<SEC-DOCUMENT>0001213900-24-048365.txt : 20241002
<SEC-HEADER>0001213900-24-048365.hdr.sgml : 20241002
<ACCEPTANCE-DATETIME>20240531135503
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001213900-24-048365
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20240531

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Powell Max Ltd
		CENTRAL INDEX KEY:			0002012096
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-MISCELLANEOUS BUSINESS SERVICES [7380]
		ORGANIZATION NAME:           	07 Trade & Services
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			D8

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		22/F., EURO TRADE CENTRE,
		STREET 2:		13-14 CONNAUGHT ROAD CENTRAL
		CITY:			CENTRAL, HONG KONG
		STATE:			K3
		ZIP:			0000
		BUSINESS PHONE:		852 2158 2888

	MAIL ADDRESS:	
		STREET 1:		22/F., EURO TRADE CENTRE,
		STREET 2:		13-14 CONNAUGHT ROAD CENTRAL
		CITY:			CENTRAL, HONG KONG
		STATE:			K3
		ZIP:			0000
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="image_001.jpg" ALT=""></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">May 31, 2024</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Office of Trade &amp; Services</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">U.S. Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">100 F Street, NE</P>

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

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

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    <TD STYLE="width: 0.5in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Re:</B></FONT></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Powell Max Limited</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Draft Registration Statement on Form F-1</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Response to the Staff&rsquo;s Comments Dated May 16, 2024</B></P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>CIK No. 0002012096&nbsp;</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dear Mr. Rhodes, Mr. Jones, Mr. Fetterolf and
Ms. Jaskot:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On behalf of our client,
Powell Max Limited (the &ldquo;<B>Company</B>&rdquo;), a foreign private issuer incorporated in the British Virgin Islands (the
&ldquo;<B>Company</B>&rdquo;), we submit to the staff (the &ldquo;<B>Staff</B>&rdquo;) of the U.S. Securities and Exchange
Commission (the &ldquo;<B>Commission</B>&rdquo;) this letter setting forth the Company&rsquo;s responses to the comments contained
in the Staff&rsquo;s letter dated May 16, 2024 on the Company&rsquo;s draft registration statement on Form F-1 confidentially
submitted on April 23, 2024. Concurrently with the submission of this letter, the Company is filing its registration statement on
Form F-1 (the &ldquo;<B>Registration Statement</B>&rdquo;) and certain exhibits via EDGAR to the Commission.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Staff&rsquo;s comments from its letter dated May 16, 2024 are repeated
below in bold and followed by the Company&rsquo;s responses. We have included page numbers to refer to the location in the Registration
Statement where the language addressing the comments appears. Capitalized terms used but not otherwise defined herein have the meanings
set forth in the Registration Statement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Amendment No. 1 to Draft Registration Statement
on Form F-1 submitted April 23, 2024</U></B></P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.</B></FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>We note your response to prior comment 2, but your revised disclosure does not appear to address how regulatory actions related to data security or anti-monopoly concerns in Hong Kong have or may impact the company&rsquo;s ability to conduct its business, accept foreign investment or list on a U.S./foreign exchange. Please direct us to the particular place on your cover page, or revise accordingly so as to briefly summarize how regulatory actions related to data security or anti-monopoly concerns in Hong Kong have or may impact the company&rsquo;s ability to conduct its business, accept foreign investment or list on a U.S./foreign exchange. In this regard, while we note that your cover page disclosure discusses anti-monopoly and data security measures, such disclosure is limited to PRC measures as opposed to Hong Kong measures. As a further example, please summarize the impact of the &ldquo;data privacy and personal information requirements of the PDPO,&rdquo; as you now do in your revised disclosure on page 36.</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In response to the Staff&rsquo;s comment, the Company has included
the referenced disclosure on the cover page that <I>&ldquo;[w]e operate in a competitive industry &hellip; Compliance with Hong Kong&rsquo;s
Personal Data (Privacy) Ordinance and any such other existing or future data privacy related laws, regulations and governmental orders
may entail significant expenses and could materially affect our business.&rsquo; commencing on page 35&rdquo;</I> and on pages 35 and
36 of the Registration Statement.</P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><B>2.</B></TD><TD STYLE="text-align: justify"><B>We note your response to prior comment 3, as well as your revised disclosure that &ldquo;[d]uring the
years ended December 31, 2022 and 2023 and as of the date of this prospectus, Powell Max and JAN Financial had not distributed any cash
dividends or made any other cash distributions.&rdquo; We reissue the comment in-part. In addition to cash dividends and cash distributions,
please clarify whether there have been any cash transfers between Powell Max and JAN Financial, or to investors, quantify such amounts
as applicable and state the direction of any such transfer. Make conforming changes throughout your prospectus as applicable, including
in your section entitled &ldquo;Transfers of Cash To and From Our Subsidiaries&rdquo; on page 4.</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In response to the
Staff&rsquo;s comment, the Company has included the referenced disclosure on the cover page that <I>&ldquo;[d]uring the years ended
December 31, 2022 and 2023 &hellip; there have not been any cash transfers between Powell Max, JAN Financial, or to any of our
shareholders, during the years ended December 31, 2022 and 2023 and as of the date of this prospectus&rdquo;</I> and on page 4 of
the Registration Statement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Permission Required from Hong Kong and PRC
Authorities, page 10</U></B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><B>3.</B></TD><TD STYLE="text-align: justify"><B>We note your response to prior comment 9, as well as your revised disclosure here that you relied upon
your PRC Counsel regarding the conclusion that you are not required to obtain regulatory approval from the CSRC. Please also disclose
here, as you do on page 34, that &ldquo;as advised by our PRC Counsel, China Commercial Law Firm, . . . we are not subject to cybersecurity
review by the CAC for this Offering or required to obtain regulatory approval from the CAC nor any other PRC authorities for our and our
subsidiaries&rsquo; operations . . . .&rdquo;</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In response to the Staff&rsquo;s comments, the Company has included
the referenced disclosure on page 11 of the Registration Statement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Use of Proceeds, page 57</U></B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><B>4.</B></TD><TD STYLE="text-align: justify"><B>We note your responses to prior comments 14 and 15, as well as your revised disclosure on page 77 that
&ldquo;we do not have any business presence in the U.S.. To this end, we plan to set up new branches and offices in the U.S . . . .&rdquo;
Please revise your disclosure here where you refer to &ldquo;our overseas business entities, branches and offices,&rdquo; to clarify that
you will be using 10% of the proceeds to register and operate &ldquo;new&rdquo; overseas business entities, branches and offices in the
U.S. Additionally, disclose that &ldquo;[w]e have not identified any target to pursue such acquisitions,&rdquo; and that &ldquo;[w]e aim
to selectively identify suitable targets, such as . . . ,&rdquo; as you do in your revised disclosure on page 77.</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In response to the Staff&rsquo;s comments, the Company has included
the referenced disclosure on page 57 of the Registration Statement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Capitalization, page 59</U></B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><B>5.</B></TD><TD STYLE="text-align: justify"><B>You disclose bank borrowings outstanding in the latest balance sheet presented. Please include in historical
capitalization any bank borrowings outstanding at the latest balance sheet date presented. Additionally, tell us whether you consider
the amount due to ultimate beneficial shareholder included in trade and other payables to be capitalization, and if so, include it as
part of your historical capitalization.</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In response to the Staff&rsquo;s comments, the Company has included
the referenced disclosure on page 59 of the Registration Statement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Results of Operations, page 67</U></B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><B>6.</B></TD><TD STYLE="text-align: justify"><B>We note your response to prior comment 12, as well as your revised disclosure that, &ldquo;[a]s a result
of which, we experienced reduced demand for our financial communication, which affected our results of operations for the years ended
December 31, 2022 and 2023, respectively.&rdquo; However, you have not revised your &ldquo;Results of Operations&rdquo; disclosure to indicate
the specific impact, where possible, that COVID-19 had on your results of operations for these periods. Please revise accordingly. Refer
to Item 5.A of Form 20-F.</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In response to the Staff&rsquo;s comments, the Company has included
the referenced disclosure on pages 66 and 67 of the Registration Statement.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Note 16. (Loss)/Profit before income tax,
page F-28</U></B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><B>7.</B></TD><TD STYLE="text-align: justify"><B>We read your response to comment 19. Please disclose the items presented are the material components
of each of cost of sales, general and administrative expenses and selling and distribution expenses so investors may clearly understand
the context of the disclosure. Consider a new description of the note consistent with what the note intends to represent.</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company notes the Staff&rsquo;s
comment 19 and the Company respectfully submits that Note 16 is not helpful to the investors. In response to the Staff&rsquo;s comments,
the Company has deleted the referenced disclosure on page F-28</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If you have any questions or further comments regarding the Registration
Statement, please contact me by phone at +852 2230 3535 or via email at Virginia.Tam@klgates.com.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Very truly yours,</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Virginia Tam</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:&nbsp; </FONT></TD>
    <TD STYLE="width: 35%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Virginia Tam</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase">44th Floor Edinburgh Tower
The Landmark 15 Queen&rsquo;s Road Central Hong Kong</FONT></P>

