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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0001116502-06-002134.txt : 20061106
<SEC-HEADER>0001116502-06-002134.hdr.sgml : 20061106
<ACCEPTANCE-DATETIME>20061106153404
ACCESSION NUMBER:		0001116502-06-002134
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20061106
FILED AS OF DATE:		20061106
DATE AS OF CHANGE:		20061106

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CHINA NATURAL RESOURCES INC
		CENTRAL INDEX KEY:			0000793628
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-ADVERTISING [7310]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-26046
		FILM NUMBER:		061190182

	BUSINESS ADDRESS:	
		STREET 1:		ROOM 2105 WEST TOWER SHUN TAK CENTRE
		STREET 2:		200 CONNAUGHT ROAD C
		CITY:			SHEUNG WAN
		STATE:			K3
		ZIP:			-
		BUSINESS PHONE:		01185228107205

	MAIL ADDRESS:	
		STREET 1:		ROOM 2105 WEST TOWER SHUN TAK CENTRE
		STREET 2:		200 CONNAUGHT ROAD C
		CITY:			SHEUNG WAN HONG KONG
		STATE:			K3
		ZIP:			-

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CHINA RESOURCES DEVELOPMENT INC
		DATE OF NAME CHANGE:	19950104

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MAGENTA CORP
		DATE OF NAME CHANGE:	19940217
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>cnr6k.htm
<DESCRIPTION>CURRENT REPORT
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>UNITED STATES</TITLE>
<META NAME="keywords" CONTENT="Bassett Press, Inc. 888-805-9953">
<META NAME="author" CONTENT="Chesnutt">
<META NAME="date" CONTENT="11/01/2006">
</HEAD>
<BODY style="line-height:12pt; font-family:Times New Roman; font-size:10pt; color:#000000">
<P style="line-height:18.667px; margin:0px; font-family:Arial; font-size:16px" align=center><FONT FACE="Arial">UNITED STATES</FONT></P>
<P style="line-height:18.667px; margin:0px; font-family:Arial; font-size:16px" align=center>SECURITIES AND EXCHANGE COMMISSION</P>
<P style="line-height:18.667px; margin:0px; font-family:Arial; font-size:16px" align=center>Washington, D.C. &nbsp;20549</P>
<P style="margin:0px" align=center><BR></P>
<P style="line-height:18.667px; margin:0px; font-family:Arial; font-size:16px" align=center><B>Form 6-K</B></P>
<P style="margin:0px" align=center><BR></P>
<P style="line-height:18.667px; margin:0px; font-family:Arial; font-size:16px" align=center><B>REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 <BR>
UNDER THE SECURITIES EXCHANGE ACT OF 1934</B></P>
<P style="margin:0px"><BR></P>
<P style="line-height:18.667px; margin:0px; font-family:Arial; font-size:16px">For the month of November 2006.</P>
<P style="margin:0px"><BR></P>
<P style="line-height:18.667px; margin:0px; font-family:Arial; font-size:16px">Commission File Number 0-26046</P>
<P style="margin:0px"><BR></P>
<P style="line-height:18.667px; margin:0px; font-family:Arial; font-size:16px" align=center><U>China Natural Resources, Inc.</U></P>
<P style="margin:0px; font-family:Arial" align=center>(Translation of registrant's name into English)</P>
<P style="margin:0px" align=center><BR></P>
<P style="line-height:18.667px; margin:0px; font-family:Arial; font-size:16px" align=center>Room 2105, West Tower, Shun Tak Centre,</P>
<P style="line-height:18.667px; margin:0px; font-family:Arial; font-size:16px" align=center><U>200 Connaught Road C., Sheung Wan, Hong Kong</U></P>
<P style="margin:0px; font-family:Arial" align=center>(Address of principal executive offices)</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial">Indicate by check mark whether the registrant files of will file annual reports under cover of Form 20-F or Form 40-F. &nbsp;Form 20-F [X] &nbsp;&nbsp;Form 40-F [ ]</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): [ ]</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): [ ]</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial">Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12b3-2(b) under the Securities Exchange Act of 1934. Yes [ ] No [X].</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial">If &quot;Yes&quot; is marked, indicated below the file number assigned to the registrant in connection with Rule 12b3-2(b): 82-_________.</P>
<P style="margin:0px"><BR>
<BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px; page-break-before:always"><B><U>Information Statement</U></B></P>
<P style="margin:0px"><BR></P>
<P style="line-height:17.333px; margin:0px; text-indent:48px; font-family:Arial; font-size:14.667px">On or about November 6, 2006 China Natural Resources, Inc. (the &#147;Company&#148;) first disseminated an information statement to its members in connection with its 2006 annual meeting of members. &nbsp;A copy of the information statement is furnished as an exhibit to this report.</P>
<P style="margin:0px"><BR></P>
<P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px"><B><U>Change in Directors</U></B></P>
<P style="margin:0px"><BR></P>
<P style="line-height:17.333px; margin:0px; text-indent:48px; font-family:Arial; font-size:14.667px">On June 26, 2006, Lo Kin Cheung resigned as a Class I director of the Company. &nbsp;On June 26, 2006, Yip Wing Hang was appointed as a Class I director, to fill the unexpired term of office Lo Kin Cheung.</P>
<P style="margin:0px"><BR></P>
<P style="line-height:17.333px; margin:0px; text-indent:48px; font-family:Arial; font-size:14.667px">Yip Wing Hang has been a director and a member of the Company's Audit Committee since June 26, 2006. &nbsp;From February 2002 to present, Mr. Yip has been the marketing director of Hantec Investment Consultant Limited, responsible for the wealth management business. From May 1997 to February 2002, Mr. Yip was the senior manager of CCIC Finance Limited. Mr. Yip holds a Bachelor&#146;s degree in International Business Studies from the City University of Hong Kong. He also holds a Masters degree in Accounting and Finance from the Lancaster University, UK.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px"><B><U>Exhibits</U></B></P>
<P style="margin:0px"><BR></P>
<P style="line-height:17.333px; margin-top:0px; margin-bottom:-17.333px; font-family:Arial; font-size:14.667px"><U>No.</U></P>
<P style="line-height:17.333px; margin:0px; text-indent:192px; font-family:Arial; font-size:14.667px"><U>Description</U></P>
<P style="margin:0px"><BR></P>
<P style="line-height:17.333px; margin-top:0px; margin-bottom:-17.333px; font-family:Arial; font-size:14.667px; color:#0000FF"><A HREF="cnrinfostmt.htm"><FONT COLOR=#0000FF><U>99.1</U></FONT></A><FONT COLOR=#000000></FONT></P>
<P style="line-height:17.333px; margin:0px; text-indent:144px; font-family:Arial; font-size:14.667px"><FONT COLOR=#000000>Information Statement for 2006 Annual Meeting of Members.</FONT></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center><BR>
<BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px; page-break-before:always" align=center><B>SIGNATURES</B></P>
<P style="margin:0px"><BR></P>
<P style="line-height:17.333px; margin:0px; text-indent:48px; font-family:Arial; font-size:14.667px">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunder duly authorized.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="line-height:17.333px; margin:0px; text-indent:336px; font-family:Arial; font-size:14.667px"><B>CHINA NATURAL RESOURCES, INC.</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="line-height:17.333px; margin-top:0px; margin-bottom:-17.333px; font-family:Arial; font-size:14.667px">Date: &nbsp;November 6, 2006</P>
<P style="line-height:17.333px; margin:0px; text-indent:336px; font-family:Arial; font-size:14.667px">By: <U>/s/ &nbsp;Li Feilie&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
<P style="line-height:17.333px; margin:0px; text-indent:336px; font-family:Arial; font-size:14.667px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Li Feilie</P>
<P style="line-height:17.333px; margin:0px; text-indent:336px; font-family:Arial; font-size:14.667px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;President and Chief Executive Officer</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR>
<BR></P>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>cnrinfostmt.htm
<DESCRIPTION>INFORMATION STATEMENT
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>Proxy Statement (14A) for 2002 Annual Meeting of Shareholder &nbsp;(N0400467.DOC;1)</TITLE>
<META NAME="keywords" CONTENT="Bassett Press, Inc. 888-805-9953">
<META NAME="author" CONTENT="CJG">
<META NAME="date" CONTENT="10/27/2006">
</HEAD>
<BODY style="line-height:12pt; font-family:Times New Roman; font-size:10pt; color:#000000">
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><img src="cnrinfostmt001.jpg" alt="[cnrinfostmt001.jpg]" align=middle height=96 width=501.333></P>
<P style="margin-top:20px; margin-bottom:0px" align=center><B>NOTICE OF MEMBER ACTION TO BECOME EFFECTIVE ON OR ABOUT</B></P>
<P style="margin:0px" align=center><B>NOVEMBER 28, 2006</B></P>
<P style="margin-top:20px; margin-bottom:0px" align=justify>To the Members of China Natural Resources, Inc.:</P>
<P style="margin-top:8.867px; margin-bottom:0px; text-indent:48px" align=justify><B>NOTICE IS HEREBY GIVEN </B>that holders of a majority of the issued and outstanding voting securities of China Natural Resources, Inc., a British Virgin Islands corporation (the &#147;Company&#148;), have approved and authorized the following corporate action:</P>
<P style="margin-top:8.867px; margin-bottom:-16px; padding-left:96px; text-indent:-48px" align=justify>(1)</P>
<P style="margin:0px; padding-left:96px" align=justify>The election of two Class&nbsp;II Directors, each to hold office until the annual meeting of members at which their successors are duly elected and qualified as hereinafter described;</P>
<P style="margin-top:8.867px; margin-bottom:-16px; padding-left:96px; text-indent:-48px" align=justify>(2)</P>
<P style="margin:0px; padding-left:96px" align=justify>The ratification of GHP Horwath, P.C. as our independent registered public accounting firm for the fiscal year ending December&nbsp;31, 2006; and</P>
<P style="margin-top:8.867px; margin-bottom:0px; text-indent:48px" align=justify>The corporate action described in (1) and (2), above, will become effective on or about November&nbsp;28, 2006, but not sooner than 20 days following the date that this Notice and the accompanying Information Statement are first mailed to our Members.</P>
<P style="margin-top:8.867px; margin-bottom:0px; text-indent:48px" align=justify><B>WE ARE NOT SOLICITING PROXIES AND WE REQUEST THAT YOU DO NOT SEND US A PROXY.</B></P>
<P style="margin-top:8.867px; margin-bottom:0px; text-indent:48px" align=justify>No action is required by you. The accompanying Information Statement is furnished only to inform our Members of the actions described before they take place. This Information Statement is first mailed to our Members on or about November&nbsp;6, 2006.</P>
<P style="margin-top:8.867px; margin-bottom:8.867px; text-indent:48px" align=justify>We thank you for your continued interest in China Natural Resources, Inc.</P>
<TABLE style="font-size:13.333px" cellspacing=0 align=center><TR><TD width=295></TD><TD width=329></TD></TR>
<TR><TD valign=top width=295><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=329><P style="margin:0px">By Order of the Board of Directors</P>
</TD></TR>
<TR><TD valign=top width=295><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=329><P style="margin:0px"><img src="cnrinfostmt002.jpg" alt="[cnrinfostmt002.jpg]" align=middle height=86.067 width=214.133></P>
</TD></TR>
<TR><TD valign=top width=295><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=329><P style="margin:0px"><I>Corporate Secretary</I></P>
</TD></TR>
</TABLE>
<P style="margin-top:8.867px; margin-bottom:0px" align=justify>Hong Kong</P>
<P style="margin:0px" align=justify>November&nbsp;6, 2006</P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<P style="margin:0px; page-break-before:always" align=justify><BR>
<BR>
<BR></P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<P style="margin:0px; page-break-before:always" align=center><B>CHINA NATURAL RESOURCES, INC.</B></P>
<P style="margin:0px" align=center><B>Room 2105</B></P>
<P style="margin:0px" align=center><B>West Tower, Shun Tak Centre</B></P>
<P style="margin:0px" align=center><B>200 Connaught Road C.</B></P>
<P style="margin:0px" align=center><B>Sheung Wan, Hong Kong</B></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center>&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;</P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><B>INFORMATION STATEMENT</B></P>
<P style="margin-top:13.333px; margin-bottom:0px" align=center><B>FOR</B></P>
<P style="margin-top:13.333px; margin-bottom:0px" align=center><B>2006 ANNUAL MEETING OF MEMBERS</B></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center>&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;</P>
<P style="margin:0px" align=center><BR></P>
<P style="margin-top:8.867px; margin-bottom:0px; text-indent:48px" align=justify>This Information Statement is being furnished to you by the Board of Directors of China Natural Resources, Inc. in connection with corporate action approved and authorized by holders of a majority of our outstanding common shares relating to our 2006 Annual Meeting of Members. The corporate actions described in this Information Statement will become effective on or about November&nbsp;28, 2006 in accordance with the written consent of the holders of a majority of our issued and outstanding common shares, but no sooner than 20 days following the date that this Information Statement is first mailed to our Members.</P>
