<SEC-DOCUMENT>0001477932-14-007333.txt : 20141229
<SEC-HEADER>0001477932-14-007333.hdr.sgml : 20141225
<ACCEPTANCE-DATETIME>20141229101139
ACCESSION NUMBER:		0001477932-14-007333
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20141229
FILED AS OF DATE:		20141229
DATE AS OF CHANGE:		20141229

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:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-34958
		FILM NUMBER:		141311015

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>xny_6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
<html>
<head></head>
<body style="font: 10pt TIMES NEW ROMAN; text-align: justify; margin: 0px 7% 0px 7%;">
<p style="margin: 0px;">&#160;</p>
<div style="font-size: 1px; width: 100%; border-bottom: #000000 4px solid; margin: 0px;"></div>
<div style="font-size: 1pt; width: 100%; border-bottom: #000000 1px solid; margin-top: 2px;"></div>
<p style="margin: 0px;">&#160;</p>
<p style="text-align: center; margin: 0px;" align="center"><strong><font style="font-size: 12pt;">UNITED STATES</font></strong></p>
<p style="text-align: center; margin: 0px;" align="center"><strong><font style="font-size: 12pt;">SECURITIES AND EXCHANGE COMMISSION</font></strong></p>
<p style="text-align: center; margin: 0px;" align="center"><strong><font style="font-size: 12pt;">WASHINGTON, D.C. 20549</font></strong></p>
<p style="text-align: center; margin: 0px;" align="center"><b>______________</b></p>
<p style="text-align: center; margin: 0px;">&#160;</p>
<p style="text-align: center; margin: 0px;" align="center"><font style="font-size: 18pt;"><b>FORM 6-K</b></font></p>
<p style="text-align: center; margin: 0px;" align="center"><b>______________</b></p>
<p style="text-align: center; margin: 0px;">&#160;</p>
<p style="text-align: center; margin: 0px;" align="center"><font style="font-size: 10pt;"><b>REPORT OF FOREIGN PRIVATE ISSUER</b></font></p>
<p style="text-align: center; margin: 0px;" align="center">Pursuant to Rule 13a-16 or 15d-16 ofThe Securities Exchange Act of 1934</p>
<p style="text-align: center; margin: 0px;">&#160;</p>
<p style="text-align: center; margin: 0px;" align="center">For the Month of <strong>December, 2014</strong></p>
<p style="text-align: center; margin: 0px;">&#160;</p>
<p style="text-align: center; margin: 0px;" align="center">Commission File Number<strong> 001-34958</strong></p>
<p style="text-align: center; margin: 0px;">&#160;</p>
<p style="text-align: center; margin: 0px;" align="center"><u style="line-height: 1;"><font style="font-size: 18pt;"><b>CHINA XINIYA FASHION LIMITED</b></font></u></p>
<p style="text-align: center; margin: 0px;">&#160;</p>
<p style="text-align: center; margin: 0px;" align="center"><b>4<sup>th</sup> floor, 33 Wang Hai Road</b></p>
<p style="text-align: center; margin: 0px;" align="center"><b>Xiamen</b><b> Software Park Phase II</b><b>, Xiamen</b></p>
<p style="text-align: center; margin: 0px;" align="center"><b>Fujian Province 36</b><b>10</b><b>00, People&#8217;s Republic of China </b></p>
<p style="text-align: center; margin: 0px;" align="center"><u style="line-height: 1;"><b>(86) </b><b>1365 5939 932</b></u></p>
<p style="text-align: center; margin: 0px;" align="center">(Address&#160;of&#160;Principal&#160;Executive&#160;Offices)</p>
<p style="text-align: center; margin: 0px;">&#160;</p>
<p style="text-align: center; margin: 0px;" align="center">(Indicate by check mark whether the registrant files or will file annual</p>
<p style="text-align: center; margin: 0px;" align="center">reports under cover of Form 20-F or Form 40-F.)</p>
<p style="text-align: center; margin: 0px;">&#160;</p>
<p style="text-align: center; margin: 0px;" align="center">Form 20-F <font style="font-size: 10pt; font-family: Wingdings;">x </font>Form 40-F <font style="font-size: 10pt; font-family: Wingdings;">&#168;</font></p>
<p style="text-align: center; margin: 0px;">&#160;</p>
<p style="text-align: center; margin: 0px;" align="center">(Indicate by check mark if the registrant is submitting the Form 6-K</p>
<p style="text-align: center; margin: 0px;" align="center">in paper as permitted by Regulation S-T Rule 101(b)(1).)</p>
<p style="text-align: center; margin: 0px;">&#160;</p>
<p style="text-align: center; margin: 0px;" align="center">Yes&#160;<font style="font-size: 10pt; font-family: Wingdings;">&#168; </font>No <font style="font-size: 10pt; font-family: Wingdings;">x</font></p>
<p style="text-align: center; margin: 0px;">&#160;</p>
<p style="text-align: center; margin: 0px;" align="center">(Indicate by check mark if the registrant is submitting the Form 6-K</p>
<p style="text-align: center; margin: 0px;" align="center">in paper as permitted by Regulation S-T Rule 101(b)(7).)</p>
<p style="text-align: center; margin: 0px;">&#160;</p>
<p style="text-align: center; margin: 0px;" align="center">Yes <font style="font-size: 10pt; font-family: Wingdings;">&#168; </font>No <font style="font-size: 10pt; font-family: Wingdings;"><font face="Wingdings">x</font></font></p>
<p style="text-align: center; margin: 0px;">&#160;</p>
<p style="text-align: center; margin: 0px;" align="center">(Indicate by check mark whether the registrant by furnishing the</p>
<p style="text-align: center; margin: 0px;" align="center">information contained in this Form is also thereby furnishing the</p>
<p style="text-align: center; margin: 0px;" align="center">information to the Commission pursuant to Rule 12g3-2(b) under the</p>
<p style="text-align: center; margin: 0px;" align="center">Securities Exchange Act of 1934.)</p>
<p style="text-align: center; margin: 0px;">&#160;</p>
<p style="text-align: center; margin: 0px;" align="center">Yes <font style="font-size: 10pt; font-family: Wingdings;">&#168; </font>No <font style="font-size: 10pt; font-family: Wingdings;"><font face="Wingdings"><font face="Wingdings">x</font></font></font></p>
<p style="text-align: center; margin: 0px;">&#160;</p>
<p style="text-align: center; margin: 0px;" align="center">(If "Yes" is marked, indicate below the file number assigned to the</p>
<p style="text-align: center; margin: 0px;" align="center">registrant in connection with Rule 12g3-2(b): 82 - <u style="line-height: 1;">N/A</u>)</p>
<p style="margin: 0px;">&#160;</p>
<div style="font-size: 1pt; width: 100%; border-bottom: #000000 1px solid; margin: 0px;"></div>
<div style="font-size: 1pt; width: 100%; border-bottom: #000000 4px solid; page-break-after: always; margin-top: 2px;"></div>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;" align="center"><b></b>&#160;</p>
<p style="margin: 0px;" align="center"><b>EXHIBIT</b><b> INDEX</b></p>
<p style="margin: 0px;">&#160;</p>
<table id="tableid0" style="width: 100%; text-align: justify; font: 10pt TIMES NEW ROMAN; margin: auto;" cellspacing="0" cellpadding="0" border="0">

<tr height="15">
<td style="border-bottom: black 1px solid;" valign="top" width="8%">
<p style="margin: 0px;"><strong>Number&#160;</strong></p>
</td>
<td valign="top" width="2%">
<p style="margin: 0px;"><strong>&#160;</strong></p>
</td>
<td style="border-bottom: black 1px solid;" valign="top">
<p style="margin: 0px;"><strong>Description of Document</strong></p>
</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="top">
<p style="margin: 0px;">99.1</p>
</td>
<td valign="top">
<p style="margin: 0px;">&#160;</p>
</td>
<td valign="top">
<p style="margin: 0px;">Press release dated December 29, 2014</p>
</td>
</tr>

</table>
<p style="margin: 0px;">&#160;</p>
<table id="tableid1" style="width: 100%; font: 10pt TIMES NEW ROMAN;" cellspacing="0" cellpadding="0" border="0">

