumping measures of the imported Nonyl Phenol, if encounter the same or similar commodities
which the Customs cannot make sure whether to impose an anti-dumping deposit on or not, please apply to Ministry of Commerce for
judgment. The Customs will act in accordance with judgment of Ministry of Commerce.

Appendix:

Announcement No.51, 2006 of Ministry of Commerce of the People’s Republic of China (omitted)

Form of Rate of Anti-dumping Deposit of Nonyl Phenol (omitted)

General Administration of Customs

July 7, 2006

General Administration of Customs
2006-07-07

SUPPLEMENTARY CIRCULAR OF THE STATE ADMINISTRATION OF TAXATION ON PROBLEMS OF IMPLEMENTARY CRITERIA OF THE COGNIZANCE FOR THE NEW ENTERPRISES TO PAY CORPORATE INCOME TAX

Supplementary Circular of the State Administration of Taxation on Problems of Implementary Criteria of the Cognizance for the New
Enterprises to Pay Corporate Income Tax

Guo Shui Fa [2006] No. 103

The state tax bureaus and local tax bureaus in all provinces, autonomous regions, municipalities and cities specifically designated
in the state plan:

After the Circular of the Ministry of Finance, the State Administration of Taxation of the People’s Republic of China, on Criteria
of the Cognizance of New Enterprises Enjoy Incentive Income Tax Policies (Cai Shui [2006] No.1, hereinafter referred to as the Circular)
has been distributed. The response from all regions is that the specific implementary criteria should be detailed further. After
research, the relevant problems are hereby given as follows:

The cognized criteria in the Circular for newly-established enterprises shall be applicable to all the domestically-funded enterprises
enjoying or not the preferential policy of income tax.

Where such enterprises as have been registered in the authorities of industrial and commercial administration in accordance with
national laws, rules and the relevant regulations as of the date of the promulgation of the Circular does not accord with the standard
for newly-established enterprises, the attribution of tax imposition scope shall be determined in accordance with investors’ proportion
among the equity investors in the registered capital of the enterprises (including currency investment and non-currency investment,
the same below) . That is to say: where the investment proportion of investors among such enterprises as have registered yet not
accord with the standard for newly-established enterprises administered by state tax bureaus is higher than that of local tax bureaus,
the income tax of the enterprise shall be imposed and administered by the state tax bureau where the enterprise is located; inversely,
it shall be imposed and administered by the local tax bureau where the enterprise is located; where the proportion of enterprise’s
investment imposed and administered by the state tax bureau and local tax bureau is equal, it shall be imposed and administered by
the local tax bureau where the enterprise is located. Where the equity investors of the enterprises are all natural persons, the
tax shall be imposed and administered by the local tax bureau where the enterprise is located.

Where the branches of the newlyCestablished enterprises do not have the quality of legal person, no matter what proportion its currency
accounts, they shall not act as newly-established enterprises, the taxation management authority of its income tax shall be determined
by the tax authority in charge of the current enterprise.

(1)

Where they do not have independent accountability condition, its taxation management shall be determined by the tax authority in
charge of the current enterprise.

(2)

Where they have independent accountability condition, the tax authority in charge shall be determined differentially. Where the tax
authority in charge of the current enterprise is state tax bureau, the state tax bureau where the branch is located shall be responsible
for its taxation management.

Where the accumulated proportion of non-currency assets purchased, leased or possessed freely from the equity investor and its associated
party of such enterprises as have handled registration among that of registered capital exceeds 20%, the enterprise shall not enjoy
the preferential policy of the newly-established enterprises, and its taxation management shall be determined in accordance with
Article 2 of the Circular.

The tax authority in charge may, in accordance with the principle of substance over form, gives the following treatments:

(1)

The interest transferred from the newly-established qualified enterprise by such means as transfer pricing shall not enjoy preferential
policy of income tax for the newly-established enterprises.

(2)

Where the business and key personnel of the newly-established qualified enterprises are transferred from the current enterprises,
all its gains shall not enjoy preferential policy of income tax for the newly-established enterprises.

The non-currency assets as stated in the Circular and the document refers to stockpile, fixed assets, intangible assets, disinclined
due investment in bonds and long-term investment and etc.

Where such enterprises as have been established before the promulgation of the Circular is enpost_titled to enjoy regular tax reduction
and tax exemption in accordance with the original prescription, it may be performed to its expired date in accordance with the original
prescription.

The State Administration of Taxation

July 13, 2006

The State Administration of Taxation
2006-07-13

1...798081...83 Page 80 of 83

German Laws

Act on Proceedings in Family Matters and in Matters of Non-contentious Jurisdiction

Act on Occupational Physicians, Safety Engineers and Other Occupational Safety Specialists

ADMINISTRATIVE MEASURES FOR THE SECURITIES REGISTRATION AND SETTLEMENT

NOTICE OF MINISTRY OF COMMERCE ABOUT FURTHER IMPROVING THE WORK OF ATTRACTING FOREIGN CAPITAL IN LOGISTICS AREA

THE PASSPORT LAW OF THE PEOPLE’S REPUBLIC OF CHINA

TRANSACTION STANDARDS OF SHENZHEN STOCK EXCHANGE

ANNOUNCEMENT NO. 30, 2006 OF THE GENERAL ADMINISTRATION OF CUSTOMS CONCERNING THE MATTERS ON THE TRANSFER OF TAXABLE MOTOR VEHICLES ENTERED THE TERRITORY OF CHINA BY THE PERMANENT PERSONNEL

NOTIFICATION NO.12, 2006 OF FOREIGN ASSISTANCE PROJECT BID BOARD OF THE MINISTRY OF COMMERCE

ANNOUNCEMENT NO.52, 2006 OF THE MINISTRY OF COMMERCE OF THE PEOPLE’S REPUBLIC OF CHINA

ANNOUNCEMENT NO.39, 2006 OF THE GENERAL ADMINISTRATION OF CUSTOMS OF THE PEOPLE’S REPUBLIC OF CHINA CONCERNING CARRYING OUT PROVISIONAL ANTI-DUMPING MEASURES ON IMPORTED NONYL PHENOL ORIGINATING FROM INDIA AND TAIWAN REGION

SUPPLEMENTARY CIRCULAR OF THE STATE ADMINISTRATION OF TAXATION ON PROBLEMS OF IMPLEMENTARY CRITERIA OF THE COGNIZANCE FOR THE NEW ENTERPRISES TO PAY CORPORATE INCOME TAX

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