<P style="margin-top:8.867px; margin-bottom:0px; text-indent:48px" align=justify>The elimination of the need to hold a 2006 Annual Meeting of Members to approve the election of two Class&nbsp;II Directors and the ratification of the appointment of our independent registered public accounting firm is made possible by our Memorandum and Articles of Association, which provides that the written consent of the holders of outstanding shares of voting capital stock having not less than the minimum number of votes which would be necessary to authorize or take such action at a meeting at which all shares entitled to vote thereon were present and votes may be substituted for such a meeting. Our use of this Information Statement will spare us the expense of soliciting proxies and holding an &#147;in-person&#148; annual meeting of members.</P>
<P style="margin-top:8.867px; margin-bottom:0px; text-indent:48px" align=justify>A copy of our Annual Report on Form&nbsp;20-F, including audited consolidated financial statements for each of the three years ended December&nbsp;31, 2005, and a copy of our Form&nbsp;6-K, including audited financial statements of Feishang Mining Holdings Limited (&#147;Feishang&#148;) and pro-forma financial information giving effect to our February&nbsp;3, 2006 acquisition of Feishang, accompany this Information Statement.</P>
<P style="margin-top:8.867px; margin-bottom:0px; text-indent:48px" align=justify>This Information Statement is first being mailed on or about November&nbsp;6, 2006 to Members of record on October&nbsp;26, 2006, and is being delivered to inform you of the corporate actions described herein before they take effect. A list of Members as of the record date is available for examination by any Member for a proper purpose during normal business hours at our offices. No dissenter&#146;s rights are afforded to our Members under the laws of the British Virgin Islands as a result of the adoption of these actions.</P>
<P style="margin-top:8.867px; margin-bottom:0px; text-indent:48px" align=justify>The entire cost of furnishing this Information Statement will be borne by us. We will request brokerage houses, nominees, custodians, fiduciaries and other like parties to forward this Information Statement to the beneficial owners of our voting securities held of record by them and we will reimburse such persons for out-of-pocket expenses incurred in forwarding such material.</P>
<P style="margin:0px" align=center><BR>
<BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<P style="margin:0px; page-break-before:always" align=center><B>CONVENTIONS</B></P>
<P style="margin-top:8.867px; margin-bottom:0px; text-indent:48px" align=justify>Unless otherwise specified, all references in this Information statement to &#147;U.S. Dollars,&#148; &#147;Dollars,&#148; &#147;US$,&#148; or &#147;$&#148; are to United States dollars; all references to &#147;Hong Kong Dollars&#148; or &#147;HK$&#148; are to Hong Kong dollars; and all references to &#147;Renminbi&#148; or &#147;RMB&#148; or &#147;Yuan&#148; are to Renminbi Yuan, which is the lawful currency of the People&#146;s Republic of China (&#147;China&#148; or &#147;PRC&#148;). We maintain our accounts in Hong Kong Dollars. The accounts of our subsidiaries are maintained in either Hong Kong Dollars or Renminbi. Our consolidated financial statements are prepared in Renminbi. Translations of amounts from Renminbi to U.S. Dollars and from Hong Kong Dollars to U.S. Dollars are for the convenience of the reader. Unless otherwise indicated, any translations from Renminbi to U.S. Dollars or from U.S. Dollars to Renminbi have b
een made at the single rate of exchange as quoted by the People&#146;s Bank of China (the &#147;PBOC Rate&#148;) on December&nbsp;31, 2005, which was approximately U.S.$1.00 = Rmb8.07. Translations from Hong Kong Dollars to U.S. Dollars have been made at the single rate of exchange as quoted by the Hong Kong and Shanghai Banking Corporation Limited on December&nbsp;31, 2005, which was approximately US$1.00 = HK$7.80. The Renminbi is not freely convertible into foreign currencies and the quotation of exchange rates does not imply convertibility of Renminbi into U.S. Dollars or other currencies. All foreign exchange transactions take place either through the Bank of China or other banks authorized to buy and sell foreign currencies at the exchange rates quoted by the People&#146;s Bank of China. No representation is made that the Renminbi or U.S. Dollar amounts referred to herein could have been or could be converted into U.S. Dollars or Renminbi, as the case may be, at the PBOC Rate or at all.</P>
<P style="margin-top:17.8px; margin-bottom:0px" align=center><B>SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT</B></P>
<P style="margin-top:8.867px; margin-bottom:0px; text-indent:48px" align=justify>The following table sets forth certain information known to us concerning the beneficial ownership of our common shares as of the October&nbsp;26, 2006 record date:</P>
<P style="margin-top:8.867px; margin-bottom:-16px; padding-left:96px; text-indent:-24px; font-family:Symbol" align=justify><FONT FACE="Symbol">&#183;</FONT></P>
<P style="margin:0px; padding-left:96px" align=justify><FONT FACE="Times New Roman">each person known by us to be the owner of more than 5% of our outstanding common shares;</FONT></P>
<P style="margin-top:3.333px; margin-bottom:-16px; padding-left:96px; text-indent:-24px; font-family:Symbol" align=justify><FONT FACE="Symbol">&#183;</FONT></P>
<P style="margin:0px; padding-left:96px" align=justify><FONT FACE="Times New Roman">each of our directors and director nominees;</FONT></P>
<P style="margin-top:3.333px; margin-bottom:-16px; padding-left:96px; text-indent:-24px; font-family:Symbol" align=justify><FONT FACE="Symbol">&#183;</FONT></P>
<P style="margin:0px; padding-left:96px" align=justify><FONT FACE="Times New Roman">each of our executive officers; and</FONT></P>
<P style="margin-top:3.333px; margin-bottom:-16px; padding-left:96px; text-indent:-24px; font-family:Symbol" align=justify><FONT FACE="Symbol">&#183;</FONT></P>
<P style="margin:0px; padding-left:96px" align=justify><FONT FACE="Times New Roman">all executive officers and directors as a group.</FONT></P>
<P style="margin-top:8.867px; margin-bottom:8.867px; text-indent:48px" align=justify>As of the record date, there were 11,548,416 common shares outstanding. A person is deemed to be the beneficial owner of securities that can be acquired by such a person within 60 days from the record date upon exercise of options, warrants or convertible securities. Each beneficial owner&#146;s&nbsp;percentage of ownership is determined by assuming that options, warrants and convertible securities that are held by such a person (but not those held by any other person) and are exercisable within 60 days from the date hereof have been exercised. Unless otherwise indicated, each person has sole investment and voting power with respect to all shares shown as beneficially owned. Unless otherwise indicated the address of each beneficial owner is Room 2105, West Tower, Shun Tak Centre, 200 Connaught Road C., Sheung Wan, Hong Kong.</P>
<TABLE style="font-size:13.333px" cellspacing=0 align=center><TR><TD width=183.333></TD><TD width=16.667></TD><TD width=97.333></TD><TD width=46></TD><TD width=16.667></TD><TD width=106.667></TD></TR>
<TR><TD style="border-bottom:1px solid #000000" valign=bottom width=183.333><P style="line-height:13.333px; margin:0px; font-size:10.667px" align=center><B>Name of Beneficial Owner</B></P>
</TD><TD valign=top width=16.667><P style="margin:0px; font-size:10.667px" align=center><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=143.333 colspan=2><P style="line-height:13.333px; margin:0px; font-size:10.667px" align=center><B>Amount and Nature of <BR>
Beneficial Ownership</B></P>
</TD><TD valign=top width=16.667><P style="margin:0px; font-size:10.667px" align=center><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=106.667><P style="line-height:13.333px; margin:0px; font-size:10.667px" align=center><B>Percent of Class</B></P>
</TD></TR>
<TR><TD valign=top width=183.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=16.667><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=97.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=46><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=16.667><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=106.667><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=183.333><P style="margin:0px">Li Feilie</P>
</TD><TD valign=top width=16.667><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=97.333><P style="margin:0px" align=right>14,480,593</P>
</TD><TD valign=top width=46><P style="margin:0px">(1)</P>
</TD><TD valign=top width=16.667><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=106.667><P style="margin:0px" align=center>90.2%</P>
</TD></TR>
<TR><TD valign=top width=183.333><P style="margin:0px">Tam Cheuk Ho</P>
</TD><TD valign=top width=16.667><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=97.333><P style="margin:0px" align=right>80,000</P>
</TD><TD valign=top width=46><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=16.667><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=106.667><P style="margin:0px" align=center>*</P>
</TD></TR>
<TR><TD valign=top width=183.333><P style="margin:0px">Wong Wah On Edward</P>
</TD><TD valign=top width=16.667><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=97.333><P style="margin:0px" align=right>80,000</P>
</TD><TD valign=top width=46><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=16.667><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=106.667><P style="margin:0px" align=center>*</P>
</TD></TR>
<TR><TD valign=top width=183.333><P style="margin:0px">Lam Kwan Sing</P>
</TD><TD valign=top width=16.667><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=97.333><P style="margin:0px" align=right>&#151;</P>
</TD><TD valign=top width=46><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=16.667><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=106.667><P style="margin:0px" align=center>&#151;</P>
</TD></TR>
<TR><TD valign=top width=183.333><P style="margin:0px">Ng Kin Sing</P>
</TD><TD valign=top width=16.667><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=97.333><P style="margin:0px" align=right>&#151;</P>
</TD><TD valign=top width=46><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=16.667><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=106.667><P style="margin:0px" align=center>&#151;</P>
</TD></TR>
<TR><TD valign=top width=183.333><P style="margin:0px">Yip Wing Hang</P>
</TD><TD valign=top width=16.667><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=97.333><P style="margin:0px" align=right>&#151;</P>
</TD><TD valign=top width=46><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=16.667><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=106.667><P style="margin:0px" align=center>&#151;</P>
</TD></TR>
<TR><TD valign=top width=183.333><P style="margin:0px; padding-left:8px; text-indent:-8px">Officers and directors as a <BR>
group (six persons)</P>
</TD><TD valign=top width=16.667><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=97.333><P style="margin:0px" align=right>14,640,593</P>
</TD><TD valign=top width=46><P style="margin:0px">&nbsp;</P>
</TD><TD valign=top width=16.667><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=106.667><P style="margin:0px" align=center>91.2%</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify>&#151;&#151;&#151;&#151;&#151;&#151;&#151;</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:32px; text-indent:-32px">*</P>
<P style="margin-top:0px; margin-bottom:6.667px; padding-left:32px">Less than 1%.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:32px; text-indent:-32px">(1)</P>
<P style="margin-top:0px; margin-bottom:6.667px; padding-left:32px">Shares are held in the name of Feishang Group Limited, a British Virgin Islands corporation that is wholly owned by Mr.&nbsp;Li. Includes 9,980,593 outstanding common shares and 4,500,000 common shares issuable upon exercise of outstanding warrants.</P>
<P style="margin-top:0px; margin-bottom:6.667px"><BR>
<BR></P>
<P style="margin:0px" align=center>2</P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<P style="margin-top:17.8px; margin-bottom:0px; page-break-before:always" align=center><B>OUR DIRECTORS AND EXECUTIVE OFFICERS</B></P>
<P style="margin-top:8.867px; margin-bottom:0px" align=justify><B>Board Members</B></P>
<P style="margin-top:8.867px; margin-bottom:0px; text-indent:48px" align=justify>Our Board of Directors is responsible for the overall management of our company. The Board of Directors is divided into three classes, designated Class&nbsp;I, Class&nbsp;II and Class&nbsp;III. The Board of Directors currently includes two Class&nbsp;I Directors, two Class&nbsp;II Directors, and two Class&nbsp;III Directors. The term of our Class&nbsp;I Directors expires immediately following our annual meeting of members in 2008, the term of our Class&nbsp;II Directors expires immediately following our annual meeting of members in 2006 and the term of our Class&nbsp;III Directors expires immediately following our annual meeting of members in 2007. The name, age and business experience of each of our directors is as follows:</P>