<tr>
<td>&#160;</td>
</tr>
<tr>
<td>
<div class="rcpn" align="center"><font size="2" face="Times New Roman, Times, serif">2</font></div>
<div class="hpbhr" style="font-size: 1pt; width: 100%;"></div>
<hr color="#000000" size="1" width="100%" noshade="noshade" />
<div style="width: 100%; page-break-after: always; line-height: 0px;"></div>
</td>
</tr>
<tr>
<td>
<div class="hdr" style="font-size: 1pt; width: 100%;"></div>
</td>
</tr>

</table>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;" align="center"><b>SIGNATURE</b></p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px; text-indent: 30px;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</p>
<p style="margin: 0px;">&#160;</p>
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">&#160;</p>
<table id="tableid2" style="width: 100%; text-align: left; font: 10pt TIMES NEW ROMAN;" cellspacing="0" cellpadding="0" border="0">

<tr>
<td>&#160;</td>
<td colspan="2"><font style="font: 10pt TIMES NEW ROMAN;"><b>China Xiniya Fashion Limited</b></font></td>
<td>&#160;</td>
</tr>
<tr>
<td width="50%">&#160;</td>
<td width="5%">&#160;</td>
<td width="35%">&#160;</td>
<td width="10%">&#160;</td>
</tr>
<tr>
<td><font style="font: 10pt TIMES NEW ROMAN;">Date: December 29, 2014</font></td>
<td><font style="font: 10pt TIMES NEW ROMAN;">By:</font></td>
<td style="border-bottom: black 1px solid;"><font style="font: 10pt TIMES NEW ROMAN;"><em>/s/ Chee Jiong Ng</em> </font></td>
<td>&#160;</td>
</tr>
<tr>
<td>&#160;</td>
<td>
<p style="margin: 0px;">Name:</p>
</td>
<td><font style="font: 10pt TIMES NEW ROMAN;">Chee Jiong Ng</font></td>
<td>&#160;</td>
</tr>
<tr>
<td>&#160;</td>
<td>Title:</td>
<td><font style="font: 10pt TIMES NEW ROMAN;">Chief Financial Officer</font></td>
<td>&#160;</td>
</tr>

</table>
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">&#160;</p>
<p style="margin: 0px;">&#160;</p>
<p style="text-align: center; margin: 0px;">3</p>
<hr color="#000000" size="1" width="100%" noshade="noshade" />
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>xny_ex991.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>
<html>
<head></head>
<body style="font: 10pt TIMES NEW ROMAN; text-align: justify; margin: 0px 7% 0px 7%;">
<p style="text-align: right; margin: 0px;"><b>EXHIBIT 99.1</b></p>
<p style="margin: 0px;" align="right"></p>
<p style="text-align: center;"><b>China Xiniya Fashion Limited Reports Third Quarter 2014 Financial Results</b></p>
<p style="margin: 0px;">XIAMEN, FUJIAN, China&#8212;(PR NEWSWIRE)&#8212;December 29, 2014&#8212;China Xiniya Fashion Limited ("Xiniya" or the "Company" NYSE:XNY), a leading provider of men's business casual apparel in China, today reported financial results for the third quarter of 2014. The consolidated financial statements and other financial information included in this press release have been prepared in conformity with International Financial Reporting Standards (&#8220;IFRS&#8221;).</p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;">The Company publishes its consolidated financial statements in Renminbi (&#8220;RMB&#8221;).</p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;"><b>Third Quarter 2014 Highlights</b></p>
<p style="margin: 0px;">&#160;</p>
<table id="tableid0" style="width: 100%; text-align: justify; font: 10pt TIMES NEW ROMAN; margin: auto;" cellspacing="0" cellpadding="0" border="0">

<tr>
<td valign="top" width="4%"><font style="font-family: TIMES NEW ROMAN;">&#160;</font></td>
<td valign="top" width="4%">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><font style="font-size: 10pt; font-family: Symbol;">&#183;</font></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">Revenue during the third quarter of 2014 was RMB205.2 million, as compared to RMB389.8 million in the third quarter of 2013.</p>
</td>
</tr>
<tr>
<td valign="top"><font style="font-family: TIMES NEW ROMAN;">&#160;</font></td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><font style="font-size: 10pt; font-family: Symbol;">&#183;</font></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">Loss before taxation during the third quarter of 2014 was RMB206.1 million, as compared to profit before taxation of RMB8.7 million in the third quarter of 2013.</p>
</td>
</tr>
<tr>
<td valign="top"><font style="font-family: TIMES NEW ROMAN;">&#160;</font></td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><font style="font-size: 10pt; font-family: Symbol;">&#183;</font></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">Net loss in the third quarter of 2014 was RMB206.1 million as compared to net profit of RMB6.0 million in the third quarter of 2013.</p>
</td>
</tr>
<tr>
<td valign="top"><font style="font-family: TIMES NEW ROMAN;">&#160;</font></td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><font style="font-size: 10pt; font-family: Symbol;">&#183;</font></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">Loss per ADS were $0.59 in the third quarter of 2014 as compared to earnings per ADS of $0.02 per ADS in the third quarter of 2013.</p>
</td>
</tr>
<tr>
<td valign="top"><font style="font-family: TIMES NEW ROMAN;">&#160;</font></td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><font style="font-size: 10pt; font-family: Symbol;">&#183;</font></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">Xiniya&#8217;s network of authorized retailers had a net reduction of 207 retail outlets in the third quarter of 2014, consisting of 49 new retail outlets opened and 256 retail outlets closed. The total number of authorized retail outlets was 1,214 as of September 30, 2014.</p>
</td>
</tr>

</table>
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">&#160;</p>
<p style="margin: 0px;"><b>Chairman&#8217;s statement</b></p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;">&#8220;We moved rapidly to execute our inventory buy back initiative during the third quarter as the ongoing downturn in China&#8217;s menswear industry continued,&#8221; commented Mr. Qiming Xu, Xiniya&#8217;s Chairman and Chief Executive Officer. &#8220;We made substantial progress by buying back inventory during the quarter and have already made arrangements to sell them overseas so that the buy back will not affect the China market. In order to ensure that our retail network continues to attract customers and display new and innovative products, our buy back focused on removing the most outdated fashion products. According to our estimates, the inventory bought back during the quarter represents approximately one-third of the inventory currently in our sales channels. By working in close cooperation with our distributors and authorized retailers, we plan on selling another one-third through our retail network by offering discounts and promotions over the next year. While we believe that the remaining one-third is more than ample to maintain a healthy and flexible retail network, we may buy back more inventory as the situation evolves over the next years.&#8221;</p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;">&#8220;Total value of purchase orders from our Spring/Summer Sales Fair in September 2014 declined in-line with our expectations as we work on two fronts to clear inventory channels. I am confident that the rapid execution of our inventory buy back during the quarter and the efficient deployment of our cash into specific areas of our business will allow Xiniya to develop in a more healthy, long-term manner. While the implementation of a new compressed business model will take time to bear fruit, I am pleased to see positive initial results as we work diligently towards generating increase value for our shareholders.&#8221; &#160;</p>
<p style="margin: 0px;">&#160;</p>
<table id="tableid1" style="width: 100%; font: 10pt TIMES NEW ROMAN;" cellspacing="0" cellpadding="0" border="0">

<tr>
<td>&#160;</td>
</tr>
<tr>
<td>
<div class="rcpn" align="center"><font size="2" face="Times New Roman, Times, serif">1</font></div>
<div class="hpbhr" style="font-size: 1pt; width: 100%;"></div>
<hr color="#000000" size="1" width="100%" noshade="noshade" />
<div style="width: 100%; page-break-after: always; line-height: 0px;"></div>
</td>
</tr>
<tr>
<td>
<div class="hdr" style="font-size: 1pt; width: 100%;"></div>
</td>
</tr>

