<SEC-DOCUMENT>0001144204-14-067844.txt : 20141113
<SEC-HEADER>0001144204-14-067844.hdr.sgml : 20141113
<ACCEPTANCE-DATETIME>20141113171207
ACCESSION NUMBER:		0001144204-14-067844
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20141113
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20141113
DATE AS OF CHANGE:		20141113

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Recon Technology, Ltd
		CENTRAL INDEX KEY:			0001442620
		STANDARD INDUSTRIAL CLASSIFICATION:	OIL, GAS FIELD SERVICES, NBC [1389]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-34409
		FILM NUMBER:		141219255

	BUSINESS ADDRESS:	
		STREET 1:		ROOM 1902, BUILDING C,
		STREET 2:		KING LONG INTL MANSION, NO. 9 FULIN ROAD
		CITY:			BEIJING
		STATE:			F4
		ZIP:			100107
		BUSINESS PHONE:		025-52313015

	MAIL ADDRESS:	
		STREET 1:		ROOM 1902, BUILDING C,
		STREET 2:		KING LONG INTL MANSION, NO. 9 FULIN ROAD
		CITY:			BEIJING
		STATE:			F4
		ZIP:			100107
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>v394327_8-k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CURRENT REPORT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PURSUANT TO SECTION 13 OR 15(d) OF THE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE ACT OF 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Date of report (date of earliest event
reported): November 13, 2014</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>RECON TECHNOLOGY, LTD</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Exact name of registrant as specified
in its charter)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Cayman Islands</B></FONT></TD>
    <TD STYLE="width: 32%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>001-34409</B></FONT></TD>
    <TD STYLE="width: 34%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>N/A</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(State or Other Jurisdiction</B> <B>of Incorporation)</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(Commission File Number)</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(IRS Employer</B> <B>Identification No.)</B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Room 1902, Building C, King Long International
Mansion</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>No. 9 Fulin Road</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Beijing, 100107</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>People&rsquo;s Republic of China</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address of principal executive offices
and zip code)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>010-84945799</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Registrant&rsquo;s telephone number, including
area code)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligations of the registrant under any of the following provisions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%"><FONT STYLE="font: 10pt Wingdings">&uml;</FONT></TD>
    <TD STYLE="width: 95%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Wingdings">&uml;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Wingdings">&uml;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Wingdings">&uml;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item 2.02&nbsp;Results of Operations
and Financial Condition</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On November 13, 2014, Recon Technology,
Ltd. (the &ldquo;Company&rdquo;) issued a press release (the &quot;Earnings Release&quot;) announcing the Company&rsquo;s financial
and operational results and for its fiscal quarter ended on September 30, 2014. The Earnings Release contains certain non-GAAP
financial information. The reconciliation of such non-GAAP financial information to GAAP financial measures is included in the
Earnings Release. A copy of the press release is attached hereto as Exhibit 99.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In accordance with General Instruction
B.2 of Form 8-K, the information in this Current Report on Form 8-K (including the exhibits) is furnished and shall not be deemed
to be &quot;filed&quot; for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the &quot;Exchange Act&quot;),
or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing made by
the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference
in such a filing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item 9.01 Financial Statements and Exhibits</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">(d)</TD><TD STYLE="text-align: justify">EXHIBITS.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">99.1</TD><TD STYLE="text-align: justify">Press Release issued by Recon Technology, Ltd. dated
