Shenzhen Victor Onward Textile Industrial Co., Ltd. The Third Quarterly Report 2015.
Shenzhen Victor Onward Textile Industrial Co., Ltd.
The Third Quarterly Report 2015
October 2015
Shenzhen Victor Onward Textile Industrial Co., Ltd. The Third Quarterly Report 2015.
1. Important Notes
The Board ofDirectors，the Supervisory Committee, the directors, the supervisors, and executives of the Company guarantee that there are no significant omissions, fictitious or misleading statements carried in the Quarterly Report and we will accept individual and joint responsibilities for the truthfulness, accuracy and completeness of the Quarterly Report.
All of the directors presented the board meeting at which this Quarterly Report was examined.
Mr. Chen Lue, The Company leader, Mr. Cui Hongli, Chief financial officer and the Mr.Ren Aping, the person in charge of the accounting department (the person in charge of the accounting )declare: the financial report carried in this report is authentic and completed.
Shenzhen Victor Onward Textile Industrial Co., Ltd. The Third Quarterly Report 2015.
II. Main financial data and changes of shareholders
（I）Main accounting data and financial Index
Whether it has retroactive adjustment or re-statement on previous accounting data for accounting policy changed and accounting error correction or not.
□ Yes√ No
|||||||||||
|-|-|-|-|-|-|-|-|-|-|
|||End of the report period|||End of last year|||Year-on –year change||
|Gross assets（RMB）|3,797,403,844.03|||2,390,121,877.16||||58.88%||
|Net assets attributable to the|861,745,820.00|||761,471,188.44||||||
|shareholders of the listed||||||||13.17%||
|company（RMB）||||||||||
||||||||Between beginning|||
||||||||||Change from the|
||||Year-on year||||of the year to the|||
|||This report period|||||||same period last|
||||change9%)||||end of the report|||
||||||||||year|
||||||||period|||
|Operating income（RMB）|835,406,170.68||16.44%|||2,916,615,389.84|||44.38%|
|Net profit attributable to the|77,186,010.32|||||242,528,351.45||||
|shareholders of the listed|||62.82%||||||85.81%|
|company（RMB）||||||||||
|Net profit after deducting of||||||||||
|non-recurring gain/loss||||||||||
|||77,869,941.81|64.69%||||242,952,797.56||86.31%|
|attributable to the shareholders||||||||||
|of listed company（RMB）||||||||||
|Cash flow generated by business||||||-327,571,330.51||||
|||--|--||||||749.21%|
|operation, net（RMB）||||||||||
|Basic earning per|0.46|||||1.43||||
||||64.29%||||||85.71%|
|share(RMB/Share)||||||||||
|Diluted gains per|0.46|||||1.43||||
||||64.29%||||||85.71%|
|share(RMB/Share)(RMB/Share)||||||||||
|Weighted average income/asset||||||||||
|||8.69%|28.93%||||29.88%||51.06%|
|ratio（%）||||||||||

Items and amount of non-current gains and losses
√Applicable□Not applicable
In RMB
Shenzhen Victor Onward Textile Industrial Co., Ltd. The Third Quarterly Report 2015.
||||
|-|-|-|
||Amount from beginning of||
|Items|the year to the end of the|Notes|
||report period||
|Govemment subsidy recognized in current gain and|||
|loss(excluding those closely related to the Company’s business|342,246.00||
|and granted under the state’s policies)|||
|Other non-business income and expenditures other than the|||
||-908,174.15||
|above|||
|Less：Amount of influence of income tax|-141,482.04||
|Total|-424,446.11|--|

For theCompany’s non-recurring gain/loss items as defined in the Explanatory Announcement No.1 on
information disclosure for Companies Offering their Securities to the Public-Non-recurring Gains and Losses and its non-recurring gain/loss items as illustrated in the Explanatory Announcement No.1 on information Disclosure for Companies offering their securities to the public-non-recurring Gains and losses which have been defined as recurring gains and losses, it is necessary to explain the reason.
□Applicable√ Not applicable
None of Non-recurring gain /loss items recognized as recurring gain /loss/items as defined by the information disclosure explanatory Announcement No.1- Non–recurring gain/loss in the report period.
Shenzhen Victor Onward Textile Industrial Co., Ltd. The Third Quarterly Report 2015.
(II) Total number of shareholders and shareholding of top 10 shareholders by the end of the report period
(1) Total number of common shareholders and shareholding of top 10 common shareholders by the end of the report period
In shares
||||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|-|-|
||Total number of shareholders at||||||||||||
|||||11,528|||||||||
||the end of report period||||||||||||
||Particular about shares held by top ten shareholders||||||||||||
|||||||||||Amount of|||
|||||||Share||||tradable|||
||||Properties of||||||||||
||Pledging or freezing|||||proportio||Quantity||shares with|Status of the||
||||shareholder|||||||||Quantity|
|||||||n %||||Conditional|shares||
|||||||||||held|||
|Union Holdings Co., Ltd.||Domestic Non-State-owned legalperson|||25.51%||43,141,032||0||||
|STYLE-SUCCESSLIMITED||Foreign Legalperson|||14.46%||24,466,029||0||||
|Rich Crown InvestmentCo., Ltd.||Foreign Legalperson|||3.62%||6,114,556||0||||
|Union DevelopmentGroup Co., Ltd.||Domestic Non-State-owned legalperson|||3.36%||5,681,089||0||||
|Liuzhou Jiali Real estateDevelopment Co., ltd.||Domestic Non-State-owned legalperson|||2.13%||3,600,000||0||||
|Agricultural Bank ofChina－ChangxinDomestic demand growthSecurities InvestmentFund||Other|||1.66%||2,809,914||0||||
|KGI ASIA LIMITED||Foreign Legalperson|||1.19%||2,016,260||0||||
|Bank of China－Huatai-PineBridgeFlourishing China StockOpen-end securitiesinvestment fund||Other|||1.18%||1,996,293||0||||
|ICBC－South InnovationEconomy Mixed||Other|||1.09%||1,839,802||0||||

Shenzhen Victor Onward Textile Industrial Co., Ltd. The Third Quarterly Report 2015.
||||||||||
|-|-|-|-|-|-|-|-|-|
|securities Investmentfund|||||||||
|Zeng Ying||||1.03%|1,750,000|0|||
||Shareholding of top 10 shareholders of unrestricted shares||||||||
||||Quantity of unrestricted shares held at the||||Share type||
||Name of the shareholder||||||||
||||end of the reporting period||||Share type|Quantity|
|Union Holdings Co., Ltd.||43,141,032|||||RMB Common shares||
|STYLE-SUCCESS LIMITED||24,466,029|||||Foreign shares placed in||
||||||||domestic exchange||
|Rich Crown Investment Co., Ltd.||6,114,556|||||Foreign shares placed in||
||||||||domestic exchange||
|Union Development Group Co.,Ltd.||5,681,089|||||||
||||||||RMB Common shares||
|Liuzhou Jiali Real estateDevelopment Co., ltd.||3,600,000|||||||
||||||||RMB Common shares||
|Agricultural Bank of China－Changxin Domestic demandgrowth Securities InvestmentFund||2,809,914|||||||
||||||||RMB Common shares||
|KGI ASIA LIMITED||2,016,260|||||Foreign shares placed in||
||||||||domestic exchange||
|Bank of China－Huatai-PineBridge FlourishingChina Stock Open-end securitiesinvestment fund||1,996,293|||||||
||||||||RMB Common shares||
|ICBC－South InnovationEconomy Mixed securitiesInvestment fund||1,839,802|||||||
||||||||RMB Common shares||
|Zeng Ying||1,750,000|||||Foreign shares placed in||
||||||||domestic exchange||
||||Union Development Group Ltd. is the controlling shareholder of the above-mentioned||||||
||Explanation on associated||||||||
||||largest shareholder Shenzhen Union Holdings Ltd. and third shareholder Rich Crown||||||
||relationship||||||||
||||Investment Co., Ltd. The other tradable shareholders neither knew whether there exists||||||
||among the aforesaid shareholders||||||||
||||associated relationship between them.||||||
||Participation of top 10||||||||
||||Among the shareholders above, Liuzhou Jiali Real estate Development Co., ltd. holds||||||
||unconditional common share||||||||
||||3,600,000 shares of the Company through stock account with credit transaction and||||||
||shareholders in securities margin||||||||
||||guarantee of Guohai Securities Co., Ltd.||||||
||trading (if any)||||||||