</table>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;"><b>Third</b><b> Quarter 201</b><b>4</b><b> Results</b></p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;">Revenue for the third quarter of 2014 was RMB205.2 million, a decrease from RMB389.8 million during the third quarter of 2013. The decrease in revenue was mainly attributable to the reduction in orders by the Company&#8217;s distributors due to a challenging retail environment and softening of the Chinese economy. The Company delivered approximately 0.9 million units to it&#8217;s distributors during the third quarter of 2014, compared with 1.63 million units during the third quarter of 2013. As of September 30, 2014, the Company had a total of 1,214 retail outlets. The table below sets forth the number of retail outlets by outlet type:</p>
<p style="margin: 0px;">&#160;</p>
<table id="fftableid4" style="width: 100%; text-align: justify; font: 10pt TIMES NEW ROMAN; margin: auto;" cellspacing="0" cellpadding="0" border="0">

<tr height="15">
<td align="left"></td>
<td align="left">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" colspan="2" align="center"><b>As of December 31, 2013</b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" colspan="2" align="center"><b>As of September 30, 2014</b></td>
<td align="left">&#160;</td>
</tr>
<tr height="15">
<td align="left">
<p style="margin: 0px;"><b>Outlet Type:</b></p>
</td>
<td align="left">&#160;</td>
<td id="ffc" valign="bottom" colspan="2" align="center"><b></b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" valign="bottom" colspan="2" align="center"><b></b></td>
<td align="left">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td>
<p style="margin: 0cm 0cm 0pt;">Company-operated flagship stores</p>
</td>
<td width="1%">&#160;</td>
<td valign="bottom" width="1%"></td>
<td id="ffc" valign="bottom" width="9%" align="right">
<p style="margin: 0pt;">1</p>
</td>
<td valign="bottom" width="1%">&#160;</td>
<td width="1%">&#160;</td>
<td valign="bottom" width="1%"></td>
<td id="ffc" valign="bottom" width="9%" align="right">
<p style="margin: 0pt;">1</p>
</td>
<td valign="bottom" width="1%">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td>
<p style="margin: 0cm 0cm 0pt;">Distributor-operated stores</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">99</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">95</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td>
<p style="margin: 0cm 0cm 0pt;">Distributor-operated flagship stores</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">4</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">3</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td>
<p style="margin: 0cm 0cm 0pt;">Distributor-operated retail website</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">1</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">1</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td>
<p style="margin: 0cm 0cm 0pt;">Managed by authorized retailers</p>
</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">1,478</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">1,114</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td style="border-bottom: black 0pt solid;">
<p style="margin: 0px;"><b>Total </b><b>outlet</b><b> </b><b>c</b><b>ount</b></p>
</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;">1,583</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 3px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;">1,214</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 3px;" valign="bottom">&#160;</td>
</tr>

</table>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;">Gross profit was negative RMB141.4 million in the third quarter of 2014 as compared with RMB115.9 million in the third quarter of 2013. The reduction was mainly due to the loss on inventory buy back from distributors.</p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;">Interest and other income was RMB5.9 million in the third quarter of 2014 as compared to RMB4.7 million in the third quarter of 2013. The increase was mainly due to higher time deposits of RMB600 million placed with banks in the third quarter of 2014 as compared to time deposits of RMB500 million placed with banks during the same period last year.</p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;">Selling and distribution expenses were RMB64.7 million in the third quarter of 2014, a decrease from RMB104.3 million during the third quarter of 2013. The decrease was primarily due to a reduction in advertising expenditure and a decrease in rack expenses for authorized retailers.</p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;">During the third quarter of 2014, the Company paid for shop rack, signage, and various outlet-related accessories for 49 new retail outlets and refurbished 67 existing retail outlets, which included expanding floor space for 12 existing retail outlets, as compared to 78 new retail outlets and 120 refurbished retail outlets during the third quarter of 2013. The refurbishment of existing retail outlets is expected to upgrade the older retail store image, help attract new consumers, and improve the presentation of Xiniya&#8217;s products, all in an effort to enhance retail outlet sales in the future. These expenses were approximately RMB28.0 million, or 13.6% of revenue, in the third quarter of 2014, compared with RMB44.3 million, or 11.4% of revenue during the third quarter of 2013.</p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;">Administrative expenses were RMB5.9 million in the third quarter of 2014, a decrease from RMB7.5 million during the third quarter of 2013. The decrease was primarily due to reduction of headcount, office and other miscellaneous expenses during the third quarter of 2014.</p>
<p style="margin: 0px;">&#160;</p>
<table id="tableid3" style="width: 100%; font: 10pt TIMES NEW ROMAN;" cellspacing="0" cellpadding="0" border="0">

<tr>
<td>&#160;</td>
</tr>
<tr>
<td>
<div class="rcpn" align="center"><font size="2" face="Times New Roman, Times, serif">2</font></div>
<div class="hpbhr" style="font-size: 1pt; width: 100%;"></div>
<hr color="#000000" size="1" width="100%" noshade="noshade" />
<div style="width: 100%; page-break-after: always; line-height: 0px;"></div>
</td>
</tr>
<tr>
<td>
<div class="hdr" style="font-size: 1pt; width: 100%;"></div>
</td>
</tr>

</table>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;">Loss before taxation was RMB206.1 million in the third quarter of 2014, as compared with profit before taxation of RMB8.7 million during the third quarter of 2013.</p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;">Loss after taxation for the third quarter of 2014 was RMB206.1 million, as compared with profit of RMB6.0 million during the third quarter of 2013. Loss per ADS was ($0.59) in the third quarter of 2014, compared to earnings $0.02 per ADS in the third quarter of 2013.</p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;"><b>Financial Position</b></p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;">As of&#160;September 30, 2014, the Company had cash and cash equivalents of&#160;RMB804.6 million, and time deposits of&#160;RMB350.0 million held at banks with maturities of more than three months.</p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;">As of September 30, 2014, the Company had trade receivables of RMB56.1 million. The decrease in trade receivables was primarily due to the inventory buy back from distributors which offset receivable from them.</p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;">Prepayments to suppliers are payments paid to contract manufacturers for orders received from distributors and authorized retailers during the sales fair. The decrease in these prepayments to suppliers from December 31, 2013 is primarily due to the reduction of the Company&#8217;s 2015 Spring and Summer collection orders.</p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;">The increase in inventories was mainly due to the inventory buy back from distributors.</p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;">Deposits received from distributors are primarily related to payments made by distributors for orders placed with the Company. The decrease in these deposits from December 31, 2013 is primarily due to the reduction of the Company&#8217;s 2015 Spring and Summer collection orders.</p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;"><b>Conference Call</b></p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;">Xiniya will host a conference call and live webcast on Monday, December 29, 2014 at 8 a.m. Eastern Daylight Time&#160;(9 p.m. Beijing&#160;time on the same day).</p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;">Dial-in details for the earnings conference call are as follows:</p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;">- USA: 1877-679-2987</p>
<p style="margin: 0px;">-&#160;China: 800-803-6152</p>
<p style="margin: 0px;">- Hong Kong: 800-908-575</p>
<p style="margin: 0px;">- International access: +852 3056 2688</p>
<p style="margin: 0px;">- Participant PIN Code: 511569#</p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;">A live webcast of the conference call will be available on: http://www.corpasia.net/cancast/us/index.php?id=usXNY_33&amp;version=e</p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;">A telephone replay of the call will be available 2 hours after the end of the conference through January 28, 2015 at 8 a.m. EDT.</p>
<p style="margin: 0px;">&#160;</p>
<table id="tableid4" style="width: 100%; font: 10pt TIMES NEW ROMAN;" cellspacing="0" cellpadding="0" border="0">

<tr>
<td>&#160;</td>
</tr>
<tr>
<td>
<div class="rcpn" align="center"><font size="2" face="Times New Roman, Times, serif">3</font></div>
<div class="hpbhr" style="font-size: 1pt; width: 100%;"></div>
<hr color="#000000" size="1" width="100%" noshade="noshade" />
<div style="width: 100%; page-break-after: always; line-height: 0px;"></div>
</td>
</tr>
<tr>
<td>
<div class="hdr" style="font-size: 1pt; width: 100%;"></div>
</td>
</tr>

</table>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;"><b>Conference Playback</b><b>&#65306;</b></p>
<p style="margin: 0px;">&#160;</p>
<table id="tableid5" style="width: 100%; text-align: left; font: 10pt TIMES NEW ROMAN; margin: auto;" cellspacing="0" cellpadding="0" align="center" border="0">

