<SEC-DOCUMENT>0001477932-16-010433.txt : 20160517
<SEC-HEADER>0001477932-16-010433.hdr.sgml : 20160517
<ACCEPTANCE-DATETIME>20160517161518
ACCESSION NUMBER:		0001477932-16-010433
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20160517
FILED AS OF DATE:		20160517
DATE AS OF CHANGE:		20160517

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:		161657677

	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><title>xny_6k.htm</title><!--Document Created by EDGARMaster--></head><BODY style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; MARGIN: 0px 7%" scroll="yes"><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">&nbsp;</p><p style="MARGIN: 0px" align="center"><strong><font size="3">UNITED STATES<br>SECURITIES AND EXCHANGE COMMISSION<br>WASHINGTON, D.C. 20549 </font></strong></p><p style="MARGIN: 0px" align="center"><b><font size="2">__________________</font></b><font size="2"></font></p><p style="MARGIN: 0px" align="center">&nbsp;</p><p style="MARGIN: 0px" align="center"><b><font size="5">FORM 6-K</font></b><font size="2"></font></p><p style="MARGIN: 0px" align="center">&nbsp;<b><font size="2">__________________</font></b></p><p style="MARGIN: 0px" align="center">&nbsp;</p><p style="MARGIN: 0px" align="center"><b><font size="2">REPORT OF FOREIGN PRIVATE ISSUER</font></b><font size="2"></font></p><p style="MARGIN: 0px" align="center">&nbsp;</p><p style="MARGIN: 0px" align="center"><font size="2">Pursuant to Rule 13a-16 or 15d-16 of The Securities Exchange Act of 1934 </font></p><p style="MARGIN: 0px" align="center">&nbsp;</p><p style="MARGIN: 0px" align="center"><font size="2">For the Month of <strong>May, 2016</strong></font></p><p style="MARGIN: 0px" align="center">&nbsp;</p><p style="MARGIN: 0px" align="center"><font size="2">Commission File Number <strong>001-34958</strong></font></p><p style="MARGIN: 0px" align="center">&nbsp;</p><p style="MARGIN: 0px" align="center"><b><font size="5">CHINA XINIYA FASHION LIMITED</font></b></p><p style="MARGIN: 0px" align="center">&nbsp;</p><p style="MARGIN: 0px" align="center"><b><font size="2">2nd Floor, 90 An Ling Er Road, </font></b></p><p style="MARGIN: 0px" align="center"><b><font size="2">Xiamen City, Fujian Province 361010</font></b></p><p style="MARGIN: 0px" align="center"><b><font size="2"><u>People's Republic of China (86) 1365 5939 932</u></font></b></p><p style="MARGIN: 0px" align="center"><font size="2">(Address&nbsp;of&nbsp;Principal&nbsp;Executive&nbsp;Offices)</font></p><p style="MARGIN: 0px" align="center">&nbsp;</p><p style="MARGIN: 0px" align="center"><font size="2">(Indicate by check mark whether the registrant files or will file annual</font></p><p style="MARGIN: 0px" align="center"><font size="2">reports under cover of Form 20-F or Form 40-F.) </font></p><p style="MARGIN: 0px" align="center">&nbsp;</p><p style="MARGIN: 0px" align="center"><font size="2">Form 20-F </font><font size="2"><font face="Wingdings">x </font></font><font size="2">Form 40-F </font><font size="2"><font face="Wingdings">o</font></font><font size="2"></font></p><p style="MARGIN: 0px" align="center">&nbsp;</p><p style="MARGIN: 0px" align="center"><font size="2">(Indicate by check mark if the registrant is submitting the Form 6-K</font></p><p style="MARGIN: 0px" align="center"><font size="2">in paper as permitted by Regulation S-T Rule 101(b)(1).) </font></p><p style="MARGIN: 0px" align="center">&nbsp;</p><p style="MARGIN: 0px" align="center"><font size="2">Yes </font><font size="2"><font face="Wingdings">o </font></font><font size="2">No </font><font size="2"><font face="Wingdings">x</font></font><font size="2"></font></p><p style="MARGIN: 0px" align="center">&nbsp;</p><p style="MARGIN: 0px" align="center"><font size="2">(Indicate by check mark if the registrant is submitting the Form 6-K</font></p><p style="MARGIN: 0px" align="center"><font size="2">in paper as permitted by Regulation S-T Rule 101(b)(7).) </font></p><p style="MARGIN: 0px" align="center">&nbsp;</p><p style="MARGIN: 0px" align="center"><font size="2">Yes </font><font size="2"><font face="Wingdings">o </font></font><font size="2">No </font><font size="2"><font face="Wingdings">x</font></font><font size="2"></font></p><p style="MARGIN: 0px" align="center">&nbsp;</p><p style="MARGIN: 0px" align="center"><font size="2">(Indicate by check mark whether the registrant by furnishing the </font></p><p style="MARGIN: 0px" align="center"><font size="2">information contained in this Form is also thereby furnishing the </font></p><p style="MARGIN: 0px" align="center"><font size="2">information to the Commission pursuant to Rule 12g3-2(b) under the </font></p><p style="MARGIN: 0px" align="center"><font size="2">Securities Exchange Act of 1934.) </font></p><p style="MARGIN: 0px" align="center">&nbsp;</p><p style="MARGIN: 0px" align="center"><font size="2">Yes </font><font size="2"><font face="Wingdings">o </font></font><font size="2">No </font><font size="2"><font face="Wingdings">x</font></font><font size="2"></font></p><p style="MARGIN: 0px" align="center">&nbsp;</p><p style="MARGIN: 0px" align="center"><font size="2">(If "Yes" is marked, indicate below the file number assigned to the </font></p><p style="MARGIN: 0px" align="center"><font size="2">registrant in connection with Rule 12g3-2(b): 82-<u> N/A </u>)</font><font size="2">&nbsp;  <p style="MARGIN: 0px" align="center">&nbsp;</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" align="center">&nbsp;</p>  &nbsp;</font>&nbsp;</p><p style="MARGIN: 0px" align="center"><b><font size="2">EXHIBIT</font></b><b><font size="2"> INDEX</font></b><b><font size="2"></font></b></p><p style="MARGIN: 0px">&nbsp;</p>    <table id="06692098-3124-440e-b654-c86214300475" style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; MARGIN: auto" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr height="15"><td style="BORDER-BOTTOM: black 1px solid" valign="top" width="8%"><p style="MARGIN: 0px"><strong><font size="2">Number</font><font size="2"></font></strong></p></td><td width="2%"></td><td style="BORDER-BOTTOM: black 1px solid" valign="top"><p style="MARGIN: 0px"><strong><font size="2">Description of Document </font><font size="2"></font></strong></p></td></tr><tr height="15"><td></td><td></td><td></td></tr><tr height="15" bgcolor="#cceeff"><td valign="top"><p style="MARGIN: 0px"><font size="2">99.1</font></p></td><td></td><td valign="top"><p style="MARGIN: 0px"><font size="2">Press release dated May 17, 2016</font></p></td></tr></table><p style="MARGIN: 0px">&nbsp;</p><table id="pagebreak86105222-9001-4a06-aba7-7a2ed99b5200" class="pagebreak" style="WIDTH: 100%; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" border="0">    <tr><td class="hpbhr">&nbsp;</td></tr><tr><td style="BORDER-BOTTOM: black 1px solid"><p align="center">2</p></td></tr><tr></tr><tr><td><div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr><tr><td>&nbsp;</td></tr></table><p style="MARGIN: 0px">&nbsp;</p><p style="MARGIN: 0px" align="center"><b><font size="2">SIGNATURE</font></b></p><p style="MARGIN: 0px">&nbsp;</p><p style="MARGIN: 0px; TEXT-INDENT: 45px"><font size="2">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.</font></p><p style="MARGIN: 0px">&nbsp;</p><p style="MARGIN: 0px"><table id="7229ff81-3900-4a97-94b7-b253c171ab0c" style="WIDTH: 100%; TEXT-ALIGN: left; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" border="0">    <tr><td><p style="MARGIN: 0px">&nbsp;</p></td><td colspan="2"><p style="MARGIN: 0px"><font size="2"><b>China Xiniya Fashion Limited</b></font></p></td><td><p style="MARGIN: 0px">&nbsp;</p></td></tr><tr><td width="50%">&nbsp;</td><td width="5%">&nbsp;</td><td width="35%">&nbsp;</td><td width="10%">&nbsp;</td></tr><tr><td><font style="FONT: 10pt TIMES NEW ROMAN">Date: <font size="2">May 17</font><font size="2">, 2016</font></font></td><td><font style="FONT: 10pt TIMES NEW ROMAN">By:</font></td><td style="BORDER-BOTTOM: black 1px solid"><p style="MARGIN: 0px"><em>/s/ Chee Jiong Ng </em></p></td><td><p style="MARGIN: 0px">&nbsp;</p></td></tr><tr><td><p style="MARGIN: 0px">&nbsp;</p></td><td><p style="MARGIN: 0px">Name:</p></td><td>Chee Jiong Ng</td><td><p style="MARGIN: 0px">&nbsp;</p></td></tr><tr><td><p style="MARGIN: 0px">&nbsp;</p></td><td><p style="MARGIN: 0px">Title:</p></td><td>Chief Financial Officer</td><td><p style="MARGIN: 0px">&nbsp;</p></td></tr></table></p><p style="MARGIN: 0px" align="center">&nbsp;</p><p style="MARGIN: 0px" align="center">&nbsp;</p><p style="MARGIN: 0px" align="center">3</p><hr style="HEIGHT: 1px; WIDTH: 100%; COLOR: #000000; align: center" noshade=""></BODY></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>xny_ex991.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>
<html><head><title>xny_ex991.htm</title><!--Document Created by EDGARMaster--></head><BODY style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; MARGIN: 0px 7%" scroll="yes"><p style="MARGIN: 0px" align="right"><strong>EXHIBIT 99.1</strong></p><p style="MARGIN: 0px" align="center">&nbsp;</p><p style="MARGIN: 0px" align="center"><b>China Xiniya Fashion Limited Reports Third and Fourth Quarter 2015 Financial Results</b><b></b></p><p style="MARGIN: 0px" align="center">&nbsp;</p><p style="MARGIN: 0px">XIAMEN, FUJIAN, China&#8212;May 17, 2016&#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 and fourth quarter of 2015. The consolidated financial statements and other financial information included in this press release have been prepared in conformity with International Financial Reporting Standards ("IFRS"). </p><p style="MARGIN: 0px">&nbsp;</p><p style="MARGIN: 0px">The Company publishes its consolidated financial statements in Renminbi ("RMB"). </p><p style="MARGIN: 0px">&nbsp;</p><p style="MARGIN: 0px"><b>Third Quarter 2015 Highlights</b></p><p style="MARGIN: 0px">&nbsp;</p><p style="MARGIN: 0px"><font size="2"><font face="Symbol"><table id="811bb319-751e-4717-90ea-98d00325bb02" style="WIDTH: 100%; FONT: 10pt times new roman" cellspacing="0" cols="3" cellpadding="0" width="100%" align="center" border="0">    <tr><td valign="top" width="45"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="top" width="45"><p style="MARGIN: 0px"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol">&#183;</font></p></td><td><p style="MARGIN: 0px" align="justify">In reassessing third quarter 2014 presentation of the loss on inventory buyback and the components within this line item, the Company made a determination that the components of the transaction that resulted in this loss on inventory buyback amount of RMB196,583 should be revised to reclassify and reallocate this amount between the revenue and cost of sales line items, thereby eliminating the loss on inventory buyback line item. The RMB196,583 consisted of the inventory repurchased of RMB252,414 as a reduction in revenue and repurchased inventory of RMB55,831 as a reduction in cost of sales.</p></td></tr><tr height="15"><td><p style="MARGIN: 0px" align="justify">&nbsp;</p></td><td><p style="MARGIN: 0px" align="justify">&nbsp;</p></td><td><p style="MARGIN: 0px" align="justify">&nbsp;</p></td></tr><tr><td valign="top" width="45"><p style="MARGIN: 0px" align="justify">&nbsp;</p></td><td valign="top" width="45"><p style="MARGIN: 0px" align="justify">&nbsp;</p></td><td><p style="MARGIN: 0px" align="justify">The Company evaluated the materiality of this revision, quantitatively and qualitatively, and concluded it did not constitute a material change to the Company's previously issued third quarter of 2014. However, the Company elected to revise the third quarter of 2014 to avoid inconsistencies with its financial statements for the period ended September 30, 2015. Accordingly, the Company revised previously reported results for the third quarter of 2014.</p></td></tr><tr height="15"><td><p style="MARGIN: 0px" align="justify">&nbsp;</p></td><td><p style="MARGIN: 0px" align="justify">&nbsp;</p></td><td><p style="MARGIN: 0px" align="justify">&nbsp;</p></td></tr><tr><td valign="top" width="45"><p style="MARGIN: 0px" align="justify">&nbsp;</p></td><td valign="top" width="45"><p style="MARGIN: 0px" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol">&#183;</font></p></td><td><p style="MARGIN: 0px" align="justify">Revenue during the third quarter of 2015 was RMB83.2 million, as compared to a negative revenue of RMB137.9 million in the third quarter of 2014.</p></td></tr><tr height="15"><td><p style="MARGIN: 0px" align="justify">&nbsp;</p></td><td><p style="MARGIN: 0px" align="justify">&nbsp;</p></td><td><p style="MARGIN: 0px" align="justify">&nbsp;</p></td></tr><tr><td valign="top" width="45"><p style="MARGIN: 0px" align="justify">&nbsp;</p></td><td valign="top" width="45"><p style="MARGIN: 0px" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol">&#183;</font></p></td><td><p style="MARGIN: 0px" align="justify">Loss before taxation during the third quarter of 2015 was RMB247.5 million, as compared to loss before taxation of RMB206.1 million in the third quarter of 2014.</p></td></tr><tr height="15"><td><p style="MARGIN: 0px" align="justify">&nbsp;</p></td><td><p style="MARGIN: 0px" align="justify">&nbsp;</p></td><td><p style="MARGIN: 0px" align="justify">&nbsp;</p></td></tr><tr><td valign="top" width="45"><p style="MARGIN: 0px" align="justify">&nbsp;</p></td><td valign="top" width="45"><p style="MARGIN: 0px" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol">&#183;</font></p></td><td><p style="MARGIN: 0px" align="justify">Net loss in the third quarter of 2015 was RMB298.5 million as compared to net loss of RMB206.1 million in the third quarter of 2014.