<SEC-DOCUMENT>0001292814-13-001660.txt : 20130828
<SEC-HEADER>0001292814-13-001660.hdr.sgml : 20130828
<ACCEPTANCE-DATETIME>20130718060614
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ACCESSION NUMBER:		0001292814-13-001660
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		4
FILED AS OF DATE:		20130718

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			China Xiniya Fashion Ltd
		CENTRAL INDEX KEY:			0001499494
		STANDARD INDUSTRIAL CLASSIFICATION:	APPAREL & OTHER FINISHED PRODS OF FABRICS & SIMILAR MATERIAL [2300]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		4TH FLOOR, 33 WANG HAI ROAD
		STREET 2:		XIAMEN SOFTWARE PARK PHASE II
		CITY:			XIAMEN, FUJIAN PROVINCE
		STATE:			F4
		ZIP:			361000
		BUSINESS PHONE:		86 1365 5939 932

	MAIL ADDRESS:	
		STREET 1:		4TH FLOOR, 33 WANG HAI ROAD
		STREET 2:		XIAMEN SOFTWARE PARK PHASE II
		CITY:			XIAMEN, FUJIAN PROVINCE
		STATE:			F4
		ZIP:			361000
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<TYPE>CORRESP
<SEQUENCE>1
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<P style="LINE-HEIGHT: 80%; MARGIN: 0in 0in 0in 0.4in" align=left><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Arial Narrow,sans-serif">RESIDENT PARTNERS<BR>Andrew D. Ruff<BR>Alan D. Seem<BR>Xiaogang (Sean) Wang<BR></FONT><FONT style="FONT-SIZE: 6pt" lang=EN-US face="Arial Narrow,sans-serif">Admitted in New York</FONT></P></DIV>

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<P style="TEXT-ALIGN: right; MARGIN: 0in 0.5in 12pt" align=right><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">July 18, 2013 </FONT></P>

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<P style="MARGIN: 0in 0.5in 0pt"><B><U><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">VIA EDGAR</FONT></U></B></P>

<P style="MARGIN: 0in 0.5in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Ms. Tia L. Jenkins, Senior Assistant Chief Accountant</FONT></P>

<P style="MARGIN: 0in 0.5in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Ms. Joanna Lam</FONT></P>

<P style="MARGIN: 0in 0.5in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Mr. John Archfield</FONT></P>

<P style="MARGIN: 0in 0.5in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Division of Corporation Finance</FONT></P>

<P style="MARGIN: 0in 0.5in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">U.S. Securities and Exchange Commission</FONT></P>

<P style="MARGIN: 0in 0.5in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">100 F Street, NE</FONT></P>

<P style="MARGIN: 0in 0.5in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Washington, D.C. 20549 </FONT></P>

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<P style="MARGIN: 0in 0.5in 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Re:&nbsp; China Xiniya Fashion Limited</FONT></B></P>

<P style="MARGIN: 0in 0.5in 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Form 20-F for the Fiscal Year ended December 31, 2012</FONT></B></P>

<P style="MARGIN: 0in 0.5in 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Filed April 3, 2013</FONT></B></P>

<P style="MARGIN: 0in 0.5in 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; File No. 001-34958 </FONT></B></P>

<P style="MARGIN: 0in 0.5in 12pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0in 0.5in 12pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">Dear Ms. Jenkins: </FONT></P>

<P style="MARGIN: 0in 0.5in 12pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This letter is in response to your letter dated June 19, 2013, which sets forth the Staff&#8217;s comments regarding the Annual Report on Form 20-F for the fiscal year ended December 31, 2012 (the &#8220;Form 20-F&#8221;) of China Xiniya Fashion Limited (the &#8220;Company&#8221; or &#8220;Xiniya&#8221;). </FONT></P>

<P style="MARGIN: 0in 0.5in 12pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Please note that the Staff&#8217;s comments are in bold, with the numbers corresponding to those set forth in your letter, followed by Xiniya&#8217;s response. </FONT></P>

<P style="MARGIN: 0in 0pt 0pt 63pt"><FONT style="POSITION: relative; TOP: 0.5pt"><B><U><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Form</FONT></U></B><B><U><FONT style="LINE-HEIGHT: 150%; LETTER-SPACING: -0.1pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> </FONT></U></B><B><U><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">20-F&nbsp;</FONT></U></B><B><U><FONT style="LINE-HEIGHT: 150%; LETTER-SPACING: 0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> </FONT></U></B><B><U><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">for&nbsp;</FONT></U></B><B><U><FONT style="LINE-HEIGHT: 150%; LETTER-SPACING: 0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> </FONT></U></B><B><U><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">the&nbsp;</FONT></U></B><B><U><FONT style="LINE-HEIGHT: 150%; LETTER-SPACING: 0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> </FONT></U></B><B><U><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Ye</FONT></U></B><B><U><FONT style="LINE-HEIGHT: 150%; LETTER-SPACING: -0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">a</FONT></U></B><B><U><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">r </FONT></U></B><B><U><FONT style="LINE-HEIGHT: 150%; LETTER-SPACING: -0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">E</FONT></U></B><B><U><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">nded December 31, 2012</FONT></U></B></FONT></P>

<P style="MARGIN: 1.45pt 0pt 0pt 63pt"><FONT style="POSITION: relative; TOP: 0.5pt"><B><U><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">I</FONT></U></B><B><U><FONT style="LINE-HEIGHT: 150%; LETTER-SPACING: 0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">t</FONT></U></B><B><U><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">em&nbsp;</FONT></U></B><B><U><FONT style="LINE-HEIGHT: 150%; LETTER-SPACING: -0.1pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> </FONT></U></B><B><U><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">5. Opera</FONT></U></B><B><U><FONT style="LINE-HEIGHT: 150%; LETTER-SPACING: 0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">t</FONT></U></B><B><U><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">ing and </FONT></U></B><B><U><FONT style="LINE-HEIGHT: 150%; LETTER-SPACING: -0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">F</FONT></U></B><B><U><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">i</FONT></U></B><B><U><FONT style="LINE-HEIGHT: 150%; LETTER-SPACING: -0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">n</FONT></U></B><B><U><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">anc</FONT></U></B><B><U><FONT style="LINE-HEIGHT: 150%; LETTER-SPACING: 0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">i</FONT></U></B><B><U><FONT style="LINE-HEIGHT: 150%; LETTER-SPACING: -0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">a</FONT></U></B><B><U><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">l Review and Prospec</FONT></U></B><B><U><FONT style="LINE-HEIGHT: 150%; LETTER-SPACING: 0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">t</FONT></U></B><B><U><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">s, pa</FONT></U></B><B><U><FONT style="LINE-HEIGHT: 150%; LETTER-SPACING: -0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">g</FONT></U></B><B><U><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">e&nbsp;</FONT></U></B><B><U><FONT style="LINE-HEIGHT: 150%; LETTER-SPACING: -0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> </FONT></U></B><B><U><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">33&nbsp;</FONT></U></B></FONT></P>