<tr height="15">
<td width="10%">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">Hong Kong</p>
</td>
<td>
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">3060-0238</p>
</td>
</tr>
<tr height="15">
<td>
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">China</p>
</td>
<td>
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">1080-0265-2561 Southern China - CT</p>
</td>
</tr>
<tr height="15">
<td>
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">&#160;</p>
</td>
<td>
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">1080-0650-0588 Northern China&#160;- CNC</p>
</td>
</tr>
<tr height="15">
<td>
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">USA</p>
</td>
<td>
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">1866-345-5132</p>
</td>
</tr>

</table>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;">Conference Reference: 214311#</p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;"><b>Safe Harbor Statement</b></p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;">This news release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "target," "going forward," "outlook" and similar statements. Such statements are based upon management's current expectations and current market and operating conditions, and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company's control, which may cause the Company's actual results, performance or achievements to differ materially from those in the forward-looking statements. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. The Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under law.</p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;"><b>Exchange Rate Information</b></p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;">The United States dollar ($) amounts disclosed in this press release are presented solely for the convenience of the reader. Translations of amounts from RMB into United States dollars for the convenience of the reader were calculated at the certified exchange rate of $1.00 = RMB6.138 on September 30, 2014 as set forth in the H.10 weekly statistical release of the Federal Reserve Board. No representation is made that the RMB amounts could have been, or could be, converted into $ at that rate on September 30, 2014, or at any other date. The percentages stated are calculated based on RMB amounts.</p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;"><b>About China Xiniya Fashion Limited</b></p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;">Xiniya is a leading provider of men's business casual apparel in China. The Company designs men's business casual and business formal apparel and accessories, which are marketed under the Xiniya brand, and sells through its distribution network that includes 26 distributors. Its products are sold to consumers at over 1,200 authorized retail outlets owned and managed by third parties located in 22 provinces, four autonomous regions, and four municipalities in China. This retail network focuses on second and lower-tier cities, where increasing affluence has led to an improvement in living standards and where most international men's apparel brands do not have a significant presence. The Company's target consumers are male working professionals in China between the ages of 25 and 45 who seek fashionable clothing to suit their working and lifestyle needs. For more information, please visit the Company's website at http://www.xiniya.com.</p>
<p style="margin: 0px;">&#160;</p>
<table id="tableid6" style="width: 100%; font: 10pt TIMES NEW ROMAN;" cellspacing="0" cellpadding="0" border="0">

<tr>
<td>&#160;</td>
</tr>
<tr>
<td>
<div class="rcpn" align="center"><font size="2" face="Times New Roman, Times, serif">4</font></div>
<div class="hpbhr" style="font-size: 1pt; width: 100%;"></div>
<hr color="#000000" size="1" width="100%" noshade="noshade" />
<div style="width: 100%; page-break-after: always; line-height: 0px;"></div>
</td>
</tr>
<tr>
<td>
<div class="hdr" style="font-size: 1pt; width: 100%;"></div>
</td>
</tr>

</table>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;">For additional information, please contact:</p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;">China Xiniya Fashion Limited</p>
<p style="margin: 0px;">Mr. Chee Jiong Ng</p>
<p style="margin: 0px;">Chief Financial Officer</p>
<p style="margin: 0px;">Telephone: +86 1365 5939 932</p>
<p style="margin: 0px;">Email: ngcheejiong@xiniya.com</p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;">Christensen</p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;">Ms. Linda Bergkamp</p>
<p style="margin: 0px;">Phone: +1-480-614-3004 in U.S.A.</p>
<p style="margin: 0px;">Email: lbergkamp@ChristensenIR.com</p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;">or</p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;">Mr. Christian Arnell</p>
<p style="margin: 0px;">Telephone +86 10 5900-1548 in Beijing</p>
<p style="margin: 0px;">email: carnell@christensenir.com</p>
<p style="margin: 0px;">&#160;</p>
<table id="tableid7" style="width: 100%; font: 10pt TIMES NEW ROMAN;" cellspacing="0" cellpadding="0" border="0">

<tr>
<td>&#160;</td>
</tr>
<tr>
<td>
<div class="rcpn" align="center"><font size="2" face="Times New Roman, Times, serif">5</font></div>
<div class="hpbhr" style="font-size: 1pt; width: 100%;"></div>
<hr color="#000000" size="1" width="100%" noshade="noshade" />
<div style="width: 100%; page-break-after: always; line-height: 0px;"></div>
</td>
</tr>
<tr>
<td>
<div class="hdr" style="font-size: 1pt; width: 100%;"></div>
</td>
</tr>

</table>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;" align="center"><strong>CHINA XINIYA FASHION LIMITED</strong></p>
<p style="margin: 0px;" align="center"><strong>UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME</strong></p>
<p style="margin: 0px;" align="center"><strong>(Expressed in thousands, except per share and per ADS amounts)</strong></p>
<p style="margin: 0px;"><strong>&#160;</strong></p>
<table id="fftableid11" style="width: 100%; text-align: justify; font: 10pt TIMES NEW ROMAN; margin: auto;" cellspacing="0" cellpadding="0" border="0">