</p></td></tr><tr height="15"><td><p style="MARGIN: 0px" align="justify">&nbsp;</p></td><td><p style="MARGIN: 0px" align="justify">&nbsp;</p></td><td><p style="MARGIN: 0px" align="justify">&nbsp;</p></td></tr><tr><td valign="top" width="45"><p style="MARGIN: 0px" align="justify">&nbsp;</p></td><td valign="top" width="45"><p style="MARGIN: 0px" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol">&#183;</font></p></td><td><p style="MARGIN: 0px" align="justify">Loss per ADS were $3.30 in the third quarter of 2015 as compared to loss per ADS of $2.36 per ADS in the third quarter of 2014.</p></td></tr><tr height="15"><td><p style="MARGIN: 0px" align="justify">&nbsp;</p></td><td><p style="MARGIN: 0px" align="justify">&nbsp;</p></td><td><p style="MARGIN: 0px" align="justify">&nbsp;</p></td></tr><tr><td valign="top" width="45"><p style="MARGIN: 0px" align="justify">&nbsp;</p></td><td valign="top" width="45"><p style="MARGIN: 0px" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol">&#183;</font></p></td><td><p style="MARGIN: 0px" align="justify">Xiniya's network of authorized retailers had a net reduction of 51 retail outlets in the third quarter of 2015, consisting of 36 new retail outlets opened and 87 retail outlets closed. The total number of authorized retail outlets was 584 as of September 30, 2015.</p></td></tr></table></font></font></p><p style="MARGIN: 0px">&nbsp;</p><p style="MARGIN: 0px"><table id="pagebreak6347f588-259a-4811-a3d4-92d5d5397f21" class="pagebreak" style="WIDTH: 100%; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" border="0">    <tr><td class="hpbhr">&nbsp;</td></tr><tr><td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">1</td></tr><tr></tr><tr><td><div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr><tr><td>&nbsp;</td></tr></table></p><p style="MARGIN: 0px">&nbsp;</p><p style="MARGIN: 0px"><b>Fourth Quarter 2015 Highlights</b></p><p style="MARGIN: 0px">&nbsp;</p><p style="MARGIN: 0px"><font size="2"><font face="Symbol"><table id="0e52c6e1-78be-4ff0-9549-00cb7b4bbec4" style="WIDTH: 100%; FONT: 10pt times new roman" cellspacing="0" cols="3" cellpadding="0" width="100%" align="center" border="0">    <tr><td valign="top" width="45"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="top" width="45"><p style="MARGIN: 0px"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol">&#183;</font></p></td><td><p style="MARGIN: 0px" align="justify">In reassessing fourth quarter 2014 presentation of the loss on inventory buyback and the components within this line item, the Company made a determination that the components of the transaction which resulted in this loss on inventory buyback amount of RMB77,683 should be revised to reclassify and reallocate this amount between the revenue and cost of sales line items, thereby eliminating the loss on inventory buyback line item. The RMB77,683 consisted of estimated repurchase price of inventory from other distributors of RMB249,000 as a reduction of revenue, the estimated net realizable value of such inventory to be repurchased of RMB112,800 as a reduction of cost of sales, the net realizable value of repurchased inventory of RMB45,849 as a reduction of cost of sales and overprovision of inventory of RMB12,668 as a reduction of cost of sales.</p></td></tr><tr height="15"><td><p style="MARGIN: 0px" align="justify">&nbsp;</p></td><td><p style="MARGIN: 0px" align="justify">&nbsp;</p></td><td><p style="MARGIN: 0px" align="justify">&nbsp;</p></td></tr><tr><td valign="top" width="45"><p style="MARGIN: 0px" align="justify">&nbsp;</p></td><td valign="top" width="45"><p style="MARGIN: 0px" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol"></font>&nbsp;</p></td><td><p style="MARGIN: 0px" align="justify">The Company evaluated the materiality of this revision, quantitatively and qualitatively, and concluded it did not constitute a material change to the Company's previously issued fourth quarter of 2014. However, the Company elected to revise the fourth quarter of 2014 to avoid inconsistencies with its financial statements for the period ended December 31, 2015. Accordingly, the Company revised previously reported results for the fourth quarter of 2015.</p></td></tr><tr height="15"><td><p style="MARGIN: 0px" align="justify">&nbsp;</p></td><td><p style="MARGIN: 0px" align="justify">&nbsp;</p></td><td><p style="MARGIN: 0px" align="justify">&nbsp;</p></td></tr><tr><td valign="top" width="45"><p style="MARGIN: 0px" align="justify">&nbsp;</p></td><td valign="top" width="45"><p style="MARGIN: 0px" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol">&#183;</font></p></td><td><p style="MARGIN: 0px" align="justify">Revenue during the fourth quarter of 2015 was RMB128.9 million, as compared to revenue of RMB111.7 million in the fourth quarter of 2014.</p></td></tr><tr height="15"><td><p style="MARGIN: 0px" align="justify">&nbsp;</p></td><td><p style="MARGIN: 0px" align="justify">&nbsp;</p></td><td><p style="MARGIN: 0px" align="justify">&nbsp;</p></td></tr><tr><td valign="top" width="45"><p style="MARGIN: 0px" align="justify">&nbsp;</p></td><td valign="top" width="45"><p style="MARGIN: 0px" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol">&#183;</font></p></td><td><p style="MARGIN: 0px" align="justify">Loss before taxation during the fourth quarter of 2015 was RMB311.4 million, as compared to loss before taxation of RMB73.9 million in the fourth quarter of 2014.</p></td></tr><tr height="15"><td><p style="MARGIN: 0px" align="justify">&nbsp;</p></td><td><p style="MARGIN: 0px" align="justify">&nbsp;</p></td><td><p style="MARGIN: 0px" align="justify">&nbsp;</p></td></tr><tr><td valign="top" width="45"><p style="MARGIN: 0px" align="justify">&nbsp;</p></td><td valign="top" width="45"><p style="MARGIN: 0px" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol">&#183;</font></p></td><td><p style="MARGIN: 0px" align="justify">Net loss in the fourth quarter of 2015 was RMB311.4 million as compared to net loss of RMB4.5 million in the fourth quarter of 2014.</p></td></tr><tr height="15"><td><p style="MARGIN: 0px" align="justify">&nbsp;</p></td><td><p style="MARGIN: 0px" align="justify">&nbsp;</p></td><td><p style="MARGIN: 0px" align="justify">&nbsp;</p></td></tr><tr><td valign="top" width="45"><p style="MARGIN: 0px" align="justify">&nbsp;</p></td><td valign="top" width="45"><p style="MARGIN: 0px" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol">&#183;</font></p></td><td><p style="MARGIN: 0px" align="justify">Loss per ADS were $3.38 in the fourth quarter of 2015 as compared to loss per ADS of $0.05 per ADS in the fourth quarter of 2014.</p></td></tr><tr height="15"><td><p style="MARGIN: 0px" align="justify">&nbsp;</p></td><td><p style="MARGIN: 0px" align="justify">&nbsp;</p></td><td><p style="MARGIN: 0px" align="justify">&nbsp;</p></td></tr><tr><td valign="top" width="45"><p style="MARGIN: 0px" align="justify">&nbsp;</p></td><td valign="top" width="45"><p style="MARGIN: 0px" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol">&#183;</font></p></td><td><p style="MARGIN: 0px" align="justify">Xiniya's network of authorized retailers had a net reduction of 80 retail outlets in the fourth quarter of 2015, consisting of 27 new retail outlets opened and 107 retail outlets closed. The total number of authorized retail outlets was 504 as of December 31, 2015.</p></td></tr></table></font></font></p><p style="MARGIN: 0px">&nbsp;</p><p style="MARGIN: 0px"><table id="pagebreak5748c802-d990-415f-8908-782c737cea94" class="pagebreak" style="WIDTH: 100%; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" border="0">    <tr><td class="hpbhr">&nbsp;</td></tr><tr><td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">2</td></tr><tr></tr><tr><td><div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr><tr><td>&nbsp;</td></tr></table></p><p style="MARGIN: 0px">&nbsp;</p><p style="MARGIN: 0px"><b>Full Year 2015 Highlights</b></p><p style="MARGIN: 0px">&nbsp;</p><font size="2"><font face="Symbol"><p style="MARGIN: 0px"><table id="7a621af4-95f9-4a00-a765-8e7d91f46489" style="WIDTH: 100%; FONT: 10pt times new roman" cellspacing="0" cols="3" cellpadding="0" width="100%" align="center" border="0">    <tr><td valign="top" width="45"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="top" width="45"><p style="MARGIN: 0px"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol">&#183;</font></p></td><td><p style="MARGIN: 0px" align="justify">In reassessing 2014 presentation of the loss on inventory buyback and the components within this line item, the Company made a determination that the components of the transaction which resulted in this loss on inventory buyback amount of RMB274,266 should be revised to reclassify and reallocate this amount between the revenue and cost of sales line items, thereby eliminating the loss on inventory buyback line item. The RMB274,266 consisted of the inventory repurchased of RMB252,414 as a reduction in revenue, repurchased inventory of RMB114,348 as a reduction in cost of sales, estimated repurchase price of inventory from other distributors of RMB249,000 less the estimated net realizable value of such inventory to be repurchased of RMB112,800. This amount also included sales of repurchased inventory through a local distribution channel for net realizable value of RMB68,499 and the cost of sales of this inventory.</p></td></tr><tr height="15"><td><p style="MARGIN: 0px" align="justify">&nbsp;</p></td><td><p style="MARGIN: 0px" align="justify">&nbsp;</p></td><td><p style="MARGIN: 0px" align="justify">&nbsp;</p></td></tr><tr><td valign="top" width="45"><p style="MARGIN: 0px" align="justify">&nbsp;</p></td><td valign="top" width="45"><p style="MARGIN: 0px" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol"></font>&nbsp;</p></td><td><p style="MARGIN: 0px" align="justify">The Company evaluated the materiality of this revision, quantitatively and qualitatively, and concluded it did not constitute a material change to the Company's previously issued full year of 2014. However, the Company elected to revise the full year of 2014 to avoid inconsistencies with its financial statements for the period ended December 31, 2015. Accordingly, the Company revised previously reported results for the year ended December 31, 2014.</p></td></tr><tr height="15"><td><p style="MARGIN: 0px" align="justify">&nbsp;</p></td><td><p style="MARGIN: 0px" align="justify">&nbsp;</p></td><td><p style="MARGIN: 0px" align="justify">&nbsp;</p></td></tr><tr><td valign="top" width="45"><p style="MARGIN: 0px" align="justify">&nbsp;</p></td><td valign="top" width="45"><p style="MARGIN: 0px" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol">&#183;</font></p></td><td><p style="MARGIN: 0px" align="justify">Revenue in 2015 increased by 24.2% to RMB472.2 million, as compared to RMB380.2 million in 2014.</p></td></tr><tr height="15"><td><p style="MARGIN: 0px" align="justify">&nbsp;</p></td><td><p style="MARGIN: 0px" align="justify">&nbsp;</p></td><td><p style="MARGIN: 0px" align="justify">&nbsp;</p></td></tr><tr><td valign="top" width="45"><p style="MARGIN: 0px" align="justify">&nbsp;</p></td><td valign="top" width="45"><p style="MARGIN: 0px" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol">&#183;</font></p></td><td><p style="MARGIN: 0px" align="justify">Net loss in 2015 amounted to RMB600.3 million, as compared to net loss of RMB170.7 million in 2014.</p></td></tr><tr height="15"><td><p style="MARGIN: 0px" align="justify">&nbsp;</p></td><td><p style="MARGIN: 0px" align="justify">&nbsp;</p></td><td><p style="MARGIN: 0px" align="justify">&nbsp;</p></td></tr><tr><td valign="top" width="45"><p style="MARGIN: 0px" align="justify">&nbsp;</p></td><td valign="top" width="45"><p style="MARGIN: 0px" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol">&#183;</font></p></td><td><p style="MARGIN: 0px" align="justify">Loss per ADS amounted to $6.51 in 2015, as compared to loss per ADS of $1.93 in 2014.</p></td></tr><tr height="15"><td><p style="MARGIN: 0px" align="justify">&nbsp;</p></td><td><p style="MARGIN: 0px" align="justify">&nbsp;</p></td><td><p style="MARGIN: 0px" align="justify">&nbsp;</p></td></tr><tr><td valign="top" width="45"><p style="MARGIN: 0px" align="justify">&nbsp;</p></td><td valign="top" width="45"><p style="MARGIN: 0px" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol">&#183;</font></p></td><td><p style="MARGIN: 0px" align="justify">A net total of 394 retail outlets were closed during the full year of 2014, consisting of 127 new retail outlets opened and 521 retail outlets closed.