<P style="MARGIN: 1.45pt 0pt 0pt 63pt"><FONT style="POSITION: relative; TOP: 0.5pt"><B><U><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">B. </FONT></U></B><B><U><FONT style="LINE-HEIGHT: 150%; LETTER-SPACING: -0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">L</FONT></U></B><B><U><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">iqu</FONT></U></B><B><U><FONT style="LINE-HEIGHT: 150%; LETTER-SPACING: 0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">i</FONT></U></B><B><U><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">di</FONT></U></B><B><U><FONT style="LINE-HEIGHT: 150%; LETTER-SPACING: 0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">t</FONT></U></B><B><U><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">y&nbsp;</FONT></U></B><B><U><FONT style="LINE-HEIGHT: 150%; LETTER-SPACING: -0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> </FONT></U></B><B><U><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">and Capi</FONT></U></B><B><U><FONT style="LINE-HEIGHT: 150%; LETTER-SPACING: 0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">t</FONT></U></B><B><U><FONT style="LINE-HEIGHT: 150%; LETTER-SPACING: -0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">a</FONT></U></B><B><U><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">l&nbsp;</FONT></U></B><B><U><FONT style="LINE-HEIGHT: 150%; LETTER-SPACING: -0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> </FONT></U></B><B><U><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Resources, page 44</FONT></U></B></FONT></P>

<P style="MARGIN: 0.6pt 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P>

<P style="MARGIN: 1.45pt 0pt 0pt 63pt"><FONT style="POSITION: relative; TOP: 0.5pt"><B><U><FONT style="LINE-HEIGHT: 13.55pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Liquid</FONT></U></B><B><U><FONT style="LINE-HEIGHT: 13.55pt; LETTER-SPACING: -0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">i</FONT></U></B><B><U><FONT style="LINE-HEIGHT: 13.55pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">ty,&nbsp;</FONT></U></B><B><U><FONT style="LINE-HEIGHT: 13.55pt; LETTER-SPACING: 0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> </FONT></U></B><B><U><FONT style="LINE-HEIGHT: 13.55pt; LETTER-SPACING: -0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">p</FONT></U></B><B><U><FONT style="LINE-HEIGHT: 13.55pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">age 44</FONT></U></B></FONT></P>

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<P style="TEXT-INDENT: -0.5in; MARGIN: 1.45pt 2.85pt 0pt 46pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; We note the disclosure that your cash and cash equivalents amounted to RMB 1,096.1 million ($175.9 million) as of December 31, 2012, and that your cash and cash equivalents consist of cash on hand and cash deposited in banks. &nbsp;Please provide us with a schedule that shows where the Company keeps its cash accounts, including a breakdown that quantifies the amounts held in onshore and offshore accounts. &nbsp;Please also describe to us and quantify how the Company used the cash proceeds from its IPO, including any amounts that have not yet been used for their intended purposes.</FONT></B></P>

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<P style="MARGIN: 0.8pt 0in 0pt 42.55pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">In response to the Staff&#8217;s comments, the Company sets forth below a table that shows where the Company keeps its cash accounts.</FONT></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">Amount in</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">Amount (RMB)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="32%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">Name of Financial Institution</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">Country</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">Currency</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">Local Currency</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">Presentation Currency</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="32%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 16.95pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 16.95pt; PADDING-TOP: 0in" vAlign=bottom width="32%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Agricultural Bank of China<SUP>1</SUP>
   <FONT><FONT></FONT></FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 16.95pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 16.95pt; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">China</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 16.95pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 16.95pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">RMB</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 16.95pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 16.95pt; PADDING-TOP: 0in" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">1,032,743,209 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 16.95pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 16.95pt; PADDING-TOP: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">1,032,743,209</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 16.95pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=red face="Times New Roman"></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="32%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">China Merchants Bank<SUP>2</SUP>
   <FONT><FONT></FONT></FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">China</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">RMB</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">53,040,734</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">53,040,734</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=red face="Times New Roman"></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="32%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Industrial Bank</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">China</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">RMB</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">475,223 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">475,223 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=red face="Times New Roman"></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="32%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Xiamen International Bank<SUP>3</SUP>
   <FONT><FONT></FONT></FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">China</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">RMB</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">58,750,504 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">58,750,504 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=red face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="32%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Xiamen International Bank</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">China</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">USD<SUP>4</SUP>
   <FONT><FONT></FONT></FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">236 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">1,470 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=red face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="32%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Petty Cash at Company Headquarters</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">China</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">RMB</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=red face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">41,208 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">41,208 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="32%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">1,145,052,348 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="32%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="17%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"></FONT></I>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="32%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Bank of China (Hong Kong)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">Hong Kong</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">USD<SUP>4</SUP></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">4,724 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">29,429 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=red face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="32%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Bank of China (Hong Kong)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">Hong Kong</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">RMB</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">794,858 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">794,858 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=red face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="32%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Bank of China (Hong Kong)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">Hong Kong</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">HKD<SUP>5</SUP>
   <FONT><FONT></FONT></FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">281,777 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">226,495 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=red face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="32%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="17%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">1,050,782 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="32%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="17%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="16%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="32%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">Total</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="17%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">1,146,103,130 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="32%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="23%" colSpan=2 noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">Rounded (in thousands)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">1,146,103 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="32%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="17%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="16%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="32%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Per Form 20-F:</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and Cash Equiv.</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"> (in thousands)</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> &nbsp;</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">1,096,103 </FONT></P></TD>

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<TR style="HEIGHT: 12.75pt">

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Time Deposit </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">(in thousands)</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> &nbsp;</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">50,000 </FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=red face="Times New Roman"></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=red face="Times New Roman"></FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">1,146,103 </FONT></P></TD>

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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"><SUP>1</SUP>&nbsp;In eight separate accounts</FONT></P><FONT lang=PT-BR></FONT></DIV>

<DIV id=ftn2><FONT lang=PT-BR></FONT>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"><SUP>2</SUP>&nbsp;In 12 separate accounts</FONT></P><FONT lang=PT-BR></FONT></DIV>

<DIV id=ftn3><FONT lang=PT-BR></FONT>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"><SUP>3</SUP>&nbsp;In two separate accounts</FONT></P><FONT lang=PT-BR></FONT></DIV>

<DIV id=ftn4><FONT lang=PT-BR></FONT>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"><SUP>4</SUP>&nbsp;Translation rate at 12/31/2012 (USD): </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">6.2301</FONT></P><FONT lang=PT-BR></FONT></DIV>

<DIV id=ftn5><FONT lang=PT-BR></FONT>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"><SUP>5</SUP>&nbsp;Translation rate at 12/31/2012 (HKD): 0.8038</FONT></P>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Page 3</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD></TR></TABLE></DIV>

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<P style="MARGIN: 0.8pt 0in 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Company respectfully advises the Staff that the details of the use of proceeds in 2012 has been disclosed in the section headed &#8220;Item 14. Material Modifications to the Rights of Security Holders and Use of Proceeds&#8221; in the Form 20-F. The amounts that have not yet been used for their intended purpose is US$54.5 million. The Company spent the cash at a slow rate mainly because China&#8217;s economic softening continues to affect consumer demand for apparel products during the recent few years. The Company will continue to make prudent and cautious use of cash on hand and cash deposited in banks. The Company believes that by adhering to prudent cash flow management it will be able to enjoy sustainable growth in the context of weakening consumer demand.</FONT></P>