<tr height="15">
<td style="text-indent: 30px;" align="left"></td>
<td style="text-indent: 30px;" align="left"></td>
<td style="border-bottom: black 1px solid; text-indent: 30px;" valign="bottom" colspan="10" align="center"><b>Three months ended September 30,</b><b></b><b></b></td>
<td id="ffc" valign="bottom" align="center"></td>
<td valign="bottom" align="center"></td>
<td style="border-bottom: black 1px solid;" valign="bottom" colspan="10" align="center"><strong>Nine months ended September 30,</strong><b></b><b></b></td>
<td align="left">&#160;</td>
</tr>
<tr height="15">
<td valign="top" align="left">&#160;</td>
<td valign="top" align="left"></td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" colspan="2" align="center"><b>2013</b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" colspan="2" align="center"><b>2014</b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" colspan="2" align="center"><b>2014</b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" colspan="2" align="center"><b>2013</b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" colspan="2" align="center"><b>2014</b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" colspan="2" align="center"><b>2014</b></td>
<td align="left">&#160;</td>
</tr>
<tr height="15">
<td valign="top" align="left"></td>
<td valign="top" align="left"></td>
<td valign="bottom" colspan="2" align="center"><strong>RMB</strong><strong>&#160;</strong></td>
<td align="left"></td>
<td align="left"></td>
<td valign="bottom" colspan="2" align="center"><b>&#160;RMB</b></td>
<td align="left"></td>
<td align="left"></td>
<td valign="bottom" colspan="2" align="center"><strong>&#160;</strong><strong>USD</strong></td>
<td align="left"></td>
<td align="left"></td>
<td valign="bottom" colspan="2" align="center"><strong>&#160;</strong><strong>RMB</strong></td>
<td align="left"></td>
<td align="left"></td>
<td valign="bottom" colspan="2" align="center"><strong>&#160;</strong><strong>RMB</strong></td>
<td align="left"></td>
<td align="left"></td>
<td valign="bottom" colspan="2" align="center"><strong>&#160;</strong><strong>USD</strong></td>
<td align="left"></td>
</tr>
<tr height="15">
<td valign="top" align="left">&#160;</td>
<td valign="top" align="left"></td>
<td id="ffc" valign="bottom" colspan="2" align="center"><b></b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" valign="bottom" colspan="2" align="center"><b></b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" valign="bottom" colspan="2" align="center"><b></b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" valign="bottom" colspan="2" align="center"><b></b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" valign="bottom" colspan="2" align="center"><b></b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" valign="bottom" colspan="2" align="center"><b></b></td>
<td align="left">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="top">
<p style="margin: 0px;">Revenue</p>
</td>
<td valign="top">
<p style="margin: 0px;">&#160;</p>
</td>
<td valign="bottom" width="1%"></td>
<td id="ffc" valign="bottom" width="8%" align="right">
<p style="margin: 0pt;">389,826</p>
</td>
<td valign="bottom" width="1%">&#160;</td>
<td width="1%">&#160;</td>
<td valign="bottom" width="1%"></td>
<td id="ffc" valign="bottom" width="8%" align="right">
<p style="margin: 0pt;">205,214</p>
</td>
<td valign="bottom" width="1%">&#160;</td>
<td width="1%">&#160;</td>
<td valign="bottom" width="1%"></td>
<td id="ffc" valign="bottom" width="8%" align="right">
<p style="margin: 0pt;">33,433</p>
</td>
<td valign="bottom" width="1%">&#160;</td>
<td width="1%">&#160;</td>
<td valign="bottom" width="1%"></td>
<td id="ffc" valign="bottom" width="8%" align="right">
<p style="margin: 0pt;">833,917</p>
</td>
<td valign="bottom" width="1%">&#160;</td>
<td width="1%">&#160;</td>
<td valign="bottom" width="1%"></td>
<td id="ffc" valign="bottom" width="8%" align="right">
<p style="margin: 0pt;">611,520</p>
</td>
<td valign="bottom" width="1%">&#160;</td>
<td width="1%">&#160;</td>
<td valign="bottom" width="1%"></td>
<td id="ffc" valign="bottom" width="8%" align="right">
<p style="margin: 0pt;">99,628</p>
</td>
<td valign="bottom" width="1%">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="top">
<p style="margin: 0px;">Cost of sales</p>
</td>
<td valign="top">
<p style="margin: 0px;">&#160;</p>
</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(273,960</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(149,999</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(24,438</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(586,658</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(441,434</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(71,918</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="top">
<p style="margin: 0px;">Loss on inventory buy back</p>
</td>
<td valign="top">
<p style="margin: 0px;">&#160;</p>
</td>
<td style="border-bottom: black 1pt solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1pt solid;" valign="bottom" align="right">
<p style="margin: 0pt;">&#8212;</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td style="border-bottom: black 1pt solid;" valign="bottom" align="left"></td>
<td id="ffc" class="para" style="border-bottom: black 1pt solid;" valign="bottom" align="right">
<p style="margin: 0pt;">(196,583</p>
</td>
<td style="padding-bottom: 1px;" valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td>&#160;</td>
<td style="border-bottom: black 1pt solid;" valign="bottom" align="left"></td>
<td id="ffc" class="para" style="border-bottom: black 1pt solid;" valign="bottom" align="right">
<p style="margin: 0pt;">(32,027</p>
</td>
<td style="padding-bottom: 1px;" valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td>&#160;</td>
<td style="border-bottom: black 1pt solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1pt solid;" valign="bottom" align="right">
<p style="margin: 0pt;">&#8212;</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td style="border-bottom: black 1pt solid;" valign="bottom" align="left"></td>
<td id="ffc" class="para" style="border-bottom: black 1pt solid;" valign="bottom" align="right">
<p style="margin: 0pt;">(196,583</p>
</td>
<td style="padding-bottom: 1px;" valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td>&#160;</td>
<td style="border-bottom: black 1pt solid;" valign="bottom" align="left"></td>
<td id="ffc" class="para" style="border-bottom: black 1pt solid;" valign="bottom" align="right">
<p style="margin: 0pt;">(32,027</p>
</td>
<td style="padding-bottom: 1px;" valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="top">
<p style="margin: 0px;">Gross profit/(loss)</p>
</td>
<td valign="top">
<p style="margin: 0px;">&#160;</p>
</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">115,866</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(141,368</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(23,032</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">247,259</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(26,497</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(4,317</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td style="text-indent: 30px;" valign="top"></td>
<td style="text-indent: 30px;" valign="top"></td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="top">
<p style="margin: 0px;">Interest and other income</p>
</td>
<td valign="top">
<p style="margin: 0px;">&#160;</p>
</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">4,729</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">5,859</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">955</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">13,444</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">16,638</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">2,711</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="top">
<p style="margin: 0px;">Selling and distribution expenses</p>
</td>
<td valign="top">
<p style="margin: 0px;">&#160;</p>
</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(104,346</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(64,709</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(10,542</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(165,675</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(119,481</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(19,466</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="top">
<p style="margin: 0px;">Administrative expenses</p>
</td>
<td valign="top">
<p style="margin: 0px;">&#160;</p>
</td>
<td style="border-bottom: black 1pt solid;" valign="bottom" align="left"></td>
<td id="ffc" class="para" style="border-bottom: black 1pt solid;" valign="bottom" align="right">
<p style="margin: 0pt;">(7,507</p>
</td>
<td style="padding-bottom: 1px;" valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td>&#160;</td>
<td style="border-bottom: black 1pt solid;" valign="bottom" align="left"></td>
<td id="ffc" class="para" style="border-bottom: black 1pt solid;" valign="bottom" align="right">
<p style="margin: 0pt;">(5,866</p>
</td>
<td style="padding-bottom: 1px;" valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td>&#160;</td>
<td style="border-bottom: black 1pt solid;" valign="bottom" align="left"></td>
<td id="ffc" class="para" style="border-bottom: black 1pt solid;" valign="bottom" align="right">
<p style="margin: 0pt;">(956</p>
</td>
<td style="padding-bottom: 1px;" valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td>&#160;</td>
<td style="border-bottom: black 1pt solid;" valign="bottom" align="left"></td>
<td id="ffc" class="para" style="border-bottom: black 1pt solid;" valign="bottom" align="right">
<p style="margin: 0pt;">(24,698</p>
</td>
<td style="padding-bottom: 1px;" valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td>&#160;</td>
<td style="border-bottom: black 1pt solid;" valign="bottom" align="left"></td>
<td id="ffc" class="para" style="border-bottom: black 1pt solid;" valign="bottom" align="right">
<p style="margin: 0pt;">(22,208</p>
</td>
<td style="padding-bottom: 1px;" valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td>&#160;</td>
<td style="border-bottom: black 1pt solid;" valign="bottom" align="left"></td>
<td id="ffc" class="para" style="border-bottom: black 1pt solid;" valign="bottom" align="right">
<p style="margin: 0pt;">(3,618</p>
</td>
<td style="padding-bottom: 1px;" valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="top">
<p style="margin: 0px;">Profit/(loss) before taxation</p>
</td>
<td valign="top">
<p style="margin: 0px;">&#160;</p>
</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">8,742</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(206,084</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(33,575</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">70,330</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(151,548</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(24,690</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="top">
<p style="margin: 0px;">Income tax expense</p>
</td>
<td valign="top">
<p style="margin: 0px;">&#160;</p>
</td>
<td style="border-bottom: black 1pt solid;" valign="bottom" align="left"></td>
<td id="ffc" class="para" style="border-bottom: black 1pt solid;" valign="bottom" align="right">
<p style="margin: 0pt;">(2,775</p>
</td>
<td style="padding-bottom: 1px;" valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td>&#160;</td>
<td style="border-bottom: black 1pt solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1pt solid;" valign="bottom" align="right">
<p style="margin: 0pt;">&#8212;</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td style="border-bottom: black 1pt solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1pt solid;" valign="bottom" align="right">
<p style="margin: 0pt;">&#8212;</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td style="border-bottom: black 1pt solid;" valign="bottom" align="left"></td>
<td id="ffc" class="para" style="border-bottom: black 1pt solid;" valign="bottom" align="right">
<p style="margin: 0pt;">(22,161</p>
</td>
<td style="padding-bottom: 1px;" valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td>&#160;</td>
<td style="border-bottom: black 1pt solid;" valign="bottom" align="left"></td>
<td id="ffc" class="para" style="border-bottom: black 1pt solid;" valign="bottom" align="right">
<p style="margin: 0pt;">(14,600</p>
</td>
<td style="padding-bottom: 1px;" valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td>&#160;</td>
<td style="border-bottom: black 1pt solid;" valign="bottom" align="left"></td>
<td id="ffc" class="para" style="border-bottom: black 1pt solid;" valign="bottom" align="right">
<p style="margin: 0pt;">(2,379</p>
</td>
<td style="padding-bottom: 1px;" valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="top">
<p style="margin: 0px;">Profit/(loss) for the period</p>
</td>
<td valign="top">
<p style="margin: 0px;">&#160;</p>
</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">5,967</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(206,084</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(33,575</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">48,169</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(166,148</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(27,069</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td style="text-indent: 30px;" valign="top"></td>
<td style="text-indent: 30px;" valign="top"></td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="top">
<p style="text-align: left; margin: 0px;">Other comprehensive income/(loss) for the period:</p>
</td>
<td valign="top">
<p style="text-align: left; margin: 0px;">&#160;</p>
</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td style="text-indent: 30px;" valign="top"></td>
<td style="text-indent: 30px;" valign="top"></td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td style="border-bottom: black 0pt solid;" valign="top">
<p style="text-align: left; margin: 0px;">Exchange differences on translation of financial statements of entities outside the mainland of the People&#8217;s Republic of China</p>
</td>
<td style="border-bottom: black 0pt solid;" valign="top">
<p style="text-align: left; margin: 0px;">&#160;</p>
</td>
<td style="border-bottom: black 1px solid;" valign="bottom" align="left"></td>
<td id="ffc" class="para" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">(65</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom" align="left"></td>
<td id="ffc" class="para" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">(276</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom" align="left"></td>
<td id="ffc" class="para" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">(45</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom" align="left"></td>
<td id="ffc" class="para" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">(706</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">419</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">68</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td style="border-bottom: black 0pt solid;" valign="top">
<p style="margin: 0px;">Total comprehensive income/(loss) for the period</p>
</td>
<td style="border-bottom: black 0pt solid;" valign="top">
<p style="margin: 0px;">&#160;</p>
</td>
<td style="border-bottom: black 3px double;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;">5,902</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 3px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom" align="left"></td>
<td id="ffc" class="para" style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;">(206,360</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 3px;" valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom" align="left"></td>
<td id="ffc" class="para" style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;">(33,620</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 3px;" valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;">47,463</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 3px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom" align="left"></td>
<td id="ffc" class="para" style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;">(165,729</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 3px;" valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom" align="left"></td>
<td id="ffc" class="para" style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;">(27,001</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 3px;" valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="top">
<p style="margin: 0px;">&#12288;</p>
</td>
<td valign="top">
<p style="margin: 0px;">&#160;</p>
</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="top">
<p style="margin: 0px;">Earnings/(loss) per share - basic and diluted (in RMB)</p>
</td>
<td valign="top">
<p style="margin: 0px;">&#160;</p>
</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">0.03</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(0.91</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">0.21</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">(0.73</p>
</td>
<td valign="bottom">)&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="top">
<p style="margin: 0px;">Earnings/(loss) per ADS&#160;- basic and diluted (in USD)</p>
</td>
<td valign="top">
<p style="margin: 0px;">&#160;</p>
</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">0.02</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(0.59</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">0.14</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">(0.48</p>
</td>
<td valign="bottom">)</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="top">
<p style="text-align: left; margin: 0px;">Weighted average shares outstanding in the period (&#8216;000)</p>
</td>
<td valign="top">
<p style="text-align: left; margin: 0px;">&#160;</p>
</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">227,717</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">227,717</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">227,717</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">227,717</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="top">
<p style="text-align: left; margin: 0px;">Weighted average ADS outstanding in the period (&#8216;000)</p>
</td>
<td valign="top">
<p style="text-align: left; margin: 0px;">&#160;</p>
</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">56,929</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">56,929</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">56,929</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">56,929</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td style="text-indent: 30px;" valign="top"></td>
<td style="text-indent: 30px;" valign="top"></td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td>One ADS represents four ordinary shares.</td>
<td></td>
<td id="ffc" valign="bottom" align="right"></td>
<td valign="bottom" align="right"></td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0px;">&#12288;</p>
</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0px;">&#12288;</p>
</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
</tr>