</p></td></tr></table></p></font></font><p style="MARGIN: 0px">&nbsp;</p><p style="MARGIN: 0px"><b>Chairman's statement</b></p><p style="MARGIN: 0px">&nbsp;</p><p style="MARGIN: 0px">"We executed the business model compression strategy during the second half of 2015 by acquiring retail network managed by five distributors for many years," commented Mr. Qiming Xu, Xiniya's Chairman and Chief Executive Officer. "The business model compression strategy removed distributor layer within the business model and bring the Company working closer with these authorized retailers. With the compressed business model, those authorized retailers could be more price competitive in the retail market. The Company has direct access to those authorized retailers, is able to improve supply chain efficiency, could have better information on consumer demand and could introduce more apparel faster to the market. While the full implementation of a new compressed business model will take time to bear fruit, we are confident that we will see positive results from this strategy in a highly competitive apparel market." </p><p style="MARGIN: 0px">&nbsp;</p><p style="MARGIN: 0px"><table id="pagebreakc513bf2e-d6bf-45b7-9556-b114712a57d7" class="pagebreak" style="WIDTH: 100%; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" border="0">    <tr><td class="hpbhr">&nbsp;</td></tr><tr><td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">3</td></tr><tr></tr><tr><td><div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr><tr><td>&nbsp;</td></tr></table></p><p style="MARGIN: 0px">&nbsp;&nbsp;</p><p style="MARGIN: 0px"><b><font size="2">Third</font></b><b><font size="2"> Quarter 201</font></b><b><font size="2">5</font></b><b><font size="2"> Results</font></b></p><p style="MARGIN: 0px">&nbsp;</p><p style="MARGIN: 0px">Revenue for the third quarter of 2015 was RMB83.2 million, an increase from a negative revenue of RMB137.9 million during the third quarter of 2014. The increase in revenue was primarily attributed to the reduction in inventory buyback by the Company from RMB252.4 million in the third quarter of 2014 to RMB19.8 million in the third quarter of 2015. The inventory buyback was resulted from the acquisition of retail network from four distributors by the Company. Arising from the acquisition of retail network from four distributors in four provinces, the Company acquired the direct customers (i.e. authorized retailers) and inventory of these four distributors. After this acquisition, the direct customers of these four distributors changed their direct contractual relationship from these four distributors to the Company. The inventory buyback in the third quarter of 2014 related to the Company's initiative reacquired excess inventory from certain distributors. Although the Company did not have an obligation or arrangement to reacquire excess inventory from its distributors, the Company made a determination that reacquiring excess inventory from certain distributors in the third quarter of 2014 would further strengthen the relationship with the distributors and retail partners. The increase was partially offset by a decrease in revenue from RMB114.5 million in the third quarter of 2014 to RMB103.0 million in the third quarter of 2015. The Company delivered approximately 632,000 units to it's customers during the third quarter of 2015, compared with 895,000 units during the third quarter of 2014.</p><p style="MARGIN: 0px">&nbsp;</p><p style="MARGIN: 0px">The cost of sales increased from RMB3.5 million in the third quarter of 2014 to RMB166.1 million in the third quarter of 2015. The cost of sales in the third quarter of 2014 represented by cost of sales of RMB92.8 million and the repurchased inventory of RMB89.3 million as a reduction in cost of sales. The cost of sales in the third quarter of 2015 represented by cost of sales of RMB84.2 million and a write down of RMB81.9 million for the inventory buyback described above. The increase was primarily attributed to the change from the reduction in cost of sales arisen from inventory buyback in the third quarter of 2014 to the increase in cost of sales arisen from the write down of inventory buyback in the third quarter of 2015. The increase is partially offset by the decrease in cost of sales from RMB92.8 million in the third quarter of 2014 to RMB84.2 million in the third quarter of 2015.</p><p style="MARGIN: 0px">&nbsp;</p><p style="MARGIN: 0px">Gross loss was RMB83.0 million in the third quarter of 2015 as compared to RMB141.4 million in the third quarter of 2014. The reduction in gross loss was mainly due to lower inventory buyback from distributors in the third quarter of 2015 as compared to the third quarter of 2014.</p><p style="MARGIN: 0px">&nbsp;</p><p style="MARGIN: 0px">Interest and other income was RMB3.3 million in the third quarter of 2015 as compared to RMB5.9 million in the third quarter of 2014. The decrease was mainly due to lower time deposits of RMB270 million placed with banks in the third quarter of 2015 as compared to time deposits of RMB600 million placed with banks during the same period last year.</p><p style="MARGIN: 0px">&nbsp;</p><p style="MARGIN: 0px">Selling and distribution expenses were RMB162.7 million in the third quarter of 2015, an increase from RMB64.7 million during the third quarter of 2014. The increase was primarily attributed to the retail network acquisition cost of RMB113.7 million was expensed off. During the third quarter of 2015, the Company acquired the retail network from four distributors in Heilongjiang Province, Henan Province, Liaoning Province and Anhui Province for RMB124.7 million. The retail network consists of 122 authorized retail outlets. Before this acquisition, these authorized retailers did not have direct contractual relationship with the Company, and were direct customers and had direct contractual relationships with these four distributors. After this acquisition, these distributors ceased their contractual relationships with these authorized retailers and ceased their distributorship in these four provinces, and as a result, the authorized retailers become direct customers of, and have direct contractual relationship with, the Company.<font size="2"></font>Based on present value analysis on the probability that the expect future economic benefits embodied in the asset will flow to the Company, the retail network was capitalized at RMB11.0 million and retail network acquisition cost of RMB113.7 million was expensed off. The increase was partially offset by the decrease in rack expenses for new and refurbished retail outlets of authorized retailers.</p><p style="MARGIN: 0px">&nbsp;</p><p style="MARGIN: 0px">Administrative expenses were RMB5.1 million in the third quarter of 2015, a decrease from RMB5.9 million during the third quarter of 2014. The decrease was primarily due to reduction of headcount, office and other miscellaneous expenses during the third quarter of 2015.</p><p style="MARGIN: 0px">&nbsp;</p><p style="MARGIN: 0px">Loss before taxation was RMB247.5 million in the third quarter of 2015, as compared with loss before taxation of RMB206.1 million during the third quarter of 2014. </p><p style="MARGIN: 0px">&nbsp;</p><p style="MARGIN: 0px">Loss after taxation for the third quarter of 2015 was RMB298.5 million, as compared with loss of RMB206.1 million during the third quarter of 2014. Loss per ADS was $3.30 in the third quarter of 2015, compared to loss of $2.36 per ADS in the third quarter of 2014.</p><p style="MARGIN: 0px">&nbsp;</p><p style="MARGIN: 0px"><table id="pagebreakd928b170-ef1a-4a8a-b38d-047ad99e756e" class="pagebreak" style="WIDTH: 100%; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" border="0">    <tr><td class="hpbhr">&nbsp;</td></tr><tr><td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">4</td></tr><tr></tr><tr><td><div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr><tr><td>&nbsp;</td></tr></table></p><p style="MARGIN: 0px">&nbsp;&nbsp;</p><p style="MARGIN: 0px"><b><font size="2">Fourth</font></b><b><font size="2"> Quarter 201</font></b><b><font size="2">5</font></b><b><font size="2"> Results</font></b></p><p style="MARGIN: 0px">&nbsp;</p><p style="MARGIN: 0px">Revenue for the fourth quarter of 2015 was RMB128.9 million, an increase from RMB111.7 million during the fourth quarter of 2014. The increase in revenue was primarily attributed to the reduction in estimated inventory to be repurchased from distributors from RMB249.0 million in 2014 to RMB107.3 million in 2015. The increase was partially offset by the decrease in sales from RMB292.2 million in the fourth quarter of 2014 to RMB170.7 million in the fourth quarter of 2015. The Company delivered approximately 523,000 units to it's customers during the fourth quarter of 2015, compared with 876,000 units during the fourth quarter of 2014. As of December 31, 2015, the Company had a total of 504 retail outlets. The table below sets forth the number of retail outlets by outlet type:</p><p style="MARGIN: 0px">&nbsp;</p><table id="ab002266-5a16-4d06-a773-643097769410" style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; MARGIN: auto" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr><td style="BORDER-BOTTOM: black 1px solid" valign="bottom"><p style="MARGIN: 0px"><b>Outlet Type:</b></p></td><td valign="bottom"><p style="MARGIN: 0px">&nbsp;</p></td><td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"><p style="MARGIN: 0px" align="center"><b>As of December 31, 2014</b></p></td><td valign="bottom"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom"><p style="MARGIN: 0px">&nbsp;</p></td><td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"><p style="MARGIN: 0px" align="center"><b>As of December </b><b>31, 2015</b></p></td><td valign="bottom"><p style="MARGIN: 0px">&nbsp;</p></td></tr><tr bgcolor="#cceeff"><td valign="top"><p style="MARGIN: 0px">Company operates flagship store</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">1</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">1</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td></tr><tr bgcolor="#ffffff"><td valign="top"><p style="MARGIN: 0px">Distributors operate stores </p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">81</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">64</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td></tr><tr bgcolor="#cceeff"><td valign="top"><p style="MARGIN: 0px">Distributors operate flagship stores</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">3</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">2</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td></tr><tr bgcolor="#ffffff"><td valign="top"><p style="MARGIN: 0px">Distributor operates retail website</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">1</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">1</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td></tr><tr bgcolor="#cceeff"><td valign="top"><p style="MARGIN: 0px">Authorized retailers operating outlets</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">812</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">435</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td></tr><tr bgcolor="#ffffff"><td valign="top"><p style="MARGIN: 0px">Authorized retailer operating flagship store</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">&#8212;</td><td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">1</td><td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td></tr><tr bgcolor="#cceeff"><td valign="top"><p style="MARGIN: 0px 0px 0px 15px"><strong>Total </strong></p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">898</td><td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">504</td><td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td></tr></table><p style="MARGIN: 0px">&nbsp;</p><p style="MARGIN: 0px">The cost of sales increased from RMB136.6 million in the fourth quarter of 2014 to RMB367.2 million in the fourth quarter of 2015. The increase was attributed to a reduction in net realizable value of inventory to be repurchased of RMB89.8 million from RMB112.8 million in 2014 to RMB23.0 million in 2015. Also, the increase was attributed to the write down of the Company inventory by RMB106.2 million and the sales of such inventory at net realizable value of RMB83.4 million. The Company's inventory was resulted from cancelled orders by customers. The increase was partially offset by a decrease in cost of sales of RMB54.9 million from RMB206.0 million in the fourth quarter of 2014 to RMB151.1 million in the fourth quarter of 2015.</p><p style="MARGIN: 0px">&nbsp;</p><p style="MARGIN: 0px"><table id="pagebreak0d554036-453b-4c31-869d-1d8448e06d4c" class="pagebreak" style="WIDTH: 100%; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" border="0">    <tr><td class="hpbhr">&nbsp;</td></tr><tr><td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">5</td></tr><tr></tr><tr><td><div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr><tr><td>&nbsp;</td></tr></table></p><p style="MARGIN: 0px">&nbsp;&nbsp;</p><p style="MARGIN: 0px">Gross loss was RMB238.3 million in the fourth quarter of 2015 as compared to RMB24.9 million in the fourth quarter of 2014. The increase in gross loss was mainly due to the write down of the Company inventory by RMB106.2 million and the sales of such inventory at net realizable value of RMB83.4 million.</p><p style="MARGIN: 0px">&nbsp;</p><p style="MARGIN: 0px">Interest and other income was RMB4.3 million in the fourth quarter of 2015 as compared to RMB5.6 million in the fourth quarter of 2014. The decrease was mainly due to lower time deposits of RMB120 million placed with banks in the fourth quarter of 2015 as compared to time deposits of RMB600 million placed with banks during the same period last year.</p><p style="MARGIN: 0px">&nbsp;</p><p style="MARGIN: 0px">Selling and distribution expenses were RMB69.7 million in the fourth quarter of 2015, an increase from RMB46.7 million during the fourth quarter of 2014. The increase was primarily attributed to the retail network acquisition cost of RMB36.3 million was expensed off. During the fourth quarter of 2015, the Company acquired the retail network from one distributor in Fujian Province for RMB39.8 million. The retail network consists of 18 authorized retail outlets. Before this acquisition, these authorized retailers did not have direct contractual relationship with the Company, and were direct customers and had direct contractual relationships with this distributor. After this acquisition, this distributor ceased the contractual relationships with these authorized retailers and ceased the distributorship in this province, and as a result, the authorized retailers become direct customers of, and have direct contractual relationship with, the Company.<font size="2"></font>Based on present value analysis on the probability that the expect future economic benefits embodied in the asset will flow to the Company, the retail network was capitalized at RMB3.5 million and retail network acquisition cost of RMB36.3 million was expensed off. The increase was partially offset by the decrease in rack expenses for new retail outlets of authorized retailers.</p><p style="MARGIN: 0px">&nbsp;</p><p style="MARGIN: 0px">Administrative expenses were RMB7.7 million in the fourth quarter of 2015, a decrease from RMB8.0 million during the fourth quarter of 2014. The decrease was primarily due to reduction of headcount, office and other miscellaneous expenses during the fourth quarter of 2015.