<P style="MARGIN: 0.8pt 0in 0pt"><B><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 13pt" lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0pt 0pt 10pt"><FONT style="POSITION: relative; TOP: 0.5pt"><B><U><FONT style="LINE-HEIGHT: 13.55pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Index to C</FONT></U></B><B><U><FONT style="LINE-HEIGHT: 13.55pt; LETTER-SPACING: -0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">o</FONT></U></B><B><U><FONT style="LINE-HEIGHT: 13.55pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">nsolidated </FONT></U></B><B><U><FONT style="LINE-HEIGHT: 13.55pt; LETTER-SPACING: -0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">F</FONT></U></B><B><U><FONT style="LINE-HEIGHT: 13.55pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">inancial Sta</FONT></U></B><B><U><FONT style="LINE-HEIGHT: 13.55pt; LETTER-SPACING: -0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">t</FONT></U></B><B><U><FONT style="LINE-HEIGHT: 13.55pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">e</FONT></U></B><B><U><FONT style="LINE-HEIGHT: 13.55pt; LETTER-SPACING: -0.1pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">m</FONT></U></B><B><U><FONT style="LINE-HEIGHT: 13.55pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">ents, page </FONT></U></B><B><U><FONT style="LINE-HEIGHT: 13.55pt; LETTER-SPACING: 0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">F</FONT></U></B><B><U><FONT style="LINE-HEIGHT: 13.55pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">-1&nbsp;</FONT></U></B></FONT></P>

<P style="MARGIN: 0.6pt 0in 0pt"><B><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P>

<P style="MARGIN: 1.45pt 0pt 0pt 10pt"><FONT style="POSITION: relative; TOP: 0.5pt"><B><U><FONT style="LINE-HEIGHT: 13.55pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Financial S</FONT></U></B><B><U><FONT style="LINE-HEIGHT: 13.55pt; LETTER-SPACING: -0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">t</FONT></U></B><B><U><FONT style="LINE-HEIGHT: 13.55pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">ate</FONT></U></B><B><U><FONT style="LINE-HEIGHT: 13.55pt; LETTER-SPACING: -0.1pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">m</FONT></U></B><B><U><FONT style="LINE-HEIGHT: 13.55pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">ents for the Years </FONT></U></B><B><U><FONT style="LINE-HEIGHT: 13.55pt; LETTER-SPACING: -0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">E</FONT></U></B><B><U><FONT style="LINE-HEIGHT: 13.55pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">nded December 31, 201</FONT></U></B><B><U><FONT style="LINE-HEIGHT: 13.55pt; LETTER-SPACING: -0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">0</FONT></U></B><B><U><FONT style="LINE-HEIGHT: 13.55pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">, 2011 and 2012</FONT></U></B></FONT></P>

<P style="MARGIN: 0.6pt 0in 0pt"><B><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P>

<P style="MARGIN: 1.45pt 0pt 0pt 10pt"><FONT style="POSITION: relative; TOP: 0.5pt"><B><U><FONT style="LINE-HEIGHT: 13.55pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Report of Independent</FONT></U></B><B><U><FONT style="LINE-HEIGHT: 13.55pt; LETTER-SPACING: 0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> </FONT></U></B><B><U><FONT style="LINE-HEIGHT: 13.55pt; LETTER-SPACING: -0.1pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">R</FONT></U></B><B><U><FONT style="LINE-HEIGHT: 13.55pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">egistered P</FONT></U></B><B><U><FONT style="LINE-HEIGHT: 13.55pt; LETTER-SPACING: -0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">u</FONT></U></B><B><U><FONT style="LINE-HEIGHT: 13.55pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">bl</FONT></U></B><B><U><FONT style="LINE-HEIGHT: 13.55pt; LETTER-SPACING: 0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">i</FONT></U></B><B><U><FONT style="LINE-HEIGHT: 13.55pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">c Accou</FONT></U></B><B><U><FONT style="LINE-HEIGHT: 13.55pt; LETTER-SPACING: -0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">n</FONT></U></B><B><U><FONT style="LINE-HEIGHT: 13.55pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">t</FONT></U></B><B><U><FONT style="LINE-HEIGHT: 13.55pt; LETTER-SPACING: 0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">i</FONT></U></B><B><U><FONT style="LINE-HEIGHT: 13.55pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">ng Fir</FONT></U></B><B><U><FONT style="LINE-HEIGHT: 13.55pt; LETTER-SPACING: -0.1pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">m</FONT></U></B><B><U><FONT style="LINE-HEIGHT: 13.55pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">, page </FONT></U></B><B><U><FONT style="LINE-HEIGHT: 13.55pt; LETTER-SPACING: 0.1pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">F</FONT></U></B><B><U><FONT style="LINE-HEIGHT: 13.55pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">-2&nbsp;</FONT></U></B></FONT></P>

<P style="MARGIN: 0.6pt 0in 0pt"><B><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P>

<P style="TEXT-INDENT: -0.5in; MARGIN: 1.45pt 2.85pt 0pt 46pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">W</FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">e note that your audit</FONT></B><B><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">o</FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">rs are</FONT></B><B><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> </FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">loc</FONT></B><B><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">a</FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">ted in the Un</FONT></B><B><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">i</FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">ted States (i</FONT></B><B><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">.</FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">e. Denver, Colorado</FONT></B><B><FONT style="LETTER-SPACING: 0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">)</FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">.&nbsp;</FONT></B><B><FONT style="LETTER-SPACING: 2.95pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> </FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">It appears</FONT></B><B><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> </FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">that&nbsp;</FONT></B><B><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> </FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">all of the as</FONT></B><B><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">s</FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">ets, liabilities, revenues and expenses of</FONT></B><B><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> </FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">China </FONT></B><B><FONT style="LETTER-SPACING: 0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">X</FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">in</FONT></B><B><FONT style="LETTER-SPACING: 0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">i</FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">ya Fas</FONT></B><B><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">h</FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">i</FONT></B><B><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">o</FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">n Li</FONT></B><B><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">m</FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">i</FONT></B><B><FONT style="LETTER-SPACING: 0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">t</FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">ed relate to op</FONT></B><B><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">e</FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">rat</FONT></B><B><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">i</FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">ons loc</FONT></B><B><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">a</FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">ted </FONT></B><B><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">i</FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">n the People&#8217;s Republic</FONT></B><B><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> </FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">of&nbsp;</FONT></B><B><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> </FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">China.&nbsp; Please </FONT></B><B><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">t</FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">ell </FONT></B><B><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">u</FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">s&nbsp;</FONT></B><B><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> </FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">how the audit of</FONT></B><B><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> t</FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">he ope</FONT></B><B><FONT style="LETTER-SPACING: 0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">r</FONT></B><B><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">a</FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">t</FONT></B><B><FONT style="LETTER-SPACING: 0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">i</FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">o</FONT></B><B><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">n</FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">s in </FONT></B><B><FONT style="LETTER-SPACING: 0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">t</FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">he Pe</FONT></B><B><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">o</FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">ple&#8217;s Repu</FONT></B><B><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">b</FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">lic of</FONT></B><B><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> </FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">China, in</FONT></B><B><FONT style="LETTER-SPACING: 0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">c</FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">lu</FONT></B><B><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">d</FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">ing </FONT></B><B><FONT style="LETTER-SPACING: 0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">t</FONT></B><B><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">h</FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">e associated assets</FONT></B><B><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> </FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">and l</FONT></B><B><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">i</FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">abilities, w</FONT></B><B><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">a</FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">s conducted.</FONT></B><B><FONT style="LETTER-SPACING: 2.95pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> </FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Your resp</FONT></B><B><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">o</FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">nse should include a </FONT></B><B><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">d</FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">iscussion of</FONT></B><B><FONT style="LETTER-SPACING: 0.1pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> </FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">t</FONT></B><B><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">h</FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">e following:</FONT></B></P>