</table>
<p style="margin: 0px;">&#160;</p>
<table id="tableid9" style="width: 100%; font: 10pt TIMES NEW ROMAN;" cellspacing="0" cellpadding="0" border="0">

<tr>
<td>&#160;</td>
</tr>
<tr>
<td>
<div class="rcpn" align="center"><font size="2" face="Times New Roman, Times, serif">6</font></div>
<div class="hpbhr" style="font-size: 1pt; width: 100%;"></div>
<hr color="#000000" size="1" width="100%" noshade="noshade" />
<div style="width: 100%; page-break-after: always; line-height: 0px;"></div>
</td>
</tr>
<tr>
<td>
<div class="hdr" style="font-size: 1pt; width: 100%;"></div>
</td>
</tr>

</table>
<p style="margin: 0px;">&#160;</p>
<p style="text-align: center; margin: 0px;" align="center"><strong>CHINA XINIYA FASHION LIMITED</strong></p>
<p style="text-align: center; margin: 0px;" align="center"><strong>CONSOLIDATED STATEMENTS OF FINANCIAL POSITION</strong></p>
<p style="text-align: center; margin: 0px;" align="center"><strong>(Expressed in thousands)</strong></p>
<p style="margin: 0px;">&#160;</p>
<table id="fftableid13" style="width: 100%; text-align: justify; font: 10pt TIMES NEW ROMAN; margin: auto;" cellspacing="0" cellpadding="0" border="0">