November 13, 2014.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Dated: November 13, 2014</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">RECON TECHNOLOGY, LTD</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By:&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 45%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/ Liu Jia</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Name:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Its:</P></TD>
    <TD STYLE="vertical-align: top; border-top: black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Liu Jia</FONT><BR>
<FONT STYLE="font: 10pt Times New Roman, Times, Serif">Chief Financial Officer</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXHIBIT INDEX</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Exhibits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">99.1</TD><TD STYLE="text-align: justify">Press Release issued by Recon Technology, Ltd. dated
November 13, 2014.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<FILENAME>v394327_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0; text-align: right"><B>Exhibit&nbsp;<FONT STYLE="font: 10pt Times New Roman, Times, Serif">99.1</FONT></B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Recon Reports Lower First Quarter Results
But Maintains Full Year Growth Outlook</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Following Temporary First Quarter Delays Anticipates Significant
Pick Up in Project Completions in Subsequent Quarters</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Recon Technology Fiscal Year 2015 First Quarter Investor Conference
Call Scheduled for Friday, November 14th at 8:00am EST</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">BEIJING, Nov. 13, 2014 /PRNewswire/ --&nbsp;<B>Recon Technology,
Ltd. (NASDAQ: RCON</B>),&nbsp;(&quot;Recon&quot; or the &quot;Company&quot;), a leading independent oilfield services provider
operating primarily in China, today reported that in its&nbsp;fiscal 2015&nbsp;first quarter ended September 30, 2014, results
were impacted by&nbsp;capital expenditure&nbsp;reductions by its&nbsp;industry&nbsp;leading state-owned customers reflecting changing
industry conditions. One major consequence was the temporary postponement of a number of oil and&nbsp;gas projects.&nbsp;To a lesser
extent,&nbsp;the reduced capital expenditures&nbsp;also resulted in some reduction in sales opportunities for Recon as compared
to the same period last year. These factors translated to a year over year decline in FY 2015 first quarter revenues and profitability&nbsp;and&nbsp;resulted
in a loss in the period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mr. Sheping Yin, Chairman and CEO of Recon stated, &quot;We
fully expect that projects originally scheduled to be completed in the quarter will be completed in subsequent periods during the
fiscal year. Coupled with the continuing high degree of interest we are seeing in our products and technology we are anticipating
a significant recovery and increase in revenues as projects are&nbsp;expected to be&nbsp;completed during&nbsp;this&nbsp;fiscal
year that&nbsp;we believe&nbsp;will keep us on track with our growth plans.&quot;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Financial Highlights</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In the first quarter ended September, 30, 2014:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Revenues declined 62.6% to $699,450 from $1,870,951* in the first&nbsp;fiscal&nbsp;quarter
last year for the reasons noted above. Nevertheless,&nbsp;we believe&nbsp;customer interest in Recon products and technology remained
strong.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">With the decline in revenues, adjusted net income attributable to
Recon (non-U.S. GAAP)** declined to a loss of approximately $(432,936)&nbsp;from a gain of approximately $135,862* in the same
period last year.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Adjusted EBIDTA (non-U.S. GAAP) decreased year over year from approximately
$240,611* in the first quarter of FY 2014 to a loss of approximately $(368,662)&nbsp;in&nbsp;first quarter of FY 2015.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">The net loss attributable to Recon (U.S. GAAP) was approximately $(676,299),
compared with net income of approximately $7,548* a year earlier.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Diluted EPS (U.S. GAAP) was a loss of $(0.14) per share&nbsp;in the
first quarter of FY 2015, compared with a net profit of $0.002 per share in the first quarter of FY2014.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Adjusted diluted EPS** (non-U. S. GAAP) was a loss of $(0.09) compared
with&nbsp;a gain of&nbsp;$0.03 in the year ago first quarter.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">* Based on the exchange rate of RMB 6.1534 to US $1.00.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">** Non-U.S. GAAP measures are explained in tables&nbsp;1 and&nbsp;2&nbsp;below.