<P style="MARGIN: 0.85pt 0in 0pt"><B><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 13pt" lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P>

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FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">of the C</FONT></B><B><FONT style="LINE-HEIGHT: 99%; LETTER-SPACING: -0.1pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">h</FONT></B><B><FONT style="LINE-HEIGHT: 99%; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">inese operat</FONT></B><B><FONT style="LINE-HEIGHT: 99%; LETTER-SPACING: -0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">i</FONT></B><B><FONT style="LINE-HEIGHT: 99%; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">ons.&nbsp; If so, please</FONT></B><B><FONT style="LINE-HEIGHT: 99%; LETTER-SPACING: -0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> </FONT></B><B><FONT style="LINE-HEIGHT: 99%; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">tell </FONT></B><B><FONT style="LINE-HEIGHT: 99%; LETTER-SPACING: -0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">u</FONT></B><B><FONT style="LINE-HEIGHT: 99%; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">s the na</FONT></B><B><FONT style="LINE-HEIGHT: 99%; 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<P style="MARGIN: 0in 0pt 0pt 64pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">audit</FONT></B><B><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">o</FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">r</FONT></B><B><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">'</FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">s knowledge of IFRS and PCAOB</FONT></B><B><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> </FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Stand</FONT></B><B><FONT style="LETTER-SPACING: 0.1pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">a</FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">rds;&nbsp;</FONT></B></P>

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<P style="TEXT-INDENT: -0.25in; MARGIN: 0in 17.95pt 0pt 64pt"><B><FONT style="LINE-HEIGHT: 99%; FONT-SIZE: 12pt" lang=EN-US face=symbol>&#183;</FONT></B><B><FONT style="LINE-HEIGHT: 99%; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 99%; LETTER-SPACING: -0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">W</FONT></B><B><FONT style="LINE-HEIGHT: 99%; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">hether y</FONT></B><B><FONT style="LINE-HEIGHT: 99%; LETTER-SPACING: -0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">o</FONT></B><B><FONT style="LINE-HEIGHT: 99%; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">ur U.S. auditor pe</FONT></B><B><FONT style="LINE-HEIGHT: 99%; LETTER-SPACING: 0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">r</FONT></B><B><FONT style="LINE-HEIGHT: 99%; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">for</FONT></B><B><FONT style="LINE-HEIGHT: 99%; LETTER-SPACING: -0.1pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">m</FONT></B><B><FONT style="LINE-HEIGHT: 99%; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">ed a</FONT></B><B><FONT style="LINE-HEIGHT: 99%; LETTER-SPACING: 0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">l</FONT></B><B><FONT style="LINE-HEIGHT: 99%; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">l&nbsp;</FONT></B><B><FONT style="LINE-HEIGHT: 99%; LETTER-SPACING: -0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> </FONT></B><B><FONT style="LINE-HEIGHT: 99%; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">the re</FONT></B><B><FONT style="LINE-HEIGHT: 99%; LETTER-SPACING: -0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">q</FONT></B><B><FONT style="LINE-HEIGHT: 99%; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">ui</FONT></B><B><FONT style="LINE-HEIGHT: 99%; LETTER-SPACING: 0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">r</FONT></B><B><FONT style="LINE-HEIGHT: 99%; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">ed audit </FONT></B><B><FONT style="LINE-HEIGHT: 99%; LETTER-SPACING: -0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">p</FONT></B><B><FONT style="LINE-HEIGHT: 99%; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">rocedures with</FONT></B><B><FONT style="LINE-HEIGHT: 99%; LETTER-SPACING: 0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">i</FONT></B><B><FONT style="LINE-HEIGHT: 99%; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">n&nbsp;</FONT></B><B><FONT style="LINE-HEIGHT: 99%; LETTER-SPACING: -0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> </FONT></B><B><FONT style="LINE-HEIGHT: 99%; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">the United S</FONT></B><B><FONT style="LINE-HEIGHT: 99%; LETTER-SPACING: 0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">t</FONT></B><B><FONT style="LINE-HEIGHT: 99%; LETTER-SPACING: -0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">a</FONT></B><B><FONT style="LINE-HEIGHT: 99%; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">tes or whether a portion of the audit was conduct</FONT></B><B><FONT style="LINE-HEIGHT: 99%; LETTER-SPACING: -0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">e</FONT></B><B><FONT style="LINE-HEIGHT: 99%; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">d by your U.S. audi</FONT></B><B><FONT style="LINE-HEIGHT: 99%; LETTER-SPACING: 0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">t</FONT></B><B><FONT style="LINE-HEIGHT: 99%; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">or with</FONT></B><B><FONT style="LINE-HEIGHT: 99%; LETTER-SPACING: 0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">i</FONT></B><B><FONT style="LINE-HEIGHT: 99%; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">n t</FONT></B><B><FONT style="LINE-HEIGHT: 99%; LETTER-SPACING: -0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">h</FONT></B><B><FONT style="LINE-HEIGHT: 99%; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">e People&#8217;s Re</FONT></B><B><FONT style="LINE-HEIGHT: 99%; LETTER-SPACING: -0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">p</FONT></B><B><FONT style="LINE-HEIGHT: 99%; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">ubl</FONT></B><B><FONT style="LINE-HEIGHT: 99%; LETTER-SPACING: 0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">i</FONT></B><B><FONT style="LINE-HEIGHT: 99%; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">c of </FONT></B><B><FONT style="LINE-HEIGHT: 99%; LETTER-SPACING: -0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">C</FONT></B><B><FONT style="LINE-HEIGHT: 99%; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">h</FONT></B><B><FONT style="LINE-HEIGHT: 99%; LETTER-SPACING: -0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">i</FONT></B><B><FONT style="LINE-HEIGHT: 99%; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">na.&nbsp;</FONT></B></P>

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<P style="MARGIN: 0.8pt 0in 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Company respectfully advises the Staff that the Company&#8217;s auditor, GHP Horwath, P.C. (&#8220;GHP Horwath&#8221;) is a member of Crowe Horwath International (&#8220;CHI&#8221;)</FONT><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">, an international association of public accounting firms specializing in international accounting and auditing with more than 150 member firms in over 100 countries.&nbsp;&nbsp; GHP Horwath has been involved in auditing international companies since 1990, is registered with the Public Company Accounting Oversight Board (PCAOB) and is a member of the AICPA Center for Public Company Audit Firms. </FONT><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">The Company understands that GHP Horwath approaches international engagements with the same care and diligence as with U.S. domestic engagements. For international engagements, GHP Horwath also works with a local country CPA firm, or local licensed accounting professionals, that are knowledgeable about local laws, customs, regulations, etc. </FONT></P>