<tr height="15">
<td align="left">&#160;</td>
<td id="ffc" valign="bottom" align="center"><b></b></td>
<td style="border-bottom: black 1px solid;" valign="bottom" colspan="2" align="center"><strong>As of<br />December 31,</strong></td>
<td align="left">&#160;</td>
<td id="ffc" valign="bottom" align="center"></td>
<td style="border-bottom: black 1px solid;" valign="bottom" colspan="6" align="center"><b>As of<br />September 30,</b><b></b><b></b><b></b><b></b></td>
<td align="left">&#160;</td>
</tr>
<tr height="15">
<td style="text-indent: 30px;" valign="top"></td>
<td valign="bottom">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom" colspan="2" align="right">
<p style="text-align: center; margin: 0pt;"><b>2013</b></p>
</td>
<td style="text-align: center;" valign="bottom">&#160;</td>
<td style="text-align: center;" valign="bottom">&#160;</td>
<td style="border-bottom: black 1px solid; text-align: center;" valign="bottom" colspan="2" align="right">
<p style="margin: 0pt;"><b>2014</b></p>
</td>
<td style="text-align: center;" valign="bottom">&#160;</td>
<td style="text-align: center;" valign="bottom">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom" colspan="2" align="right">
<p style="text-align: center; margin: 0pt;"><b>2014</b></p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15">
<td style="text-indent: 30px;" valign="top"></td>
<td width="1%">&#160;</td>
<td width="1%">&#160;</td>
<td id="ffc" valign="bottom" width="9%" align="right">
<p style="margin: 0px;" align="center"><strong>RMB</strong></p>
</td>
<td width="1%"><strong>&#160;</strong></td>
<td width="1%"><strong>&#160;</strong></td>
<td width="1%"><strong>&#160;</strong></td>
<td id="ffc" valign="bottom" width="9%" align="right">
<p style="margin: 0px;" align="center"><strong>RMB</strong></p>
</td>
<td width="1%"><strong>&#160;</strong></td>
<td width="1%"><strong>&#160;</strong></td>
<td width="1%"><strong>&#160;</strong></td>
<td id="ffc" valign="bottom" width="9%" align="right">
<p style="margin: 0px;" align="center"><strong>USD</strong></p>
</td>
<td width="1%"><strong>&#160;</strong></td>
</tr>
<tr height="15">
<td style="text-indent: 30px;" valign="top"></td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0px;" align="center"><strong>Unaudited</strong></p>
</td>
<td><strong>&#160;</strong></td>
<td><strong>&#160;</strong></td>
<td><strong>&#160;</strong></td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0px;" align="center"><strong>Unaudited</strong></p>
</td>
<td><strong>&#160;</strong></td>
</tr>
<tr height="15">
<td valign="top">
<p style="margin: 0px;"><b>Assets</b></p>
</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15">
<td valign="top">
<p style="margin: 0px;"><b>Non-current assets</b></p>
</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="top">
<p style="margin: 0px;">Property, plant and equipment</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">9,303</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">6,463</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">1,053</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="top">
<p style="margin: 0px;">Intangible assets</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">8,566</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">6,926</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">1,128</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td style="border-bottom: black 0pt solid;" valign="top">
<p style="margin: 0px;">Deposit for land use right</p>
</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">8,854</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">8,854</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">1,443</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td style="border-bottom: black 0pt solid;" valign="top">
<p style="margin: 0px;"><b>Total non-current assets</b></p>
</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">26,723</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">22,243</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">3,624</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td style="text-indent: 30px;" valign="top"></td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="top">
<p style="margin: 0px;"><b>Current assets</b></p>
</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="top">
<p style="margin: 0px;">Cash and cash equivalents</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">806,467</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">804,622</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">131,088</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="top">
<p style="margin: 0px;">Time deposits held at banks with maturity over three months</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">130,000</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">350,000</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">57,022</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="top">
<p style="margin: 0px;">Trade receivables</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">580,337</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">56,069</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">9,135</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="top">
<p style="margin: 0px;">Prepayments to suppliers</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">80,785</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">31,341</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">5,106</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="top">
<p style="margin: 0px;">Inventories</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">32,042</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">197,999</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">32,258</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="top">
<p style="margin: 0px;">Other receivables and prepayments</p>
</td>
<td>&#160;</td>
<td style="border-bottom: black 1pt solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1pt solid;" valign="bottom" align="right">
<p style="margin: 0pt;">17,093</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td style="border-bottom: black 1pt solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1pt solid;" valign="bottom" align="right">
<p style="margin: 0pt;">92,351</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td style="border-bottom: black 1pt solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1pt solid;" valign="bottom" align="right">
<p style="margin: 0pt;">15,046</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="top">
<p style="margin: 0px;"><b>Total current assets</b></p>
</td>
<td>&#160;</td>
<td style="border-bottom: black 1pt solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1pt solid;" valign="bottom" align="right">
<p style="margin: 0pt;">1,646,724</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td style="border-bottom: black 1pt solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1pt solid;" valign="bottom" align="right">
<p style="margin: 0pt;">1,532,382</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td style="border-bottom: black 1pt solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1pt solid;" valign="bottom" align="right">
<p style="margin: 0pt;">249,655</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td style="text-indent: 30px;" valign="top"></td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="top">
<p style="margin: 0px;"><b>Total assets</b></p>
</td>
<td>&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;">1,673,447</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;">1,554,625</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;">253,279</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td style="text-indent: 30px;" valign="top"></td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="top">
<p style="margin: 0px;"><b>Equity and liabilities</b></p>
</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="top">
<p style="margin: 0px;"><b>Equity</b></p>
</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="top">
<p style="margin: 0px;">Share capital</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">77</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">77</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">13</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="top">
<p style="margin: 0px;">Additional paid-in capital</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">519,077</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">519,077</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">84,568</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="top">
<p style="margin: 0px;">Statutory reserve</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">122,615</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">122,615</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">19,976</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="top">
<p style="margin: 0px;">Currency translation reserve</p>
</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(20,150</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(19,731</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(3,215</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="top">
<p style="margin: 0px;">Retained earnings</p>
</td>
<td>&#160;</td>
<td style="border-bottom: black 1pt solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1pt solid;" valign="bottom" align="right">
<p style="margin: 0pt;">878,567</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td style="border-bottom: black 1pt solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1pt solid;" valign="bottom" align="right">
<p style="margin: 0pt;">713,105</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td style="border-bottom: black 1pt solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1pt solid;" valign="bottom" align="right">
<p style="margin: 0pt;">116,179</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="top">
<p style="margin: 0px;">Total equity</p>
</td>
<td>&#160;</td>
<td style="border-bottom: black 1pt solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1pt solid;" valign="bottom" align="right">
<p style="margin: 0pt;">1,500,186</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td style="border-bottom: black 1pt solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1pt solid;" valign="bottom" align="right">
<p style="margin: 0pt;">1,335,143</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td style="border-bottom: black 1pt solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1pt solid;" valign="bottom" align="right">
<p style="margin: 0pt;">217,521</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td style="text-indent: 30px;" valign="top"></td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="top">
<p style="margin: 0px;"><b>Current liabilities</b></p>
</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="top">
<p style="margin: 0px;">Trade payables</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">25,594</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">115,205</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">18,769</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="top">
<p style="margin: 0px;">Deposits received from distributors</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">99,900</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">55,800</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">9,091</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="top">
<p style="margin: 0px;">Other payables and accruals</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">29,071</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">46,064</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">7,505</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="top">
<p style="margin: 0px;">Current income tax payable</p>
</td>
<td>&#160;</td>
<td style="border-bottom: black 1pt solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1pt solid;" valign="bottom" align="right">
<p style="margin: 0pt;">18,696</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td style="border-bottom: black 1pt solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1pt solid;" valign="bottom" align="right">
<p style="margin: 0pt;">2,413</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td style="border-bottom: black 1pt solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1pt solid;" valign="bottom" align="right">
<p style="margin: 0pt;">393</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="top">
<p style="margin: 0px;">Total current liabilities</p>
</td>
<td>&#160;</td>
<td style="border-bottom: black 1pt solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1pt solid;" valign="bottom" align="right">
<p style="margin: 0pt;">173,261</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td style="border-bottom: black 1pt solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1pt solid;" valign="bottom" align="right">
<p style="margin: 0pt;">219,482</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td style="border-bottom: black 1pt solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1pt solid;" valign="bottom" align="right">
<p style="margin: 0pt;">35,758</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td style="text-indent: 30px;" valign="top"></td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="top">
<p style="margin: 0px;"><b>Total equity and liabilities</b></p>
</td>
<td>&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;">1,673,447</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;">1,554,625</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;">253,279</p>
</td>
<td valign="bottom">&#160;</td>
</tr>

</table>
<p style="margin: 0px;">&#160;</p>
<table id="tableid11" style="width: 100%; font: 10pt TIMES NEW ROMAN;" cellspacing="0" cellpadding="0" border="0">

<tr>
<td>&#160;</td>
</tr>
<tr>
<td>
<div class="rcpn" align="center"><font size="2" face="Times New Roman, Times, serif">7</font></div>
<div class="hpbhr" style="font-size: 1pt; width: 100%;"></div>
<hr color="#000000" size="1" width="100%" noshade="noshade" />
<div style="width: 100%; page-break-after: always; line-height: 0px;"></div>
</td>
</tr>
<tr>
<td>
<div class="hdr" style="font-size: 1pt; width: 100%;"></div>
</td>
</tr>

</table>
<p style="margin: 0px;">&#160;</p>
<p style="text-align: center; margin: 0px;" align="center"><strong>CHINA XINIYA FASHION LIMITED</strong></p>
<p style="text-align: center; margin: 0px;" align="center"><strong>UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS</strong></p>
<p style="text-align: center; margin: 0px;" align="center"><strong>(Expressed in thousands)</strong></p>
<p style="margin: 0px;">&#160;</p>
<table id="fftableid15" style="width: 100%; text-align: justify; font: 10pt TIMES NEW ROMAN; margin: auto;" cellspacing="0" cellpadding="0" border="0">