Non-U.S. GAAP adjusted net income (loss) and EPS exclude certain special non-cash after tax expenses totaling $243,363, or $0.05
per share that are included in net income (loss).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Other FY 2015 First Quarter Highlights</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Finished goods in inventory totaled $2.4 million, of which approximately
20% were furnaces shipped to customer sites.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Gross margins declined to 14.3% from 46% a year earlier mainly reflecting
the sharp decline in revenues, as well as&nbsp;decreasedrevenue from higher gross margin software.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Operating income declined to a loss of $(722,446) compared with $81,
687 in the year ago quarter.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Current assets as of September 30, 2014 were approximately $20.5 million,
including approximately $7.5 million in accounts receivable and about $1 million in cash and cash equivalents.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">The Company reported no long term debt and total current liabilities
of approximately $7.3 million as of September 30, 2014. After the end of the quarter, the Company received a short term loan of
$975,071 from a founder of the Company.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Working capital as of September 30, 2014 was approximately $13.2 million.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Weighted average outstanding ordinary shares as of September 30, 2014
were approximately 4.76 million.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Outlook</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mr. Yin commented further, &quot;Despite reduced drilling and
lower oil prices -- as well as the continuing reforms taking place in China's oil industry -- we see continuing opportunity to
expand our share of our customers' budgets with products and services that improve their productivity, safety and reduce their
costs. Currently they are looking to us primarily for hardware -- in particular our oilfield furnaces -- as well as our automation
products and services. We believe that with current conditions in the industry, the budgets of our customers will be shifting from
exploration to increased production and development expenditures. We think we can meet their needs with our products and will continue
to seek additional opportunities to expand our role on their behalf.&quot;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Research and Development and Fracking</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&quot;While focused on generating increasing near term revenue
and profit,&quot; Mr. Yin continued, &quot;we&nbsp;are&nbsp;also focused&nbsp;on developing new products with our outstanding research
and development team that we count on to expand our Company's role in China's oil and gas fields in the future. A particular focus
in recent months has been on reducing the high cost of fracking in China, which has been a major obstacle to its growth. We are
confident of achieving breakthroughs in this area that will keep Recon in the forefront of future fracking activity in China.&quot;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Growth Goals: at least 20% year over year</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&quot;In our year end press release,&quot; Mr. Yin&nbsp;said,
&quot;we&nbsp;announced and discussed the growth goals we have developed. It is our belief that an achievable goal for Recon is
average annual revenue growth of a minimum of 20%. Additionally, we believe that if we couple this with appropriate acquisitions,
we can aim to double our revenues over the next two to three years. We further believe that with respect to our current fiscal
year 2015, despite the poor start, we are still on track to achieve at least 20% year over year growth in revenues which should
become more evident over the course of the year.&quot;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Conference Call Invitation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company will discuss Fiscal Year 2015 First Quarter results
during a live conference call and webcast on&nbsp;<B>Friday, November 14, 2014 at 8:00 am Eastern Standard Time.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">To participate in the call, interested participants should
call&nbsp;1-866-620-9467 or 0086-010-95057 when calling within the United States or 010-95057 when calling from China. The Password
for the&nbsp;<B>Recon Technology&nbsp;First Quarter Investor Conference Call</B>&nbsp;is: 9739 9962. Playback of the call will
be available on the Recon website:&nbsp;<FONT STYLE="color: Blue"><U>www.recon.cn</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SEE ATTACHED TABLES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Recon Technology, Ltd</B>. is China's first independent
oil and gas field service company listed on&nbsp;<B>NASDAQ (RCON).</B>&nbsp;Closely working with leading global partners, Recon
has achieved rapid growth supplying China's largest oil and gas exploration companies, including Sinopec and China National Petroleum
Corporation, with advanced automated technologies, efficient gathering and transportation equipment and reservoir stimulation
measures. The solutions Recon provides are aimed at increasing gas and petroleum extraction levels, reducing impurities, improving
safety and lowering production costs. For additional information, please visit&nbsp;<FONT STYLE="color: Blue"><U>www.recon.cn</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Cautionary Statements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Statements made in this release with respect to Recon's current
plans, estimates, strategies and beliefs and other statements that are not historical facts are forward-looking statements about
the future performance of Recon. Forward-looking statements include, but are not limited to, those statements using words such
as &quot;believe,&quot; &quot;expect,&quot; &quot;plans,&quot; &quot;strategy,&quot; &quot;prospects,&quot; &quot;forecast,&quot;
&quot;estimate,&quot; &quot;project,&quot; &quot;anticipate,&quot; &quot;aim,&quot; &quot;intend,&quot; &quot;seek,&quot; &quot;may,&quot;
&quot;might,&quot; &quot;could&quot; or &quot;should,&quot; and words of similar meaning in connection with a discussion of future
operations, financial performance, events or conditions. From time to time, oral or written forward-looking statements may also
be included in other materials released to the public. These statements are based on management's assumptions, judgments and beliefs
in light of the information currently available to it. Recon cautions investors that a number of important risks and uncertainties
could cause actual results to differ materially from those discussed in the forward-looking statements, including but not limited
to, product and service demand and acceptance, changes in technology, economic conditions, the impact of competition and pricing,
government regulation, and other risks contained in reports filed by the company with the Securities and Exchange Commission. Therefore
investors should not place undue reliance on such forward-looking statements. Actual results may differ significantly from those
set forth in the forward-looking statements.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">All such forward-looking statements, whether written or oral,
and whether made by or on behalf of the company, are expressly qualified by the cautionary statements and any other cautionary
statements which may accompany the forward-looking statements. In addition, the company disclaims any obligation to update any
forward-looking statements to reflect events or circumstances after the date hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Investor Relations Contacts:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">China</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Liu Jia&nbsp;<BR>
Chief Financial Officer<BR>
Recon Technology, Ltd.<BR>
<FONT STYLE="color: Blue"><U>info@recon.cn</U></FONT><BR>
+86 (10) 84945799</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">U.S.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ken Donenfeld&nbsp;<BR>
DGI Investor Relations&nbsp;<BR>
<FONT STYLE="color: Blue"><U>kdonenfeld@dgiir.com</U></FONT>&nbsp;<BR>
1-212-425-5700</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Table 1&nbsp;Adjusted EBITDA</I>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Adjusted EBITDA.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;We define adjusted EBITDA as net income
(loss) adjusted for income tax expense, interest expense, loss from investment, non-cash stock compensation expense, depreciation
and amortization. We think it is useful to an equity investor in evaluating our operating performance because: (1) it is widely
used by investors in our industry to measure a company's operating performance without regard to items such as interest expense,
depreciation and amortization, which can vary substantially from company to company depending upon accounting methods and book
value of assets, capital structure and the method by which the assets were acquired; and (2) it helps investors more meaningfully
evaluate and compare the results of our operations from period to period by removing the impact of our capital structure and asset
base from our operating results.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD NOWRAP COLSPAN="14" STYLE="padding-right: 0; padding-left: 0; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>For the Three Months Ended</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD NOWRAP COLSPAN="14" STYLE="border-bottom: black 1pt solid; padding-right: 0; padding-left: 0; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>September 30,</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 0; padding-left: 0; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2013</B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 0; padding-left: 0; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2014</B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 0; padding-left: 0; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2014</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 0; padding-left: 0; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Increase /</B></FONT></TD>