</p><p style="MARGIN: 0px">&nbsp;</p><p style="MARGIN: 0px">Loss before taxation was RMB311.4 million in the fourth quarter of 2015, as compared with loss before taxation of RMB73.9 million during the fourth quarter of 2014. </p><p style="MARGIN: 0px">&nbsp;</p><p style="MARGIN: 0px">Loss after taxation for the fourth quarter of 2015 was RMB311.4 million, as compared with loss of RMB4.5 million during the fourth quarter of 2014. Loss per ADS was $3.38 in the fourth quarter of 2015, compared to loss of $0.05 per ADS in the fourth quarter of 2014.</p><p style="MARGIN: 0px">&nbsp;&nbsp;&nbsp;</p><p style="MARGIN: 0px"><b>Financial Position</b></p><p style="MARGIN: 0px">&nbsp;</p><p style="MARGIN: 0px">As of&nbsp;December 31, 2015, the Company had cash and cash equivalents of&nbsp;RMB203.4 million. </p><p style="MARGIN: 0px">&nbsp;</p><p style="MARGIN: 0px">As of December 31, 2015, the Company had intangible assets of RMB17.5 million. The increase in intangible assets, as compared to December 31, 2014, was primarily due to the Company acquired the retail network of five distributors in five provinces. The Company recorded an intangible asset for RMB14.5 million which represented the estimated fair value of the retail network acquired. The estimated fair value was based on present value analysis on the probability that the expected future economic benefits embodied in the asset will flow to the Company. The remaining cost paid to acquire the retail network of RMB149.9 million was expensed. The retail network consisted of 140 authorized retail outlets. Before acquisition, these authorized retailers who did not have direct contractual relationship with the Company, were direct customers of these five distributors and had direct contractual relationship with these five distributors. After acquisition, these distributors ceased contractual relationship with these authorized retailers and ceased their distributorship in these five provinces. The authorized retailers became direct customers of and have direct contractual relationships with the Company.</p><p style="MARGIN: 0px">&nbsp;</p><p style="MARGIN: 0px">As at December 31, 2015, the Company had trade receivables of RMB569.5 million. The increase in trade receivables, as compared to December 31, 2014, was primarily due to the change in credit policy. Beginning in July 2015, the Company implemented additional credit policies and credit limits with its distributors and retailers. Generally, credit limits are established for approved distributors and retailers based upon a proportion of historical customer orders (generally, 50% of prior orders). Any receivable balance in excess of the credit limit is generally due within 30 days. Receivable amounts within credit limits are generally due within 180 to 270 days. Established credit limits are subject to terms and conditions, non-compliance with such terms resulting in amounts due generally within 90 days.</p><p style="MARGIN: 0px">&nbsp;</p><p style="MARGIN: 0px"><table id="pagebreak235d5a42-676f-42f4-98c4-20b78bc35819" class="pagebreak" style="WIDTH: 100%; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" border="0">    <tr><td class="hpbhr"><p style="MARGIN: 0px">&nbsp;</p></td></tr><tr><td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">6</td></tr><tr></tr><tr><td><div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr><tr><td>&nbsp;</td></tr></table></p><p style="MARGIN: 0px">&nbsp;&nbsp;</p><p style="MARGIN: 0px"><b>Conference Call</b></p><p style="MARGIN: 0px">&nbsp;</p><p style="MARGIN: 0px">Xiniya will host a conference call and live webcast on Wednesday, May 18, 2016 at 8 a.m. Eastern Daylight Time&nbsp;(8 p.m. Beijing&nbsp;time on the same day).</p><p style="MARGIN: 0px">&nbsp;</p><p style="MARGIN: 0px">The toll free dial-in details for the live conference call are as follows:</p><p style="MARGIN: 0px"><table id="0b33e6a5-352b-423e-9033-dbb3ff1e34fb" style="TEXT-ALIGN: justify; FONT: 10pt times new roman" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr><td valign="top" width="2%"><p>-</p></td><td valign="top"><p style="MARGIN: 0px">USA: 1-800-8713110 or 1-888-7007397</p></td></tr><tr><td valign="top">- </td><td valign="top"><p style="MARGIN: 0px">China: 800 803 6017</p></td></tr><tr><td valign="top">- </td><td valign="top"><p style="MARGIN: 0px">Hong Kong: 800 96 8899</p></td></tr><tr><td valign="top">- </td><td valign="top"><p style="MARGIN: 0px">International access: +886 2 21928018</p></td></tr></table></p><p style="MARGIN: 0px">Participant PIN Code: <font size="2">310401#</font></p><p style="MARGIN: 0px">&nbsp;</p><p style="MARGIN: 0px">A live webcast of the conference call will be available on: http://www.corpasia.net/cancast/taiwan/index.php?id=tw0000_475&amp;version=e</p><p style="MARGIN: 0px">&nbsp;</p><p style="MARGIN: 0px">A telephone replay of the call will be available 2 hours after the end of the conference through June 17, 2016 at 8 a.m. EDT. </p><p style="MARGIN: 0px">&nbsp;&nbsp;&nbsp;</p><p style="MARGIN: 0px">The dial-in details for the replay are as follows:</p><p style="MARGIN: 0px"><table id="1510b085-2faa-44c1-8d15-d3ddeed186ec" style="TEXT-ALIGN: justify; FONT: 10pt times new roman" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr><td valign="top" width="2%">1. </td><td valign="top"><p style="MARGIN: 0px">Dial the playback number: +886 2 33220777</p></td></tr><tr><td valign="top">2. </td><td valign="top"><p style="MARGIN: 0px">Enter playback reference number: 178913 #</p></td></tr><tr><td valign="top">3. </td><td valign="top"><p style="MARGIN: 0px">Enter participant pin code: 574926 #</p></td></tr></table></p><p style="MARGIN: 0px">Accessible Duration: 30 Days<br></p><p style="MARGIN: 0px">&nbsp;</p><p style="MARGIN: 0px"><table id="pagebreak72840393-57e5-4276-975e-6fb29907eca2" class="pagebreak" style="WIDTH: 100%; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" border="0">    <tr><td class="hpbhr">&nbsp;</td></tr><tr><td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">7</td></tr><tr></tr><tr><td><div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr><tr><td>&nbsp;</td></tr></table></p><p style="MARGIN: 0px">&nbsp;</p><p style="MARGIN: 0px"><b>Safe Harbor Statement</b></p><p style="MARGIN: 0px">&nbsp;</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">&nbsp;</p><p style="MARGIN: 0px"><b>Exchange Rate Information</b></p><p style="MARGIN: 0px">&nbsp;</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 = RMB6.4778 on December 31, 2015 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 December 31, 2015, or at any other date. The percentages stated are calculated based on RMB amounts. </p><p style="MARGIN: 0px">&nbsp;</p><p style="MARGIN: 0px"><b>About China Xiniya Fashion Limited</b></p><p style="MARGIN: 0px">&nbsp;</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 and retail network that includes 21 distributors and authorized retail outlets. Its products are sold to consumers at over 300 authorized retail outlets owned and managed by third parties located in 20 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">&nbsp;</p><p style="MARGIN: 0px">For additional information, please contact:</p><p style="MARGIN: 0px">&nbsp;</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><font size="2">&nbsp;   <p style="MARGIN: 0px"><table id="pagebreak287b3d4e-f411-41e9-a2b2-f62df32f740a" class="pagebreak" style="WIDTH: 100%; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" border="0">    <tr><td class="hpbhr">&nbsp;</td></tr><tr><td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">8</td></tr><tr></tr><tr><td><div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr><tr><td>&nbsp;</td></tr></table></p><p style="MARGIN: 0px" align="center">&nbsp;</p></font><p style="MARGIN: 0px" align="center"><font size="2"><strong>C<font size="2">HINA XINIYA FASHION LIMITED</font></strong></font></p><p style="MARGIN: 0px" align="center"><strong><font size="2">CONSOLIDATED STATEMENTS OF COMPREHENSIVE </font><font size="2">LOSS</font></strong></p><p style="MARGIN: 0px" align="center"><font size="2"><strong>FOR THE THREE MONTHS ENDED SEPTEMBER 30</strong></font></p><p style="MARGIN: 0px" align="center"><font size="2">(Expressed in thousands, except per share and per ADS amounts)</font></p><p style="MARGIN: 0px">&nbsp;</p><table id="b4e4deca-6e67-4dfb-acd1-762db1b0df25" style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; MARGIN: auto" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr><td valign="bottom"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom"><p style="MARGIN: 0px"><strong>&nbsp;</strong></p></td><td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"><p style="MARGIN: 0px" align="center"><font size="2"><strong>2014</strong></font></p></td><td valign="bottom"><p style="MARGIN: 0px"><strong>&nbsp;</strong></p></td><td valign="bottom"><p style="MARGIN: 0px"><strong>&nbsp;</strong></p></td><td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"><p style="MARGIN: 0px" align="center"><font size="2"><strong>2015</strong></font></p></td><td valign="bottom"><p style="MARGIN: 0px"><strong>&nbsp;</strong></p></td><td valign="bottom"><p style="MARGIN: 0px"><strong>&nbsp;</strong></p></td><td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"><p style="MARGIN: 0px" align="center"><font size="2"><strong>2015</strong></font></p></td><td valign="bottom"><p style="MARGIN: 0px">&nbsp;</p></td></tr><tr height="15"><td></td><td></td><td colspan="2"><p style="MARGIN: 0px" align="center">RMB</p></td><td></td><td></td><td colspan="2"><p style="MARGIN: 0px" align="center">RMB</p></td><td></td><td></td><td colspan="2"><p style="MARGIN: 0px" align="center">USD</p></td><td></td></tr><tr><td><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" colspan="2" align="right"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" colspan="2" align="right"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" colspan="2" align="right"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td></tr><tr bgcolor="#cceeff"><td valign="top"><p style="MARGIN: 0px"><font size="2">Revenue</font></p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">(137,885</td><td valign="bottom" width="1%">)</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">83,170</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">13,086</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td></tr><tr bgcolor="#ffffff"><td valign="top"><p style="MARGIN: 0px"><font size="2">Cost of sales</font></p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(3,483</td><td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(166,149</td><td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(26,142</td><td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td></tr><tr bgcolor="#cceeff"><td valign="top"><p style="MARGIN: 0px"><font size="2">Gross </font><font size="2">loss</font></p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">(141,368</td><td valign="bottom" width="1%">)</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">(82,979</td><td valign="bottom" width="1%">)</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">(13,056</td><td valign="bottom" width="1%">)</td></tr><tr bgcolor="#ffffff"><td><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td></tr><tr bgcolor="#cceeff"><td valign="top"><p style="MARGIN: 0px"><font size="2">Interest and other income</font></p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">5,859</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">3,261</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">513</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td></tr><tr bgcolor="#ffffff"><td valign="top"><p style="MARGIN: 0px"><font size="2">Selling and distribution expenses</font></p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">(64,709</td><td valign="bottom" width="1%">)</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">(162,734</td><td valign="bottom" width="1%">)</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">(25,605</td><td valign="bottom" width="1%">)</td></tr><tr bgcolor="#cceeff"><td valign="top"><p style="MARGIN: 0px"><font size="2">Administrative expenses</font></p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(5,866</td><td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(5,068</td><td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(797</td><td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td></tr><tr bgcolor="#ffffff"><td valign="top"><p style="MARGIN: 0px"><font size="2">Loss</font><font size="2"> before taxation</font></p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">(206,084</td><td valign="bottom" width="1%">)</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">(247,520</td><td valign="bottom" width="1%">)</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">(38,945</td><td valign="bottom" width="1%">)</td></tr><tr bgcolor="#cceeff"><td valign="top"><p style="MARGIN: 0px"><font size="2">Income tax </font><font size="2">expense</font></p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">&#8212;</td><td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(50,987</td><td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(8,022</td><td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td></tr><tr bgcolor="#ffffff"><td valign="top"><p style="MARGIN: 0px"><font size="2">Loss</font><font size="2"> for the period</font></p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">(206,084</td><td valign="bottom" width="1%">)</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">(298,507</td><td valign="bottom" width="1%">)</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">(46,967</td><td valign="bottom" width="1%">)</td></tr><tr bgcolor="#cceeff"><td><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td></tr><tr