<SEC-DOCUMENT>0001477932-16-009464.txt : 20160602
<SEC-HEADER>0001477932-16-009464.hdr.sgml : 20160602
<ACCEPTANCE-DATETIME>20160404084516
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001477932-16-009464
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20160404

FILER:

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

	FILING VALUES:
		FORM TYPE:		CORRESP

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

	MAIL ADDRESS:	
		STREET 1:		4TH FLOOR, 33 WANG HAI ROAD
		STREET 2:		XIAMEN SOFTWARE PARK PHASE II
		CITY:			XIAMEN, FUJIAN PROVINCE
		STATE:			F4
		ZIP:			361000
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<html><head><title>xny_corresp.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="center">&nbsp;</p><p style="MARGIN: 0px" align="center">&nbsp;<img src="img001.jpg"></p><p style="MARGIN: 0px">&nbsp;</p><p style="MARGIN: 0px"><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; MARGIN: auto" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr height="15"><td valign="top" width="40%"></td><td valign="top" width="40%"><p style="MARGIN: 0px" align="right"><font size="2">April</font><font size="2"> 4</font><font size="2">, 201</font><font size="2">6</font><font size="2"></font></p></td></tr></table></p><p style="MARGIN: 0px">&nbsp;</p><p style="MARGIN: 0px"><b><u><font size="2">VIA EDGAR</font></u></b></p><p style="MARGIN: 0px"><b><u><font size="2">CONFIDENTIAL</font></u></b></p><p style="MARGIN: 0px">&nbsp;</p><p style="MARGIN: 0px"><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; MARGIN: auto" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr height="15"><td valign="top" width="47%"><p style="MARGIN: 0px"><font size="2">Mr. Rufus Decker, Accounting Branch Chief</font></p><p style="MARGIN: 0px"><font size="2">Ms. Linda Cvrkel</font></p><p style="MARGIN: 0px"><font size="2">Division of Corporation Finance</font></p><p style="MARGIN: 0px"><font size="2">U.S.</font><font size="2"> Securities and Exchange Commission</font></p><p style="MARGIN: 0px"><font size="2">100</font><font size="2"> F</font><font size="2"> Street, NE</font><font size="2"></font></p><p style="MARGIN: 0px"><font size="2">Washington</font><font size="2">, D.C. 20549</font><font size="2"></font></p></td></tr></table><p style="MARGIN: 0px">&nbsp;</p><p style="MARGIN: 0px"><b><table style="TEXT-ALIGN: justify; FONT: 10pt times new roman" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr><td valign="top" width="45"></td><td valign="top" width="45"><strong>Re:</strong></td><td><p style="MARGIN: 0px"><strong>China Xiniya Fashion Limited</strong></p></td></tr><tr height="15"><td valign="top" width="45"></td><td valign="top" width="45"></td><td valign="top"><strong>Form 20-F for Fiscal Year Ended December 31, 2014<br>Filed April 28, 2015</strong><p style="MARGIN: 0px"><b><font size="2">Response dated </font></b><b><font size="2">March 10</font></b><b><font size="2">, 201</font></b><b><font size="2">6</font></b><b><font size="2"><br>File No. 1-34958</font></b></p></td></tr></table></b>&nbsp;</p><p style="MARGIN: 0px"><font size="2">Dear Mr. Decker and Ms. Cvrkel:</font></p><p style="MARGIN: 0px" align="justify">&nbsp;</p><p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">China Xiniya Fashion Limited (the "Company") thanks the staff of the Securities and Exchange Commission (the "Staff") for its letter dated March 10, 2016 and its review of and comments on the Company's annual report on Form 20-F filed on April 28, 2015 (the "2014 Annual Report"). </p><p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">&nbsp;</p><p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify"><font size="2">The Company's responses to the Staff's comments are set forth below. The headings and numbered paragraphs below correspond to the headings and numbered paragraphs of the Staff's comment letter, which have been retyped herein in bold for your ease of reference, and the page numbers referenced by the Company's responses relate to the 2014 Annual Report. Capitalized terms not otherwise defined in this letter have the same meanings assigned to them in the 2014 Annual Report.