    <TD NOWRAP COLSPAN="3" STYLE="padding-right: 0; padding-left: 0; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Percentage</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 0; padding-left: 0; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>RMB</B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 0; padding-left: 0; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>RMB</B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 0; padding-left: 0; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>USD</B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 0; padding-left: 0; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(Decrease)</B></FONT></TD>
    <TD NOWRAP COLSPAN="3" STYLE="border-bottom: black 1pt solid; padding-right: 0; padding-left: 0; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Change</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 37%; padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Reconciliation&nbsp;of&nbsp;Adjusted&nbsp;EBITDA</B></FONT></TD>
    <TD STYLE="width: 4%; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="width: 7%; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="width: 2%; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="width: 5%; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="width: 8%; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="width: 2%; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="width: 3%; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="width: 7%; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="width: 2%; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 4%; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 8%; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 2%; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 6%; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 3%; padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>to Net Income&nbsp;(loss)</B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp; Net income &nbsp;(loss)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">RMB</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">206,354</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">RMB</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(4,161,545)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(676,299)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">RMB</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(4,367,899)</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2,116.7)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp; Provision for income taxes</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">207,327</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">30,245</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4,915</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(177,082)</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(85.4)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp; Interest expense and foreign currency adjustment</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">126,959</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">243,918</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">39,639</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">116,959</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">92.1</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp; Change in fair value of warrants liability</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(274,399)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(44,593)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(274,399)</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(100)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp; Loss from investment</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">374,614</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(374,614)</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(100)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp; Restricted shares issued for consulting services</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,171,331</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">190,355</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,171,331</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">100</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp; Stock compensation expense</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">414,954</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">600,578</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">97,601</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">185,624</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">44.7</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">150,368</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">121,347</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">19,720</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(29,021)</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(19.3)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Adjusted EBITDA</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">RMB</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,480,576</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;RMB</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2,268,525)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(368,662)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">RMB</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(3,749,101)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(253.2)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
</TABLE>


<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Adjusted EBITDA decreased by approximately RMB3.7 million ($0.6
million) to approximately loss of RMB2.3 million ($0.4 million) for the three months ended September 30, 2014 compared to approximately&nbsp;income
of RMB1.5 million income for the same period in 2013. This decrease was due to decreased revenue and increased professional service
consulting expense.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Table 2&nbsp;Adjusted Net Income (Loss) and Adjusted Earnings
(Loss) Per Share</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD NOWRAP COLSPAN="8" STYLE="padding-right: 0; padding-left: 0; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>For the Three Months Ended</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD NOWRAP COLSPAN="8" STYLE="border-bottom: black 1pt solid; padding-right: 0; padding-left: 0; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>September 30,</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 0; padding-left: 0; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2013</B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 0; padding-left: 0; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2014</B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 0; padding-left: 0; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2014</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 0; padding-left: 0; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>RMB</B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 0; padding-left: 0; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>RMB</B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 0; padding-left: 0; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>USD</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 50%; padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Reconciliation of Net Income (loss) attributable to&nbsp;Recon Technology, Ltd</B></FONT></TD>
    <TD STYLE="width: 3%; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="width: 5%; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="width: 9%; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="width: 3%; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="width: 6%; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="width: 9%; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="width: 3%; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="width: 3%; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="width: 9%; padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>to Adjusted Net Income&nbsp; (loss) attributable to&nbsp;Recon Technology, Ltd</B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp; Net income (loss) attributable to Recon Technology, Ltd</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">RMB</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">46,444</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">RMB</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(4,161,545)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(676,299)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Noncash items&nbsp;(A):</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp; Change in fair value of warrants liability</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(274,399)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(44,593)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp; Loss from investment</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">374,614</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp; Restricted shares issued for consulting services</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,171,331</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">190,355</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp; Stock compensation expense</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">414,954</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">600,578</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">97,601</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Adjusted net income (loss) attributable to Recon Technology, Ltd</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">RMB</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">836,012</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;RMB</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2,664,035)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(432,936)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Reconciliation of U.S. GAAP Earnings (Loss) Per Share</B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>to Non U.S. GAAP Adjusted Earnings (Loss) Per Share</B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">U.S. GAAP earnings (loss) per share</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">RMB</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.01</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">RMB</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(0.87)</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(0.14)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; Impact of special items on earnings per share</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.20</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.31</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.05</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Non U.S. GAAP adjusted earnings (loss) per share</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">RMB</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.21</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">RMB</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(0.56)</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(0.09)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Weighted - average shares -diluted</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3,951,811</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4,757,112</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4,757,112</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="10" STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP COLSPAN="10" STYLE="padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(A) Noncash items are certain expenses that are included in our U.S. GAAP reported results. There was no income tax benefit associated with the noncash items. The non-GAAP financial&nbsp;</FONT><BR>