Agreed re-purchasing by theCompany’s top 10 shareholders of common shares and top 10 shareholders of
unconditional common shares in the report period
Shenzhen Victor Onward Textile Industrial Co., Ltd. The Third Quarterly Report 2015.
□ Yes√ No
No agreed re-purchasing is performed by theCompany’s shareholders in the report period.
(2) Total number of preferred shareholders and shareholding of top 10 preferred shareholders by the end of the report period
□Applicable√ Not applicable
Shenzhen Victor Onward Textile Industrial Co., Ltd. The Third Quarterly Report 2015.
III. Significant Events
I. Major changes of main accounting statement items and financial indicators in the reporting period, as well as reasons for the changes
√ Applicable□ Not applicable
1.Analysis of the reason for big change of the items of balance sheet of the Company as of the end of the report period.
||||||
|-|-|-|-|-|
|Items|End of term|Beginning of term|Scale of change|Remarks on the change|
|Bills receivable|36,733,636.27|3,175,226.00|1,056.88%|Caused by the increase of the notereceivable adopted with clearing atthe current period|
|Account receivable|3,096,090,832.14|1,784,235,686.61|73.52%|Mainly caused by the successfulprogress of the ongoing big project,which brought in creases in projectincome and no payment has beenreceived during the reporting period|
|Prepayments|57,972,293.66|34,811,508.11|66.53%|Caused by the increase in advancepayment for engineering project|
|Other account receivable|209,536,537.00|143,622,679.85|45.89%|Caused by the increase of cashdeposit|
|Fixed assets|37,565,937.18|10,346,069.91|263.09%|Mainly caused by the tower cranepurchase of the overseas project|
|Long-germ expenses tobe amortized|27,042,878.35|10,498,658.53|157.58%|Mainly caused by the increase of theoverseas guarantee fee|
|Other non-current asset|6,960,493.07|5,104,235.91|36.37%|Caused by payment amount of housepurchase|
|Short-term loans|392,657,285.27|225,000,000.00|74.51%|Caused by the increase of the currentbank loan|
|Bill payable|159,941,731.69|88,862,834.52|79.99%|Mainly caused by the superiorclearing adopted in the method ofsettlement for the current suppliers|
|Account payable|1,534,198,224.56|1,048,283,935.01|46.35%|Caused by the expansion of theCompany’s scale.|
|Tax payable|317,638,230.74|157,790,765.34|101.30%|Caused by the expansion of theCompany|
|Other account payable|455,286,895.18|32,683,538.73|1,293.02%|Caused by the increase in businessunit’s inter-bank lending|

Shenzhen Victor Onward Textile Industrial Co., Ltd. The Third Quarterly Report 2015.
|||||
|-|-|-|-|
|Long-term loan|19,779,949.05|100.00%|Caused by the increase of thelong-term bank loan|

2. Analysis of the reason for big change of the items of profit statement
||||||
|-|-|-|-|-|
|Items|The beginning of the yearto end of the report period|Same period of theprevious year|Scale of change|Remarks on the change|
|Business income|2,916,615,389.84|2,020,135,677.89|44.38%|Caused by the expansion of theCompany’s business scale|
|Business cost|2,344,122,874.48|1,666,771,847.04|40.64%|Caused by the expansion of theCompany’s business scale, whichbrought in increases in operationincome.|
|Sales expense|10,539,011.91|16,460,789.92|-35.98%|Mainly caused by the decrease ofmarketing staff|
|Administrativeexpense|107,924,317.65|46,286,727.96|133.16%|Caused by the expansion of theCompany’s business scale|
|Financial expenses|24,205,661.13|11,859,349.14|104.11%|Caused by the increase in theshort-term borrowing and thelong-term borrowing of theCompany, and the increase inamortization of overseas guaranteefee|
|Asset impairmentloss|48,824,874.34|35,036,914.99|39.35%|Caused by in the increase of theCompany’s bad-debt provision|

 3.Analysis of the reason for big change of the items of cash flow statement of the Company.
||||||
|-|-|-|-|-|
|Items|The beginning of theyear to end of the reportperiod|Same period of theprevious year|Scale of change|Remarks on the change|
|Net Cash flow generatedby business operation|-327,571,330.51|-38,573,821.92|749.21%|Mainly caused by the short creditpayment term of the suppliers foroverseas project|
|Net cash flow generatedby investment|-35,910,259.45|-22,717,808.73|58.07%|Caused by the purchase of thecurrent overseas project equipment|
|Net cash flow generatedby financing|235,414,152.87|60,517,730.20|289.00%|Caused by the increase of thecurrent bank loan|

II. The progress of significant events and influence, as well as the analysis and explanation on resolving proposal
√ Applicable□ Not applicable
Shenzhen Victor Onward Textile Industrial Co., Ltd. The Third Quarterly Report 2015.
1. Partial Factories of the Company Levied by the Government. “The Announcement on a part of Shenzhen Victor Onward Textile Industrial Co., Ltd. Factory Buildings Collected by the Government”, the Management
Committee of Shenzhen Dapeng District released “The Decision Announcement on the Management Committee of Shenzhen Dapeng New District Collecting Houses” which says, the committee decided to collect the related housing estates located in Kuixin community for the need to build apeople’s hospital in Dapeng new district. The housing estates which would be collected this time include KuichongCompany’s part of the buildings whichhaven’t got estate right certificate, and the area of these buildings is 18,000 square meters. The matters mentioned above were announced in Securities Times, Hong Kong Commercial Daily and www.cninfo.com.cn. on June 24, 2014, the Announcement No.: 2014-0673. No compensation scheme or arrangement for this item has been issued yet.
2.Reorganization of theComapny’s Significant Asset. On June 16, 2014, the Company started the arrangement for significant asset reorganization. By means of significant asset replacement and issue shares to buy asset and raise matching funds and related transactions, the Company utilized the original total assets and liabilities as place-out asset, replacing asset with partial equivalence of Sino Great Wall International Engineering Co.,Ltd.’s shares held by all shareholders, of which the differential section would be issued to all shareholders of Sino Great Wall International Engineering Co., Ltd. to buy by listed company. Meanwhile, the matching funds of issue shares to Chen Lue and Hui Tong No.2 for raising the reorganization was RMB 255 million.
At present, significant asset replacement and issue shares to buy asset and raise matching funds and related transactions have been partially completed, of which the partial asset delivery and share registration have been fully completed. As for the part of raising matching funds and issuing shares are being carried out actively.For relevant matters, please refer to “The Announcement on the Reorganization and Suspension of Major Assets in Shenzhen Victor Onward Textile Industrial Co., Ltd ”, “The Announcement on the Progress of MajorAssets’ Reorganization in Shenzhen Victor Onward Textile Industrial Co., Ltd ”, “The Announcement on the Application for Continuous Suspension of Major Assets after the Expiration of Last Suspension in Shenzhen Victor Onward Textile Industrial Co., Ltd”, “The Proposal of the MajorAssets’ Reorganization and issued shares to buy assets and raise matching funds in Shenzhen Victor Onward Textile Industrial Co., Ltd ”,“The Proposal of the MajorAssets’ Reorganization and i ssued shares to buy assets and raise matching funds in Shenzhen Victor Onward Textile Industrial Co., Ltd ”“Th e Proposal of the MajorAssets’ Reorganization and issued shares to buy assets and raise matching funds in Shen zhen Victor Onward Textile Industrial Co.,Ltd.”（draft）”,“The Announcement ofCSRC’s Administrative Permissive Application and Acceptance of Shenzhen Victor Onward Textile Industrial Co., Ltd. on Significant Asset Replacement And Issuing Shares to Buy Assets And The Related Transaction And Raising Matching Funds”, “The Announcement of Resolutions of the First provisional shareholders' general meeting of Shenzhen Victor Onward Textile Industrial Co., Ltd.”
“The Announcement of The Scenario of East Asia Co.,Ltd on Changing Significant Asset Replacement And
Shenzhen Victor Onward Textile Industrial Co., Ltd. The Third Quarterly Report 2015.
Issuing Shares to Buy Assets And Raising Matching Funds”, “The Reply of Shenzhen Victor Onward Textile Industrial Co., Ltd. on A Feedback Notice(No.150551) ofCSRC’s Administrative Permissive Projects Audits”, “The Announcement of Shenzhen Victor Onward Textile Industrial Co., Ltd. on Significant Asset Replacement And Issuing Shares to Buy Assets And The Related Transaction And Raising Matching Funds conditionally passing the audits of The Merger And Reorganization Audit Committee for Listed Companies of CRSC And The Resumption of Trade for The Corporate Stock”, “The Announcement of Shenzhen Victor Onward Textile Industrial Co., Ltd. on Significant Asset Replacement And Issuing Shares to Buy Assets And The Related Transaction approved by CRSC”, “The Revised Announcement of The Report of Shenzhen Victor Onward Textile Industrial Co., Ltd. on Significant Asset Replacement And Issuing Shares to Buy Assets And The Related Transaction And Raising Matching Funds”,“The Announcement of The Delivered Transfer with Placing Asset of Shenzhen Victor Onward Textile Industrial Co., Ltd. on Significant Asset Replacement And Issuing Shares to Buy Assets And The Related Transaction And Raising Matching Funds”, “The Announcement of The Delivered Transfer with Placing Asset of Shenzhen Victor Onward Textile Industrial Co., Ltd. on Significant Asset
Replacement And Issuing Shares to set out Assets And The Related Transaction And Raising Matching
Funds”and “Newly Added Share Changes and Listing Announcement of Shenzhen Victor Onward Textile Industrial Co., Ltd.”. which were released in Securities Times,Hong Kong Commercial Daily and
www.cninfo.com.cn on June 16, 2014, June 23,2014, June 30, 2014, July7, 2014, July 14, 2014, July 21,2014, July 28, 2014, August 4, 2014, August 11, 2014, August 15, 2014, August 22, 2014,August 29, 2014, September 5,2014, September 12, 2014, September 19, 2014, September 26, 2014, October 10, 2014, October 15, 2014, November 14, 2014, December 15, 2014, January 14, 2015, February 13, 2015, March 27, 2015, April 25, 2015, May 12, 2015, May 28, 2015, June 4, 2015, June 26, 2015, July 28, 2015 , August 4,2015, September 24,2015 and October 13,2015 . The above asset reorganizations and related work have been underway.
After this asset reorganization, textile printing and dyeing, thecompany’s main business, has been changed into engineering design and construction ,which apparently increased the profitability.
||||
|-|-|-|
|||Description of the website for disclosing provisional|
|Overview of material matters|Date of disclosing||
|||announcements|
|The Announcement on the|||
|Reorganization and Suspension of||Announcement No. 2014-0665,Securities Times,Hong Kong|
||June 16,2014||
|Major Assets in Shenzhen Victor||Commercial Daily and www.cninfo.com.cn|
|Onward Textile Industrial Co., Ltd|||
|On October 13,2014 ， The 18th|||
|(Provisional) Meeting of the Seventh|||
|||The Proposal of The Report of Shenzhen Victor Onward|
|Board of Directors adopted the|||
|||Textile Industrial Co., Ltd. on Significant Asset Replacement|
|Proposal of The Report of Shenzhen|||
|||And Issuing Shares to Buy Assets And The Related|
|Victor Onward Textile Industrial Co.,|October 15,2014||
|||Transaction And Raising Matching Funds on|
|Ltd. on Significant Asset Replacement|||
|||Announcement .No. 2015-0686,Securities Times,Hong Kong|
|And Issuing Shares to Buy Assets And|||
|||Commercial Daily and www.cninfo.com.cn|
|The Related Transaction And Raising|||
|Matching Funds|||
|The Major Assets’ Reorganization and||The Major Assets’ Reorganization and issued shares to buy a|
|issued shares to buy assets and raise|February 13,2015|ssets and raise matching funds in Shenzhen Victor Onward|
|matching funds in Shenzhen Victor O||Textile Industrial Co., Ltd.（draft）and Summary . Securities|