</font></p><p style="MARGIN: 0px" align="justify">&nbsp;</p><p style="MARGIN: 0px" align="justify"><b><u>Form 20-F for the Fiscal Year Ended December 31, 2014</u></b></p><p style="MARGIN: 0px" align="justify"><b><u>Consolidated Financial Statements</u></b></p><p style="MARGIN: 0px"><b><u>Note 12. Inventories, page F-19</u></b><b><u></u></b></p><p style="MARGIN: 0px">&nbsp;</p><p style="MARGIN: 0px"><b><font size="2"><table style="TEXT-ALIGN: justify; FONT: 10pt times new roman" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr><td valign="top" width="45"></td><td valign="top" width="45"><strong>1. </strong></td><td><p style="MARGIN: 0px" align="justify"><strong>We note your response to comment 1. Please explain in greater detail how you determined the amounts of the adjustments to revenue and cost of sales reflected in the table included on page 2 of your response. Also, please provide us with the various components of the adjustments to revenue and cost of sales including the separate amounts related to: (a) the repurchase of inventory, (b) its subsequent resale and (c) the constructive obligation to reacquire inventory from other distributors. If both revenue and cost of sales have not been adjusted for the constructive obligation to reacquire inventory from other distributors, please also revise your adjustments as appropriate. Please clarify how value added taxes were factored into the adjustments made.</strong></p></td></tr></table></font></b>&nbsp;</p><p style="MARGIN: 0px"><table id="pagebreakbd50e27a-d5bc-4b10-9301-e3b78d1dad72" 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">&nbsp;</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"><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; MARGIN: auto" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr height="15"><td valign="top" width="50%"></td><td valign="top" width="29%"><p style="MARGIN: 0px" align="right"><font size="2">April 4</font><font size="2">, 201</font><font size="2">6</font></p></td></tr><tr height="15"><td valign="top" width="50%"><p style="MARGIN: 0px">Page 2</p></td><td valign="top" width="29%"></td></tr></table><p style="MARGIN: 0px">&nbsp;</p><p style="MARGIN: 0px"><font size="2">The Company respectfully advises the Staff </font><font size="2">the following:</font></p><p style="MARGIN: 0px">&nbsp;</p><p style="MARGIN: 0px"><font size="2">The following provides detail as to the proposed revisions to revenue and cost of sales:</font><font size="2"></font></p><p style="MARGIN: 0px">&nbsp;</p><p style="MARGIN: 0px"><table id="7ad45906-895b-4c1d-9569-e422bc8d3313" style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; MARGIN: auto" cellspacing="0" cellpadding="0" width="100%" border="0" cell.colspan="" cell.rowspan="">    <tr><td><strong>&nbsp;</strong></td><td><p style="MARGIN: 0px"><strong>&nbsp;</strong></p></td><td id="hdcell" style="BORDER-BOTTOM: black 1px solid" colspan="2" align="center"><p style="MARGIN: 0px" align="center"><strong>RMB</strong></p><p style="MARGIN: 0px" align="center"><strong>Expressed in Thousands</strong></p></td><td style="PADDING-BOTTOM: 1px"><p style="MARGIN: 0px" align="center">&nbsp;</p></td><td style="PADDING-BOTTOM: 1px"><p style="MARGIN: 0px">&nbsp;</p></td></tr><tr bgcolor="#cceeff"><td><p style="MARGIN: 0px"><font size="2">Revenue, as previously reported</font><font size="2"></font></p></td><td width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" width="9%" align="right">813,084</td><td width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td width="1%"><p style="MARGIN: 0px">&nbsp;</p></td></tr><tr bgcolor="#ffffff"><td><p style="MARGIN: 0px"><font size="2">Reclassify repurchased inventory as reduction in revenue</font><font size="2"></font></p></td><td><p style="MARGIN: 0px">&nbsp;</p></td><td><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" align="right">(252,414</td><td><p style="MARGIN: 0px">)</p></td><td>(a)</td></tr><tr bgcolor="#cceeff"><td><p style="MARGIN: 0px"><font size="2">Reclassify sales of repurchased inventory</font><font size="2"></font></p></td><td><p style="MARGIN: 0px">&nbsp;</p></td><td><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" align="right">68,499</td><td><p style="MARGIN: 0px">&nbsp;</p></td><td>(b)</td></tr><tr bgcolor="#ffffff"><td><p style="MARGIN: 0px"><font size="2">Reclassify constructive obligation for the inventory to be repurchased</font><font size="2"></font></p></td><td><p style="MARGIN: 0px">&nbsp;</p></td><td style="BORDER-BOTTOM: black 1px solid"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" style="BORDER-BOTTOM: black 1px solid" align="right">(249,000</td><td style="PADDING-BOTTOM: 1px"><p style="MARGIN: 0px">)</p></td><td>(c)</td></tr><tr bgcolor="#cceeff"><td><p style="MARGIN: 0px"><font size="2">Revenue, as revised</font><font size="2"></font></p></td><td><p style="MARGIN: 0px">&nbsp;</p></td><td style="BORDER-BOTTOM: black 3px double"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" style="BORDER-BOTTOM: black 3px double" align="right">380,169</td><td style="PADDING-BOTTOM: 3px"><p style="MARGIN: 0px">&nbsp;</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">&nbsp;</p></td><td><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell"><p style="MARGIN: 0px">&nbsp;</p></td><td><p style="MARGIN: 0px">&nbsp;</p></td><td><p style="MARGIN: 0px">&nbsp;</p></td></tr><tr bgcolor="#cceeff"><td><p style="MARGIN: 0px"><font size="2">Cost of sales, as previously reported</font><font size="2"></font></p></td><td><p style="MARGIN: 0px">&nbsp;</p></td><td><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" align="right">(590,189</td><td><p style="MARGIN: 0px">)</p></td><td><p style="MARGIN: 0px">&nbsp;</p></td></tr><tr bgcolor="#ffffff"><td><p style="MARGIN: 0px"><font size="2">Reclassify repurchased inventory as reduction in cost of sales</font><font size="2"></font></p></td><td><p style="MARGIN: 0px">&nbsp;</p></td><td><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" align="right">114,348</td><td><p style="MARGIN: 0px">&nbsp;</p></td><td>(a)</td></tr><tr bgcolor="#cceeff"><td><p style="MARGIN: 0px"><font size="2">Reclassify cost of sales of repurchased inventory</font><font size="2"></font></p></td><td><p style="MARGIN: 0px">&nbsp;</p></td><td><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" align="right">(68,499</td><td><p style="MARGIN: 0px">)</p></td><td>(b)</td></tr><tr bgcolor="#ffffff"><td><p style="MARGIN: 0px"><font size="2">Reclassify inventory to be repurchased under constructive obligation </font><font size="2"></font></p></td><td><p style="MARGIN: 0px">&nbsp;</p></td><td style="BORDER-BOTTOM: black 1px solid"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" style="BORDER-BOTTOM: black 1px solid" align="right">112,800</td><td style="PADDING-BOTTOM: 1px"><p style="MARGIN: 0px">&nbsp;</p></td><td>(c)</td></tr><tr bgcolor="#cceeff"><td><p style="MARGIN: 0px"><font size="2">Cost of sales, as revised</font><font size="2"></font></p></td><td><p style="MARGIN: 0px">&nbsp;</p></td><td style="BORDER-BOTTOM: black 3px double"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" style="BORDER-BOTTOM: black 3px double" align="right">(431,540</td><td style="PADDING-BOTTOM: 3px"><p style="MARGIN: 0px">)</p></td><td><p style="MARGIN: 0px">&nbsp;</p></td></tr><tr bgcolor="#ffffff"><td><p style="MARGIN: 0px">&nbsp;</p></td><td><p style="MARGIN: 0px">&nbsp;</p></td><td><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell"><p style="MARGIN: 0px">&nbsp;</p></td><td><p style="MARGIN: 0px">&nbsp;</p></td><td><p style="MARGIN: 0px">&nbsp;</p></td></tr><tr bgcolor="#cceeff"><td><p style="MARGIN: 0px"><font size="2">Loss on inventory buyback, as previously reported</font><font size="2"></font></p></td><td><p style="MARGIN: 0px">&nbsp;</p></td><td><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" align="right">(274,266</td><td><p style="MARGIN: 0px">)</p></td><td><p style="MARGIN: 0px">&nbsp;</p></td></tr><tr bgcolor="#ffffff"><td><p style="MARGIN: 0px"><font size="2">Reclassify repurchased inventory as reduction in revenue</font><font size="2"></font></p></td><td><p style="MARGIN: 0px">&nbsp;</p></td><td><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" align="right">252,414</td><td><p style="MARGIN: 0px">&nbsp;</p></td><td><p style="MARGIN: 0px" align="left">(a)</p></td></tr><tr bgcolor="#cceeff"><td><p style="MARGIN: 0px"><font size="2">Reclassify repurchased inventory as reduction in cost of sales</font><font size="2"></font></p></td><td><p style="MARGIN: 0px">&nbsp;</p></td><td><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" align="right">(114,348</td><td><p style="MARGIN: 0px">)</p></td><td>(a)</td></tr><tr bgcolor="#ffffff"><td><p style="MARGIN: 0px"><font size="2">Reclassify sales of repurchased inventory</font><font