bgcolor="#ffffff"><td valign="top"><p style="MARGIN: 0px"><font size="2">Other comprehensive loss for the period:</font></p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td></tr><tr bgcolor="#cceeff"><td><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td></tr><tr bgcolor="#ffffff"><td valign="top"><p style="MARGIN: 0px"><font size="2">Exchange differences on translation of financial statements of entities outside the mainland of the People's Republic of China</font></p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(276</td><td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">543</td><td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">85</td><td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td></tr><tr bgcolor="#cceeff"><td valign="top"><p style="MARGIN: 0px"><font size="2">Total comprehensive loss for the period</font></p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">(206,360</td><td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%">)</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">(297,964</td><td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%">)</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">(46,882</td><td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%">)</td></tr><tr bgcolor="#ffffff"><td><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td></tr><tr bgcolor="#cceeff"><td valign="top"><p style="MARGIN: 0px"><font size="2">Loss per share - basic and diluted (in RMB)</font><font size="2"></font></p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">(0.91</td><td valign="bottom" width="1%">)</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">(1.31</td><td valign="bottom" width="1%">)</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td></tr><tr bgcolor="#ffffff"><td valign="top"><p style="MARGIN: 0px"><font size="2">Loss per ADS &#8211; basic and diluted (in USD)</font></p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">(2.36</td><td valign="bottom" width="1%">)</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">(3.30</td><td valign="bottom" width="1%">)</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td></tr><tr bgcolor="#cceeff"><td><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td></tr><tr bgcolor="#ffffff"><td valign="top"><p style="MARGIN: 0px"><font size="2">Weighted average shares outstanding in the period</font><font size="2"> ('000)</font></p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">227,717</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">227,717</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td></tr><tr bgcolor="#cceeff"><td valign="top"><p style="MARGIN: 0px"><font size="2">Weighted average ADS outstanding in the period</font><font size="2"> ('000)</font></p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">14,232</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">14,232</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td></tr><tr bgcolor="#ffffff"><td><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td></tr><tr bgcolor="#ffffff"><td valign="top"><p style="MARGIN: 0px"><font size="2">One ADS represents </font><font size="2">16</font><font size="2"> ordinary shares.</font></p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td></tr></table><p style="MARGIN: 0px">&nbsp;</p><p style="MARGIN: 0px"><table id="pagebreak430b40c9-729e-4a34-a1c1-1b701f8d53fe" class="pagebreak" style="WIDTH: 100%; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" border="0">    <tr><td class="hpbhr">&nbsp;</td></tr><tr><td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">9</td></tr><tr></tr><tr><td><div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr><tr><td>&nbsp;</td></tr></table></p><p style="MARGIN: 0px">&nbsp;</p><p style="MARGIN: 0px" align="center"><strong><font size="2">C</font><font size="2">HINA XINIYA FASHION LIMITED</font></strong></p><p style="MARGIN: 0px" align="center"><strong><font size="2">CONSOLIDATED STATEMENTS OF COMPREHENSIVE </font><font size="2">LOSS</font></strong></p><p style="MARGIN: 0px" align="center"><font size="2"><strong>FOR THE THREE MONTHS ENDED DECEMBER 31</strong></font></p><p style="MARGIN: 0px" align="center"><font size="2">(Expressed in thousands, except per share and per ADS amounts)</font></p><p style="MARGIN: 0px">&nbsp;</p><table id="dbf03165-f80f-4b19-94bf-9735e9992e49" style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; MARGIN: auto" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr><td valign="bottom"><p style="MARGIN: 0px" align="center">&nbsp;</p></td><td valign="bottom"><p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td><td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"><p style="MARGIN: 0px" align="center"><font size="2"><strong>2014</strong></font></p></td><td valign="bottom"><p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td><td valign="bottom"><p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td><td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"><p style="MARGIN: 0px" align="center"><font size="2"><strong>2015</strong></font></p></td><td valign="bottom"><p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td><td valign="bottom"><p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td><td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"><p style="MARGIN: 0px" align="center"><font size="2"><strong>2015</strong></font></p></td><td valign="bottom"><p style="MARGIN: 0px" align="center">&nbsp;</p></td></tr><tr height="15"><td></td><td></td><td colspan="2"><p style="MARGIN: 0px" align="center">RMB</p></td><td></td><td></td><td colspan="2"><p style="MARGIN: 0px" align="center">RMB</p></td><td></td><td></td><td colspan="2"><p style="MARGIN: 0px" align="center">USD</p></td><td></td></tr><tr><td><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" colspan="2" align="right"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" colspan="2" align="right"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" colspan="2" align="right"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td></tr><tr bgcolor="#cceeff"><td valign="top"><p style="MARGIN: 0px"><font size="2">Revenue</font></p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">111,748</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">128,873</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">19,895</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td></tr><tr bgcolor="#ffffff"><td valign="top"><p style="MARGIN: 0px"><font size="2">Cost of sales</font></p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(136,622</td><td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(367,155</td><td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(56,679</td><td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td></tr><tr bgcolor="#cceeff"><td valign="top"><p style="MARGIN: 0px"><font size="2">Gross </font><font size="2">loss</font></p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">(24,874</td><td valign="bottom" width="1%">)</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">(238,282</td><td valign="bottom" width="1%">)</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">(36,784</td><td valign="bottom" width="1%">)</td></tr><tr bgcolor="#ffffff"><td><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td></tr><tr bgcolor="#cceeff"><td valign="top"><p style="MARGIN: 0px"><font size="2">Interest and other income</font></p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">5,633</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">4,341</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">670</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td></tr><tr bgcolor="#ffffff"><td valign="top"><p style="MARGIN: 0px"><font size="2">Selling and distribution expenses</font></p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">(46,677</td><td valign="bottom" width="1%">)</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">(69,723</td><td valign="bottom" width="1%">)</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">(10,764</td><td valign="bottom" width="1%">)</td></tr><tr bgcolor="#cceeff"><td valign="top"><p style="MARGIN: 0px"><font size="2">Administrative expenses</font></p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(7,970</td><td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(7,732</td><td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(1,194</td><td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td></tr><tr bgcolor="#ffffff"><td valign="top"><p style="MARGIN: 0px"><font size="2">Loss</font><font size="2"> before taxation</font></p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">(73,888</td><td valign="bottom" width="1%">)</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">(311,396</td><td valign="bottom" width="1%">)</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">(48,072</td><td valign="bottom" width="1%">)</td></tr><tr bgcolor="#cceeff"><td valign="top"><p style="MARGIN: 0px"><font size="2">Income tax </font><font size="2">benefit</font></p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">69,360</td><td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">&#8212;</td><td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">&#8212;</td><td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td></tr><tr bgcolor="#ffffff"><td valign="top"><p style="MARGIN: 0px"><font size="2">Loss</font><font size="2"> for the period</font></p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">(4,528</td><td valign="bottom" width="1%">)</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">(311,396</td><td valign="bottom" width="1%">)</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">(48,072</td><td valign="bottom" width="1%">)</td></tr><tr bgcolor="#cceeff"><td><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td></tr><tr bgcolor="#ffffff"><td valign="top"><p style="MARGIN: 0px"><font size="2">Other comprehensive loss for the period:</font></p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td></tr><tr bgcolor="#cceeff"><td><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td></tr><tr bgcolor="#ffffff"><td valign="top"><p style="MARGIN: 0px"><font size="2">Exchange differences on translation of financial statements of entities outside the mainland of the People's Republic of China</font></p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">262</td><td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(1,551</td><td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(239</td><td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td></tr><tr bgcolor="#cceeff"><td valign="top"><p style="MARGIN: 0px"><font size="2">Total comprehensive loss for the period</font></p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">(4,266</td><td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%">)</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">(312,947</td><td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%">)</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">(48,311</td><td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%">)</td></tr><tr bgcolor="#ffffff"><td><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td></tr><tr bgcolor="#cceeff"><td valign="top"><p style="MARGIN: 0px"><font size="2">Loss per share - basic and diluted (in RMB)</font><font size="2"></font></p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">(0.02</td><td valign="bottom" width="1%">)</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">(1.37</td><td valign="bottom" width="1%">)</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td></tr><tr bgcolor="#ffffff"><td valign="top"><p style="MARGIN: 0px"><font size="2">Loss per ADS &#8211; basic and diluted (in USD)</font></p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">(0.05</td><td valign="bottom" width="1%">)</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">(3.38</td><td valign="bottom" width="1%">)</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td></tr><tr bgcolor="#cceeff"><td><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td></tr><tr bgcolor="#ffffff"><td valign="top"><p style="MARGIN: 0px"><font size="2">Weighted average shares outstanding in the period</font><font size="2"> ('000)</font></p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">227,717</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">227,717</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td></tr><tr bgcolor="#cceeff"><td valign="top"><p style="MARGIN: 0px"><font size="2">Weighted average ADS outstanding in the period</font><font size="2"> ('000)</font></p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">14,232</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">14,232</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td></tr><tr bgcolor="#ffffff"><td><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td></tr><tr bgcolor="#ffffff"><td valign="top"><p style="MARGIN: 0px"><font size="2">One ADS represents </font><font size="2">16</font><font size="2"> ordinary shares.