<P style="margin-top:13.333px; margin-bottom:0px" align=justify><B>Class&nbsp;I Directors</B></P>
<P style="margin-top:8.867px; margin-bottom:0px" align=justify><B>Li Feilie </B>(age 40)</P>
<P style="margin:0px" align=justify>Chairman of the Board of Directors, President and Chief Executive Officer</P>
<P style="margin-top:8.867px; margin-bottom:0px; text-indent:60.8px" align=justify>Mr.&nbsp;Li Feilie was appointed as a director, Chief Executive Officer, Chairman of the Board and President of our company on February&nbsp;3, 2006 following the consummation of the acquisition of Feishang Mining Holdings Limited (&#147;FMH&#148;). Mr.&nbsp;Li has served as a director of FMH since September&nbsp;2004. Mr.&nbsp;Li served as the Chairman of Wuhu Feishang Mining Development Co. Limited, a wholly owned subsidiary of FMH, from June&nbsp;2002 to June&nbsp;2004. Mr.&nbsp;Li has been the chairman of Shenzhen Feishang Industrial Development Co. Ltd., Wuhu Feishang Industry Development Co. Ltd. and Wuhu Port Co. Ltd., companies beneficially owned by him, since June&nbsp;2000, December&nbsp;2001 and October&nbsp;2002, respectively. He has also served as director of Pingxiang Iron &amp; Steel Co. Ltd. since July&nbsp;2003. From March&nbsp;2002 to April&nbsp;2004, Mr.&nbsp;Li served as the chairman of Fujian Dongbai (Grou
p) Co. Ltd. Mr.&nbsp;Li graduated from the Economic Department of Peking University and was awarded a Master&#146;s degree from the Graduate School of Peking University.</P>
<P style="margin-top:8.867px; margin-bottom:0px" align=justify><B>Ng Kin Sing </B>(age 44)</P>
<P style="margin:0px" align=justify>Director</P>
<P style="margin-top:8.867px; margin-bottom:0px; text-indent:48px" align=justify>Mr.&nbsp;Ng Kin Sing has been a director and a member of our company&#146;s Audit Committee since November&nbsp;22, 2004. He served as a director of China Resources Development, Inc., a Nevada company which is a predecessor of our company (&#147;China Development&#148;), from February&nbsp;1, 1999 until completion of a merger by which we changed our domicile to the British Virgin Islands (the &#147;Redomicile Merger&#148;), and as a member of its audit committee. From April&nbsp;1998 to the present, Mr.&nbsp;Ng has been the managing director of Action Plan Limited, a securities investment company. From November&nbsp;1995 until March&nbsp;1998, Mr.&nbsp;Ng was sales and dealing director for NatWest Markets (Asia) Limited; and from May&nbsp;1985 until October&nbsp;1996, he was the dealing director of BZW Asia Limited, an international securities brokerage house. Mr.&nbsp;Ng holds a Bachelor&#146;s degree in Business Administration
 from the Chinese University of Hong Kong.</P>
<P style="margin-top:8.867px; margin-bottom:0px" align=justify><B>Class&nbsp;II Directors</B></P>
<P style="margin-top:8.867px; margin-bottom:0px" align=justify><B>Lam Kwan Sing </B>(age 37)</P>
<P style="margin:0px" align=justify>Director</P>
<P style="margin-top:8.867px; margin-bottom:0px; text-indent:48px" align=justify>Mr.&nbsp;Lam Kwan Sing has been a director and a member of our company&#146;s Audit Committee since November&nbsp;22, 2004. He served as a director of China Development from March&nbsp;20, 2003 until completion of the Redomicile Merger, and as a member of its audit committee. From 2002 to present, Mr.&nbsp;Lam has been the executive director of Pacific Challenge Holdings Limited, a Hong Kong listed company, where he is responsible for the overall corporate finance and accounting operations. From 2000 to 2002, Mr.&nbsp;Lam was the business development manager of China Development Corporation Limited, a Hong Kong listed company. From 1997 to 2000, he was the business development manager of Chung Hwa Development Holdings Limited, a Hong Kong listed company. From 1995 to 1997, Mr.&nbsp;Lam was the assistant manager (Intermediaries supervision) of Hong Kong Securities and Futures Commission. Mr.&nbsp;Lam holds a Bachelor&#146;s degre
e in Accountancy from the City University of Hong Kong.</P>
<P style="margin-top:8.867px; margin-bottom:0px" align=justify><BR>
<BR></P>
<P style="margin:0px" align=center>3</P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<P style="margin-top:8.867px; margin-bottom:0px; page-break-before:always" align=justify><B>Yip Wing Hang </B>(age 39)</P>
<P style="margin:0px" align=justify>Director</P>
<P style="margin-top:8.867px; margin-bottom:0px; text-indent:48px" align=justify>Mr.&nbsp;Yip Wing Hang has been a director and a member of our company&#146;s Audit Committee since June&nbsp;26, 2006. From February&nbsp;2002 to present, Mr.&nbsp;Yip has been the marketing director of Hantec Investment Consultant Limited responsible for the wealth management business. From May&nbsp;1997 to February&nbsp;2002, Mr.&nbsp;Yip was the senior manager of CCIC Finance Limited. Mr.&nbsp;Yip holds a Bachelor&#146;s degree in International Business Studies from the City University of Hong Kong. He also holds a Masters degree in Accounting and Finance from the Lancaster University, UK.</P>
<P style="margin-top:8.867px; margin-bottom:0px" align=justify><B>Class&nbsp;III Directors</B></P>
<P style="margin-top:8.867px; margin-bottom:0px" align=justify><B>Tam</B> <B>Cheuk Ho </B>(age 44)</P>
<P style="margin:0px" align=justify>Director and Chief Financial Officer</P>
<P style="margin-top:8.867px; margin-bottom:0px; text-indent:48px" align=justify>Mr.&nbsp;Tam Cheuk Ho has served as a director of our company since December&nbsp;23, 1993, and as its Chief Financial Officer since November&nbsp;22, 2004. He served as the Chief Financial Officer and a director of China Development from December&nbsp;2, 1994 until completion of the Redomicile Merger. From July&nbsp;1984 through January&nbsp;1992, he worked as an Audit Manager at Ernst &amp; Young, Hong Kong, and from February&nbsp;1992 through September&nbsp;1992, as Financial Controller at Tack Hsin Holdings Limited, a listed company in Hong Kong, where he was responsible for accounting and financial functions. From October&nbsp;1992, through December&nbsp;1994, Mr.&nbsp;Tam was Finance Director of Hong Wah (Holdings) Limited. He is a fellow of both the Hong Kong Institute of Certified Public Accountants (formerly known as the Hong Kong Society of Accountants) and the Chartered Association of Certified Accountants. He is also
 a certified public accountant (practicing) in Hong Kong. He holds a Bachelor&#146;s degree in Business Administration from the Chinese University of Hong Kong. Mr.&nbsp;Tam is also a director of Anka Capital Limited, a privately held corporation, through which he is one of our principal members.</P>
<P style="margin-top:8.867px; margin-bottom:0px" align=justify><B>Wong Wah On Edward</B> (age 43)</P>
<P style="margin:0px" align=justify>Director, Secretary and Financial Controller</P>
<P style="margin-top:8.867px; margin-bottom:0px; text-indent:48px" align=justify>Mr.&nbsp;Wong Wah On Edward has been a director of our company since January&nbsp;25, 1999, our Secretary since February&nbsp;1, 1999 and our Financial Controller since November&nbsp;22, 2004. He served as Financial Secretary, Financial Controller and a director of China Development from December&nbsp;30, 1997 until completion of the Redomicile Merger. He is responsible for assisting our Chief Financial Officer with our treasury, accounting and secretarial functions. From October&nbsp;1992 through December&nbsp;1994, Mr.&nbsp;Wong was the Deputy Finance Director of Hong Wah (Holdings) Limited. From July&nbsp;1988 through October&nbsp;1992, he was an audit supervisor at Ernst &amp; Young, Hong Kong. Mr.&nbsp;Wong is also a director of Anka Capital Limited, a privately held corporation, through which he is one of our principal members. He received a professional diploma in Company Secretaryship and Administration from the Hong Kon
g Polytechnic University. He is a fellow of both the Chartered Association of Certified Accountants and the Hong Kong Institute of Certified Public Accountants (formerly known as the Hong Kong Society of Accountants), and an associate of the Institute of Chartered Secretaries and Administrators. He is also a certified public accountant (practicing) in Hong Kong.</P>
<P style="margin-top:8.867px; margin-bottom:0px; text-indent:48px" align=justify>Our officers are elected annually at the Board of Directors meeting following each annual meeting of members, and hold office until their respective successors are duly elected and qualified, subject to their earlier death, resignation or removal.</P>
<P style="margin-top:8.867px; margin-bottom:0px" align=justify><B>Meetings of the Board of Directors</B></P>
<P style="margin-top:8.867px; margin-bottom:0px; text-indent:48px" align=justify>During the year ended December&nbsp;31, 2005, our Board of Directors held five meetings. Each member of the board participated in each meeting of the board.</P>
<P style="margin-top:8.867px; margin-bottom:0px" align=justify><B>Fees to Members of the Board of Directors</B></P>
<P style="margin-top:8.867px; margin-bottom:0px; text-indent:48px" align=justify>Commencing July&nbsp;1, 2006, we pay our independent directors a montly directors&#146; fee equal to HK$5,000. We do not otherwise pay fees to directors for their attendance at meetings of the Board of Directors or of committees; however, we may adopt a policy of making such payments in the future. We will reimburse out-of-pocket expenses incurred by directors in attending board and committee meetings.</P>
<P style="margin-top:8.867px; margin-bottom:0px" align=justify><BR>
<BR></P>
<P style="margin:0px" align=center>4</P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<P style="margin-top:17.8px; margin-bottom:0px; page-break-before:always" align=center><B>CORPORATE GOVERNANCE MATTERS</B></P>
<P style="margin-top:8.867px; margin-bottom:0px" align=justify><B>Committees of the Board of Directors</B></P>
<P style="margin-top:8.867px; margin-bottom:0px; text-indent:48px" align=justify>The Board of Directors has established an Audit Committee and a Nominating and Corporate Governance Committee.</P>
<P style="margin-top:8.867px; margin-bottom:0px; text-indent:24px" align=justify><B><I>Audit Committee</I></B></P>
<P style="margin-top:8.867px; margin-bottom:0px; text-indent:48px" align=justify>Our Audit Committee, whose members currently consist of Yip Wing Hang, Lam Kwan Sing and Ng Kin Sing, is principally responsible for ensuring the accuracy and effectiveness of the annual audit of the financial statements. The duties of the Audit Committee include, but are not limited to:</P>
<P style="margin-top:8.867px; margin-bottom:-16px; padding-left:72px; text-indent:-24px; font-family:Symbol" align=justify><FONT FACE="Symbol">&#183;</FONT></P>
<P style="margin:0px; padding-left:72px" align=justify><FONT FACE="Times New Roman">appointing and supervising our independent registered public accounting firm;</FONT></P>
<P style="margin-top:3.333px; margin-bottom:-16px; padding-left:72px; text-indent:-24px; font-family:Symbol" align=justify><FONT FACE="Symbol">&#183;</FONT></P>
<P style="margin:0px; padding-left:72px" align=justify><FONT FACE="Times New Roman">assessing the organization and scope of the Company&#146;s internal audit function;</FONT></P>
<P style="margin-top:3.333px; margin-bottom:-16px; padding-left:72px; text-indent:-24px; font-family:Symbol" align=justify><FONT FACE="Symbol">&#183;</FONT></P>
<P style="margin:0px; padding-left:72px" align=justify><FONT FACE="Times New Roman">reviewing the scope of audits to be conducted, as well as the results thereof;</FONT></P>
<P style="margin-top:3.333px; margin-bottom:-16px; padding-left:72px; text-indent:-24px; font-family:Symbol" align=justify><FONT FACE="Symbol">&#183;</FONT></P>
<P style="margin:0px; padding-left:72px" align=justify><FONT FACE="Times New Roman">approving audit and non-audit services provided to us by our independent registered public accounting firm; and</FONT></P>
<P style="margin-top:3.333px; margin-bottom:-16px; padding-left:72px; text-indent:-24px; font-family:Symbol" align=justify><FONT FACE="Symbol">&#183;</FONT></P>
<P style="margin:0px; padding-left:72px" align=justify><FONT FACE="Times New Roman">overseeing our financial reporting activities, including our internal controls and procedures and the accounting standards and principles applied.</FONT></P>
<P style="margin-top:8.867px; margin-bottom:0px; text-indent:48px" align=justify>Each member of the Audit Committee is an &#147;independent&#148; director, as such term is used in (a)&nbsp;Item&nbsp;7(d)(3)(iv) of Schedule 14A under the Securities Exchange Act of 1934, as amended (&#147;Exchange Act&#148;), (b)&nbsp;Section&nbsp;10A-3(m)(3) of the Exchange Act, and (c) Nasdaq Marketplace Rule&nbsp;4200(a)(15).</P>
<P style="margin-top:8.867px; margin-bottom:0px; text-indent:48px" align=justify>Our Audit Committee held a total of three meetings during fiscal 2005, which were attended by all of its then current members.</P>