size="2"></font></p></td><td><p style="MARGIN: 0px">&nbsp;</p></td><td><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" align="right">(68,499</td><td><p style="MARGIN: 0px">)</p></td><td>(b)</td></tr><tr bgcolor="#cceeff"><td><p style="MARGIN: 0px"><font size="2">Reclassify cost of sales of repurchased inventory</font><font size="2"></font></p></td><td><p style="MARGIN: 0px">&nbsp;</p></td><td><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" align="right">68,499</td><td><p style="MARGIN: 0px">&nbsp;</p></td><td>(b)</td></tr><tr bgcolor="#ffffff"><td><p style="MARGIN: 0px"><font size="2">Reclassify constructive obligation for the inventory to be repurchased</font><font size="2"></font></p></td><td><p style="MARGIN: 0px">&nbsp;</p></td><td><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" align="right">249,000</td><td><p style="MARGIN: 0px">&nbsp;</p></td><td>(c)</td></tr><tr bgcolor="#cceeff"><td><p style="MARGIN: 0px"><font size="2">Reclassify inventory to be repurchased under constructive obligation</font><font size="2"></font></p></td><td><p style="MARGIN: 0px">&nbsp;</p></td><td style="BORDER-BOTTOM: black 1px solid"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" style="BORDER-BOTTOM: black 1px solid" align="right">(112,800</td><td style="PADDING-BOTTOM: 1px"><p style="MARGIN: 0px">)</p></td><td>(c)</td></tr><tr bgcolor="#ffffff"><td><p style="MARGIN: 0px"><font size="2">Loss on inventory buyback, as revised</font><font size="2"></font></p></td><td><p style="MARGIN: 0px">&nbsp;</p></td><td style="BORDER-BOTTOM: black 3px double"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" style="BORDER-BOTTOM: black 3px double" align="right">-</td><td style="PADDING-BOTTOM: 3px"><p style="MARGIN: 0px">&nbsp;</p></td><td style="PADDING-BOTTOM: 3px"><p style="MARGIN: 0px">&nbsp;</p></td></tr></table><p style="MARGIN: 0px">&nbsp;</p><p style="MARGIN: 0px"><font size="2"><table style="TEXT-ALIGN: justify; FONT: 10pt times new roman" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr><td valign="top" width="45"></td><td valign="top" width="45">(a) </td><td><p style="MARGIN: 0px">The repurchase of inventory &#8211; The inventory repurchased in 2014 for RMB252.4 million was written down by RMB138.1 million to its net realizable value of RMB114.3 million (comprised of RMB68.5 million sold in 2014 and RMB45.8 million sold in January 2015). This net realizable value was reclassified above from loss on inventory buyback to cost of sales. The inventory repurchased was reclassified above from loss on inventory buyback to revenue.</p></td></tr><tr height="15"><td valign="top" width="45"></td><td valign="top" width="45"></td><td valign="top"></td></tr><tr><td valign="top" width="45"></td><td valign="top" width="45">(b) </td><td><p style="MARGIN: 0px">The subsequent resale &#8211; In 2014, the Company sold part of the repurchased inventory (which was adjusted to its net realizable value) for RMB68.5 million. The sale of this repurchased inventory was reclassified from loss on inventory buyback to revenue, and the cost of this inventory was reclassified from loss on inventory buyback to cost of sales. The remaining repurchased inventory was sold at its net realizable value of RMB45.8 million in January 2015.</p></td></tr><tr height="15"><td valign="top" width="45"></td><td valign="top" width="45"></td><td valign="top"></td></tr><tr><td valign="top" width="45"></td><td valign="top" width="45">(c) </td><td><p style="MARGIN: 0px">The constructive obligation to reacquire inventory from other distributors &#8211; the provision for liability of RMB136.2 million at December 31, 2015, represented the estimated repurchase price of inventory from other distributors of RMB249.0 million, less the estimated net realizable value of such inventory to be repurchased of RMB112.8 million. RMB249.0 million and RMB112.8 million were reclassified from loss on inventory buyback to revenue and cost of sales, respectively.