<FONT STYLE="font: 10pt Times New Roman, Times, Serif">measures are provided to enhance investors' overall understanding of Recon's current financial performance.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">FOR ADDITIONAL INFORMATION WE URGE YOU TO PLEASE CAREFULLY STUDY
THE COMPANY'S&nbsp;FIRST&nbsp;QUARTER REPORT ON FORM 10-Q FILED WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION NOVEMBER 13, 2014.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9" STYLE="padding-right: 0; padding-left: 0; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>RECON TECHNOLOGY, LTD</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9" STYLE="padding-right: 0; padding-left: 0; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 42%; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="width: 5%; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="width: 11%; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="width: 2%; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="width: 5%; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="width: 15%; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="width: 2%; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="width: 3%; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="width: 15%; padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 0; padding-left: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>As&nbsp;of&nbsp;June&nbsp;30,</B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 0; padding-left: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>As&nbsp;of&nbsp;September&nbsp;30,</B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 0; padding-left: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>As&nbsp;of&nbsp;September&nbsp;30,</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 0; padding-left: 0; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2014</B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 0; padding-left: 0; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2014</B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 0; padding-left: 0; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2014</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>ASSETS</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 0; padding-left: 0; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>RMB</B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 0; padding-left: 0; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>RMB</B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 0; padding-left: 0; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>U.S. Dollars</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Current assets</B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Cash and cash equivalents&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">RMB</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">18,094,586</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">RMB</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6,030,111</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">979,964</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Trade accounts receivable, net&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">43,553,737</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">38,445,529</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6,247,851</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Trade accounts receivable- related parties, net</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7,479,298</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7,934,047</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,289,376</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Inventories, net</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">14,336,602</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">17,216,371</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,797,863</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Other receivables, net&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">18,293,043</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">22,759,066</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3,698,616</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Other receivables- related parties</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,414,433</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Purchase advances, net</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">25,759,065</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">26,500,238</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4,306,601</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Purchase advances- related parties</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">394,034</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,500,000</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">243,767</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Prepaid expenses&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,634,664</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4,388,693</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">713,214</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Prepaid expenses - related parties</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">230,000</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Deferred tax asset</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,209,961</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,211,995</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">196,963</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Total current assets</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>133,399,423</B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>125,986,050</B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>20,474,215</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Property and equipment, net</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,321,538</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,296,199</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">210,648</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Long-term trade accounts receivable, net</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">14,456,317</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">13,588,962</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,208,366</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Long-term other receivable</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5,353,104</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4,706,703</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">764,895</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Total Assets</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 2.25pt double; padding-right: 0; padding-left: 0; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">RMB</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>154,530,382</B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 2.25pt double; padding-right: 0; padding-left: 0; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">RMB</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>145,577,914</B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 2.25pt double; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>23,658,124</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>LIABILITIES AND EQUITY&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Current liabilities</B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Short-term bank loans</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">RMB</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10,000,000</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">RMB</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8,000,000</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,300,094</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Trade accounts payable</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">11,413,505</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9,846,517</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,600,175</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Trade accounts payable-related parties</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">389,143</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">63,240</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Other payables&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,765,079</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,041,711</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">169,290</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Other payable- related parties</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3,306,024</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3,441,336</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">559,258</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Deferred revenue</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4,419,824</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4,136,518</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">672,233</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Advances from customers</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">801,385</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">282,035</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">45,834</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Accrued payroll and employees' welfare</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">417,624</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">446,297</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">72,529</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Accrued