<P style="margin-top:8.867px; margin-bottom:0px; text-indent:24px" align=justify><B><I>Audit Committee Financial Expert</I></B></P>
<P style="margin-top:8.867px; margin-bottom:0px; text-indent:48px" align=justify>In general, an &#147;audit committee financial expert&#148; within the meaning of Item 401(e) of Regulation&nbsp;S-K of the Securities Act of 1933, as amended (the &#147;Securities Act&#148;), is an individual member of the Audit Committee who:</P>
<P style="margin-top:8.867px; margin-bottom:-16px; padding-left:72px; text-indent:-24px; font-family:Symbol" align=justify><FONT FACE="Symbol">&#183;</FONT></P>
<P style="margin:0px; padding-left:72px" align=justify><FONT FACE="Times New Roman">understands generally accepted accounting principles and financial statements,</FONT></P>
<P style="margin-top:3.333px; margin-bottom:-16px; padding-left:72px; text-indent:-24px; font-family:Symbol" align=justify><FONT FACE="Symbol">&#183;</FONT></P>
<P style="margin:0px; padding-left:72px" align=justify><FONT FACE="Times New Roman">is able to assess the general application of such principles in connection with accounting for estimates, accruals and reserves,</FONT></P>
<P style="margin-top:3.333px; margin-bottom:-16px; padding-left:72px; text-indent:-24px; font-family:Symbol" align=justify><FONT FACE="Symbol">&#183;</FONT></P>
<P style="margin:0px; padding-left:72px" align=justify><FONT FACE="Times New Roman">has experience preparing, auditing, analyzing or evaluating financial statements comparable to the breadth and complexity to our financial statements,</FONT></P>
<P style="margin-top:3.333px; margin-bottom:-16px; padding-left:72px; text-indent:-24px; font-family:Symbol" align=justify><FONT FACE="Symbol">&#183;</FONT></P>
<P style="margin:0px; padding-left:72px" align=justify><FONT FACE="Times New Roman">understands internal controls over financial reporting, and</FONT></P>
<P style="margin-top:3.333px; margin-bottom:-16px; padding-left:72px; text-indent:-24px; font-family:Symbol" align=justify><FONT FACE="Symbol">&#183;</FONT></P>
<P style="margin:0px; padding-left:72px" align=justify><FONT FACE="Times New Roman">understands audit committee functions.</FONT></P>
<P style="margin-top:8.867px; margin-bottom:0px; text-indent:48px" align=justify>An &#147;audit committee financial expert&#148; may acquire the foregoing attributes through:</P>
<P style="margin-top:8.867px; margin-bottom:-16px; padding-left:72px; text-indent:-24px; font-family:Symbol" align=justify><FONT FACE="Symbol">&#183;</FONT></P>
<P style="margin:0px; padding-left:72px" align=justify><FONT FACE="Times New Roman">education and experience as a principal financial officer, principal accounting officer, controller, public accountant, auditor or person serving similar functions;</FONT></P>
<P style="margin-top:3.333px; margin-bottom:-16px; padding-left:72px; text-indent:-24px; font-family:Symbol" align=justify><FONT FACE="Symbol">&#183;</FONT></P>
<P style="margin:0px; padding-left:72px" align=justify><FONT FACE="Times New Roman">experience actively supervising a principal financial officer, principal accounting officer, controller, public accountant, auditor or person serving similar functions; experience overseeing or assessing the performance of companies or public accountants with respect to the preparation, auditing or evaluation of financial statements; or,</FONT></P>
<P style="margin-top:3.333px; margin-bottom:-16px; padding-left:72px; text-indent:-24px; font-family:Symbol" align=justify><FONT FACE="Symbol">&#183;</FONT></P>
<P style="margin:0px; padding-left:72px" align=justify><FONT FACE="Times New Roman">other relevant experience.</FONT></P>
<P style="margin-top:8.867px; margin-bottom:0px; text-indent:48px" align=justify>Our Board of Directors has determined that Mr.&nbsp;Yip Wing Hang and Mr.&nbsp;Lam Kwan Sing are each an &#147;audit committee financial expert&#148; within the meaning of Item 401(e) of Regulation&nbsp;S-B. Each of our &#147;audit committee financial experts&#148; are &#147;independent&#148; as that term is used in Item 7(d)(3)(iv) of Schedule 14A under the Exchange Act.</P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<P style="margin:0px" align=center>5</P>
<P style="margin:0px"><BR></P>
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<P style="margin:0px; text-indent:24px; page-break-before:always" align=justify><B><I>Audit Committee Report</I></B></P>
<P style="margin-top:8.867px; margin-bottom:0px; text-indent:48px" align=justify>The following statement made by our Audit Committee shall not be deemed incorporated by reference into any filing under the Securities Act or the Exchange Act, and shall not otherwise be deemed filed under either of those acts.</P>
<P style="margin-top:8.867px; margin-bottom:0px; text-indent:48px" align=justify>The Audit Committee reviews our financial reporting process on behalf of the Board of Directors. Management has the primary responsibility for the financial statements and the reporting process including the system of internal controls.</P>
<P style="margin-top:8.867px; margin-bottom:0px; text-indent:48px" align=justify>Management represented to the Audit Committee that our consolidated financial statements were prepared in accordance with generally accepted accounting principles in the United States, and the committee has reviewed and discussed the consolidated financial statements with management and the independent registered public accounting firm. The Audit Committee also discussed with the independent registered public accounting firm matters required to be discussed by auditing standards generally accepted in the United States.</P>
<P style="margin-top:8.867px; margin-bottom:0px; text-indent:48px" align=justify>In addition, the Audit Committee has discussed with the independent registered public accounting firm their independence from our company and its management, and has received the written disclosures and letter required by Independence Standards Board Standard No.&nbsp;1 (Independence Discussions with Audit Committees). The Audit Committee has also discussed with the independent registered public accounting firm the matters required to be discussed by Statement of Accounting Standards (SAS) 61.</P>
<P style="margin-top:8.867px; margin-bottom:0px; text-indent:48px" align=justify>The Audit Committee also discussed with our independent registered public accounting firm the overall scope and plans for their audit. The Audit Committee meets with the independent registered public accounting firm with and without management present, to discuss the results of their examinations, the evaluations of our internal controls, and the overall quality of our financial reporting.</P>
<P style="margin-top:8.867px; margin-bottom:8.867px; text-indent:48px" align=justify>In reliance on the reviews and discussions referred to above, the Audit Committee recommended to the Board of Directors, and the Board has approved, that our audited consolidated financial statements be included in our Annual Report on Form&nbsp;20-F for the year ended December&nbsp;31, 2005 for filing with the Securities and Exchange Commission.</P>
<TABLE style="font-size:13.333px" cellspacing=0 align=center><TR><TD width=328></TD><TD width=296></TD></TR>
<TR><TD valign=top width=328><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=296><P style="margin:0px">Submitted by the Audit Committee of the <BR>
Board of Directors:</P>
</TD></TR>
<TR><TD valign=top width=328><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=296><P style="margin:0px">&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=328><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=296><P style="margin:0px">/s/ Ng Kin Sing</P>
</TD></TR>
<TR><TD valign=top width=328><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=296><P style="margin:0px">/s/ Lam Kwan Sing</P>
</TD></TR>
<TR><TD valign=top width=328><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=296><P style="margin:0px">/s/ Lo Kin Cheung</P>
</TD></TR>
</TABLE>
<P style="margin-top:13.333px; margin-bottom:0px" align=justify><B>Nominating and Corporate Governance Committee; Member Nominees for Director</B></P>
<P style="margin-top:7.8px; margin-bottom:0px; text-indent:48px" align=justify>Our Board of Directors has established a Nominating and Corporate Governance Committee that operates pursuant to a written charter. The current members of the Nominating and Corporate Governance Committee are Ng Kin Sing, Lam Kwan Sing and Yip Wing Hang. Each member of the Nominating and Corporate Governance Committee is an &#147;independent&#148; director, as such term is used in Section&nbsp;10A-3(m)(3) of the Exchange Act and Nasdaq Marketplace Rule&nbsp;4200(a)(15).</P>
<P style="margin-top:7.8px; margin-bottom:0px; text-indent:48px" align=justify>The Nominating and Corporate Governance Committee is responsible for providing oversight on a broad range of issues surrounding the composition and operation of our Board of Directors. In particular, the responsibilities of the Nominating and Corporate Governance Committee include:</P>
<P style="margin-top:7.8px; margin-bottom:-16px; padding-left:72px; text-indent:-24px; font-family:Symbol" align=justify><FONT FACE="Symbol">&#183;</FONT></P>
<P style="margin:0px; padding-left:72px" align=justify><FONT FACE="Times New Roman">identifying individuals qualified to become members of the Board of Directors;</FONT></P>
<P style="margin-top:3.333px; margin-bottom:-16px; padding-left:72px; text-indent:-24px; font-family:Symbol" align=justify><FONT FACE="Symbol">&#183;</FONT></P>
<P style="margin:0px; padding-left:72px" align=justify><FONT FACE="Times New Roman">determining the slate of nominees to be recommended for election to the Board of Directors;</FONT></P>
<P style="margin-top:3.333px; margin-bottom:-16px; padding-left:72px; text-indent:-24px; font-family:Symbol" align=justify><FONT FACE="Symbol">&#183;</FONT></P>
<P style="margin:0px; padding-left:72px" align=justify><FONT FACE="Times New Roman">reviewing corporate governance principles applicable to us, including recommending corporate governance principles to the Board of Directors and administering our Code of Ethics;</FONT></P>
<P style="margin-top:3.333px; margin-bottom:-16px; padding-left:72px; text-indent:-24px; font-family:Symbol" align=justify><FONT FACE="Symbol">&#183;</FONT></P>
<P style="margin:0px; padding-left:72px" align=justify><FONT FACE="Times New Roman">assuring that at least one Audit Committee member is an &#147;audit committee financial expert&#148; within the meaning of regulatory requirements; and</FONT></P>
<P style="margin-top:3.333px; margin-bottom:-16px; padding-left:72px; text-indent:-24px; font-family:Symbol" align=justify><FONT FACE="Symbol">&#183;</FONT></P>
<P style="margin:0px; padding-left:72px" align=justify><FONT FACE="Times New Roman">carrying out such other duties and responsibilities as may be determined by the Board of Directors.</FONT></P>
<P style="margin-top:3.333px; margin-bottom:0px" align=justify><BR>
<BR></P>
<P style="margin:0px" align=center>6</P>
<P style="margin:0px"><BR></P>
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<P style="margin-top:8.867px; margin-bottom:0px; text-indent:48px; page-break-before:always" align=justify>The Nominating and Corporate Governance Committee is required to meet at least once annually, and more frequently if the committee deems it to be appropriate. The committee may delegate authority to one or more members of the committee; provided that any decisions made pursuant to such delegated authority are presented to the full committee at its next scheduled meeting. Discussions pertaining to the nomination of directors are required to be held in executive session.</P>
<P style="margin-top:8.867px; margin-bottom:0px; text-indent:48px" align=justify>The Nominating and Corporate Governance Committee will consider candidates for directors proposed by Members, although no formal procedures for submitting the names of candidates for inclusion on management&#146;s slate of director nominees have been adopted. Until otherwise determined by the Nominating and Corporate Governance Committee, a member who wishes to submit the name of a candidate to be considered for inclusion on management&#146;s slate of nominees at the next annual meeting of members must notify our Corporate Secretary, in writing, no later than June&nbsp;30 of the year in question of its desire to submit the name of a director nominee for consideration. The written notice must include information about each proposed nominee, including name, age, business address, principal occupation, telephone number, shares beneficially owned and a statement describing why inclusion of the candidate would be in our best interest
s. The notice must also include the proposing member&#146;s name and address, as well as the number of shares beneficially owned. A statement from the candidate must also be furnished, indicating the candidate&#146;s desire and ability to serve as a director. Adherence to these procedures is a prerequisite to the board&#146;s consideration of the member&#146;s candidate. Once a candidate has been identified, the Nominating and Corporate Governance Committee reviews the individual&#146;s experience and background, and may discuss the proposed nominee with the source of the recommendation. If the Nominating and Corporate Governance Committee believes it to be appropriate, committee members may meet with the proposed nominee before making a final determination whether to include the proposed nominee as a member of management&#146;s slate of director nominees to be submitted for election to the board.</P>