</p></td></tr></table></font>&nbsp;</p><p style="MARGIN: 0px" align="justify"><font size="2">For the repurchase of inventory from certain distributors, input value added tax ("input VAT") was paid to the distributors. Value added tax ("VAT") is a multi-stage consumption tax on goods and services. VAT is levied on the supply of goods and services at each stage of </font><font size="2">the </font><font size="2">supply chain from the supplier to the retail stage of the distribution. Even though VAT is imposed at each level of the supply chain, the input VAT paid does not become part of the cost of the product because VAT paid is claimable. The input VAT is used as a credit against the output VAT levied on selling goods. In </font><font size="2">regards to the transactions outlined above</font><font size="2">, the input VAT w</font><font size="2">as</font><font size="2"> debited against output VAT in the balance sheet and </font><font size="2">represents either a net VAT</font><font size="2"> pay</font><font size="2">able or</font><font size="2"> claim</font><font size="2">able (receivable)</font><font size="2"> from the State Administration of Taxation of China. Hence, the input VAT does not affect the reclassification</font><font size="2"> entries outlined above</font><font size="2">.</font></p><p style="MARGIN: 0px">&nbsp;</p><p style="MARGIN: 0px" align="center"><font size="2"><strong>* * *</strong></font><p style="MARGIN: 0px" align="left"><font size="2"><strong>&nbsp;</strong><p style="MARGIN: 0px"><table id="pagebreak5cb1698d-9ae0-4d82-ba3a-8eeb50dcb0aa" 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">&nbsp;</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"><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; MARGIN: auto" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr height="15"><td valign="top" width="50%"></td><td valign="top" width="29%"><p style="MARGIN: 0px" align="right"><font size="2">April 4</font><font size="2">, 201</font><font size="2">6</font></p></td></tr><tr height="15"><td valign="top" width="50%"><p style="MARGIN: 0px">Page 3</p></td><td valign="top" width="29%"></td></tr></table></p><p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">&nbsp;</font><font size="2"></font></p><p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify"><font size="2">If you have any questions regarding this submission, please contact our compliance counsel, Mr. Alan Seem of Shearman &amp; Sterling LLP, at +1-650-838-3753 or aseem@shearman.com or contact me </font><font size="2"></font><font size="2">at ngcheejiong@xiniya.com. </font></p><p style="MARGIN: 0px">&nbsp;</p><p style="MARGIN: 0px"><table id="f7b606bd-e166-463d-a452-654ee56ede27" 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"><font style="FONT: 10pt TIMES NEW ROMAN"><font size="2">Very truly yours,</font></font></td><td><p style="MARGIN: 0px">&nbsp;</p></td></tr><tr><td width="50%">&nbsp;</td><td width="3%">&nbsp;</td><td width="35%">&nbsp;</td><td width="12%">&nbsp;</td></tr><tr><td><font style="FONT: 10pt TIMES NEW ROMAN"></font></td><td><font style="FONT: 10pt TIMES NEW ROMAN">By:</font></td><td style="BORDER-BOTTOM: black 1px solid"><font style="FONT: 10pt TIMES NEW ROMAN"><font size="2"><em>/s/ Chee Jiong Ng</em></font></font></td><td><p style="MARGIN: 0px">&nbsp;</p></td></tr><tr><td><p style="MARGIN: 0px">&nbsp;</p></td><td><p style="MARGIN: 0px">&nbsp;</p></td><td><font style="FONT: 10pt TIMES NEW ROMAN"><font size="2">Chee Jiong Ng</font><font size="2"></font></font></td><td><p style="MARGIN: 0px">&nbsp;</p></td></tr><tr><td><p style="MARGIN: 0px">&nbsp;</p></td><td><p style="MARGIN: 0px">&nbsp;</p></td><td><font style="FONT: 10pt TIMES NEW ROMAN"><font size="2">Chief Financial Officer</font></font></td><td><p style="MARGIN: 0px">&nbsp;</p></td></tr></table></p><p style="MARGIN: 0px">&nbsp; </p><p style="MARGIN: 0px"><font size="2">Enclosures</font></p><p style="MARGIN: 0px"><font size="2"><table style="TEXT-ALIGN: justify; FONT: 10pt times new roman" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr><td valign="top" width="45">cc: </td><td valign="top"><p style="MARGIN: 0px">Qiming Xu, Chairman and Chief Executive Officer, China Xiniya Fashion Limited</p></td></tr><tr height="15"><td valign="top"></td><td valign="top">Alan Seem, Shearman &amp; Sterling LLP</td></tr></table></font>&nbsp;</p><p style="MARGIN: 0px">&nbsp;</p><p style="MARGIN: 0px">&nbsp;</p><hr style="COLOR: #000000" noshade=""></BODY></html>
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</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>img001.jpg
<TEXT>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