expenses</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">203,051</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">217,106</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">35,281</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Taxes payable</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7,589,846</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6,830,082</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,109,969</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Short-term borrowings- related parties</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5,207,728</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5,209,561</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">846,615</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Deferred tax liability</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">180,186</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">180,186</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">29,282</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Warrants liability&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5,021,621</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4,745,754</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">771,241</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Total current liabilities</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>50,325,873</B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>44,766,246</B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>7,275,041</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Commitments and Contingency</B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Equity&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Common&nbsp;stock,&nbsp;($&nbsp;0.0185&nbsp;U.S.&nbsp;dollar&nbsp;par&nbsp;value,&nbsp;25,000,000 shares authorized; 4,717,336 and 4,726,711 shares issued and outstanding as of June 30, 2014 and September 30, 2014, respectively)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">616,865</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">617,943</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">100,421</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Additional paid-in capital</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">83,061,058</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">83,829,527</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">13,623,286</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Appropriated retained earnings</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4,148,929</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4,148,929</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">674,250</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Unappropriated retained earnings</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8,431,453</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4,269,908</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">693,910</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Accumulated other comprehensive loss</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(279,275)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(280,077)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(45,518)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Total shareholders' equity</B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>95,979,030</B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>92,586,230</B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>15,046,349</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Non-controlling interest</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>8,225,479</B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>8,225,438</B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>1,336,734</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Total equity</B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>104,204,509</B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>100,811,668</B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>16,383,083</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Total Liabilities and Equity</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 2.25pt double; padding-right: 0; padding-left: 0; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">RMB</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>154,530,382</B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 2.25pt double; padding-right: 0; padding-left: 0; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">RMB</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>145,577,914</B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 2.25pt double; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>23,658,124</B></FONT></TD></TR>
</TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="10" STYLE="padding-right: 0; padding-left: 0; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>RECON TECHNOLOGY, LTD</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="10" STYLE="padding-right: 0; padding-left: 0; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>UNAUDITED&nbsp;CONDENSED&nbsp;CONSOLIDATED&nbsp;STATEMENTS&nbsp;OF&nbsp;OPERATIONS&nbsp;AND&nbsp;COMPREHENSIVE&nbsp;INCOME&nbsp;(LOSS)</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; width: 53%; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 5%; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 10%; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 2%; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 6%; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 9%; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 2%; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 3%; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 9%; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD COLSPAN="8" STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>For the three months ended</B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD COLSPAN="8" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 0; padding-left: 0; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>September 30,</B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 0; padding-left: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2013</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 0; padding-left: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2014</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 0; padding-left: 0; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2014</B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 0; padding-left: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>RMB</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 0; padding-left: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>RMB</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 0; padding-left: 0; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>USD</B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Revenues</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Hardware and software</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">RMB</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">11,097,092</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">RMB</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4,245,509</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">689,945</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Service</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">58,491</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9,505</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Hardware and software - related parties</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">415,618</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Total revenues</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>11,512,710</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>4,304,000</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>699,450</B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Cost of revenues</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Hardware and software</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">RMB</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6,118,674</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">RMB</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3,688,686</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">599,455</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Hardware and software - related parties</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">102,936</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Total cost of revenues</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>6,221,610</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>3,688,686</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>599,455</B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Gross profit</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>5,291,100</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>615,314</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>99,995</B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Selling and distribution expenses</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,353,922</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">700,790</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">113,887</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">General and administrative expenses</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,741,923</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3,703,291</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">601,828</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Research and development expenses</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">692,600</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">656,729</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">106,726</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Operating expenses</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>4,788,445</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>5,060,810</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>822,441</B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Income (loss) from operations</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>502,655</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(4,445,496)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(722,446)</B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Other income (expenses)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Subsidy income</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">333,712</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">214,703</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">34,892</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Interest income</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">103,201</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">83,032</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">13,494</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Interest expense</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(221,259)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(241,844)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(39,302)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Loss from investment</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(374,614)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Change in fair value of warrants liability</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">274,399</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">44,593</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Gain