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<FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">In completing their audit of the Company&#8217;s December 31, 2012 consolidated financial statements, the Company understands that GHP Horwath directly supervised the services of licensed accounting professionals at SSB </FONT>Management Services. SSB Management Services (&#8220;SSB&#8221;) is domiciled in Singapore and operates in association with Crowe Horwath AF 1018 (&#8220;CHAF 1018&#8221;).&nbsp; CHAF 1018&#8217;s offices are in Malaysia and is a member of Crowe Horwath International. SSB holds itself out as in association with CHAF 1018 and does not hold itself out as a full member firm of Crowe Horwath International.&nbsp; CHAF 1018 provides SSB with the resources of its firm and those of the network, including continuing education, access to the Crowe Horwath International audit methodology and software, staffing assistance, and technical resources, as required. CHAF 1018 is registered with the PCAOB and has a significant practice in China. The partners of SSB Management services were previously employed with Foo Kon Tan Grant Thornton LLP (&#8220;FKGT&#8221;), a PCAOB registered firm in Singapore. The professionals from SSB that GHP Horwath supervised during the audit of the Company&#8217;s December 31, 2012 consolidated financial statements included the same key professionals from FKGT that GHP Horwath had supervised during the Company&#8217;s previous audits and initial public offering process.&nbsp; These professionals left FKGT in the fall of 2012, formed SSB and began operating in association with CHAF 1018 in 2013.&nbsp; </FONT><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">The Company understands that GHP Horwath followed the guidance of SEC and PCAOB rules to supervise SSB, including the guidance of PCAOB Auditing Standard No. 10, PCAOB Staff Audit Practice Alert No. 8, PCAOB Staff Audit Practice Alert No. 6, PCAOB Interim Standards AU 543, and obtained confirmation from the professionals at SSB as to their independence.&nbsp; </FONT></P>

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<P style="MARGIN: 0.8pt 0in 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">The Company understands that GHP Horwath&#8217;s audit process was as follows: </FONT></P>

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<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -0.3in; MARGIN: 1.9pt 0in 0pt 0.95in"><FONT style="LINE-HEIGHT: 13.7pt; FONT-SIZE: 11pt" lang=EN-US color=black face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 13.7pt; FONT-SIZE: 7pt" lang=EN-US color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 13.7pt; FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">GHP Horwath assessed the qualification of the SSB team members through consideration of their background, experience, education requirements, knowledge of International Financial Reporting Standards and PCAOB standards.</FONT></P>

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<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -0.3in; MARGIN: 1.9pt 0in 0pt 0.95in"><FONT style="LINE-HEIGHT: 13.7pt; FONT-SIZE: 11pt" lang=EN-US color=black face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 13.7pt; FONT-SIZE: 7pt" lang=EN-US color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 13.7pt; FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">GHP&nbsp;</FONT><FONT style="LINE-HEIGHT: 13.7pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman"> Horwath </FONT><FONT style="LINE-HEIGHT: 13.7pt; FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">developed all planning materials in compliance with PCAOB requirements, and worked in conjunction with the professionals from SSB to ensure that recent local country developments were incorporated into the planning process.&nbsp; Planning meetings were among all team members&nbsp; (teleconference was utilized as necessary). During these planning meetings, all engagement team members were informed of their responsibilities, including (1) the objectives of the procedures they were to perform, (2) the nature, timing and extent of procedures they were to perform, and (3) matters that could affect the procedures to be performed or the evaluation and results of those procedures. All planning documents and procedures were prepared and reviewed by GHP Horwath. GHP Horwath communicated the audit plan, the working relationship with SSB, and other relevant audit matters with the Company&#8217;s audit committee.</FONT></P>

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<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -0.3in; MARGIN: 1.9pt 0in 0pt 0.95in"><FONT style="LINE-HEIGHT: 13.7pt; FONT-SIZE: 11pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 13.7pt; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 13.7pt; FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">During&nbsp;</FONT><FONT style="LINE-HEIGHT: 13.7pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman"> 2012, GHP Horwath team members visited the Company&#8217;s offices on three occasions, and visited the SSB team on four occasions.&nbsp; Also, during 2011, the Company&#8217;s CFO visited GHP Horwath&#8217;s offices in Denver. During 2013, GHP Horwath team members visited the Company&#8217;s offices on two occasions and visited the SSB team on three occasions.&nbsp; The GHP Horwath engagement Senior Principal, Engagement Quality Reviewer, Manager, and Senior have all met with Company officials, SSB team members and all have experience in working on cross border US &#8211; China engagements. The senior members of GHP Horwath and SSB have been on the Company&#8217;s audit engagement team since the Company&#8217;s 2010 initial public offering.</FONT></P>

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<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -0.3in; MARGIN: 1.9pt 0in 0pt 0.95in"><FONT style="LINE-HEIGHT: 13.7pt; FONT-SIZE: 11pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 13.7pt; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 13.7pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Audit plans were provided to the SSB professionals, and their completion was directly supervised and controlled by the GHP Horwath audit team. Fieldwork procedures were performed on-site at the Company&#8217;s offices in China.&nbsp; A GHP Horwath Chinese-speaking senior with 12 years of audit experience in China was embedded on-site with the SSB professionals to supervise the day-to-day audit process. Care was taken to properly supervise and assign field work responsibilities to team members that had the appropriate knowledge, skill and abilities for the work assigned. All engagement team members were directed to bring significant accounting and auditing issues arising during the audit to the attention of the appropriate supervisor at GHP Horwath. Additionally, during the audit, the GHP Horwath engagement Senior Principal (partner) visited the Company&#8217;s offices in China to supervise the audit work in process and to hold meetings with senior members of the Company&#8217;s management.</FONT></P>

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<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -0.3in; MARGIN: 1.9pt 0in 0pt 0.95in"><FONT style="LINE-HEIGHT: 13.7pt; FONT-SIZE: 11pt" lang=EN-US color=black face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 13.7pt; FONT-SIZE: 7pt" lang=EN-US color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 13.7pt; FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">Significant issues were forwarded to the audit manager and principal as soon as they were identified. The audit work papers prepared by the SSB professionals were prepared under the direct control and supervision of GHP </FONT><FONT style="LINE-HEIGHT: 13.7pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Horwath</FONT><FONT style="LINE-HEIGHT: 13.7pt; FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">. All work papers were reviewed by GHP Horwath audit personnel to evaluate whether (1) the work was performed and documented (2) the objectives of the procedures were achieved; and (3) the results of the work supported the conclusions reached. The SSB workpapers were retained by GHP Horwath. The Engagement Quality Reviewer was kept apprised of any accounting or reporting issues during fieldwork, and reviewed the final audit report, financial statements, selected work papers and forepart of the Form 20-F prior to issuance of the audit opinion. </FONT></P>

