WARRANTS LIABILITY (Tables)

12 Months Ended

Jun. 30, 2015

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Table Text Block]

These common stock purchase warrants do not trade in an active securities market, and as such, their fair value is estimated by using the Cox-Ross-Rubinstein (CRR) Binomial Model using the following assumptions:

	June 30,		June 30,
	2015		2014

Annual dividend yield		-		-

Exercised price		-		5.38

Underlying price at grant date		-		3.86

Expected life (years)		-		2.42

Risk-free interest rate		-		0.88	%

Expected volatility		-		220	%

Schedule Of Fair Value Hierarchy Measured On Recurring Basis For Warrants Liability [Table Text Block]

The following table sets forth by level within the fair value hierarchy the warrants liability that was accounted at fair value on a recurring basis.

	Fair Value Measurement at						Carrying Value at		Carrying Value at
	June 30, 2014						June 30, 2014		June 30, 2014
	Level 1		Level 2		Level 3		RMB		USD

Warrants liability	¥	-	¥	5,021,621	¥	-	¥	5,021,621		824,731

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]

The following is a reconciliation of the beginning and ending balance of the warrant liability measured at fair value on a recurring basis for the year ended June 30, 2015:

	Change of warrants liability
	RMB		USD

Beginning balance - June 30, 2014	¥	5,021,621	$	815,834

Warrant redemption		(987,349)		(153,261)

Change of warrant liability		(4,034,272)		(662,573)

Ending balance -June 30, 2015	¥	-	$	-