Shenzhen Victor Onward Textile Industrial Co., Ltd. The Third Quarterly Report 2015.
||||
|-|-|-|
|nward Textile Industrial Co., Ltd.||Times,Hong Kong Commercial Daily and|
|（draft）||www.cninfo.com.cn|
|The Announcement|||
|of the Major Assets’ Reorganization an|||
|d issued shares to buy assets and raise|||
|matching funds by the China||Announcement No. 2015-06108,Securities Times,Hong|
||March 27,2015||
|Securities Regulatory Commission ad||Kong Commercial Daily and www.cninfo.com.cn.|
|ministrative license application accepta|||
|nce in Shenzhen Victor Onward|||
|Textile Industrial Co., Ltd|||
|The Announcement of Shenzhen|||
|Victor Onward Textile Industrial Co.,|||
|Ltd. on Significant Asset Replacement||Announcement No. 2015-06129,Securities Times,Hong|
||July 28,2015||
|And Issuing Shares to Buy Assets And||Kong Commercial Daily and www.cninfo.com.cn.|
|The Related Transaction approved by|||
|CRSC”|||
|The Revised Announcement of The|||
|Report of Shenzhen Victor Onward|||
|Textile Industrial Co., Ltd. on|||
|||Announcement No. 2015-06130,Securities Times,Hong|
|Significant Asset Replacement And|July 28,2015||
|||Kong Commercial Daily and www.cninfo.com.cn.|
|Issuing Shares to Buy Assets And The|||
|Related Transaction And Raising|||
|Matching Funds.|||
|The Announcement of The Delivered|||
|Transfer with Placing Asset of|||
|Shenzhen Victor Onward Textile|||
|Industrial Co., Ltd. on Significant||Announcement No. 2015-06131,Securities Times,Hong|
||August 4,2015||
|Asset Replacement And Issuing Shares||Kong Commercial Daily and www.cninfo.com.cn.|
|to Buy Assets And The Related|||
|Transaction And Raising Matching|||
|Funds.|||
|The Newly Added Share Changes and|||
|Listing Announcement of Shenzhen||Announcement No. 2015-06137,Securities Times,Hong|
||October 13,2015||
|Victor Onward Textile Industrial Co.,||Kong Commercial Daily and www.cninfo.com.cn.|
|Ltd.|||

III．The commitments of the Company and its shareholders hold over5% of theCompany’s total shares in the report year of extending to the report year from previous year.
√ Applicable□ Not applicable
|||||||
|-|-|-|-|-|-|
|Commitment|Commitment|Contents|Time of|Perio|Fulfill|

Shenzhen Victor Onward Textile Industrial Co., Ltd. The Third Quarterly Report 2015.
|||||||
|-|-|-|-|-|-|
||maker||making|d of|ment|
||||commitme|comm||
||||nt|itmen||
|||||t||
|Commitment on share|No|No||No|No|
|reform|No|No||No|No|
|Commitment in the||||||
|acquisition report or the|No|No||No|No|
|report on equity changes||||||
|||Shares acquired by purchases of assets||||
|||through issuing shares: “I will not transfer the||||
|||new shares of Victor Onward Holdings||||
|||acquired through this restructuring, including||||
|||but not limited to the public transfer through||||
|||the stock market or by agreement, and I will||||
|||not entrust anybody else to manage my shares||||
|||of Victor Onward Holdings, within 36 months||||
|||from the date new shares list and before the||||
|||date I’ve carried out my obligations of||||
|||performance compensation under this||||
|||restructuring(subject to whatever is early,||||
|||hereinafter referred to as “lock-up periods”).||||
|||If the closing price of shares of Victor Onward||||
|||Holdings were lower than this issue price for||36|Strict|
|Commitment made upon|Chen Lue, He||March|||
|||20 continuous trading days in 6 months after||mont|perfor|
|the assets replacement|Feiyan||19,2015|||
|||the restructuring transaction has been||hs|ming|
|||completed, or the final closing price were||||
|||lower than this issue price 6 months after the||||
|||transaction has been completed, the lock-up||||
|||periods of my shares of Victor Onward||||
|||Holdings are automatically prolonged for 6||||
|||months. (The above-mentioned issue price||||
|||will be calculated according to the price after||||
|||the adjustment of ex-dividend, etc. if||||
|||ex-dividend behaviors of the company,||||
|||including distribution of dividends, giving||||
|||bonus, conversion of share capital, rationing||||
|||shares, and etc., were happened during the||||
|||above-mentioned periods.||||
|||If the restructuring transaction were||||

Shenzhen Victor Onward Textile Industrial Co., Ltd. The Third Quarterly Report 2015.
||||||
|-|-|-|-|-|
||investigated by judicial authorities or China||||
||Securities Regulatory Commission due to||||
||false record, misleading statement or major||||
||omission of the information provided or||||
||disclosed, I will not transfer my shares of the||||
||company before the conclusion of the case has||||
||been made clear.||||
||After the above-mentioned lock-up periods, I||||
||will sell or transfer the new shares of the||||
||company acquired from this restructuring||||
||following relevant regulations of China||||
||Securities Regulatory commission and||||
||Shenzhen Stock Exchange.||||
||Shares acquired by matching funds raised: “I||||
||will not transfer the new shares of Victor||||
||Onward Holdings acquired through this||||
||issuing by any way, including but not limited|||Strict|
||||36||
||to the public transfer through the stock market|March||perfo|
|Chen Lue|||mont||
||or by agreement, within 36 months from the|19,2015||rmin|
||||hs||
||date new shares list.|||g|
||If regulation rules or regulators have longer||||
||requirements for lock-up periods, it should be||||
||executed accordingly.||||
||Up to the issue day of the letter, I and other||||
||corporations controlled by me haven’t||||
||possessed funds of Sino Great Wall; After the||||
||transaction is completed, I and other||||
||companies controlled by me (if any), except||||
||for listed companies and their holding||||
||subsidiaries, will not possess the funds of||||
||listed companies or Sino Great Wall by any||||
||way, including cash in advance, other|||Strict|
|||September|Long-||
|Chen Lue|expenses, direct or indirect loans, assumption,|||perfor|
|||19,2015|term||
||etc. and try our best to avoid fund intercourse|||ming|
||with listed companies or Sino Great Wall,||||
||which has nothing to do with normal||||
||operations. If Sino Great Wall got penalized||||
||by government administration departments||||
||due to the money lending which was||||
||happened before the transaction, I will bear||||
||the total compensation for the company’s loss||||
||resulting from it by cash in order to guarantee||||