<tr height="15">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid; text-align: center;" valign="bottom" colspan="10" align="left"><b></b><b>Nine months ended September 30</b><b></b><b></b><b></b></td>
<td align="left">&#160;</td>
</tr>
<tr height="15">
<td valign="top" align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" colspan="2" align="center"><b>2013</b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" colspan="2" align="center"><b>2014</b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" colspan="2" align="center"><b>2014</b></td>
<td align="left">&#160;</td>
</tr>
<tr height="15">
<td valign="top" align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" valign="bottom" colspan="2" align="center"><b>RMB</b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" valign="bottom" colspan="2" align="center"><b>RMB</b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" valign="bottom" colspan="2" align="center"><b>USD</b></td>
<td align="left">&#160;</td>
</tr>
<tr height="15">
<td valign="top" align="left">
<p style="margin: 0px;"><b>Cash flows from operating activities:</b></p>
</td>
<td align="left">&#160;</td>
<td id="ffc" valign="bottom" colspan="2" align="center"><b></b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" valign="bottom" colspan="2" align="center"><b></b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" valign="bottom" colspan="2" align="center"><b></b></td>
<td align="left">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="top">
<p style="margin: 0px;">Profit/(loss) before taxation</p>
</td>
<td width="1%">&#160;</td>
<td valign="bottom" width="1%"></td>
<td id="ffc" valign="bottom" width="9%" align="right">
<p style="margin: 0pt;">70,330</p>
</td>
<td valign="bottom" width="1%">&#160;</td>
<td width="1%">&#160;</td>
<td valign="bottom" width="1%" align="left"></td>
<td id="ffc" class="para" valign="bottom" width="9%" align="right">
<p style="margin: 0pt;">(151,548</p>
</td>
<td valign="bottom" width="1%" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td width="1%">&#160;</td>
<td valign="bottom" width="1%" align="left"></td>
<td id="ffc" class="para" valign="bottom" width="9%" align="right">
<p style="margin: 0pt;">(24,690</p>
</td>
<td valign="bottom" width="1%" align="left">
<p style="margin: 0pt;">)</p>
</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="top">
<p style="margin: 0px;">Adjustments for:</p>
</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="top">
<p style="margin: 0px;">Depreciation of property, plant and equipment</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">3,777</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">2,930</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">477</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="top">
<p style="margin: 0px;">Amortization of intangible assets</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">1,707</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">1,640</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">267</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="top">
<p style="margin: 0px;">Loss on disposal of property, plant and equipment</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">971</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">&#8212;</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">&#8212;</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="top">
<p style="margin: 0px;">Interest income</p>
</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(11,913</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(15,243</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(2,483</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="top">
<p style="margin: 0px;">Foreign exchange (gains)/losses</p>
</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(717</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">473</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">77</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="top">
<p style="margin: 0px;">Provision for sales return</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">&#8212;</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">32,300</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">5,262</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td style="border-bottom: black 0pt solid;" valign="top">
<p style="margin: 0px;">Share-based compensation</p>
</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">782</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">686</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">112</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="top">
<p style="margin: 0px;">Operating profit/(loss) before working capital changes</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">64,937</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(128,762</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(20,978</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="top">
<p style="margin: 0px;">(Increase)/decrease in trade receivables</p>
</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(79,141</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">524,268</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">85,414</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="top">
<p style="margin: 0px;">Decrease in prepayments to suppliers</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">29,786</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">49,444</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">8,056</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="top">
<p style="margin: 0px;">Increase in inventories</p>
</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(190,334</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(165,957</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(27,038</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="top">
<p style="margin: 0px;">Increase in other receivables and prepayments</p>
</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(39,359</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(65,005</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(10,591</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="top">
<p style="margin: 0px;">Increase in trade payables</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">111,786</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">89,611</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">14,599</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="top">
<p style="margin: 0px;">Decrease in deposits received from distributors</p>
</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(32,100</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(44,100</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(7,185</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="top">
<p style="margin: 0px;">Decrease in other payables and accruals</p>
</td>
<td>&#160;</td>
<td style="border-bottom: black 1pt solid;" valign="bottom" align="left"></td>
<td id="ffc" class="para" style="border-bottom: black 1pt solid;" valign="bottom" align="right">
<p style="margin: 0pt;">(21,403</p>
</td>
<td style="padding-bottom: 1px;" valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td>&#160;</td>
<td style="border-bottom: black 1pt solid;" valign="bottom" align="left"></td>
<td id="ffc" class="para" style="border-bottom: black 1pt solid;" valign="bottom" align="right">
<p style="margin: 0pt;">(15,307</p>
</td>
<td style="padding-bottom: 1px;" valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td>&#160;</td>
<td style="border-bottom: black 1pt solid;" valign="bottom" align="left"></td>
<td id="ffc" class="para" style="border-bottom: black 1pt solid;" valign="bottom" align="right">
<p style="margin: 0pt;">(2,494</p>
</td>
<td style="padding-bottom: 1px;" valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="top">
<p style="margin: 0px;">Cash (used in)/generated by operating activities</p>
</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(155,828</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">244,192</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">39,783</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="top">
<p style="margin: 0px;">Income tax paid</p>
</td>
<td>&#160;</td>
<td style="border-bottom: black 1pt solid;" valign="bottom" align="left"></td>
<td id="ffc" class="para" style="border-bottom: black 1pt solid;" valign="bottom" align="right">
<p style="margin: 0pt;">(37,065</p>
</td>
<td style="padding-bottom: 1px;" valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td>&#160;</td>
<td style="border-bottom: black 1pt solid;" valign="bottom" align="left"></td>
<td id="ffc" class="para" style="border-bottom: black 1pt solid;" valign="bottom" align="right">
<p style="margin: 0pt;">(30,883</p>
</td>
<td style="padding-bottom: 1px;" valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td>&#160;</td>
<td style="border-bottom: black 1pt solid;" valign="bottom" align="left"></td>
<td id="ffc" class="para" style="border-bottom: black 1pt solid;" valign="bottom" align="right">
<p style="margin: 0pt;">(5,031</p>
</td>
<td style="padding-bottom: 1px;" valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="top">
<p style="margin: 0px;">Net cash (used in)/generated by operating activities</p>
</td>
<td>&#160;</td>
<td style="border-bottom: black 1pt solid;" valign="bottom" align="left"></td>
<td id="ffc" class="para" style="border-bottom: black 1pt solid;" valign="bottom" align="right">
<p style="margin: 0pt;">(192,893</p>
</td>
<td style="padding-bottom: 1px;" valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td>&#160;</td>
<td style="border-bottom: black 1pt solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1pt solid;" valign="bottom" align="right">
<p style="margin: 0pt;">213,309</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td style="border-bottom: black 1pt solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1pt solid;" valign="bottom" align="right">
<p style="margin: 0pt;">34,752</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="top">
<p style="margin: 0px;"><b>&#160;</b></p>
</td>
<td></td>
<td></td>
<td valign="bottom" align="right"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" align="right"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" align="right"></td>
<td></td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="top">
<p style="margin: 0px;"><b>Cash flows from investing activities:</b></p>
</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="top">
<p style="margin: 0px;">Increase in time deposits held at banks with maturity over three months</p>
</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(300,000</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(220,000</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(35,842</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="top">
<p style="margin: 0px;">Acquisition of property, plant and equipment</p>
</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(108</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(90</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(15</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="top">
<p style="margin: 0px;">Proceeds from VAT refund related to intangible assets</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">1,876</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">&#8212;</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">&#8212;</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td style="border-bottom: black 0pt solid;" valign="top">
<p style="margin: 0px;">Interest received</p>
</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">5,135</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">4,990</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">813</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td style="border-bottom: black 0pt solid;" valign="top">
<p style="margin: 0px;">Net cash used in investing activities</p>
</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom" align="left"></td>
<td id="ffc" class="para" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">(293,097</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom" align="left"></td>
<td id="ffc" class="para" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">(215,100</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom" align="left"></td>
<td id="ffc" class="para" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">(35,044</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td style="text-indent: 30px;" valign="top"></td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="top">
<p style="margin: 0px;">Net decrease in cash and cash equivalents</p>
</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(485,990</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(1,791</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(292</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="top">
<p style="margin: 0px;">Cash and cash equivalents at beginning of the period</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">1,096,103</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">806,467</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">131,389</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="top">
<p style="margin: 0px;">Exchange gain/(loss) on cash and cash equivalents</p>
</td>
<td>&#160;</td>
<td style="border-bottom: black 1pt solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1pt solid;" valign="bottom" align="right">
<p style="margin: 0pt;">11</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td style="border-bottom: black 1pt solid;" valign="bottom" align="left"></td>
<td id="ffc" class="para" style="border-bottom: black 1pt solid;" valign="bottom" align="right">
<p style="margin: 0pt;">(54</p>
</td>
<td style="padding-bottom: 1px;" valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td>&#160;</td>
<td style="border-bottom: black 1pt solid;" valign="bottom" align="left"></td>
<td id="ffc" class="para" style="border-bottom: black 1pt solid;" valign="bottom" align="right">
<p style="margin: 0pt;">(9</p>
</td>
<td style="padding-bottom: 1px;" valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="top">
<p style="margin: 0px;">Cash and cash equivalents at end of the period</p>
</td>
<td>&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;">610,124</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;">804,622</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;">131,088</p>
</td>
<td valign="bottom">&#160;</td>
</tr>

</table>
<p style="margin: 0px;">&#160;&#160;</p>
<p style="text-align: center; margin: 0px;">&#160;</p>
<p style="text-align: center; margin: 0px;">8</p>
<hr color="#000000" size="1" width="100%" noshade="noshade" />
</body>
</html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