<P style="margin-top:8.867px; margin-bottom:0px; text-indent:48px" align=justify>There were no Member recommendations for nomination to the Board of Directors in connection with the 2006 Annual Meeting of Members. There are two Class&nbsp;II Director nominees who will be elected by the written consent of the holders of a majority of our outstanding voting securities as described herein, each of whom is an incumbent director standing for reelection.</P>
<P style="margin-top:8.867px; margin-bottom:0px" align=justify><B>Compensation Committee Interlocks and Insider Participation</B></P>
<P style="margin-top:8.867px; margin-bottom:0px; text-indent:48px" align=justify>We do not have a formal compensation committee. The Board of Directors, acting as a compensation committee, periodically meets to discuss and deliberate on issues surrounding the terms and conditions of executive officer compensation, including base salaries, bonuses, equity awards and reimbursement of certain business related costs and expenses. Three of the members of our Board of Directors are officers and employees of our company, and those board members participate in decisions of the board concerning compensation arrangements with our executive officers.</P>
<P style="margin-top:13.333px; margin-bottom:0px" align=justify><B>Member Communications with our Board of Directors</B></P>
<P style="margin-top:8.867px; margin-bottom:0px; text-indent:48px" align=justify>We have established an informal process for Members to send communications to members of our Board of Directors. Members who wish to contact the Board of Directors or any of its members may do so by writing to them, c/o China Natural Resources, Inc., Room 2105, West Tower, Shun Tak Centre, 200 Connaught Road C., Sheung Wan, Hong Kong. Correspondence directed to an individual board member is referred, unopened, to that board member. Correspondence not directed to a particular board member is referred, unopened, to the Chairman of the board, for reviewing and forwarding to the appropriate person.</P>
<P style="margin-top:8.867px; margin-bottom:0px" align=justify><B>Attendance at Annual Meeting of Members</B></P>
<P style="margin-top:8.867px; margin-bottom:0px; text-indent:48px" align=justify>We have not adopted a formal policy on Board members&#146; attendance at our annual meeting of members, although all Board members are encouraged to attend.</P>
<P style="margin-top:8.867px; margin-bottom:0px" align=justify><B>NASDAQ Requirements</B></P>
<P style="margin-top:8.867px; margin-bottom:0px; text-indent:48px" align=justify>Our common shares are currently listed on the NASDAQ Capital Market and, for so long as our securities continue to be listed, we will remain subject to the rules and regulations established by The NASDAQ Stock Market as being applicable to listed companies. NASDAQ has adopted, and from time-to-time adopts, amendments to its Marketplace Rule&nbsp;4350 to impose various corporate governance requirements on listed securities. Section&nbsp;(a)(1) of Marketplace Rule&nbsp;4350 provides that foreign private issuers such as our company are required to comply with </P>
<P style="margin-top:8.867px; margin-bottom:0px" align=justify><BR>
<BR></P>
<P style="margin:0px" align=center>7</P>
<P style="margin:0px"><BR></P>
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<P style="margin-top:8.867px; margin-bottom:0px; page-break-before:always" align=justify>certain specific requirements of Marketplace Rule&nbsp;4350, but, as to the balance of Marketplace Rule&nbsp;4350, foreign private issuers are not required to comply if the laws of their home jurisdiction do not otherwise require compliance.</P>
<P style="margin-top:8.867px; margin-bottom:0px; text-indent:48px" align=justify>We currently comply with the specifically mandated provisions of Marketplace Rule&nbsp;4350. In addition, we have elected to voluntarily comply with certain other requirements of Marketplace Rule&nbsp;4350, notwithstanding that our home jurisdiction does not mandate compliance; although we may in the future determine to cease voluntary compliance with those provisions of Marketplace Rule&nbsp;4350. However, we have determined not to comply with the following provisions of Marketplace Rule&nbsp;4350 since the laws of the British Virgin Islands do not require compliance:</P>
<P style="margin-top:8.867px; margin-bottom:-16px; padding-left:72px; text-indent:-24px; font-family:Symbol" align=justify><FONT FACE="Symbol">&#183;</FONT></P>
<P style="margin:0px; padding-left:72px" align=justify><FONT FACE="Times New Roman">a majority of our Directors are not independent within the meaning of NASDAQ rules;</FONT></P>
<P style="margin-top:3.333px; margin-bottom:-16px; padding-left:72px; text-indent:-24px; font-family:Symbol" align=justify><FONT FACE="Symbol">&#183;</FONT></P>
<P style="margin:0px; padding-left:72px" align=justify><FONT FACE="Times New Roman">our independent directors do not hold regularly scheduled meetings in executive session;</FONT></P>
<P style="margin-top:3.333px; margin-bottom:-16px; padding-left:72px; text-indent:-24px; font-family:Symbol" align=justify><FONT FACE="Symbol">&#183;</FONT></P>
<P style="margin:0px; padding-left:72px" align=justify><FONT FACE="Times New Roman">the compensation of our executive officers is not determined by an independent committee of the Board or by the independent members of the Board of Directors, and our CEO may be present in the deliberations concerning his compensation;</FONT></P>
<P style="margin-top:3.333px; margin-bottom:-16px; padding-left:72px; text-indent:-24px; font-family:Symbol" align=justify><FONT FACE="Symbol">&#183;</FONT></P>
<P style="margin:0px; padding-left:72px" align=justify><FONT FACE="Times New Roman">related party transactions are not required to be reviewed and we are not required to solicit member approval of stock plans, including those in which our officers or directors may participate; stock issuances that will result in a change in control; the issuance of our stock in related party acquisitions or other acquisitions in which we may issue 20% or more of our outstanding shares; or, below market issuances of 20% or more of our outstanding shares to any person; and</FONT></P>
<P style="margin-top:3.333px; margin-bottom:-16px; padding-left:72px; text-indent:-24px; font-family:Symbol" align=justify><FONT FACE="Symbol">&#183;</FONT></P>
<P style="margin:0px; padding-left:72px" align=justify><FONT FACE="Times New Roman">we are not required to participate in an electronic link with a specified registered depository in connection with any direct registration program that we may establish in the future.</FONT></P>
<P style="margin-top:8.867px; margin-bottom:0px; text-indent:48px" align=justify>We may in the future determine to voluntarily comply with one or more of the foregoing provisions of Marketplace Rule&nbsp;4350.</P>
<P style="margin-top:8.867px; margin-bottom:0px" align=justify><B>Code of Ethics</B></P>
<P style="margin-top:8.867px; margin-bottom:0px; text-indent:48px" align=justify>A Code of Ethics is a written standard designed to deter wrongdoing and to promote:</P>
<P style="margin-top:8.867px; margin-bottom:-16px; padding-left:72px; text-indent:-24px; font-family:Symbol" align=justify><FONT FACE="Symbol">&#183;</FONT></P>
<P style="margin:0px; padding-left:72px" align=justify><FONT FACE="Times New Roman">honest and ethical conduct,</FONT></P>
<P style="margin-top:3.333px; margin-bottom:-16px; padding-left:72px; text-indent:-24px; font-family:Symbol" align=justify><FONT FACE="Symbol">&#183;</FONT></P>
<P style="margin:0px; padding-left:72px" align=justify><FONT FACE="Times New Roman">full, fair, accurate, timely and understandable disclosure in regulatory filings and public statements,</FONT></P>
<P style="margin-top:3.333px; margin-bottom:-16px; padding-left:72px; text-indent:-24px; font-family:Symbol" align=justify><FONT FACE="Symbol">&#183;</FONT></P>
<P style="margin:0px; padding-left:72px" align=justify><FONT FACE="Times New Roman">compliance with applicable laws, rules and regulations,</FONT></P>
<P style="margin-top:3.333px; margin-bottom:-16px; padding-left:72px; text-indent:-24px; font-family:Symbol" align=justify><FONT FACE="Symbol">&#183;</FONT></P>
<P style="margin:0px; padding-left:72px" align=justify><FONT FACE="Times New Roman">the prompt reporting violation of the code, and</FONT></P>
<P style="margin-top:3.333px; margin-bottom:-16px; padding-left:72px; text-indent:-24px; font-family:Symbol" align=justify><FONT FACE="Symbol">&#183;</FONT></P>
<P style="margin:0px; padding-left:72px" align=justify><FONT FACE="Times New Roman">accountability for adherence to the Code of Ethics.</FONT></P>
<P style="margin-top:8.867px; margin-bottom:0px; text-indent:48px" align=justify>We have adopted the Code of Ethics of China Development. The Code of Ethics is applicable to all of our employees, and also contains provisions that apply only to our Chief Executive Officer, principal financial and accounting officers and persons performing similar functions. A copy of our Code of Ethics may be obtained, without charge, upon written request addressed to the attention of our Secretary, Room 2105, West Tower, Shun Tak Centre, 200 Connaught Road C., Sheung Wan, Hong Kong.</P>
<P style="margin-top:8.867px; margin-bottom:0px" align=justify><B>Section&nbsp;16(a) Beneficial Ownership Reporting Compliance</B></P>
<P style="margin-top:8.867px; margin-bottom:0px; text-indent:48px" align=justify>We are a &#147;foreign private issuer&#148; under Federal securities laws. As a result, our directors, officers, or members are not required to file beneficial ownership reports under the Exchange Act.</P>
<P style="margin:0px" align=center><BR>
<BR></P>
<P style="margin:0px" align=center>8</P>
<P style="margin:0px"><BR></P>
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<P style="margin:0px; page-break-before:always" align=center><B>EXECUTIVE COMPENSATION</B></P>
<P style="margin-top:8.867px; margin-bottom:0px" align=justify><B>Summary Compensation Table</B></P>
<P style="margin-top:8.867px; margin-bottom:8.867px; text-indent:48px" align=justify>The following table shows, for each of the three years ended December&nbsp;31, 2005, the salary and bonus paid by us to our Chief Executive Officer, and each other executive officer whose salary and bonus was $100,000 or more during our most recent fiscal year.</P>
<TABLE style="font-size:13.333px" cellspacing=0 align=center><TR><TD width=131.333></TD><TD width=16.867></TD><TD width=57.067></TD><TD width=16.733></TD><TD width=56.933></TD><TD width=16.733></TD><TD width=56.933></TD><TD width=16.733></TD><TD width=73.733></TD><TD width=16.733></TD><TD width=73.733></TD><TD width=16.733></TD><TD width=73.733></TD></TR>
<TR><TD valign=bottom width=131.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=16.867><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=57.067><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=16.733><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=221.067 colspan=5><P style="line-height:13.333px; margin:0px; font-size:10.667px" align=center><B>Annual Compensation</B></P>
</TD><TD valign=bottom width=16.733><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=73.733><P style="line-height:13.333px; margin:0px; font-size:10.667px" align=center><B>Long Term<BR>
Compensation</B></P>
</TD><TD valign=bottom width=16.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=73.733><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD style="border-bottom:1px solid #000000" valign=bottom width=131.333><P style="line-height:13.333px; margin:0px; font-size:10.667px" align=center><B>Name and Principal Position</B></P>
</TD><TD valign=bottom width=16.867><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=57.067><P style="line-height:13.333px; margin:0px; font-size:10.667px" align=center><B>Year</B></P>
</TD><TD valign=bottom width=16.733><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=56.933><P style="line-height:13.333px; margin:0px; font-size:10.667px" align=center><B>Salary</B></P>
<P style="line-height:13.333px; margin:0px; font-size:10.667px" align=center><B>($US)</B></P>
</TD><TD valign=bottom width=16.733><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=56.933><P style="line-height:13.333px; margin:0px; font-size:10.667px" align=center><B>Bonus</B></P>
<P style="line-height:13.333px; margin:0px; font-size:10.667px" align=center><B>($US)</B></P>
</TD><TD valign=bottom width=16.733><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=73.733><P style="line-height:13.333px; margin:0px; font-size:10.667px" align=center><B>Other <BR>
Compensation</B></P>
<P style="line-height:13.333px; margin:0px; font-size:10.667px" align=center><B>($US)</B></P>