Shenzhen Victor Onward Textile Industrial Co., Ltd. The Third Quarterly Report 2015.
||||||
|-|-|-|-|-|
||Sino Great Wall won’t suffer any loss.||||
||Meanwhile, I will actively urge Sino Great||||
||Wall to establish complete inner control||||
||system and funds management system within||||
||lawful authority.||||
||In view of the fact that the houses rented by||||
||Sino Great Wall and it’s son subsidiaries,||||
||subsidiaries, haven’t rental registration, I||||
||promise, if Sino Great Wall and its son|||Strict|
|||March|Long-||
|Chen Lue|subsidiaries, subsidiaries, were penalized by|||perfor|
|||19,2015|term||
||real estate management department or|||ming|
||suffered other losses resulting from it, I agree||||
||to compensate the loss of the company by||||
||cash.||||
||During the reporting period, the project which||||
||Sino Great Wall is involved in is the||||
||decoration engineering construction project of||||
||Libo Grand Hotel (hereinafter referred to as||||
||“Libo project”) which the company contracted||||
||before the bidding process. Sino Great Wall is||||
||not involved in any other projects except for||||
||Libo project before bidding process. As to the||||
||violating issues existed in the Libo project, I||||
|||||Strict|
||promise as follows: if Sino Great Wall got|March|Long-||
|Chen Lue||||perfor|
||penalized by government administration|19,2015|term||
|||||ming|
||departments or suffered any economic loss||||
||resulted from it, I will compensate the||||
||company by cash; Meanwhile, I, within lawful||||
||authority, will also promise to urge the||||
||company to undertake related construction||||
||projects legally so as to avoid violating issues||||
||happened before implementation of bidding||||
||process, i.e., at the time for construction again.||||
||“1. Up to October 13th,2014, the related||||
||expenses of the litigation and arbitration||||
|||||Strict|
||cases, including the actual price,|March|Long-||
|Chen Lue||||perfor|
||compensation, penalty, ligation costs, etc.|19,2015|term||
|||||ming|
||which the parent-subsidiary companies of||||
||Sino Great Wall needs to pay caused by the||||

Shenzhen Victor Onward Textile Industrial Co., Ltd. The Third Quarterly Report 2015.
||||||
|-|-|-|-|-|
||final results of ligation and arbitration cases,||||
||exceed the amount of liabilities which||||
||recognized in the “Audit Report” made for||||
||Sino Great Wall by Ruihua CPA (Special||||
||Ordinary Partnership) on the basis of the audit||||
||base day of July 31st, 2014, I promise to bear||||
||the balance by cash unconditionally so as to||||
||guarantee the parent-subsidiaries of Sino||||
||Great Wall won’t suffer any loss.||||
||2. This commitment letter is irrevocable.||||
||”||||
||1. On condition that ownership defect exists in||||
||the lease of house property of||||
||parent-subsidiary companies of Sino Great||||
||Wall and its subsidiary corporation, which||||
||resulted in inability for parent-subsidiary||||
||companies of Sino Great Wall and its||||
||subsidiary corporation to continue leasing this||||
||house property but having to relocate, or||||
||parent-subsidiary companies of Sino Great||||
||Wall and its subsidiary corporation can’t||||
||timely find suitable workplace for lawful||||
||operation in related area, I will undertake to||||
||compensate by cash for parent-subsidiary||||
|||||Strict|
||companies of Sino Great Wall’s losses which|March|Long-||
|Chen Lue||||perfor|
||are caused by operation and finance due to the|19,2015|term||
|||||ming|
||above-mentioned matters.||||
||2. I undertake to unconditionally bear the||||
||relevant fines by cash for parent-subsidiary||||
||companies of Sino Great Wall on condition||||
||that the rental house property of||||
||parent-subsidiary companies of Sino Great||||
||Wall and its subsidiary corporation is in||||
||absence of handling procedures for filing||||
||house leasing ,which resulted in that||||
||parent-subsidiary companies of Sino Great||||
||Wall and its subsidiary corporation are fined||||
||by property administrative department.||||
||3.The commitment letter is irrevocable.||||
||“In condition that parent-subsidiary|||Strict|
|||March|Long-||
|Chen Lue|companies of Sino Great Wall or its son|||perfor|
|||19,2015|term||
||subsidiary haven’t paid social security or|||ming|

Shenzhen Victor Onward Textile Industrial Co., Ltd. The Third Quarterly Report 2015.
||||||
|-|-|-|-|-|
||housing fund for staff according to law, which||||
||resulted in any losses to Sino Great Wall ,||||
||including the competent authorities’||||
||requirement for Sino Great Wall or its||||
||subsidiary to make supplementary payment, to||||
||be punished and resourced, I will bear by||||
||full-amount cash for the fee of supplemental||||
||payment and the expense and fee for being||||
||punished or resourced, which is to guarantee||||
||Sino Great Wall and its subsidiary to avoid||||
||suffering from any loss ”||||
||“At present, Suzhou Lvbang has possessed||||
||one state-own land use right, of which the||||
||land certificate is Suzhou Guo Yong(2014)||||
||No.Y2014086”, locates in Danan Village,||||
||Dadian Town, Yongqiao District, Suzhou City||||
||with 32,966 square meters of area and the||||
||purpose for industry. Suzhou Lvbang||||
||possesses its own factory with 9,843.87||||
||square meters of area above-mentioned, which||||
||is the building reserved on the former selling||||
||land. Suzhou Lvbang is carrying out||||
||refurnishing and reconstruction for this||||
||factory and has acquired “License of||||
||Construction Land Planning ”with||||
||No.2014-08-001 approved and issued by||||
||Yongqiao District, Suzhou City’s housing and|||Strict|
|||March|Long-||
|Chen Lue|rural construction bureau, of which other|||perfor|
|||19,2015|term||
||examination and approval procedures of|||ming|
||construction are in the process of handling||||
||“I undertake to actively supervise and urge||||
||Suzhou Lvbang on handling procedures of the||||
||approval process involved with factor||||
||refurnishing and reconstruction, and which is||||
||suffered from administrative punishment by||||
||relevant competent authorities in reason of||||
||claiming certificate of title, or in which any||||
||dispute or controversy exist in construction||||
||and ownership, which shall be my||||
||responsibility to carry out solution, and I||||
||undertake to compensate by cash for Suzhou||||
||Lvbang’s losses which are due to this matter,||||
||guaranteeing no losses occur to Sino Great||||
||Wall and Suzhou Lvbang for this matter.||||

Shenzhen Victor Onward Textile Industrial Co., Ltd. The Third Quarterly Report 2015.
||||||
|-|-|-|-|-|
||”||||
||“According to the “Agreement of Significant||||
||Asset Replacement and Issue of Share to Buy||||
||Asset”(hereinafter referred to as||||
||“Agreement”) signed among Victor Onward||||
||Holdings, all shareholders of Sino Great Wall||||
||and Union Development Group Co., Ltd||||
||(hereinafter referred to as“ Union Group”) on||||
||October 13, 2014, all the creditor’s rights and||||
||liabilities related to place-out asset before the||||
||delivery date of Victor Onward Holdings shall||||
||be Union Group’s responsibility to carry out||||
||solution; After the asset delivery date, if any||||
||losses occur to Victor Onward Holdings in||||
||reason of the liability transfer of asset||||
|||||Strict|
||delivery, personnel placement, unsettled|March|Long-||
|Chen Lue||||perfor|
||dispute or controversy and other|19,2015|term||
|||||ming|
||compensation related to place-out asset,||||
||payment obligation and punishment, Union||||
||Group or the specified third party shall||||
||sufficiently compensate all losses for Victor||||
||Onward Holdings for the above matters.||||
||I undertake, if Union Group and the specified||||
||third party refuse to compensate the losses||||
||caused by the above mentioned matters for||||
||Victor Onward Holdings according to||||
||the“ Agreement”, I will compensate by cash||||
||for the Victor Onward Company within 5||||
||working day in advance. Meanwhile, I will||||
||reserve the resource rights for Union Group||||
||and the specified third party.||||
||According to“ Agreement of Shenzhen Victor||||
||Onward Textile Industrial Co., Ltd., Chen Lue||||
||and He Feiyan Concerning on Performance||||
||Compensation” and its supplemental||||
||agreement , Chen Lue’s promised Sino Great||||
|||||Strict|
|Chen Lue, He|Wall that the net profit deducted by|May 11,|Long-||
|||||perfor|
|Feiyan|incidental losses and attributable to the parent|2015|term||
|||||ming|
||companies’ owners after audition of 2015,||||
||2016 and 2017 shall be respectively more than||||
||RMB 345.8 million, RMB 438.5 million and||||
||RMB 538.2 million. If the net profit of Sino||||
||Great Wall is less than the promised net profit||||