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<P style="MARGIN: 0.8pt 0in 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">The Company understands that professionals at SSB that assisted with the audit of the Company&#8217;s financial statements for the year ended December 31, 2012 have </FONT><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">been&nbsp;</FONT><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman"> involved in international engagements with GHP Horwath for several years. GHP Horwath has inquired, and is confident in the professional reputation of the professionals at SSB, and has adopted appropriate measures to determine that professionals from SSB have had training and experience in applying international financial reporting standards and PCAOB standards. </FONT></P>

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<P style="MARGIN: 0.8pt 0in 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">In summary, all of the assets, liabilities, revenues and expenses of the Company were audited by GHP Horwath. As </FONT><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">discussed&nbsp;</FONT><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman"> above, the Company understands that all audit plans were developed by GHP Horwath, and during the audit, GHP Horwath directed and controlled the audit through on-site supervision of the professionals assisting them with the audit.</FONT></P>

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<P style="MARGIN: 0in 0pt 0pt 10pt"><FONT style="POSITION: relative; TOP: 0.5pt"><B><U><FONT style="LINE-HEIGHT: 13.55pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Notes </FONT></U></B><B><U><FONT style="LINE-HEIGHT: 13.55pt; LETTER-SPACING: 0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">t</FONT></U></B><B><U><FONT style="LINE-HEIGHT: 13.55pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">o t</FONT></U></B><B><U><FONT style="LINE-HEIGHT: 13.55pt; LETTER-SPACING: -0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">h</FONT></U></B><B><U><FONT style="LINE-HEIGHT: 13.55pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">e&nbsp;</FONT></U></B><B><U><FONT style="LINE-HEIGHT: 13.55pt; LETTER-SPACING: -0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> </FONT></U></B><B><U><FONT style="LINE-HEIGHT: 13.55pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Consolid</FONT></U></B><B><U><FONT style="LINE-HEIGHT: 13.55pt; LETTER-SPACING: 0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">a</FONT></U></B><B><U><FONT style="LINE-HEIGHT: 13.55pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">t</FONT></U></B><B><U><FONT style="LINE-HEIGHT: 13.55pt; LETTER-SPACING: -0.1pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">e</FONT></U></B><B><U><FONT style="LINE-HEIGHT: 13.55pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">d Financ</FONT></U></B><B><U><FONT style="LINE-HEIGHT: 13.55pt; LETTER-SPACING: 0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">i</FONT></U></B><B><U><FONT style="LINE-HEIGHT: 13.55pt; LETTER-SPACING: -0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">a</FONT></U></B><B><U><FONT style="LINE-HEIGHT: 13.55pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">l&nbsp;</FONT></U></B><B><U><FONT style="LINE-HEIGHT: 13.55pt; LETTER-SPACING: -0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> </FONT></U></B><B><U><FONT style="LINE-HEIGHT: 13.55pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Sta</FONT></U></B><B><U><FONT style="LINE-HEIGHT: 13.55pt; LETTER-SPACING: 0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">t</FONT></U></B><B><U><FONT style="LINE-HEIGHT: 13.55pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">e</FONT></U></B><B><U><FONT style="LINE-HEIGHT: 13.55pt; LETTER-SPACING: -0.1pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">m</FONT></U></B><B><U><FONT style="LINE-HEIGHT: 13.55pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">ents, page </FONT></U></B><B><U><FONT style="LINE-HEIGHT: 13.55pt; LETTER-SPACING: 0.1pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">F</FONT></U></B><B><U><FONT style="LINE-HEIGHT: 13.55pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">-7&nbsp;</FONT></U></B></FONT></P>

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<P style="MARGIN: 1.45pt 0pt 0pt 10pt"><FONT style="POSITION: relative; TOP: 0.5pt"><B><U><FONT style="LINE-HEIGHT: 13.55pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Recently</FONT></U></B><B><U><FONT style="LINE-HEIGHT: 13.55pt; LETTER-SPACING: -0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> </FONT></U></B><B><U><FONT style="LINE-HEIGHT: 13.55pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Is</FONT></U></B><B><U><FONT style="LINE-HEIGHT: 13.55pt; LETTER-SPACING: -0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">s</FONT></U></B><B><U><FONT style="LINE-HEIGHT: 13.55pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">ued IF</FONT></U></B><B><U><FONT style="LINE-HEIGHT: 13.55pt; LETTER-SPACING: -0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">R</FONT></U></B><B><U><FONT style="LINE-HEIGHT: 13.55pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">S, page </FONT></U></B><B><U><FONT style="LINE-HEIGHT: 13.55pt; LETTER-SPACING: 0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">F</FONT></U></B><B><U><FONT style="LINE-HEIGHT: 13.55pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">-12&nbsp;</FONT></U></B></FONT></P>

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FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> </FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">of y</FONT></B><B><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">o</FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">ur Xin</FONT></B><B><FONT style="LETTER-SPACING: 0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">i</FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">ya brand </FONT></B><B><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">p</FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">roducts to y</FONT></B><B><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">o</FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">ur dis</FONT></B><B><FONT style="LETTER-SPACING: 0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">t</FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">ribut</FONT></B><B><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">o</FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">rs&nbsp;</FONT></B><B><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> </FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">who then r</FONT></B><B><FONT style="LETTER-SPACING: 0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">e</FONT></B><B><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">s</FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">ell your pr</FONT></B><B><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">o</FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">ducts to aut</FONT></B><B><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">h</FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">or</FONT></B><B><FONT style="LETTER-SPACING: 0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">i</FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">zed retailers, and ev</FONT></B><B><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">e</FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">ntually to re</FONT></B><B><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">t</FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">ail cus</FONT></B><B><FONT style="LETTER-SPACING: 0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">t</FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">o</FONT></B><B><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">m</FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">ers through auth</FONT></B><B><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">o</FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">r</FONT></B><B><FONT style="LETTER-SPACING: 0.05pt; 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FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> </FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">23 th</FONT></B><B><FONT style="LETTER-SPACING: 0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">r</FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">ough </FONT></B><B><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">2</FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">6 of </FONT></B><B><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">y</FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">our &nbsp;</FONT></B>


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<P style="MARGIN: 0.3pt 0in 0pt"><B><FONT style="LINE-HEIGHT: 8.5pt; FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P>

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<P style="MARGIN: 0.8pt 0in 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">The Company respectfully advises the Staff that it believes that the rights and obligations of the Company and its distributors, </FONT><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">the&nbsp;</FONT><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman"> relationship between the Company and its distributors, and the other factors cited by the Staff in the comment substantially relate to normal industry brand protection practices. The Company&#8217;s distribution agreements generally include provisions that set requirements as to product exclusivity, geographic exclusivity, minimum purchase requirements, payment terms, pricing, returns, and authorized retailers. These rights, obligations and other factors allow the Company to manage and protect certain operational and display issues related to the Company&#8217;s brand. These rights, obligations and other factors do not allow the Company to control its distributors, in the context of IFRS 10, through either (a) power over the distributor (b) exposure or rights, to variable returns from involvement with the distributor; or (c) the ability to use power over the distributor to affect the amount of the Company&#8217;s returns. </FONT></P>