</TD><TD valign=bottom width=16.733><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=73.733><P style="line-height:13.333px; margin:0px; font-size:10.667px" align=center><B>Securities <BR>
Underlying <BR>
Options</B></P>
</TD><TD valign=bottom width=16.733><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=73.733><P style="line-height:13.333px; margin:0px; font-size:10.667px" align=center><B>All Other <BR>
Compensation</B></P>
<P style="line-height:13.333px; margin:0px; font-size:10.667px" align=center><B>($US)</B></P>
</TD></TR>
<TR><TD valign=top width=131.333><P style="margin:0px">Ching Lung Po, </P>
</TD><TD valign=top width=16.867><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=57.067><P style="margin:0px" align=center>2005</P>
</TD><TD valign=top width=16.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=56.933><P style="margin:0px; padding-right:4px" align=right>$&nbsp;&nbsp;30,769</P>
</TD><TD valign=top width=16.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=56.933><P style="margin:0px" align=center>-0-</P>
</TD><TD valign=top width=16.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=73.733><P style="margin:0px" align=center>-0-</P>
</TD><TD valign=top width=16.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=73.733><P style="margin:0px" align=center>-0-</P>
</TD><TD valign=top width=16.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=73.733><P style="margin:0px" align=center>-0-</P>
</TD></TR>
<TR><TD valign=top width=131.333><P style="margin:0px">President and Chief </P>
</TD><TD valign=top width=16.867><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=57.067><P style="margin:0px" align=center>2004</P>
</TD><TD valign=top width=16.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=56.933><P style="margin:0px; padding-right:4px" align=right>30,769</P>
</TD><TD valign=top width=16.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=56.933><P style="margin:0px" align=center>-0-</P>
</TD><TD valign=top width=16.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=73.733><P style="margin:0px" align=center>-0-</P>
</TD><TD valign=top width=16.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=73.733><P style="margin:0px" align=center>-0-</P>
</TD><TD valign=top width=16.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=73.733><P style="margin:0px" align=center>-0-</P>
</TD></TR>
<TR><TD valign=top width=131.333><P style="margin:0px">Executive Officer*</P>
</TD><TD valign=top width=16.867><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=57.067><P style="margin:0px" align=center>2003</P>
</TD><TD valign=top width=16.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=56.933><P style="margin:0px; padding-right:4px" align=right>30,769</P>
</TD><TD valign=top width=16.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=56.933><P style="margin:0px" align=center>-0-</P>
</TD><TD valign=top width=16.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=73.733><P style="margin:0px" align=center>-0-</P>
</TD><TD valign=top width=16.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=73.733><P style="margin:0px" align=center>-0-</P>
</TD><TD valign=top width=16.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=73.733><P style="margin:0px" align=center>-0-</P>
</TD></TR>
<TR><TD valign=top width=131.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=16.867><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=57.067><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=16.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=56.933><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=16.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=56.933><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=16.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=73.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=16.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=73.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=16.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=73.733><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=131.333><P style="margin:0px">Tam Cheuk Ho, </P>
</TD><TD valign=top width=16.867><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=57.067><P style="margin:0px" align=center>2005</P>
</TD><TD valign=top width=16.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=56.933><P style="margin:0px; padding-right:4px" align=right>$230,769</P>
</TD><TD valign=top width=16.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=56.933><P style="margin:0px" align=center>-0-</P>
</TD><TD valign=top width=16.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=73.733><P style="margin:0px" align=center>-0-</P>
</TD><TD valign=top width=16.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=73.733><P style="margin:0px" align=center>-0-</P>
</TD><TD valign=top width=16.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=73.733><P style="margin:0px" align=center>-0-</P>
</TD></TR>
<TR><TD valign=top width=131.333><P style="margin:0px">Chief Financial Officer</P>
</TD><TD valign=top width=16.867><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=57.067><P style="margin:0px" align=center>2004</P>
</TD><TD valign=top width=16.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=56.933><P style="margin:0px; padding-right:4px" align=right>$230,769</P>
</TD><TD valign=top width=16.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=56.933><P style="margin:0px" align=center>-0-</P>
</TD><TD valign=top width=16.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=73.733><P style="margin:0px" align=center>-0-</P>
</TD><TD valign=top width=16.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=73.733><P style="margin:0px" align=center>40,000</P>
</TD><TD valign=top width=16.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=73.733><P style="margin:0px" align=center>-0-</P>
</TD></TR>
<TR><TD valign=top width=131.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=16.867><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=57.067><P style="margin:0px" align=center>2003</P>
</TD><TD valign=top width=16.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=56.933><P style="margin:0px; padding-right:4px" align=right>$230,769</P>
</TD><TD valign=top width=16.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=56.933><P style="margin:0px" align=center>-0-</P>
</TD><TD valign=top width=16.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=73.733><P style="margin:0px" align=center>-0-</P>
</TD><TD valign=top width=16.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=73.733><P style="margin:0px" align=center>-0-</P>
</TD><TD valign=top width=16.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=73.733><P style="margin:0px" align=center>-0-</P>
</TD></TR>
<TR><TD valign=top width=131.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=16.867><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=57.067><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=16.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=56.933><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=16.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=56.933><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=16.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=73.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=16.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=73.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=16.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=73.733><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=131.333><P style="margin:0px">Wong Wah On Edward, </P>
</TD><TD valign=top width=16.867><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=57.067><P style="margin:0px" align=center>2005</P>
</TD><TD valign=top width=16.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=56.933><P style="margin:0px; padding-right:4px" align=right>$153,846</P>
</TD><TD valign=top width=16.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=56.933><P style="margin:0px" align=center>-0-</P>
</TD><TD valign=top width=16.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=73.733><P style="margin:0px" align=center>-0-</P>
</TD><TD valign=top width=16.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=73.733><P style="margin:0px" align=center>-0-</P>
</TD><TD valign=top width=16.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=73.733><P style="margin:0px" align=center>-0-</P>
</TD></TR>
<TR><TD valign=top width=131.333><P style="margin:0px">Secretary and Financial </P>
</TD><TD valign=top width=16.867><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=57.067><P style="margin:0px" align=center>2004</P>
</TD><TD valign=top width=16.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=56.933><P style="margin:0px; padding-right:4px" align=right>$153,846</P>
</TD><TD valign=top width=16.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=56.933><P style="margin:0px" align=center>-0-</P>
</TD><TD valign=top width=16.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=73.733><P style="margin:0px" align=center>-0-</P>
</TD><TD valign=top width=16.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=73.733><P style="margin:0px" align=center>40,000</P>
</TD><TD valign=top width=16.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=73.733><P style="margin:0px" align=center>-0-</P>
</TD></TR>
<TR><TD valign=top width=131.333><P style="margin:0px">Controller</P>
</TD><TD valign=top width=16.867><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=57.067><P style="margin:0px" align=center>2003</P>
</TD><TD valign=top width=16.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=56.933><P style="margin:0px; padding-right:4px" align=right>$153,846</P>
</TD><TD valign=top width=16.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=56.933><P style="margin:0px" align=center>-0-</P>
</TD><TD valign=top width=16.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=73.733><P style="margin:0px" align=center>-0-</P>
</TD><TD valign=top width=16.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=73.733><P style="margin:0px" align=center>-0-</P>
</TD><TD valign=top width=16.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=73.733><P style="margin:0px" align=center>-0-</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify>&#151;&#151;&#151;&#151;&#151;&#151;&#151;</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:32px; text-indent:-32px">*</P>
<P style="margin-top:0px; margin-bottom:6.667px; padding-left:32px">Mr.&nbsp;Ching resigned as our Chief Executive Officer in February&nbsp;2006. Upon his resignation, our prior Service Agreement with Mr.&nbsp;Ching terminated.</P>
<P style="margin-top:8.867px; margin-bottom:0px; text-indent:48px" align=justify>On February&nbsp;1, 1999, we entered into an Employment Agreement with Tam Cheuk Ho. In accordance with the terms of the Employment Agreement, Mr.&nbsp;Tam is employed by us as our Chief Financial Officer and to perform such duties as the Board of Directors from time to time determines. Mr.&nbsp;Tam receives a base salary of HK$1,800,000 (US$230,769) annually, which base salary is adjusted on each anniversary of the Employment Agreement to reflect a change in the applicable consumer price index or such greater amount as our Board of Directors may determine. The initial two-year term of the Employment Agreement has expired, and the term of the agreement continues to automatically renew each year, until terminated as provided therein. On March&nbsp;1, 2006, we entered into a Supplemental Employment Agreement with Tam Cheuk Ho, reducing his base salary to HK$960,000 (US$123,077) per annum with all other terms of the Employment Agre
ement remaining in full force and effect.</P>
<P style="margin-top:8.867px; margin-bottom:0px; text-indent:48px" align=justify>On February&nbsp;1, 1999, we entered into an Employment Agreement with Wong Wah On Edward. In accordance with the terms of the Employment Agreement, Mr.&nbsp;Wong is employed by us as our Financial Controller and Corporate Secretary, to perform such duties as the Board of Directors from time to time determines. Mr.&nbsp;Wong receives a base salary of HK$1,200,000 (US$153,846) annually, which base salary is adjusted on each anniversary of the Employment Agreement to reflect a change in the applicable consumer price index or such greater amount as our Board of Directors may determine. The initial two-year term of the Employment Agreement has expired, and the agreement continues to automatically renew each year, until terminated as provided therein. On March&nbsp;1, 2006, we entered into a Supplemental Employment Agreement with Wong Wah On Edward, reducing his base salary to HK$720,000 (US$92,308) per annum with all other terms of 
the Employment Agreement remaining in full force and effect.</P>
<P style="margin-top:8.867px; margin-bottom:0px; text-indent:48px" align=justify>We have no other employment contracts with any of our officers or directors and maintain no retirement, fringe benefit or similar plans for the benefit of our officers or directors. We may, however, enter into employment contracts with our officers and key employees, adopt various benefit plans and begin paying compensation to our officers and directors as we deem appropriate to attract and retain the services of such persons.</P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<P style="margin:0px" align=center>9</P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<P style="margin:0px; page-break-before:always" align=justify><B>Securities Authorized for Issuance Under Equity Compensation Plans</B></P>