Shenzhen Victor Onward Textile Industrial Co., Ltd. The Third Quarterly Report 2015.
||||||
|-|-|-|-|-|
||mentioned above , Chen Lue and He Feiyan||||
||will compensate for listed company in||||
||accordance with “Performance Compensation||||
||Agreement” and its supplemental agreement.||||
||1. This reorganization is planned to place in||||
||asset. At present, complete separation has||||
||existed between me or other enterprises under||||
||my possession (if any) and the listed company||||
||in staff, asset, finance, institution and business||||
||of Sino Great Wall. Independence exists in||||
||both staff, asset, finance, institution and||||
||business and no confusion exists.||||
||2. I undertake, after this reorganization, to||||
|Chen Lue; He|||||
||ensure the continued complete separation||||
|Feiyan, Wuxi|||||
||between me or other enterprises under my||||
|Hengtai Jiuding|||||
||possession(if any) and the listed company in||||
|Assets|||||
||staff, asset, finance, institution and business,||||
|Management|||||
||sustaining the independence in the listed||||
|Centre|||||
||company’s staff, asset, finance, institution and||||
|（LP）;Yantai|||||
||business, as follows:||||
|Zhaoxuan|||||
||(1).The Ensurance of Independence for Listed||||
|Yuantai Jiuding|||||
||Company’s Personnel||||
|Venture|||||
||Ensure that the general manager, the|||Strict|
|Investment||September|Long-||
||vice-general manger, the chief financial|||perfor|
|Centre||30,2015|term||
||officer, the board secretary and the senior|||ming|
|（LP）;Suzhou|||||
||executives of the Company only accept salary||||
|Taiyao|||||
||in listed company, including no holding of any||||
|Zhongshan|||||
||post except director and supervisor in my||||
|Jiuding|||||
||enterprise or other enterprises under my||||
|Investment|||||
||possession.||||
|Centre|||||
||2.Ensure the complete independence exists||||
|（LP）;Jiaxing|||||
||among the listed company’s labor, personnel,||||
|Jiahe Jiuding|||||
||and salary management and me.||||
|Investment|||||
||3. The director, supervisor, general manager||||
|Centre（LP）|||||
||and other senior executives recommended by||||
||me have all been through the legal procedures,||||
||and I will not intervene the company’s board||||
||and the shareholder’s decision for appointing||||
||and dismissing personnel by exercising||||
||official power.||||
||(2)The Ensurance of the Asset Independence||||
||of Listed Company||||
||1.Ensure that the listed company possesses||||

Shenzhen Victor Onward Textile Industrial Co., Ltd. The Third Quarterly Report 2015.
||
|-|
|business system related to operation and the|
|relevant completely-independent asset.|
|2.Ensure that no occupation of mine exists in|
|capitals and assets of the listed company.|
|3.The Ensurance of the Financial|
|Independence of Listed Company|
|1.Ensure that the independent finance|
|department and the independent financial|
|calculating system set up by the listed|
|company, which possess normative and|
|independent financial and accounting rules.|
|2. Ensure that the listed company|
|independently opens a bank account, not|
|sharing the same bank account with me.|
|3.Ensure that the financial staff of the listed|
|company holds no part-time post in my|
|enterprise and other enterprises under my|
|possession.|
|4. Ensure that the listed company pays taxes|
|according to law.|
|5. Ensure that the listed company makes the|
|financial decision-making independently, I|
|will not intervene the utilization of the listed|
|company’s capital.|
|(4)The Ensurance of the Institutional|
|Independence of Listed Company|
|1.Ensure that the listed company sets up|
|perfect governance structure for the share|
|company’s legal person, which possesses|
|independent and complete institutional|
|framework|
|2.Ensure that the shareholder’s meeting, the|
|board of director, the independent director, the|
|supervisor and the general managers exercise|
|official powers according to laws, regulations|
|and articles of incorporation|
|(5)The Ensurance of the Business|
|Independence of Listed Company|
|1. Ensure that the listed company possesses|
|the asset, staff, qualification and ability for|
|independently holding business activities,|
|which possesses the independent, autonomous|
|and sustain operation ability catering to the|

Shenzhen Victor Onward Textile Industrial Co., Ltd. The Third Quarterly Report 2015.
||||||
|-|-|-|-|-|
||market.||||
||2. Ensure that I will not intervene the listed||||
||company’s business activities except||||
||exercising shareholder’s rights.||||
||3.Ensure that I or other enterprises under my||||
||possession will avoid working on the listed||||
||company’s main business which possesses||||
||substantial competition.||||
||4. Ensure to reduce the related transaction||||
||between me and the listed company or||||
||between other enterprises under my||||
||possession and the listed company as much as||||
||possible; When confirming necessary but||||
||unavoidable related transaction, I will ensure||||
||the fair operation according to the principle of||||
||market culture and the fair price, and fulfill||||
||the transaction procedures and the obligation||||
||of disclosing information according to||||
||relevant laws and regulations and normative||||
||document.||||
|Wuxi Hengtai|||||
|Jiuding Assets|||||
|Management|||||
||“Once I or our unit acquire the newly-added||||
|Centre（LP）;|||||
||share of Victor Onward Company through||||
|Yantai Zhaoxuan|||||
||this transaction, no transfers will occur in any||||
|Yuantai Jiuding|||||
||way within 12 months from the listing date,||||
|Venture|||||
||including but not limited to public transfer by||||
|Investment|||||
||securities market or transfer by agreement,||||
|Centre|||12|Strict|
||and no entrusting for others to manage my|March|||
|（LP）;Suzhou|||mont|perfor|
||holding share of Victor Onward Holdings .|19,2015|||
|Tianyao|||hs|ming|
||Once the above-mentioned lockup period||||
|Zhongshan|||||
||expires, I will implement the selling or||||
|Jiuding|||||
||transferring of the newly-added share of||||
|Investment|||||
||Victor Onward Holdings according to the||||
|Centre（LP）;|||||
||relevant provision of CSRC and SZSE.||||
|Jiaxing Jiahe|||||
|Jiuding|||||
|Investment|||||
|Centre（LP）|||||
|Chen Lue; He|“1.Before this reorganization, the fairness and||||
|||||Strict|
|Feiyan,Wuxi|reasonableness of pricing and the legitimacy|March|Long-||
|||||perfor|
|Hengtai Jiuding|and effectiveness of decision-making|19,2015|term||
|||||ming|
|Assets|procedure exist in the transaction(if any)||||

Shenzhen Victor Onward Textile Industrial Co., Ltd. The Third Quarterly Report 2015.
||||||
|-|-|-|-|-|
|Management|between me or the enterprise under my||||
|Centre（LP）;|possession(if any) and Sino Great Wall which||||
|Yantai Zhaoxuan|is planned to place asset in, no related||||
|Yuantai Jiuding|transaction with obvious unfairness exists ;||||
|Venture|2.After this reorganization, I or the enterprise||||
|Investment|under my possession will avoid and reduce the||||
|Centre|related transaction with listed company as||||
|（LP）;Suzhou|much as possible. As for any unavoidable or||||
|Tianyao|reasonable related transaction, I or the||||
|Zhongshan|enterprise under my possession will sign the||||
|Jiuding|agreement according to laws and fulfill the||||
|Investment|lawful procedure, and fulfill relevant approval||||
|Centre（LP）;|procedure for internal decision-making and||||
|Jiaxing Jiahe|timely fulfill the obligation of disclosing||||
|Jiuding|information according to law, following||||
|Investment|relevant laws, regulations, other normative||||
|Centre（LP）|documents and articles of listed company,||||
||which is to guarantee the fairness and||||
||reasonableness in related transaction pricing,||||
||to guarantee the fairness of transaction||||
||condition and to guarantee not to utilize the||||
||related transaction to illegally transfer the||||
||capital and profit of listed company, and not to||||
||utilize this transaction to engage in any||||
||behaviors which will cause any losses to listed||||
||company or other shareholder’s legitimate||||
||rights. Once I violate the above promises and||||
||cause losses to the listed company, I will||||
||compensate the listed company for the losses||||
||caused by the this matter.||||
||During the assets reorganization, the house||||
||property and land without property certificate||||
||in the disposed assets within the plant area of||||
||Kuixin Community of Kuichong Street of||||
||Longgang District and the expected||||
||compensations, as well as the expected||||
|Union||||Strict|
||compensations concerning to the regaining of|March|Long-||
|Development||||perfor|
||plots planned as schools within the right of|19,2015|term||
|Group Co., Ltd.||||ming|
||land use of Nanyou Industrial Park of||||
||Nanshan District have not been recorded in||||
||the assessment. Therefore, Union Group||||
||promises that after the reorganization, if||||
||Union or a third party appointed by Union||||
||receives compensations or incomes related to||||