</font></p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td></tr></table><p style="MARGIN: 0px">&nbsp;</p><p style="MARGIN: 0px"><table id="pagebreakad028512-5537-4b1c-a766-963d3d703647" class="pagebreak" style="WIDTH: 100%; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" border="0">    <tr><td class="hpbhr">&nbsp;</td></tr><tr><td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">10</td></tr><tr></tr><tr><td><div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr><tr><td>&nbsp;</td></tr></table></p><p style="MARGIN: 0px">&nbsp;</p><p style="MARGIN: 0px" align="center"><strong><font size="2">C</font><font size="2">HINA XINIYA FASHION LIMITED</font></strong></p><p style="MARGIN: 0px" align="center"><strong><font size="2">CONSOLIDATED STATEMENTS OF COMPREHENSIVE </font><font size="2">LOSS</font></strong></p><p style="MARGIN: 0px" align="center"><font size="2"><strong>FOR THE TWELVES MONTHS ENDED DECEMBER 31</strong></font></p><p style="MARGIN: 0px" align="center"><font size="2">(Expressed in thousands, except per share and per ADS amounts)</font></p><p style="MARGIN: 0px">&nbsp;</p><table id="20e8997b-73bd-4faa-88c3-892b5f723feb" style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; MARGIN: auto" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr><td valign="bottom"><p style="MARGIN: 0px" align="center">&nbsp;</p></td><td valign="bottom"><p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td><td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"><p style="MARGIN: 0px" align="center"><font size="2"><strong>2014</strong></font></p></td><td valign="bottom"><p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td><td valign="bottom"><p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td><td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"><p style="MARGIN: 0px" align="center"><font size="2"><strong>2015</strong></font></p></td><td valign="bottom"><p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td><td valign="bottom"><p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td><td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"><p style="MARGIN: 0px" align="center"><font size="2"><strong>2015</strong></font></p></td><td valign="bottom"><p style="MARGIN: 0px" align="center">&nbsp;</p></td></tr><tr height="15"><td></td><td><strong></strong></td><td colspan="2"><p style="MARGIN: 0px" align="center">RMB</p></td><td></td><td></td><td colspan="2"><p style="MARGIN: 0px" align="center">RMB</p></td><td></td><td></td><td colspan="2"><p style="MARGIN: 0px" align="center">USD</p></td><td></td></tr><tr><td><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" colspan="2" align="right"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" colspan="2" align="right"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" colspan="2" align="right"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td></tr><tr bgcolor="#cceeff"><td valign="top"><p style="MARGIN: 0px"><font size="2">Revenue</font></p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">380,169</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">472,166</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">72,890</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td></tr><tr bgcolor="#ffffff"><td valign="top"><p style="MARGIN: 0px"><font size="2">Cost of sales</font></p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(431,540</td><td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(741,172</td><td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(114,417</td><td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td></tr><tr bgcolor="#cceeff"><td valign="top"><p style="MARGIN: 0px"><font size="2">Gross </font><font size="2">loss</font></p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">(51,371</td><td valign="bottom" width="1%">)</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">(269,006</td><td valign="bottom" width="1%">)</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">(41,527</td><td valign="bottom" width="1%">)</td></tr><tr bgcolor="#ffffff"><td><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td></tr><tr bgcolor="#cceeff"><td valign="top"><p style="MARGIN: 0px"><font size="2">Interest and other income</font></p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">22,271</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">18,095</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">2,793</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td></tr><tr bgcolor="#ffffff"><td valign="top"><p style="MARGIN: 0px"><font size="2">Selling and distribution expenses</font></p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">(166,158</td><td valign="bottom" width="1%">)</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">(269,448</td><td valign="bottom" width="1%">)</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">(41,596</td><td valign="bottom" width="1%">)</td></tr><tr bgcolor="#cceeff"><td valign="top"><p style="MARGIN: 0px"><font size="2">Administrative expenses</font></p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(30,178</td><td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(25,220</td><td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(3,893</td><td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td></tr><tr bgcolor="#ffffff"><td valign="top"><p style="MARGIN: 0px"><font size="2">Loss</font><font size="2"> before taxation</font></p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">(225,436</td><td valign="bottom" width="1%">)</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">(545,579</td><td valign="bottom" width="1%">)</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">(84,223</td><td valign="bottom" width="1%">)</td></tr><tr bgcolor="#cceeff"><td valign="top"><p style="MARGIN: 0px"><font size="2">Income tax </font><font size="2">(</font><font size="2">expense</font><font size="2">)/benefit</font></p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">54,760</td><td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(54,760</td><td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(8,453</td><td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td></tr><tr bgcolor="#ffffff"><td valign="top"><p style="MARGIN: 0px"><font size="2">Loss</font><font size="2"> for the period</font></p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">(170,676</td><td valign="bottom" width="1%">)</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">(600,339</td><td valign="bottom" width="1%">)</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">(92,676</td><td valign="bottom" width="1%">)</td></tr><tr bgcolor="#cceeff"><td><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td></tr><tr bgcolor="#ffffff"><td valign="top"><p style="MARGIN: 0px"><font size="2">Other comprehensive loss for the period:</font></p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td></tr><tr bgcolor="#cceeff"><td><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td></tr><tr bgcolor="#ffffff"><td valign="top"><p style="MARGIN: 0px"><font size="2">Exchange differences on translation of financial statements of entities outside the mainland of the People's Republic of China</font></p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">681</td><td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(994</td><td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(153</td><td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td></tr><tr bgcolor="#cceeff"><td valign="top"><p style="MARGIN: 0px"><font size="2">Total comprehensive loss for the period</font></p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">(169,995</td><td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%">)</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">(601,333</td><td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%">)</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">(92,829</td><td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%">)</td></tr><tr bgcolor="#ffffff"><td><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td></tr><tr bgcolor="#cceeff"><td valign="top"><p style="MARGIN: 0px"><font size="2">Loss per share - basic and diluted (in RMB)</font><font size="2"></font></p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">(0.75</td><td valign="bottom" width="1%">)</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">(2.64</td><td valign="bottom" width="1%">)</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td></tr><tr bgcolor="#ffffff"><td valign="top"><p style="MARGIN: 0px"><font size="2">Loss per ADS &#8211; basic and diluted (in USD)</font></p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">(1.93</td><td valign="bottom" width="1%">)</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">(6.51</td><td valign="bottom" width="1%">)</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td></tr><tr bgcolor="#cceeff"><td><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td></tr><tr bgcolor="#ffffff"><td valign="top"><p style="MARGIN: 0px"><font size="2">Weighted average shares outstanding in the period</font><font size="2"> ('000)</font></p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">227,717</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">227,717</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td></tr><tr bgcolor="#cceeff"><td valign="top"><p style="MARGIN: 0px"><font size="2">Weighted average ADS outstanding in the period</font><font size="2"> ('000)</font></p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">14,232</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">14,232</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td></tr><tr bgcolor="#ffffff"><td><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td></tr><tr bgcolor="#ffffff"><td valign="top"><p style="MARGIN: 0px"><font size="2">One ADS represents </font><font size="2">16</font><font size="2"> ordinary shares.</font></p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td></tr></table><p style="MARGIN: 0px">&nbsp;</p><p style="MARGIN: 0px"><table id="pagebreakc4d6797b-b44f-4aa7-845f-bb8c16c432b9" class="pagebreak" style="WIDTH: 100%; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" border="0">    <tr><td class="hpbhr">&nbsp;</td></tr><tr><td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">11</td></tr><tr></tr><tr><td><div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr><tr><td>&nbsp;</td></tr></table></p><p style="MARGIN: 0px">&nbsp;</p><p style="MARGIN: 0px" align="center"><strong>CHINA XINIYA FASHION LIMITED</strong></p><p style="MARGIN: 0px" align="center"><strong>CONSOLIDATED STATEMENTS OF FINANCIAL POSITION</strong></p><p style="MARGIN: 0px" align="center">(<font size="2">Expressed in thousands)</font></p><p style="MARGIN: 0px">&nbsp;</p><table id="8603a7bf-e3f6-4333-914f-80d5360a960c" style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; MARGIN: auto" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr><td valign="bottom"><p style="MARGIN: 0px" align="center">&nbsp;</p></td><td valign="bottom"><p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td><td id="hdcell" valign="bottom" colspan="2" align="center"><p style="MARGIN: 0px" align="center"><font size="2"><strong>As of </strong></font></p><p style="MARGIN: 0px" align="center"><font size="2"><strong>December 31,</strong></font></p></td><td valign="bottom"><p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td><td valign="bottom"><p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td><td id="hdcell" valign="bottom" colspan="2" align="center"><p style="MARGIN: 0px" align="center"><font size="2"><strong>As of </strong></font></p><p style="MARGIN: 0px" align="center"><font size="2"><strong>December 31,</strong></font></p></td><td valign="bottom"><p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td><td valign="bottom"><p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td><td id="hdcell" valign="bottom" colspan="2" align="center"><p style="MARGIN: 0px" align="center"><font size="2"><strong>As of </strong></font></p><p style="MARGIN: 0px" align="center"><font size="2"><strong>December 31,</strong></font></p></td><td valign="bottom"><p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td></tr><tr><td valign="bottom"><p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td><td valign="bottom"><p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td><td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center"><p style="MARGIN: 0px" align="center"><font size="2"><strong>2014</strong></font></p></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td><td valign="bottom"><p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td><td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center"><p style="MARGIN: 0px" align="center"><font size="2"><strong>2015</strong></font></p></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td><td valign="bottom"><p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td><td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center"><p style="MARGIN: 0px" align="center"><font size="2"><strong>2015</strong></font></p></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td></tr><tr><td valign="bottom"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom"><p style="MARGIN: 0px">&nbsp;</p></td><td id="hdcell" valign="bottom" width="9%" colspan="2" align="center"><p style="MARGIN: 0px" align="center"><font size="2">RMB</font></p></td><td valign="bottom"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom"><p style="MARGIN: 0px">&nbsp;</p></td><td id="hdcell" valign="bottom" width="9%" colspan="2" align="center"><p style="MARGIN: 0px" align="center"><font size="2">RMB</font></p></td><td valign="bottom"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom"><p style="MARGIN: 0px">&nbsp;</p></td><td id="hdcell" valign="bottom" width="9%" colspan="2" align="center"><p style="MARGIN: 0px" align="center"><font size="2">USD</font></p></td><td valign="bottom"><p style="MARGIN: 0px">&nbsp;</p></td></tr><tr><td><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" colspan="2" align="right"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" colspan="2" align="right"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" colspan="2" align="right"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td></tr><tr><td valign="top"><p style="MARGIN: 0px"><b><font size="2">Assets</font></b></p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" colspan="2" align="right"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" colspan="2" align="right"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" colspan="2" align="right"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td></tr><tr><td valign="top"><p style="MARGIN: 0px"><b><font size="2">Non-current