    (loss) from foreign currency exchange</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">94,300</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2,074)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(337)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Other expense</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(24,314)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(14,020)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2,278)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Other income (expenses)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(88,974)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">314,196</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">51,062</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Income (loss) before income tax</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>413,681</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(4,131,300)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(671,384)</B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Provision for income tax</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">207,327</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">30,245</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4,915</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Net Income (loss)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>206,354</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(4,161,545)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(676,299)</B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Less: Net income attributable to non-controlling interest</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">159,910</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Net Income (loss) attributable to Recon Technology, Ltd</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt double; padding-right: 0; padding-left: 0; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">RMB</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 2.25pt double; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>46,444</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt double; padding-right: 0; padding-left: 0; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;RMB&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 2.25pt double; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(4,161,545)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt double; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt double; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(676,299)</B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Comprehensive income (loss)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Net income (loss)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">206,354</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(4,161,545)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(676,299)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Foreign currency translation adjustment</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(5,604)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(802)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(138)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Comprehensive income (loss)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>200,750</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(4,162,347)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(676,437)</B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Less: Comprehensive income attributable to non-controlling interest</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">159,349</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(41)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(14)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Comprehensive&nbsp;income&nbsp;(loss)&nbsp;attributable&nbsp;to&nbsp;Recon&nbsp;Technology,&nbsp;Ltd</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt double; padding-right: 0; padding-left: 0; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">RMB</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt double; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>41,401</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt double; padding-right: 0; padding-left: 0; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;RMB&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt double; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(4,162,306)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt double; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt double; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(676,423)</B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Earnings per common share - basic and diluted</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt double; padding-right: 0; padding-left: 0; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">RMB</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt double; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.01</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt double; padding-right: 0; padding-left: 0; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">RMB</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt double; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(0.87)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt double; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt double; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(0.14)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Weighted - average shares -basic and diluted</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt double; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt double; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>3,951,811</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt double; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt double; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>4,757,112</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt double; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt double; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>4,757,112</B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
</TABLE>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9" STYLE="padding-right: 0; padding-left: 0; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>RECON TECHNOLOGY, LTD&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9" STYLE="padding-right: 0; padding-left: 0; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 55%; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="width: 5%; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="width: 9%; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="width: 2%; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="width: 5%; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="width: 10%; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="width: 2%; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="width: 3%; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="width: 9%; padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD COLSPAN="8" STYLE="border-bottom: black 1pt solid; padding-right: 0; padding-left: 0; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>For the three months ended September 30,</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 0; padding-left: 0; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2013</B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 0; padding-left: 0; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2014</B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 0; padding-left: 0; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2014</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 0; padding-left: 0; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>RMB</B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 0; padding-left: 0; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>RMB</B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 0; padding-left: 0; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>U.S. Dollars</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Cash flows from operating activities:</B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Net income (loss)</B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>RMB</B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>206,354</B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>RMB</B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(4,161,545)</B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>$</B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(676,299)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Adjustments&nbsp;to&nbsp;reconcile&nbsp;net&nbsp;income&nbsp;(loss)&nbsp;to&nbsp;net&nbsp;cash used in operating activities:</B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Depreciation</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">150,368</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">121,347</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">19,720</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Provision/(recovery of) for doubtful accounts</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">84,728</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(68,361)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(11,109)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Share based compensation</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">414,954</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">600,578</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">97,601</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Loss from investment</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">374,614</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Deferred