Shenzhen Victor Onward Textile Industrial Co., Ltd. The Third Quarterly Report 2015.
||||||
|-|-|-|-|-|
||above-mentioned disposed assets which are||||
||house property and land without property||||
||certificate as well as regaining of plots||||
||planned as schools, Union will return the||||
||benefits to Victor Onward Holdings, in 10||||
||working days since the collection. The actual||||
||costs and fees during the possession of the||||
||house property and land and the paid as well||||
||as the unpaid but necessary costs and fees for||||
||the reception of the above-mentioned benefits||||
||for Union Group or its third party will be||||
||deducted from the income. The specific||||
||benefits and payable costs and fees should be||||
||confirmed jointly by Union Group and Victor||||
||Onward Holdings based on the actual||||
||situations. （Notes:On June 25, 2015,All||||
||shareholders of Victor Onward Holdings,||||
||Union Group and Sino Great Wall Signed||||
||supplementary agreement, and specified that||||
||the land and houses without ownership||||
||certificate of Victor Onward Holdings located||||
||at the factory area of Kuixin community of||||
||Kuichong street office of Longgang district||||
||(the land area is about 50,000 square meters,||||
||the built-up area of houses is about 25,000||||
||square meters, among them about 18,000||||
||square meters of buildings at built-up area are||||
||within the plan of removal and collection of||||
||government，hereinafter referred as||||
||“undocumented property) still belongs to||||
||Victor Onward Holdings. And the benefits and||||
||risks of the real estate without certificate are||||
||enjoyed and assumed by Victor Onward||||
||Holdings.||||
||According to the Term 5.5.3 of Agreement on||||
||Major Asset Replacement and Asset Purchase||||
||Through Issuing Shares (hereinafter referred||||
|Union||||Strict|
||to as Agreement) signed on October 13, 2014|March|Long-||
|Development||||perfor|
||by the company and all shareholders of Victor|19,2015|term||
|Group Co., Ltd.||||ming|
||Onward Co. Ltd.. and Sino Great Wall, Victor||||
||Onward Holdings should obtain the letter of||||
||approval concerning the transferred debts of||||

Shenzhen Victor Onward Textile Industrial Co., Ltd. The Third Quarterly Report 2015.
||
|-|
|the disposed assets from the creditor|
|(including the guarantee, similarly hereinafter)|
|before the date of assets delivery. In the|
|situation of debts on Victor Onward Holdings|
|due to the absence of creditor’s consent, the|
|company or the third party appointed by the|
|company is in charge of paying off debts or|
|reaching agreement on the solution with the|
|creditor. When there are losses caused by|
|improper solutions of the company or the third|
|party appointed by the company, the company|
|or the third party appointed by the company|
|will fully compensate for the caused losses of|
|Victor Onward Holdings in 5 working days|
|after receiving the notice.|
|According to the Term 5.5.4 of Agreement,|
|after the date of assets delivery, any|
|compensations, obligations of payment and|
|penalties caused by disposed assets as well as|
|unsettled disputes in Victor Onward Holdings|
|will be undertaken and solved by the company|
|or the third party appointed by the company,|
|and Victor Onward Holdings assumes no|
|responsibility. When there are losses caused|
|by it, the company or the third party appointed|
|by the company will fully compensate for the|
|caused losses of Victor Onward Holdings in 5|
|working days after receiving the notice.|
|According to the Term 5.6.1 of Agreement and|
|based on the principle of “staff arrangement|
|according to the assets”, the labor relations,|
|social insurance relations including pension,|
|medical treatment, unemployment, working|
|injury and maternity, and other liable welfare|
|and salary of all the staff in Victor Onward|
|Holdings. (including but not limited to on-post|

Shenzhen Victor Onward Textile Industrial Co., Ltd. The Third Quarterly Report 2015.
|||||||
|-|-|-|-|-|-|
|||employees, employees awaiting job||||
|||assignments, retired employees, retained||||
|||employees with suspend salary, transferred||||
|||employees, and temporary employees, etc)||||
|||will be transferred to the company or the third||||
|||party appointed by the company.||||
|||Compensations or related matters (if any) due||||
|||to the termination of labor relationship in||||
|||advance with Victor Onward Holdings, the||||
|||company or the third party appointed by the||||
|||company will be in charge of the payment.||||
|||The company promises that for the losses||||
|||caused by matters such as the||||
|||above-mentioned debt transfers of disposed||||
|||assets, personnel arrangement, unsettled||||
|||disputes, potential debts, payment obligations||||
|||and penalties, the company or the third party||||
|||appointed by the company will fully||||
|||compensate for the losses of Victor Onward||||
|||Holdings due to the above-mentioned matters||||
|||based on the Agreement in cash.||||
|Commitments made upon||||||
||No|No|No|No|No|
|issuance||||||
|Other commitments made||||||
||No|No|No|No|No|
|to minority shareholders||||||
|Executed timely or not?|Yes|||||

IV．Prediction of Business performance for 2015
Estimation of accumulative net profit from the beginning of the year to the end of next report period to be loss probably or the warning of its material change compared with the corresponding period of the last year and explanation of reason.
V. Securities investment
□ Applicable√ Not applicable
There is no securities investment during the report period.
VI. Equity interests held in other listed companies
□ Applicable√Not applicable
The Company did not hold any equity interests in other listed companies as at the end of the reporting period.
Shenzhen Victor Onward Textile Industrial Co., Ltd. The Third Quarterly Report 2015.
VII. Derivative investment
□ Applicable√ Not applicable
There is no derivative investment during the report period.
VIII. The registration form of acceptance of investigation, communication and interview in the report period for future reference
√Applicable□ Not applicable
The Period has no research, communication and written inquiry from the investors in the report period.
|||||||
|-|-|-|-|-|-|
||||||Content of discussion and|
|Date|Place|Mode||Visitor||
||||Type|||
||||||materials provided|
||||||After this asset|
||||||reorganization, textile|
||||||printing and dyeing, the|
||||||company’s main|
|||||Industrial||
||The||||business, has been|
|July 15,2015||Field research|Institution|Securities Co.,||
||Company||||changed into engineering|
|||||Ltd.||
||||||design and|
||||||construction ,which|
||||||apparently increased the|
||||||profitability.|
||||||After this asset|
||||||reorganization, textile|
||||||printing and dyeing, the|
||||||company’s main|
|||||China Galaxy||
||The||||business, has been|
|July 21,2015||Field research|Institution|Securities Co.,||
||Company||||changed into engineering|
|||||Ltd.||
||||||design and|
||||||construction ,which|
||||||apparently increased the|
||||||profitability.|

Shenzhen Victor Onward Textile Industrial Co., Ltd. The Third Quarterly Report 2015.
IV. Financial statement
1. Financial statement
1.Consolidated Balance sheet
Prepared by: Shenzhen Victor Onward Textile Industrial Co., Ltd.
September 30,2015
In RMB
||||
|-|-|-|
|Items|Year-end balance|Year-beginning balance|
|Current asset：|||
|Monetary fund|202,703,006.69|290,949,160.76|
|Settlement provision|||
|Outgoing call loan|||
|Financial assets measured at fair|||
|value with variations accounted into|1,092,342.14|1,060,407.78|
|current income account|||
|Derivative financial assets|||
|Bill receivable|36,733,636.27|3,175,226.00|
|Account receivable|3,096,090,832.14|1,784,235,686.61|
|Prepayments|57,972,293.66|34,811,508.11|
|Insurance receivable|||
|Reinsurance receivable|||
|Provisions of Reinsurance contracts|||
|receivable|||
|Interest receivable|||
|Dividend receivable|||
|Other account receivable|209,536,537.00|143,622,679.85|
|Repurchasing of financial assets|||
|Inventories|40,907,466.98|34,960,199.93|
|Assets held for sales|||
|Non-current asset due in 1 year|||
|Other current asset||1,541,206.01|
|Total of current assets|3,645,036,114.88|2,294,356,075.05|
|Non-current assets：|||

Shenzhen Victor Onward Textile Industrial Co., Ltd. The Third Quarterly Report 2015.
||||
|-|-|-|
|Loans and payment on other’s behalf|||
|disbursed|||
|Disposable financial asset|||
|Expired investment in possess|||
|Long-term receivable|||
|Long term share equity investment|||
|Property investment|||
|Fixed assets|37,565,937.18|10,346,069.91|
|Construction in progress|9,354,972.37|11,856,578.49|
|Engineering material|||
|Fixed asset disposal|||
|Production physical assets|||
|Gas & petrol|||
|Intangible assets|9,546,526.64|8,269,556.32|
|R & D petrol|||
|Goodwill|||
|Long-germ expenses to be amortized|27,042,878.35|10,498,658.53|
|Differed income tax asset|61,896,921.54|49,690,702.95|
|Other non-current asset|6,960,493.07|5,104,235.91|
|Total of non-current assets|152,367,729.15|95,765,802.11|
|Total of assets|3,797,403,844.03|2,390,121,877.16|
|Current liabilities|||
|Short-term loans|392,657,285.27|225,000,000.00|
|Loan from Central Bank|||
|Deposit received and hold for others|||
|Call loan received|||
|Financial liabilities measured at fair|||
|value with variations accounted into|||
|current income account|||
|Derivative financial liabilities|||
|Bill payable|159,941,731.69|88,862,834.52|
|Account payable|1,534,198,224.56|1,048,283,935.01|
|Advance payment|33,537,921.70|55,401,092.63|
|Selling of repurchased financial|||
|assets|||