assets</font></b></p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" colspan="2" align="right"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" colspan="2" align="right"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" colspan="2" align="right"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td></tr><tr bgcolor="#cceeff"><td valign="top"><p style="MARGIN: 0px"><font size="2">Property, plant and equipment</font></p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">5,316</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">3,843</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">593</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td></tr><tr bgcolor="#ffffff"><td valign="top"><p style="MARGIN: 0px"><font size="2">Intangible assets</font></p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">6,379</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">17,462</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">2,696</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td></tr><tr bgcolor="#cceeff"><td valign="top"><p style="MARGIN: 0px"><font size="2">Deposit for land use right</font></p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">8,854</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">&#8212;</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">&#8212;</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td></tr><tr bgcolor="#ffffff"><td valign="top"><p style="MARGIN: 0px"><font size="2">Deferred tax assets</font></p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">54,760</td><td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">&#8212;</td><td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">&#8212;</td><td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td></tr><tr bgcolor="#cceeff"><td valign="top"><p style="MARGIN: 0px"><b><font size="2">Total non-current assets</font></b></p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">75,309</td><td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">21,305</td><td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">3,289</td><td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td></tr><tr bgcolor="#ffffff"><td><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td></tr><tr bgcolor="#cceeff"><td valign="top"><p style="MARGIN: 0px"><b><font size="2">Current assets</font></b></p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td></tr><tr bgcolor="#ffffff"><td valign="top"><p style="MARGIN: 0px"><font size="2">Cash and cash equivalents</font></p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">985,097</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">203,371</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">31,395</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td></tr><tr bgcolor="#cceeff"><td valign="top"><p style="MARGIN: 0px"><font size="2">Time deposits held at banks with maturity over three months</font></p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">70,000</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">&#8212;</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">&#8212;</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td></tr><tr bgcolor="#ffffff"><td valign="top"><p style="MARGIN: 0px"><font size="2">Trade receivables</font></p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">278,446</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">569,522</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">87,919</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td></tr><tr bgcolor="#cceeff"><td valign="top"><p style="MARGIN: 0px"><font size="2">Prepayments to suppliers</font></p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">48,140</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">46,050</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">7,109</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td></tr><tr bgcolor="#ffffff"><td valign="top"><p style="MARGIN: 0px"><font size="2">Inventories</font></p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">97,800</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">14,364</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">2,217</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td></tr><tr bgcolor="#cceeff"><td valign="top"><p style="MARGIN: 0px"><font size="2">Other receivables and prepayments</font></p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">58,106</td><td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">80,127</td><td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">12,370</td><td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td></tr><tr bgcolor="#ffffff"><td valign="top"><p style="MARGIN: 0px"><b><font size="2">Total current assets</font></b></p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">1,537,589</td><td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">913,434</td><td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">141,010</td><td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td></tr><tr bgcolor="#cceeff"><td><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td></tr><tr bgcolor="#ffffff"><td valign="top"><p style="MARGIN: 0px"><b><font size="2">Total assets</font></b></p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">1,612,898</td><td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">934,739</td><td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">144,299</td><td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td></tr><tr bgcolor="#ffffff"><td><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td></tr><tr bgcolor="#ffffff"><td valign="top"><p style="MARGIN: 0px"><b><font size="2">Equity and liabilities</font></b></p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td></tr><tr bgcolor="#ffffff"><td valign="top"><p style="MARGIN: 0px"><b><font size="2">Equity</font></b></p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td></tr><tr bgcolor="#cceeff"><td valign="top"><p style="MARGIN: 0px"><font size="2">Share capital</font></p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">77</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">77</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">12</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td></tr><tr bgcolor="#ffffff"><td valign="top"><p style="MARGIN: 0px"><font size="2">Additional paid-in capital</font></p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">519,077</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">519,077</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">80,132</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td></tr><tr bgcolor="#cceeff"><td valign="top"><p style="MARGIN: 0px"><font size="2">Statutory reserve</font></p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">122,615</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">122,615</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">18,928</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td></tr><tr bgcolor="#ffffff"><td valign="top"><p style="MARGIN: 0px"><font size="2">Currency translation reserve</font></p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">(19,469</td><td valign="bottom" width="1%">)</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">(18,475</td><td valign="bottom" width="1%">)</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">(2,852</td><td valign="bottom" width="1%">)</td></tr><tr bgcolor="#cceeff"><td valign="top"><p style="MARGIN: 0px"><font size="2">Retained earnings</font></p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">708,804</td><td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">108,465</td><td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">16,744</td><td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td></tr><tr bgcolor="#ffffff"><td valign="top"><p style="MARGIN: 0px"><font size="2">Total equity</font></p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">1,331,104</td><td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">731,759</td><td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">112,964</td><td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td></tr><tr bgcolor="#cceeff"><td><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td></tr><tr bgcolor="#ffffff"><td valign="top"><p style="MARGIN: 0px"><b><font size="2">Current liabilities</font></b></p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td></tr><tr bgcolor="#cceeff"><td valign="top"><p style="MARGIN: 0px"><font size="2">Trade payables</font></p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">45,288</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">6,913</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">1,067</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td></tr><tr bgcolor="#ffffff"><td valign="top"><p style="MARGIN: 0px"><font size="2">Deposits received from distributors</font></p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">63,400</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">58,300</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">9,000</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td></tr><tr bgcolor="#cceeff"><td valign="top"><p style="MARGIN: 0px"><font size="2">Other payables and accruals</font></p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">34,493</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">51,054</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">7,881</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td></tr><tr bgcolor="#ffffff"><td valign="top"><p style="MARGIN: 0px"><font size="2">Provision for liability</font></p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">136,200</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">84,300</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">13,014</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td></tr><tr bgcolor="#cceeff"><td valign="top"><p style="MARGIN: 0px"><font size="2">Current income tax payable</font></p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">2,413</td><td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">2,413</td><td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">373</td><td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td></tr><tr bgcolor="#ffffff"><td valign="top"><p style="MARGIN: 0px"><font size="2">Total current liabilities</font></p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">281,794</td><td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">202,980</td><td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">31,335</td><td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td></tr><tr bgcolor="#cceeff"><td><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td></tr><tr bgcolor="#ffffff"><td valign="top"><p style="MARGIN: 0px"><b><font size="2">Total equity and liabilities</font></b></p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">1,612,898</td><td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">934,739</td><td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">144,299</td><td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td></tr></table><p style="MARGIN: 0px">&nbsp;</p><p style="MARGIN: 0px"><table id="pagebreak78c2b7ea-59d4-4452-a374-abf5017dbef5" class="pagebreak" style="WIDTH: 100%; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" border="0">    <tr><td class="hpbhr">&nbsp;</td></tr><tr><td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">12</td></tr><tr></tr><tr><td><div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr><tr><td>&nbsp;</td></tr></table></p><p style="MARGIN: 0px">&nbsp;</p><p style="MARGIN: 0px" align="center"><strong>CHINA XINIYA FASHION LIMITED</strong></p><p style="MARGIN: 0px" align="center"><strong>CONSOLIDATED STATEMENTS OF CASH FLOWS</strong></p><p style="MARGIN: 0px" align="center"><strong>FOR THE TWELVES MONTHS ENDED DECEMBER 31</strong></p><p style="MARGIN: 0px" align="center">(<font size="2">Expressed in thousands)</font></p><p style="MARGIN: 0px" align="center">&nbsp;&nbsp;</p><table id="80e4a20e-6e23-475c-9d52-862be8596415" style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; MARGIN: auto" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr><td valign="bottom"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom"><p style="MARGIN: 0px"><strong>&nbsp;</strong></p></td><td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center"><p style="MARGIN: 0px" align="center"><font size="2"><strong>2014</strong></font></p></td><td valign="bottom"><p style="MARGIN: 0px"><strong>&nbsp;</strong></p></td><td valign="bottom"><p style="MARGIN: 0px"><strong>&nbsp;</strong></p></td><td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center"><p style="MARGIN: 0px" align="center"><font size="2"><strong>2015</strong></font></p></td><td valign="bottom"><p style="MARGIN: 0px"><strong>&nbsp;</strong></p></td><td valign="bottom"><p style="MARGIN: 0px"><strong>&nbsp;</strong></p></td><td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center"><p style="MARGIN: 0px" align="center"><font size="2"><strong>2015</strong></font></p></td><td valign="bottom"><p style="MARGIN: 0px"><strong>&nbsp;</strong></p></td></tr><tr><td valign="bottom"><p style="MARGIN: 0px"><strong>&nbsp;</strong></p></td><td valign="bottom"><p style="MARGIN: 0px"><strong>&nbsp;</strong></p></td><td id="hdcell" valign="bottom" width="9%" colspan="2" align="center"><p style="MARGIN: 0px" align="center"><font size="2">RMB</font></p></td><td valign="bottom"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom"><p style="MARGIN: 0px">&nbsp;</p></td><td id="hdcell" valign="bottom" width="9%" colspan="2" align="center"><p style="MARGIN: 0px" align="center"><font size="2">RMB</font></p></td><td valign="bottom"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom"><p style="MARGIN: 0px">&nbsp;</p></td><td id="hdcell" valign="bottom" width="9%" colspan="2" align="center"><p style="MARGIN: 0px" align="center"><font size="2">USD</font></p></td><td valign="bottom"><p