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<P style="MARGIN: 0.8pt 0in 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">With regard </FONT><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">to&nbsp;</FONT><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman"> the guidance of paragraphs B29 &#8211; B33 of IFRS 10:</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -22.5pt; MARGIN: 0in 0in 0pt 1in"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="times new roman">a.</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face="times new roman">The distributor agreements give the Company rights that are designed to protect the Company&#8217;s brand, not to control the distributors. Specifically the Company:</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: 22pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -27pt; MARGIN: 0in 0in 0pt 99pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face="times new roman">Does not own any interest in its distributors;</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: 22pt; MARGIN: 0in 0in 0pt 1in"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -27pt; MARGIN: 0in 0in 0pt 99pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face="times new roman">Does not have the ability to control the amount of purchases the distributors make from the Company (annual minimum purchase requirements are mutually agreed-upon with our distributors);</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: 22pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -27pt; MARGIN: 0in 0in 0pt 99pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face="times new roman">Does not have any ability to hire or terminate employees of its distributors;</FONT></P>

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<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -27pt; MARGIN: 0in 0in 0pt 99pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face="times new roman">Does not have the ability to control the operating, financing or investing activities of the distributors (except to the extent that the Company can require certain operating matters related to brand protection);</FONT></P>

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<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -27pt; MARGIN: 0in 0in 0pt 99pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face="times new roman">Does not have the ability to share in any distributions made by the distributors to their investors; and</FONT></P>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Page 7</FONT></P></TD>

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<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -27pt; MARGIN: 0in 0in 0pt 99pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face="times new roman">Believes that the Company&#8217;s pricing policies provide the distributors with a reasonable gross profit on its transactions.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: 22pt; MARGIN: 0in 0in 0pt 1in"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -22.5pt; MARGIN: 0in 0in 0pt 1in"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="times new roman">b.</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face="times new roman">The Company does not have rights to restrict the ability of other parties to make decisions that have a significant effect on the distributor&#8217;s returns, nor does the Company have the ability to direct activities that significantly affect the distributor&#8217;s returns. Specifically:</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: 22pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -27pt; MARGIN: 0in 0in 0pt 99pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face="times new roman">There are no agreements with the distributors or any investors in the distributors that provide the Company with any share or voting rights in the distributors.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: 22pt; MARGIN: 0in 0in 0pt 1in"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -27pt; MARGIN: 0in 0in 0pt 99pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face="times new roman">The Company does not have any power to govern the financial and operating policies of the distributors under a statute or an agreement (except to the extent that the Company requires certain brand protection matters).</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: 22pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -27pt; MARGIN: 0in 0in 0pt 99pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face="times new roman">The Company does not have the power to appoint or remove any members of any board of directors of any of its distributors.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: 22pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -27pt; MARGIN: 0in 0in 0pt 99pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face="times new roman">The Company does not have the ability to cast any votes at any meeting of any board of directors of any of its distributors.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: 22pt; MARGIN: 0in 0in 0pt 1in"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -22.5pt; MARGIN: 0in 0in 0pt 1in"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="times new roman">c.</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face="times new roman">The Company has the ability to make decisions that protect the Company&#8217;s brand; however the Company does not have power over the distributors to direct the relevant activities of the distributors. Specifically:</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: 22pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -27pt; MARGIN: 0in 0in 0pt 99pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face="times new roman">The activities of the distributors are not in substance being conducted on behalf of the Company. The distributors have other significant operations independent of the Company.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: 22pt; MARGIN: 0in 0in 0pt 1in"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -27pt; MARGIN: 0in 0in 0pt 99pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face="times new roman">The Company does not have in substance or fact, any decision-making powers to obtain the majority of the benefits of the distributors. The Company believes its pricing provide the distributors with a reasonable gross profit and the Company has no rights to any such distributor gross profit, net income or any capital distribution.</FONT></P>

<P style="MARGIN: 0in 0in 0pt 0.5in"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -22.5pt; MARGIN: 0in 0in 0pt 1in"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="times new roman">d.</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face="times new roman">By entering into the distributor agreements, the distributors have made a unilateral decision to operate their businesses in accordance with the terms of the distributor agreement with the Company, but for the account of the distributor.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -22.5pt; MARGIN: 0in 0in 0pt 1in"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="times new roman">e.</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face="times new roman">The distributors maintain control over fundamental decisions, such as legal form and funding structure. These decisions may significantly affect the returns of the distributor, and are not controlled by the Company. The Company has minimal exposure to a variability of returns from its distributors. Specifically:</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: 22pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -27pt; MARGIN: 0in 0in 0pt 99pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face="times new roman">The Company is not in substance or fact exposed to the risks incident to the activities of the distributors. The Company does not guarantee any obligations of the distributions, does not have any obligations related to the distributors&#8217; employees or tax obligations, does not provide any financial support to the distributors (other than normal credit terms related to sales transactions), and is not exposed to other risks of the distributors&#8217; operations.</FONT></P>

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<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: 22pt; MARGIN: 0in 0in 0pt 1in"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -27pt; MARGIN: 0in 0in 0pt 99pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face="times new roman">The Company does not in substance or fact obtain any residual or ownership risks related to the distributors. There are no contingent pricing arrangements, no rights of the Company to obtain any ownership of the distributors, or other similar arrangements.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: 21pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10.5pt" lang=EN-US face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0.8pt 0in 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">The Company confirms that that it will expand its basis of preparation and consolidation accounting policy disclosure in future filings to explicitly address its distributors and authorized retailers. Please see the text of the Company&#8217;s proposed future disclosure below:</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0.8pt 0in 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">International Financial Reporting Standard (&#8220;IFRS&#8221;) 10, </FONT><I><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Consolidated Financial Statements, </FONT></I><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">builds on existing principles by identifying the concept of control as the determining factor in whether an entity should be included within the </FONT><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">consolidated&nbsp;</FONT><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman"> financial statements of the parent company. The standard provides additional guidance to assist in the determination of control where this is difficult to assess. Specifically, the Company evaluated its agreements and relationships with its distributors and determined that, in the context if IFRS 10, the Company does not have control over its distributors through either (a) power over the distributor (b) exposure or rights, to variable returns from involvement with the distributor; or (c) the ability to use power over the distributor to affect the amount of the distributors returns. The rights and obligations under the distributor agreements allow the Company to manage and protect certain operational and display issues related to the Company&#8217;s brand and do not provide control, as defined in IFRS 10, over the distributors.&nbsp; Therefore, adoption of these amendments on January 1, 2013, did not have a material impact on the Company&#8217;s consolidated financial statements.</FONT></P>

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<P style="MARGIN: 0in 0pt 0pt 10pt"><FONT style="POSITION: relative; TOP: 0.5pt"><B><U><FONT style="LINE-HEIGHT: 13.55pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">I</FONT></U></B><B><U><FONT style="LINE-HEIGHT: 13.55pt; LETTER-SPACING: 0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">t</FONT></U></B><B><U><FONT style="LINE-HEIGHT: 13.55pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">em&nbsp;</FONT></U></B><B><U><FONT style="LINE-HEIGHT: 13.55pt; LETTER-SPACING: -0.1pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> </FONT></U></B><B><U><FONT style="LINE-HEIGHT: 13.55pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">19. E</FONT></U></B><B><U><FONT style="LINE-HEIGHT: 13.55pt; LETTER-SPACING: 0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">x</FONT></U></B><B><U><FONT style="LINE-HEIGHT: 13.55pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">hib</FONT></U></B><B><U><FONT style="LINE-HEIGHT: 13.55pt; LETTER-SPACING: 0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">i</FONT></U></B><B><U><FONT style="LINE-HEIGHT: 13.55pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">ts&nbsp;</FONT></U></B></FONT></P>