<P style="margin-top:8.867px; margin-bottom:8.867px; text-indent:48px" align=justify>The following table sets forth information relating to our outstanding stock option plans as of December&nbsp;31, 2005:</P>
<TABLE style="font-size:13.333px" cellspacing=0 align=center><TR><TD width=200.067></TD><TD width=17.067></TD><TD width=41></TD><TD width=41></TD><TD width=41.133></TD><TD width=17.4></TD><TD width=123.467></TD><TD width=17.4></TD><TD width=41></TD><TD width=43.333></TD><TD width=41.133></TD></TR>
<TR><TD style="border-bottom:1px solid #000000" valign=bottom width=200.067><P style="line-height:13.333px; margin:0px; font-size:10.667px" align=center><B>Plan category</B></P>
</TD><TD valign=bottom width=17.067><P style="margin:0px; font-size:10.667px" align=center><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=123.133 colspan=3><P style="line-height:13.333px; margin:0px; font-size:10.667px" align=center><B>(a)</B></P>
<P style="line-height:13.333px; margin:0px; font-size:10.667px" align=center><B>Number of securities to <BR>
be issued upon exercise <BR>
of outstanding options, <BR>
warrants, and rights</B></P>
</TD><TD valign=bottom width=17.4><P style="margin:0px; font-size:10.667px" align=center><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=123.467><P style="line-height:13.333px; margin:0px; font-size:10.667px" align=center><B>(b)</B></P>
<P style="line-height:13.333px; margin:0px; font-size:10.667px" align=center><B>Weighted-average <BR>
exercise price of <BR>
outstanding options, <BR>
warrants, and rights</B></P>
</TD><TD valign=bottom width=17.4><P style="margin:0px; font-size:10.667px" align=center><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=125.467 colspan=3><P style="line-height:13.333px; margin:0px; font-size:10.667px" align=center><B>(c)</B></P>
<P style="line-height:13.333px; margin:0px; font-size:10.667px" align=center><B>Number of securities <BR>
remaining available for <BR>
future issuance under <BR>
equity compensation <BR>
plans (excluding <BR>
securities reflected in<BR>
column (a))</B></P>
</TD></TR>
<TR><TD valign=top width=200.067><P style="margin-top:3.333px; margin-bottom:0px">Equity compensation plans <BR>
approved by security holders</P>
</TD><TD valign=top width=17.067><P style="margin:0px" align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
</TD><TD valign=top width=123.133 colspan=3><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=17.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=123.467><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=17.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=125.467 colspan=3><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=200.067><P style="margin:0px; padding-left:16px">2003 Equity Compensation Plan</P>
</TD><TD valign=bottom width=17.067><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=41><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=41><P style="margin:0px" align=center>-0-</P>
</TD><TD valign=bottom width=41.133><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=17.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=123.467><P style="margin:0px" align=center>N/A</P>
</TD><TD valign=bottom width=17.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=41><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=43.333><P style="margin:0px" align=center>231,955</P>
</TD><TD valign=bottom width=41.133><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=200.067><P style="margin:0px">Equity Compensation Plans not <BR>
Approved by Security Holders</P>
</TD><TD valign=bottom width=17.067><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=41><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=41><P style="margin:0px" align=center>-0-</P>
</TD><TD valign=bottom width=41.133><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=17.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=123.467><P style="margin:0px" align=center>N/A</P>
</TD><TD valign=bottom width=17.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=41><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=43.333><P style="margin:0px" align=center>-0-</P>
</TD><TD valign=bottom width=41.133><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=200.067><P style="margin:0px">Total</P>
</TD><TD valign=bottom width=17.067><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=41><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:4px double #000000" valign=bottom width=41><P style="margin:0px" align=center>-0-</P>
</TD><TD valign=bottom width=41.133><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=17.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=123.467><P style="margin:0px" align=center>N/A</P>
</TD><TD valign=bottom width=17.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=41><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:4px double #000000" valign=bottom width=43.333><P style="margin:0px" align=center>231,955</P>
</TD><TD valign=bottom width=41.133><P style="font-size:2pt">&nbsp;</P></TD></TR>
</TABLE>
<P style="margin-top:8.867px; margin-bottom:0px" align=justify><B>Stock Option Plan</B></P>
<P style="margin-top:8.867px; margin-bottom:0px; text-indent:48px" align=justify>We have adopted the 2003 Equity Compensation Plan. The purposes of the plan are to:</P>
<P style="margin-top:8.867px; margin-bottom:-16px; padding-left:72px; text-indent:-24px; font-family:Symbol" align=justify><FONT FACE="Symbol">&#183;</FONT></P>
<P style="margin:0px; padding-left:72px" align=justify><FONT FACE="Times New Roman">Encourage ownership of our common shares by our officers, directors , employees and advisors;</FONT></P>
<P style="margin-top:3.333px; margin-bottom:-16px; padding-left:72px; text-indent:-24px; font-family:Symbol" align=justify><FONT FACE="Symbol">&#183;</FONT></P>
<P style="margin:0px; padding-left:72px" align=justify><FONT FACE="Times New Roman">Provide additional inventive for them to promote our success and our business; and</FONT></P>
<P style="margin-top:3.333px; margin-bottom:-16px; padding-left:72px; text-indent:-24px; font-family:Symbol" align=justify><FONT FACE="Symbol">&#183;</FONT></P>
<P style="margin:0px; padding-left:72px" align=justify><FONT FACE="Times New Roman">Encourage them to remain in our employ by providing them with the opportunity to benefit from any appreciation of our common shares.</FONT></P>
<P style="margin-top:8.867px; margin-bottom:0px" align=justify>A brief description of plan is as follows:</P>
<P style="margin-top:8.867px; margin-bottom:0px; text-indent:48px" align=justify>On December&nbsp;18, 2003, our members approved and adopted the 2003 Equity Compensation Plan (the &#147;2003 Plan&#148;). The 2003 Plan allows the Board to grant various incentive equity awards not limited to stock options. We have reserved a number of common shares equal to 20% of the issued and outstanding common shares of our company, from time-to-time, for issuance pursuant to options granted (&#147;Plan Options&#148;) or for restricted stock awarded (&#147;Stock Grants&#148;) under the 2003 Plan. Stock Appreciation Rights may be granted as a means of allowing participants to pay the exercise price of Plan Options. Stock Grants may be made upon such terms and conditions as the Board or Committee designated by the Board determines. Stock Grants may include deferred stock awards under which receipt of Stock Grants is deferred, with vesting to occur upon such terms and conditions as the Board or Committee determines.</P>
<P style="margin-top:8.867px; margin-bottom:0px; text-indent:48px" align=justify>The 2003 Plan is administered by the Board of Directors or a Committee designated by the Board. The Board or Committee will determine, from time to time, those of our officers, directors, employees and consultants to whom Stock Grants and Plan Options will be granted, the terms and provisions of the respective Stock Grants and Plan Options, the dates such Plan Options will become exercisable, the number of shares subject to each Plan Option, the purchase price of such shares and the form of payment of such purchase price. Plan Options and Stock Grants will be awarded based upon the fair market value of our common stock at the time of the award. All questions relating to the administration of the 2003 Plan, and the interpretation of the provisions thereof are to be resolved at the sole discretion of the Board or Committee.</P>
<P style="margin-top:8.867px; margin-bottom:0px; text-indent:48px" align=justify>Options granted under the 2003 may be either incentive stock options within the meaning of Section&nbsp;422 of the Internal Revenue Code of 1986, as amended, or non-qualified options. The exercise price of incentive stock options may not be less than 100% of the fair market value of the underlying shares as of the date of grant. The exercise price of non-qualified options may not be less than 85% of the fair market value of the underlying shares as of the date of grant.</P>
<P style="margin-top:8.867px; margin-bottom:0px; text-indent:48px" align=justify>During the year ended December&nbsp;31, 2005, no awards were made under the 2003 Plan. A total of 231,955 shares were available for grant as of December&nbsp;31, 2005. As a result of the issuance of common shares in connection with the February&nbsp;2006 acquisition of Feishang, the total number of shares reserved for issuance under the 2003 Plan </P>
<P style="margin-top:8.867px; margin-bottom:0px" align=justify><BR>
<BR></P>
<P style="margin:0px" align=center>10</P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<P style="margin-top:8.867px; margin-bottom:0px; page-break-before:always" align=justify>is 2,887,104 common shares, of which 2,807,104 common shares remain available for grant as of September&nbsp;30, 2006. The 2003 Plan terminates on December&nbsp;18, 2013.</P>
<P style="margin-top:17.8px; margin-bottom:0px" align=center><B>CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS</B></P>
<P style="margin-top:8.867px; margin-bottom:0px; text-indent:48px" align=justify>On September&nbsp;1, 2000, our company and Anka Consultants Limited (&#147;Anka&#148;), a private Hong Kong company that is owned by certain directors of our company, entered into an office sharing agreement, based upon which our company&#146;s head office in Hong Kong is shared on an equal basis between the two parties. The office sharing agreement also provides that our company and Anka shall share certain costs and expenses in connection with its use of the office. For the years ended December&nbsp;31, 2003, 2004 and 2005, we paid rental expenses to Anka ofRMB249,000 (US$31,000), RMB232,000 (US$29,000) and RMB211,000 (US$26,000), respectively.</P>
<P style="margin-top:8.867px; margin-bottom:0px; text-indent:48px" align=justify>At December&nbsp;31, 2003, we owed RMB1,603,000 (US$199,000) to an officer for unpaid salary. This was paid in full during 2004.</P>
<P style="margin-top:8.867px; margin-bottom:0px; text-indent:48px" align=justify>At December&nbsp;31, 2003 and 2004, we owed RMB296,000 (US$37,000) to related companies. These amounts were eliminated during 2005.</P>
<P style="margin-top:8.867px; margin-bottom:0px; text-indent:48px" align=justify>At December&nbsp;31, 2004 and 2005, we owed RMB205,000 (US$25,000) and RMB122,000 (US$15,000), respectively, to a director of iSense Limited, a Hong Kong company we acquired in August&nbsp;2003, for advances received. These advances are unsecured, interest-free and are repayable on demand. In August&nbsp;2006, we disposed of our interest in iSense.</P>
<P style="margin-top:17.8px; margin-bottom:0px" align=center><B>MATTERS APPROVED AND AUTHORIZED BY A MAJORITY OF MEMBERS</B></P>
<P style="margin-top:8.867px; margin-bottom:0px; text-indent:48px" align=justify>On October&nbsp;27, 2006, Feishang Group Limited, holder of 9,980,593, or approximately 86.4%, of our outstanding common shares (the &#147;Majority Member&#148;), executed a written consent in lieu of meeting our members to (a) elect Lam Kwan Sing and Yip Wing Hang as Class&nbsp;II Directors and (b) ratify the appointment of GHP Horwath, P.C. as our independent registered public accounting firm for the year ending December&nbsp;31, 2006. Mr.&nbsp;Li Feilie, our President, Chief Executive Officer and Chariman, is the beneficial owner of the Majority Member. The written consent provides that it is to become effective as soon as possible, but in no event sooner than 20 days following the date on which this Information Statement is first mailed to ur Members.</P>
<P style="margin-top:17.8px; margin-bottom:0px" align=center><B>ELECTION OF CLASS II DIRECTORS</B></P>