style="MARGIN: 0px">&nbsp;</p></td></tr><tr><td valign="top"><p style="MARGIN: 0px"><b><font size="2">Cash flows from operating activities:</font></b></p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" colspan="2" align="right"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" colspan="2" align="right"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" colspan="2" align="right"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td></tr><tr bgcolor="#cceeff"><td valign="top"><p style="MARGIN: 0px"><font size="2">Loss before taxation</font></p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">(225,436</td><td valign="bottom" width="1%">)</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">(545,579</td><td valign="bottom" width="1%">)</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">(84,223</td><td valign="bottom" width="1%">)</td></tr><tr bgcolor="#ffffff"><td valign="top"><p style="MARGIN: 0px"><font size="2">Adjustments for:</font></p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td></tr><tr bgcolor="#cceeff"><td valign="top"><p style="MARGIN: 0px"><font size="2">Depreciation of property, plant and equipment</font></p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">3,732</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">2,485</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">384</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td></tr><tr bgcolor="#ffffff"><td valign="top"><p style="MARGIN: 0px"><font size="2">Amortization of intangible assets</font></p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">2,187</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">3,466</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">535</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td></tr><tr bgcolor="#cceeff"><td valign="top"><p style="MARGIN: 0px"><font size="2">Retail network acquisition expense</font></p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">&#8212;</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">149,905</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">23,141</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td></tr><tr bgcolor="#ffffff"><td valign="top"><p style="MARGIN: 0px"><font size="2">Loss on disposal of property, plant and equipment</font></p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">&#8212;</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">387</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">60</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td></tr><tr bgcolor="#cceeff"><td valign="top"><p style="MARGIN: 0px"><font size="2">Interest income</font></p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">(20,201</td><td valign="bottom" width="1%">)</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">(11,981</td><td valign="bottom" width="1%">)</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">(1,850</td><td valign="bottom" width="1%">)</td></tr><tr bgcolor="#ffffff"><td valign="top"><p style="MARGIN: 0px"><font size="2">Foreign exchange losses</font></p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">742</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">1,029</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">159</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td></tr><tr bgcolor="#cceeff"><td valign="top"><p style="MARGIN: 0px"><font size="2">Share-based compensation</font></p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">913</td><td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">&#8212;</td><td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">&#8212;</td><td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td></tr><tr bgcolor="#ffffff"><td valign="top"><p style="MARGIN: 0px"><font size="2">Operating loss before working capital changes</font></p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">(238,063</td><td valign="bottom" width="1%">)</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">(400,288</td><td valign="bottom" width="1%">)</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">(61,794</td><td valign="bottom" width="1%">)</td></tr><tr bgcolor="#cceeff"><td valign="top"><p style="MARGIN: 0px"><font size="2">Decrease/(increase) in trade receivables</font></p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">301,891</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">(291,076</td><td valign="bottom" width="1%">)</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">(44,934</td><td valign="bottom" width="1%">)</td></tr><tr bgcolor="#ffffff"><td valign="top"><p style="MARGIN: 0px"><font size="2">Decrease in prepayments to suppliers</font></p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">32,645</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">2,090</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">322</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td></tr><tr bgcolor="#cceeff"><td valign="top"><p style="MARGIN: 0px"><font size="2">(Increase)/decrease in inventories</font></p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">(65,758</td><td valign="bottom" width="1%">)</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">83,436</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">12,880</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td></tr><tr bgcolor="#ffffff"><td valign="top"><p style="MARGIN: 0px"><font size="2">Increase in other receivables and prepayments</font></p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">(26,280</td><td valign="bottom" width="1%">)</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">(38,414</td><td valign="bottom" width="1%">)</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">(5,930</td><td valign="bottom" width="1%">)</td></tr><tr bgcolor="#cceeff"><td valign="top"><p style="MARGIN: 0px"><font size="2">Increase/(decrease) in trade payables</font></p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">19,694</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">(38,375</td><td valign="bottom" width="1%">)</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">(5,924</td><td valign="bottom" width="1%">)</td></tr><tr bgcolor="#ffffff"><td valign="top"><p style="MARGIN: 0px"><font size="2">Decrease in deposits received from distributors</font></p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">(36,500</td><td valign="bottom" width="1%">)</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">(5,100</td><td valign="bottom" width="1%">)</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">(787</td><td valign="bottom" width="1%">)</td></tr><tr bgcolor="#cceeff"><td valign="top"><p style="MARGIN: 0px"><font size="2">Increase in other payables and accruals</font></p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">5,422</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">16,561</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">2,557</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td></tr><tr bgcolor="#ffffff"><td valign="top"><p style="MARGIN: 0px"><font size="2">Increase/(decrease) in provision for liability</font></p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">136,200</td><td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(51,900</td><td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(8,012</td><td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td></tr><tr bgcolor="#cceeff"><td valign="top"><p style="MARGIN: 0px"><font size="2">Cash generated by/(used in) operating activities</font></p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">129,251</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">(723,066</td><td valign="bottom" width="1%">)</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">(111,622</td><td valign="bottom" width="1%">)</td></tr><tr bgcolor="#ffffff"><td valign="top"><p style="MARGIN: 0px"><font size="2">Income tax paid</font></p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(16,283</td><td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">&#8212;</td><td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">&#8212;</td><td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td></tr><tr bgcolor="#cceeff"><td valign="top"><p style="MARGIN: 0px"><font size="2">Net cash generated by/(used in) operating activities</font></p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">112,968</td><td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(723,066</td><td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(111,622</td><td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td></tr><tr height="15" bgcolor="#ffffff"><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr bgcolor="#cceeff"><td valign="top"><p style="MARGIN: 0px"><b><font size="2">Cash flows from investing activities:</font></b></p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right"><p style="MARGIN: 0px">&nbsp;</p></td><td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right"><p style="MARGIN: 0px">&nbsp;</p></td><td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right"><p style="MARGIN: 0px">&nbsp;</p></td><td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td></tr><tr bgcolor="#ffffff"><td valign="top"><p style="MARGIN: 0px"><font size="2">Decrease in time deposits held at banks with maturity over three months</font></p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">60,000</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">70,000</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">10,806</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td></tr><tr bgcolor="#cceeff"><td valign="top"><p style="MARGIN: 0px"><font size="2">Acquisition of property, plant and equipment</font></p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">(90</td><td valign="bottom" width="1%">)</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">(3,397</td><td valign="bottom" width="1%">)</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">(524</td><td valign="bottom" width="1%">)</td></tr><tr bgcolor="#ffffff"><td valign="top"><p style="MARGIN: 0px"><font size="2">Proceeds from the disposal of property, plant and equipment</font></p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">345</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">1,998</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">308</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td></tr><tr bgcolor="#cceeff"><td valign="top"><p style="MARGIN: 0px"><font size="2">Acquisition of retail network</font></p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">&#8212;</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">(164,454</td><td valign="bottom" width="1%">)</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">(25,387</td><td valign="bottom" width="1%">)</td></tr><tr bgcolor="#ffffff"><td valign="top"><p style="MARGIN: 0px"><font size="2">Refund of deposit for land use right</font></p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">&#8212;</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">8,854</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">1,367</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td></tr><tr bgcolor="#cceeff"><td valign="top"><p style="MARGIN: 0px"><font size="2">Interest received</font></p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">5,468</td><td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">28,374</td><td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">4,380</td><td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td></tr><tr bgcolor="#ffffff"><td valign="top"><p style="MARGIN: 0px"><font size="2">Net cash generated by/(used in) investing activities</font></p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">65,723</td><td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(58,625</td><td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(9,050</td><td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td></tr><tr bgcolor="#cceeff"><td><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td></tr><tr bgcolor="#ffffff"><td valign="top"><p style="MARGIN: 0px"><font size="2">Net increase/(decrease) in cash and cash equivalents</font></p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">178,691</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">(781,691</td><td valign="bottom" width="1%">)</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">(120,672</td><td valign="bottom" width="1%">)</td></tr><tr bgcolor="#cceeff"><td valign="top"><p style="MARGIN: 0px"><font size="2">Cash and cash equivalents at beginning of the period</font></p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">806,467</td><td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">985,097</td><td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">152,073</td><td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td></tr><tr bgcolor="#ffffff"><td valign="top"><p style="MARGIN: 0px"><font size="2">Exchange losses on cash and cash equivalents</font></p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(61</td><td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(35</td><td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(6</td><td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td></tr><tr bgcolor="#cceeff"><td valign="top"><p style="MARGIN: 0px"><font size="2">Cash and cash equivalents at end of the period</font></p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">985,097</td><td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">203,371</td><td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">31,395</td><td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td></tr></table><p style="MARGIN: 0px">&nbsp;&nbsp;</p><p style="MARGIN: 0px" align="center">&nbsp;</p><p style="MARGIN: 0px" align="center">13 </p><hr style="HEIGHT: 1px; WIDTH: 100%; COLOR: #000000; align: center" noshade="">    <p style="MARGIN: 0px">&nbsp;</p></BODY></html>
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