<P style="MARGIN: 0.6pt 0in 0pt"><B><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P>

<P style="MARGIN: 1.45pt 0pt 0pt 10pt"><FONT style="POSITION: relative; TOP: 0.5pt"><B><U><FONT style="LINE-HEIGHT: 13.55pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Exhibits 12.1 and 12.2</FONT></U></B></FONT></P>

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<P style="TEXT-INDENT: -0.5in; MARGIN: 1.45pt 6.55pt 0pt 46pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The ce</FONT></B><B><FONT style="LETTER-SPACING: 0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">r</FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">ti</FONT></B><B><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">f</FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">ic</FONT></B><B><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">a</FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">t</FONT></B><B><FONT style="LETTER-SPACING: 0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">i</FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">ons of your</FONT></B><B><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> </FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">pr</FONT></B><B><FONT style="LETTER-SPACING: 0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">i</FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">n</FONT></B><B><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">c</FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">ipal execut</FONT></B><B><FONT style="LETTER-SPACING: 0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">i</FONT></B><B><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">v</FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">e of</FONT></B><B><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">f</FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">icers </FONT></B><B><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">m</FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">ust </FONT></B><B><FONT style="LETTER-SPACING: 0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">i</FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">nclude the</FONT></B><B><FONT style="LETTER-SPACING: 0.15pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> </FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">i</FONT></B><B><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">n</FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">t</FONT></B><B><FONT style="LETTER-SPACING: 0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">r</FONT></B><B><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">o</FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">ductory language of</FONT></B><B><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> </FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">paragraph 4,</FONT></B><B><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> </FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">pertaining </FONT></B><B><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">t</FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">o their resp</FONT></B><B><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">o</FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">nsib</FONT></B><B><FONT style="LETTER-SPACING: 0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">i</FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">lity for</FONT></B><B><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> </FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">es</FONT></B><B><FONT style="LETTER-SPACING: 0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">t</FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">a</FONT></B><B><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">b</FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">l</FONT></B><B><FONT style="LETTER-SPACING: 0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">i</FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">s</FONT></B><B><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">h</FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">ing&nbsp;</FONT></B><B><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> </FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">and </FONT></B><B><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">m</FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">aintain</FONT></B><B><FONT style="LETTER-SPACING: 0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">i</FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">ng&nbsp;</FONT></B><B><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> </FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">in</FONT></B><B><FONT style="LETTER-SPACING: 0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">t</FONT></B><B><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">e</FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">rnal con</FONT></B><B><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">t</FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">rol&nbsp;</FONT></B><B><FONT style="LETTER-SPACING: 0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> </FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">over </FONT></B><B><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">f</FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">i</FONT></B><B><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">na</FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">ncial&nbsp;</FONT></B><B><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> </FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">report</FONT></B><B><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">i</FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">ng, and the language of paragraph 4</FONT></B><B><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(</FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">b), concerning </FONT></B><B><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">t</FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">he des</FONT></B><B><FONT style="LETTER-SPACING: 0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">i</FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">gn of</FONT></B><B><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> </FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">such cont</FONT></B><B><FONT style="LETTER-SPACING: 0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">r</FONT></B><B><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">o</FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">l, as set </FONT></B><B><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">f</FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">orth in</FONT></B><B><FONT style="LETTER-SPACING: 0.1pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> </FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">the </FONT></B><B><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">s</FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">ta</FONT></B><B><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">n</FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">dard cert</FONT></B><B><FONT style="LETTER-SPACING: 0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">i</FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">fi</FONT></B><B><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">c</FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">ation presented under parag</FONT></B><B><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">r</FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">aph 12 to It</FONT></B><B><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">e</FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">m 19 of</FONT></B><B><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> </FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Fo</FONT></B><B><FONT style="LETTER-SPACING: 0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">r</FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">m 20-F.&nbsp; Please a</FONT></B><B><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">m</FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">end your </FONT></B><B><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">f</FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">i</FONT></B><B><FONT style="LETTER-SPACING: 0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">l</FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">ing&nbsp;</FONT></B><B><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> </FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">to&nbsp;</FONT></B><B><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> </FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">include&nbsp;</FONT></B><B><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> </FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">the required c</FONT></B><B><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">e</FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">rtifications.&nbsp;</FONT></B></P>

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<P style="MARGIN: 0in 0.5in 12pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">In response to the Staff&#8217;s comment, the Company will file an amendment to the annual report including the required certifications.</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0.5in 12pt" align=center><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">* * * * *</FONT></P>

<P style="MARGIN: 0in 0.5in 12pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finally, as requested by the Staff, attached is the written acknowledgement of the Company regarding the disclosure in its filings.</FONT></P>

<P style="MARGIN: 0in 0.5in 12pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Should you have any questions or additional comments concerning the foregoing, please contact me by telephone at +1 650 838 3753 (office) by email at alan.seem@shearman.com or by facsimile at +1 650 838 5172.&nbsp; Thank you. </FONT></P>

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<P style="LINE-HEIGHT: 12pt; MARGIN: 0in 0in 0pt 70%"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">Sincerely, </FONT></P>

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<P style="LINE-HEIGHT: 12pt; MARGIN: 0in 0in 12pt 70%"><U><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">/s/ Alan D. Seem&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR></FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">Alan D. Seem</FONT></P>

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<P style="MARGIN: 0in 0.5in 0pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">cc:&nbsp;&nbsp; Qiming Xu (Chairman and Chief Executive Officer, China Xiniya Fashion Limited)</FONT></P>

<P style="MARGIN: 0in 0.5in 12pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chee Jiong Ng (Chief Financial Officer, China Xiniya Fashion Limited)</FONT></P>

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<P style="MARGIN: 0in 0.5in 12pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">In connection with the response to the comments from the staff (the &#8220;Staff&#8221;) of the Securities and Exchange Commission (the &#8220;Commission&#8221;) set forth in its letter dated June 19, 2013, China Xiniya Fashion Limited (the &#8220;Company&#8221;) acknowledges that: </FONT></P>

<P style="TEXT-INDENT: -40.5pt; MARGIN: 0in 0.5in 12pt 76.5pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 11pt" lang=EN-US color=black face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 7pt" lang=EN-US color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">the Company is responsible for the adequacy and accuracy of the disclosure in its filings with the Commission; </FONT></P>

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<P style="LINE-HEIGHT: 12pt; MARGIN: 0in 0in 12pt 70%"><U><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">/s/ Chee Jiong Ng&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; </FONT></U></P>

<P style="LINE-HEIGHT: 12pt; MARGIN: 0in 0in 0pt 70%"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">Chee Jiong Ng</FONT></P>

<P style="LINE-HEIGHT: 12pt; MARGIN: 0in 0in 12pt 70%"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">Chief Financial Officer </FONT></P>

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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