Shenzhen Victor Onward Textile Industrial Co., Ltd. The Third Quarterly Report 2015.
||||
|-|-|-|
|Fees and commissions receivable|||
|Employees’ wage payable|12,620,476.52|9,992,309.43|
|Tax payable|317,638,230.74|157,790,765.34|
|Interest payable||621,111.11|
|Dividend payable|||
|Other account payable|455,286,895.18|32,683,538.73|
|Non-current liability due in 1 year|||
|Other current liability|10,000,000.00|10,000,000.00|
|Total of current liability|2,915,880,765.66|1,628,635,586.77|
|Non-current liabilities：|||
|Long-term loan|19,779,949.05||
|Bond payable|||
|Long-term payable|||
|Long-term payable employees’s|||
|remuneration|||
|Special payable|||
|Expected liabilities|||
|Differed income|||
|Differed income tax liability|15,101.95|15,101.95|
|Other non-current liabilities|||
|Total non-current liabilities|19,795,051.00|15,101.95|
|Total of liability|2,935,675,816.66|1,628,650,688.72|
|Owners’ equity|||
|Share capital|117,239,550.25|70,136,099.00|
|Other equity instrument|||
|Capital reserves|-2,551,673.16|176,467,549.00|
|Less：Shares in stock|||
|Other comprehensive income|18,781.82|-85.60|
|Special reserves|11,456,383.70|21,813,200.10|
|Surplus reserves|49,347,406.23|49,347,406.23|
|Common risk provision|||
|Undistributed profit|686,235,371.16|443,707,019.71|
|Total of owner’s equity belong to the|||
||861,745,820.00|761,471,188.44|
|parent company|||
|Minority shareholders’ equity|-17,792.63||

Shenzhen Victor Onward Textile Industrial Co., Ltd. The Third Quarterly Report 2015.
||||
|-|-|-|
|Total of owners’ equity|861,728,027.37|761,471,188.44|
|Total of liabilities and owners’ equity|3,797,403,844.03|2,390,121,877.16|

 Legal representative：Chen Lue
Person-in-charge of the accountingwork：Cui Hongli
Person-in -charge of the accountingorgan：Ren Aping
2.Parent Company Balance Sheet
In RMB
||||
|-|-|-|
|Items|At the end of term|Beginning of term|
|Current asset：|||
|Monetary fund|8,150.41|23,480,977.11|
|Financial assets measured at fair|||
|value with variations accounted into|||
|current income account|||
|Derivative financial assets|||
|Bill receivable|||
|Account receivable|||
|Prepayments|||
|Interest receivable|||
|Dividend receivable|||
|Other account receivable||81,098,214.84|
|Inventories|||
|Assets held for sales|||
|Non-current asset due in 1 year|||
|Other current asset|||
|Total of current assets|8,150.41|104,579,191.95|
|Non-current assets：|||
|Disposable financial asset|||
|Expired investment in possess|||
|Long-term receivable|||
|Long term share equity investment|3,079,451,536.66|36,788,952.97|
|Property investment||7,738,085.22|
|Fixed assets||818,770.23|

Shenzhen Victor Onward Textile Industrial Co., Ltd. The Third Quarterly Report 2015.
||||
|-|-|-|
|Construction in progress|||
|Engineering material|||
|Fixed asset disposal|||
|Production physical assets|||
|Gas & petrol|||
|Intangible assets||1,780,153.13|
|R & D petrol|||
|Goodwill|||
|Long-germ expenses to be amortized|||
|Differed income tax asset|||
|Other non-current asset|||
|Total of non-current assets|3,079,451,536.66|47,125,961.55|
|Total of assets|3,079,459,687.07|151,705,153.50|
|Current liabilities|||
|Short-term loans|||
|Financial liabilities measured at fair|||
|value with variations accounted into|||
|current income account|||
|Derivative financial liabilities|||
|Bill payable|||
|Account payable||113,336.51|
|Advance payment||302,539.92|
|Employees’ wage payable||627,180.69|
|Tax payable|131,915,770.91|844,599.62|
|Interest payable|||
|Dividend payable|||
|Other account payable|260,000.00|16,235,868.11|
|Liabilities held for sales|||
|Non-current liability due in 1 year|||
|Other current liability||2,069,249.00|
|Total of current liability|132,175,770.91|20,192,773.85|
|Non-current liabilities：|||
|Long-term loan|||
|Bond payable|||
|Long-term payable|||

Shenzhen Victor Onward Textile Industrial Co., Ltd. The Third Quarterly Report 2015.
||||
|-|-|-|
|Employees’ wage Long-term|||
|payable|||
|Special payable|||
|Expected liabilities|||
|Differed income||836,792.38|
|Differed income tax liability||4,180,138.12|
|Other non-current liabilities|||
|Total of Non-current liabilities||5,016,930.50|
|Total of liability|132,175,770.91|25,209,704.35|
|Owners’ equity|||
|Share capital|420,991,949.00|169,142,356.00|
|Other equity instrument|||
|Capital reserves|2,257,997,084.77|31,606,598.00|
|Less：Shares in stock|||
|Other comprehensive income|-4,398,235.10|-4,398,235.10|
|Special reserves|||
|Surplus reserves|26,309,287.00|26,309,287.00|
|Undistributed profit|246,383,830.49|-96,164,556.75|
|Total of owners’ equity|2,947,283,916.16|126,495,449.15|
|Total of liabilities and owners’ equity|3,079,459,687.07|151,705,153.50|

 Legal representative：Chen Lue
Person-in-charge of the accountingwork：Cui Hongli
Person-in -charge of the accountingorgan：Ren Aping
Shenzhen Victor Onward Textile Industrial Co., Ltd. The Third Quarterly Report 2015.
3.Consolidated Profit statement of the Report period
In RMB
|||||
|-|-|-|-|
|Item||Report period|Same period of the previous year|
|I. Income from the key business||835,406,170.68|717,439,356.89|
|Incl：Business income||835,406,170.68|717,439,356.89|
|Interest income||||
|Insurance fee earned||||
|Fee and commission received||||
|II. Total business cost||737,452,024.90|653,973,256.24|
|Incl：Business cost||653,438,691.27|595,304,123.02|
|Interest expense||||
|Fee and commission paid||||
|Insurance discharge payment||||
|Net claim amount paid||||
|Insurance policy dividend paid||||
|Insurance policy dividend paid||||
|Reinsurance expenses||||
|Business tax and surcharge||12,308,366.66|26,998,330.78|
|Sales expense||3,036,106.61|7,273,754.95|
|Administrative expense||43,085,998.98|14,061,292.75|
|Financial expenses||6,297,639.29|3,911,187.00|
|Asset impairment loss||19,285,222.09|6,424,567.74|
|Add：Gains from change of fir value （“-”for||||
|||6,785.75||
|loss）||||
|Investment gain（“-”for loss）||||
|Incl: investment gains from affiliates||||
|Gains from currency exchange（“-”for loss|）|||
|III. Operational profit（“-”for loss||97,960,931.53|63,466,100.65|
|Add：Non-business income||26,319.77|167,642.81|
|Incl：Gains from disposal of non-current||||
|assets||||
|Less：Non business expenses||938,228.42||

Shenzhen Victor Onward Textile Industrial Co., Ltd. The Third Quarterly Report 2015.
||||
|-|-|-|
|Incl：Loss from disposal of non-current|||
|assets|||
|IV.Total profit(“-”for loss)|97,049,022.88|63,633,743.46|
|Less：Income tax expenses|19,880,805.19|16,226,604.58|
|V. Net profit（“-”for net loss|77,168,217.69|47,407,138.88|
|Net profit attributable to the owners of parent|||
||77,186,010.32|47,407,138.88|
|company|||
|Minority shareholders’ equity|-17,792.63||
|VI. Net after-tax of Other comprehensive|||
||6,742.31|-32.50|
|income|||
|Net after-tax|||
|of other comprehensive income attributable|||
|to owners of the parent company.|||
|（I）Other comprehensive income items that|||
|will not be reclassified into gains/losses in|||
|the subsequent accounting period|||
|1.Re-measurement of defined benefit plans|||
|of changes in net debt or net assets|||
|2.Other comprehensive income under the eq|||
|uity method investee can not be reclassified|||
|into profit or loss.|||
|（II）|||
|Other comprehensive income that will be re|6,742.31|-32.50|
|classified into profit or loss.|||
|1.Other comprehensive income under the eq|||
|uity method investee can be reclassified into|||
|profit or loss.|||
|2.Gains and losses from changes in fair valu|||
|e available for sale financial assets|||
|3.Held-to-maturity investments reclassified t|||
|o gains and losses of available for sale finan|||
|cial assets|||
|4.The effective portion of cash flow hedges|||
|and losses|||
|5.Translation differences in currency financi|||
||6,742.31|-32.50|
|al statements|||
|6.Other|||
|Net|||