<P style="margin-top:8.867px; margin-bottom:0px; text-indent:48px" align=justify>Members of each class of our Board of Directors are elected to serve for a three-year term. The three-year terms of the members of each class are staggered, so that each year the members of a different class are due to be elected at the annual meeting. Each director is to hold office for a three-year term expiring immediately following the annual meeting of members held three years following the annual meeting at which he or she was elected. However, at our first annual meeting of members on December&nbsp;31, 2004 following our redomicile to the British Virgin Islands, the Class&nbsp;I Directors elected at that meeting held office for a one-year term and the Class&nbsp;II Directors hold office for a two-year term. Therefore, the Class&nbsp;II Directors are currently serving a term that is due to expire immediately following the 2006 Annual Meeting. The Class&nbsp;III Directors are currently serving a term that is due to expire i
mmediately following our next annual meeting, and the Class&nbsp;I Directors are serving a term that is due to expire immediately following the next annual meeting thereafter.</P>
<P style="margin-top:8.867px; margin-bottom:0px" align=justify><B>Resolution Adopted</B></P>
<P style="margin-top:8.867px; margin-bottom:0px; text-indent:48px" align=justify>The Majority Member has adopted the following resolution, to become effective as soon as possible, but in no event sooner than 20 days following the date on which this Information Statement is first mailed to our Members:</P>
<P style="margin-top:8.867px; margin-bottom:0px; padding-left:72px; padding-right:48px; text-indent:48px" align=justify>RESOLVED, that Lam Kwan Sing and Yip Wing Hang are hereby elected as Class&nbsp;II Directors, to serve as such until immediately following the annual meeting of members to take place three years from the effective date of this resolution, and until their successors are duly elected and qualified.</P>
<P style="margin-top:8.867px; margin-bottom:0px" align=justify><BR>
<BR></P>
<P style="margin:0px" align=center>11</P>
<P style="margin:0px"><BR></P>
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<P style="margin-top:17.8px; margin-bottom:0px; page-break-before:always" align=center><B>RATIFICATION OF THE APPOINTMENT OF GHP HORWATH, P.C. AS INDEPENDENT<BR>
REGISTERED PUBLIC ACCOUNTING FIRM</B></P>
<P style="margin-top:8.867px; margin-bottom:0px; text-indent:48px" align=justify>Our independent registered public accounting firm for the fiscal year ended December&nbsp;31, 2005 was GHP Horwath, P.C. The Audit Committee of the Board of Directors has selected and approved GHP Horwath, P.C. to serve as our independent registered public accounting firm for the fiscal year ending December&nbsp;31, 2006. Holders of a majority of our outstanding common shares have ratified the appointment of GHP Horwath, P.C. to serve as our independent registered public accounting firm for the fiscal year ending December&nbsp;31, 2006.</P>
<P style="margin-top:8.867px; margin-bottom:0px" align=justify><B>Fees to Horwath GHP Horwath, P.C.</B></P>
<P style="margin-top:8.867px; margin-bottom:0px; text-indent:48px" align=justify>The following table shows the fees that we paid or expect to pay for the audit and other services provided by GHP Horwath, P.C. for the fiscal years 2004 and 2005.</P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="font-size:13.333px" cellspacing=0 align=center><TR><TD width=126.667></TD><TD width=16.667></TD><TD width=39.333></TD><TD width=48></TD><TD width=39.333></TD><TD width=16.667></TD><TD width=40></TD><TD width=48></TD><TD width=38.667></TD></TR>
<TR><TD valign=top width=126.667><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=16.667><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=126.667 colspan=3><P style="line-height:13.333px; margin:0px; font-size:10.667px" align=center><B>Fiscal 2004</B></P>
</TD><TD valign=top width=16.667><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=126.667 colspan=3><P style="line-height:13.333px; margin:0px; font-size:10.667px" align=center><B>Fiscal 2005</B></P>
</TD></TR>
<TR><TD valign=top width=126.667><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=16.667><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=39.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=48><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=39.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=16.667><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=40><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=48><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=38.667><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=126.667><P style="margin:0px" align=justify>Audit Fees</P>
</TD><TD valign=top width=16.667><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=39.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=48><P style="margin:0px" align=right>$66,300</P>
</TD><TD valign=top width=39.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=16.667><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=40><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=48><P style="margin:0px" align=right>$70,000</P>
</TD><TD valign=top width=38.667><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=126.667><P style="margin:0px" align=justify>Audit-Related Fees</P>
</TD><TD valign=top width=16.667><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=39.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=48><P style="margin:0px" align=right>&#151;</P>
</TD><TD valign=top width=39.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=16.667><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=40><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=48><P style="margin:0px" align=right>&#151;</P>
</TD><TD valign=top width=38.667><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=126.667><P style="margin:0px" align=justify>Tax Fees</P>
</TD><TD valign=top width=16.667><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=39.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=48><P style="margin:0px" align=right>800</P>
</TD><TD valign=top width=39.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=16.667><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=40><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=48><P style="margin:0px" align=right>&#151;</P>
</TD><TD valign=top width=38.667><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=126.667><P style="margin:0px" align=justify>All Other Fees</P>
</TD><TD valign=top width=16.667><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=39.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=48><P style="margin:0px" align=right>&#151;</P>
</TD><TD valign=top width=39.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=16.667><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=40><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=48><P style="margin:0px" align=right>&#151;</P>
</TD><TD valign=top width=38.667><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=126.667><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=16.667><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=39.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=48><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=39.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=16.667><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=40><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=48><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=38.667><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=126.667><P style="margin:0px" align=justify><B>Total</B></P>
</TD><TD valign=top width=16.667><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=39.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:4px double #000000" valign=top width=48><P style="margin:0px" align=right><B>$67,100</B></P>
</TD><TD valign=top width=39.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=16.667><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=40><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:4px double #000000" valign=top width=48><P style="margin:0px" align=right><B>$70,000</B></P>
</TD><TD valign=top width=38.667><P style="font-size:2pt">&nbsp;</P></TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:8.867px; margin-bottom:0px; text-indent:48px" align=justify><I>Audit Fees</I> &#151; This category includes the audit of our annual financial statements and services that are normally provided by the independent registered public accounting firm in connection with engagements for those fiscal years. This category also includes advice on audit and accounting matters that arose during, or as a result of, the audit or the review of interim financial statements.</P>
<P style="margin-top:8.867px; margin-bottom:0px; text-indent:48px" align=justify><I>Audit-Related Fees</I> &#151; This category consists of assurance and related services by the independent registered public accounting firm that are reasonably related to the performance of the audit or review of our financial statements and are not reported above under &#147;Audit Fees.&#148; The services for the fees disclosed under this category include consultation regarding our correspondence with the SEC and other accounting consulting.</P>
<P style="margin-top:8.867px; margin-bottom:0px; text-indent:48px" align=justify><I>Tax Fees</I> &#151; This category consists of professional services rendered by GHP Horwath, P.C. for tax compliance and tax advice. The services for the fees disclosed under this category include tax return preparation and technical tax advice.</P>
<P style="margin-top:8.867px; margin-bottom:0px; text-indent:48px" align=justify><I>All Other Fees</I> &#151; This category consists of fees for other miscellaneous items.</P>
<P style="margin-top:8.867px; margin-bottom:0px; text-indent:48px" align=justify>The Audit Committee has adopted a procedure for pre-approval of all fees charged by GHP Horwath, P.C., the Company&#146;s independent registered public accounting firm. Under the procedure, the Audit Committee approves the engagement letter with respect to audit, tax and review services. Other fees are subject to pre-approval by the entire Committee, or, in the period between meetings, by a designated member of the Audit Committee. Any such approval by the designated member is disclosed to the entire Audit Committee at the next meeting. The audit fees paid to GHP Horwath, P.C. with respect to fiscal year 2005 were pre-approved by the Audit Committee.</P>
<P style="margin-top:8.867px; margin-bottom:0px" align=justify><B>Resolution Adopted</B></P>
<P style="margin-top:8.867px; margin-bottom:0px; text-indent:48px" align=justify>The Majority Member has adopted the following resolution, to become effective as soon as possible, but in no event sooner than 20 days following the date on which this Information Statement is first mailed to our Members:</P>
<P style="margin-top:8.867px; margin-bottom:0px; padding-left:56px; padding-right:48px; text-indent:48px" align=justify>RESOLVED, that the appointment of GHP Horwath, P.C., as independent registered public accounting firm for the fiscal year ending December&nbsp;31, 2006 is hereby confirmed and ratified.</P>
<P style="margin:0px" align=center><BR>
<BR></P>
<P style="margin:0px" align=center>12</P>
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<P style="margin:0px; page-break-before:always" align=center><B>MEMBER PROPOSALS</B></P>
<P style="margin-top:8.867px; margin-bottom:0px; text-indent:48px" align=justify>Proposals of Members that are intended to be presented by such members at the annual meeting of members to be held in 2007 must be received by us no later than June&nbsp;30, 2007, in order to have them included in the proxy statement and form of proxy relating to that meeting. We are not obligated to include a member proposal in our proxy statement except to the extent required by applicable law.</P>
<P style="margin-top:17.8px; margin-bottom:0px" align=center><B>HOUSEHOLDING OF ANNUAL MEETING MATERIALS</B></P>
<P style="margin-top:8.867px; margin-bottom:0px; text-indent:48px" align=justify>Some banks, brokers and other nominee record holders may be participating in the practice of &#147;householding&#148; proxy statements and annual reports. This means that only one copy of our Information Statement and 2005 annual report may have been sent to multiple members in your household. We will promptly deliver a separate copy of either document to you if you write us c/o Corporate Secretary, Room 2105, West Tower, Shun Tak Centre, 200 Connaught Road C., Sheung Wan, Hong Kong. If you want to receive separate copies of the Information Statement in the future, or if you are receiving multiple copies and would like to receive only one copy for your household, you should contact your bank, broker, or other nominee record holder, or you may contact us at the above address.</P>
<P style="margin-top:17.8px; margin-bottom:0px" align=center><B>ANNUAL REPORT ON FORM 20-F</B></P>
<P style="margin-top:8.867px; margin-bottom:0px; text-indent:48px" align=justify>A copy of our Annual Report on Form&nbsp;20-F, including audited consolidated financial statements for each of the three years ended December&nbsp;31, 2005, and a copy of our Form&nbsp;6-K, including audited financial statements of Feishang and pro-forma financial information giving effect to our February&nbsp;3, 2006 acquisition of Feishang, accompany this Information Statement.</P>
<P style="margin-top:8.867px; margin-bottom:0px" align=justify><BR>
<BR></P>
<P style="margin:0px" align=center>13</P>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