tax provision/(benefit)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">11,868</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2,034)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(331)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Change in fair value of warrants liability</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(274,399)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(44,593)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Restricted shares issued to consulting firm</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,171,331</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">190,355</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Changes in operating assets and liabilities:</B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Trade accounts receivable</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,568,115</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5,087,718</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">826,814</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Trade accounts receivable-related parties</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">263,726</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">508,979</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">82,715</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Inventories</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(4,673,420)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2,879,769)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(467,996)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Notes receivable</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,578,855</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Other receivable, net</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1,703,837)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(3,818,122)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(620,491)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Other receivables related parties, net</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(428,699)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,414,433</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">229,862</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Purchase advance, net</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2,097,795)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1,752,557)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(284,811)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Purchase advance-related party, net</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1,105,966)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(179,733)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Tax recoverable</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(199,225)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Prepaid expense</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(224,273)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1,754,029)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(285,050)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Prepaid expense - related party, net</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">230,000</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">37,378</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Trade accounts payable</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,090,211</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1,566,988)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(254,654)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Trade accounts payable-related parties</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(3,994,718)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">389,143</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">63,240</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Other payables</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1,013,574)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(723,368)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(117,556)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Other payables-related parties</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1,568,907)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">135,312</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">21,990</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Deferred income</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">78,484</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(283,306)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(46,041)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Advances from customers</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(35,385)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(519,350)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(84,400)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Accrued payroll and employees' welfare</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">136,258</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">28,673</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4,660</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Accrued expenses</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9,543</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">14,055</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,284</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Taxes payable</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">11,396</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(759,764)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(123,471)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Net cash used in operating activities</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(7,960,359)</B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(9,967,989)</B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(1,619,916)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Cash flows from investing activities:</B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Purchase of property and equipment</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(6,720)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(96,008)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(15,602)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Net cash used in investing activities</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(6,720)</B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(96,008)</B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(15,602)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Cash flows from financing activities:</B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Proceeds from short-term bank loans</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7,560,000</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Repayments of short-term bank loans</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2,000,000)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(325,024)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Repayment of&nbsp; short-term borrowings</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(40,000)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Repayment of short-term borrowings-related parties</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(5,236,377)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Net cash provided by (used in) financing activities</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2,283,623</B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(2,000,000)</B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(325,024)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Effect of exchange rate fluctuation on cash and cash equivalents</B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>14,967</B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(478)</B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(77)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Net decrease in cash and cash equivalents</B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(5,668,489)</B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(12,064,475)</B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(1,960,619)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Cash and cash equivalents at beginning of year</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>12,350,392</B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>18,094,586</B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2,940,583</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Cash and cash equivalents at end of year</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 0; padding-left: 0; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">RMB</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>6,681,903</B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 0; padding-left: 0; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">RMB</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>6,030,111</B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>979,964</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Supplemental cash flow information</B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Cash paid during the period for interest</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 0; padding-left: 0; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">RMB</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">212,187</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 0; padding-left: 0; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">RMB</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">230,035</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">37,383</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Cash paid during the period for taxes</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 0; padding-left: 0; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">RMB</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 0; padding-left: 0; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">RMB</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">32,280</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5,246</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Non-cash investing and financing activities</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Cancelation of&nbsp; prior issuance of 40,625 shares of common stock for professional services</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,002,721</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">162,954</FONT></TD></TR>
</TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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