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

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

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    <TD STYLE="width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Partners</FONT></TD>
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    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Neil CAMPBELL</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#29976;&#23542;&#38728;</FONT></TD>
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    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Virginia M.L. TAM</FONT></TD>
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    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sook Young YEU</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#21570;&#28113;&#27054;</FONT></TD></TR>
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    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sacha M. CHEONG</FONT></TD>
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    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jay J. LEE</FONT></TD>
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  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Paul R. HASWELL</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#20309; &#23041;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Scott D. PETERMAN</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#30050;&#24503;&#27665;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Frank VOON</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#28331;&#21295;&#28304;</FONT></TD>
    <TD>&nbsp;</TD>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
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    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">Registered Foreign Lawyer (PRC) </FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">Registered Foreign Lawyer (California (USA))</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%"><FONT STYLE="font-size: 10pt">Amigo L. XIE</FONT></TD>
    <TD STYLE="width: 8%"><FONT STYLE="font-size: 10pt">&#35613; &#23888;</FONT></TD>
    <TD STYLE="width: 16%"><FONT STYLE="font-size: 10pt">Roberta A. CHANG&nbsp;</FONT></TD>
    <TD STYLE="width: 8%"><FONT STYLE="font-size: 10pt">&#24373; &#23433;</FONT></TD>
    <TD STYLE="width: 48%">&nbsp;</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">3</P>

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