Shenzhen Victor Onward Textile Industrial Co., Ltd. The Third Quarterly Report 2015.
||||
|-|-|-|
|after-tax of other comprehensive income attr|||
|ibutable to Minority shareholders’ equity|||
|VII. Total comprehensive income|77,174,960.00|47,407,106.38|
|Total comprehensive income attributable to|||
||77,192,752.63|47,407,106.38|
|the owner of the parent company|||
|Total comprehensive income attributable|||
||-17,792.63||
|minority shareholders|||
|VIII. Earnings per share|||
|（I）Basic earnings per share|0.46|0.28|
|(II)Diluted earnings per share|0.46|0.28|

 Legal representative：Chen Lue
Person-in-charge of the accountingwork：Cui Hongli
Person-in -charge of the accountingorgan：Ren Aping
4. Profit statement of the Parent Company of the Report period
In RMB
||||
|-|-|-|
|Items|Report period|Same period of the previous year|
|I. Income from the key business|329,131.00|946,830.00|
|Incl：Business cost|28,098.18|84,294.00|
|Business tax and surcharge|1,115.28|33,459.00|
|Sales expense|||
|Administrative expense|580,403.79|1,190,456.00|
|Financial expenses|-87,300.56|-453,871.00|
|Asset impairment loss|-14,568.79||
|Add：Gains from change of fir value|||
|（“-”for loss）|||
|Investment gain（“-”for loss）|383,969,705.11||
|Incl: investment gains from affiliates|||
|II. Operational profit（“-”for loss|383,791,088.21|92,492.00|
|Add：Non-business income|68,036,587.28||
|Incl：Gains from disposal of|||
|non-current assets|||
|Less：Non business expenses||5,000.00|
|Incl：Loss from disposal of|||

Shenzhen Victor Onward Textile Industrial Co., Ltd. The Third Quarterly Report 2015.
||||
|-|-|-|
|non-current assets|||
|III.Total profit(“-”for loss)|451,827,675.49|87,492.00|
|Less：Income tax expenses|108,609,278.25||
|IV. Net profit（“-”for net loss）|343,218,397.24|87,492.00|
|V. Net after-tax of Other|||
||-40,084.00||
|comprehensive income|||
|（I）Other comprehensive income|||
|items that will not be reclassified into|||
||-40,084.00||
|gains/losses in the subsequent|||
|accounting period|||
|1.Re-measurement of defined benefit|||
|plans of changes in net debt or net ass|-40,084.00||
|ets|||
|2.Other comprehensive income under|||
|the equity method investee can not b|||
|e reclassified into profit or loss.|||
|（II）|||
|Other comprehensive income that wil|||
|l be reclassified into profit or loss.|||
|1.Other comprehensive income under|||
|the equity method investee can be re|||
|classified into profit or loss.|||
|2.Gains and losses from changes in fa|||
|ir value available for sale financial as|||
|sets|||
|3.Held-to-maturity investments reclas|||
|sified to gains and losses of available|||
|for sale financial assets|||
|4.The effective portion of cash flow h|||
|edges and losses|||
|5.Translation differences in currency|||
|financial statements|||
|6.Other|||
|VI. Total comprehensive income|343,178,313.24|87,492.00|
|VII. Earnings per share：|||
|（I）Basic earnings per share|||
|(II)Diluted earnings per share|||

Legal representative：Chen Lue
Shenzhen Victor Onward Textile Industrial Co., Ltd. The Third Quarterly Report 2015.
Person-in-charge of the accountingwork：Cui Hongli
Person-in -charge of the accountingorgan：Ren Aping
Shenzhen Victor Onward Textile Industrial Co., Ltd. The Third Quarterly Report 2015.
5. Consolidated Profit statement between the beginning of the year and end of the report period
In RMB
||||
|-|-|-|
|Items|Report period|Same period of the previous year|
|I. Total operating income|2,916,615,389.84|2,020,135,677.89|
|Including：Operating income|2,916,615,389.84|2,020,135,677.89|
|Interest income|||
|Insurance gained|||
|Commission charge and commission|||
|income|||
|II. Total operating cost|2,592,522,742.77|1,845,100,242.10|
|Including：Operating cost|2,344,122,874.48|1,666,771,847.04|
|Interest expense|||
|Commission chare and commission expense|||
|Cash surrender value|||
|Net amount of expense of compensation|||
|Net amount of withdrawal of insurance|||
|contract reserve|||
|Bonus expense of guarantee slip|||
|Reinsurance expense|||
|Operating tax and extras|56,906,003.26|68,684,613.05|
|Sales expenses|10,539,011.91|16,460,789.92|
|Administration expenses|107,924,317.65|46,286,727.96|
|Financial expenses|24,205,661.13|11,859,349.14|
|Losses of devaluation of assets|48,824,874.34|35,036,914.99|
|Add ：Changing income of fair value|31,934.36||
|Investment income|||
|Including：Investment income on affiliate|||
|company and joint venture|||
|Exchange income|||
|III. Operating profit|324,124,581.43|175,035,435.79|
|Add ：Non-operating income|405,739.61|167,642.81|
|Including :Disposal Gains of non-current|||
|assets|||

Shenzhen Victor Onward Textile Industrial Co., Ltd. The Third Quarterly Report 2015.
||||
|-|-|-|
|Less：Non-operating expense|971,667.76||
|Including :Disposal loss of non-current|||
||31,839.34||
|assets|||
|IV. Total profit|323,558,653.28|175,203,078.60|
|Less：Income tax|81,048,094.46|44,676,785.04|
|V. Net profit（“-”for net loss|242,510,558.82|130,526,293.56|
|Net profit attributable to the owners of parent|||
||242,528,351.45|130,526,293.56|
|company|||
|Minority shareholders’ equity|-17,792.63||
|VI. Net after-tax of Other comprehensive|||
||18,867.42|-85.60|
|income|||
|Net after-tax of|||
|other comprehensive income attributable to|18,867.42|-85.60|
|owners of the parent company.|||
|（I）Other comprehensive income items that|||
|will not be reclassified into gains/losses in|||
|the subsequent accounting period|||
|1.Re-measurement of defined benefit plans|||
|of changes in net debt or net assets|||
|2.Other comprehensive income under the eq|||
|uity method investee can not be reclassified|||
|into profit or loss.|||
|（II）|||
|Other comprehensive income that will be re|18,867.42|-85.60|
|classified into profit or loss.|||
|1.Other comprehensive income under the eq|||
|uity method investee can be reclassified into|||
|profit or loss.|||
|2.Gains and losses from changes in fair valu|||
|e available for sale financial assets|||
|3.Held-to-maturity investments reclassified|||
|to gains and losses of available for sale fina|||
|ncial assets|||
|4.The effective portion of cash flow hedges|||
|and losses|||
|5.Translation differences in currency financi|||
||18,867.42|-85.60|
|al statements|||
|6.Other|||

Shenzhen Victor Onward Textile Industrial Co., Ltd. The Third Quarterly Report 2015.
||||
|-|-|-|
|Net after-tax of|||
|other comprehensive income attributable to|||
|Minority shareholders’ equity|||
|VII. Total comprehensive income|242,529,426.24|130,526,207.96|
|Total comprehensive income attributable to|||
||242,547,218.87|130,526,207.96|
|the owner of the parent company|||
|Total comprehensive income attributable|||
||-17,792.63||
|minority shareholders|||
|VIII. Earnings per share|||
|（I）Basic earnings per share|1.43|0.77|
|(II)Diluted earnings per share|1.43|0.77|

 Legal representative：Chen Lue
Person-in-charge of the accountingwork：Cui Hongli
Person-in -charge of the accountingorgan：Ren Aping
6.Profit Statement of the Parent Between the Beginning of the Year and End of the Report Period
In RMB
||||
|-|-|-|
|Items|Report period|Same period of the previous year|
|I. Business income|2,246,511.00|1,988,275.00|
|Less：Business cost|196,684.18|252,880.00|
|Business tax and surcharge|150,843.28|105,214.00|
|Sales expense|||
|Administrative expense|3,716,096.79|3,370,708.00|
|Financial expenses|-953,917.56|-1,315,071.00|
|Asset impairment loss|-14,568.79||
|Add：Gains from change of fir value|||
|（“-”for loss）|||
|Investment gain（“-”for loss）|383,969,705.11||
|Incl: investment gains from affiliates|||
|II. Operational profit|383,121,078.21|-425,456.00|
|Add：Non-business income|68,036,587.28||
|Incl：Gains from disposal of|||
|non-current assets|||
|Less：Non business expenses||5,000.00|

Shenzhen Victor Onward Textile Industrial Co., Ltd. The Third Quarterly Report 2015.
||||
|-|-|-|
|Incl：Loss from disposal of|||
|non-current assets|||
|III.Total profit|451,157,665.49|-430,456.00|
|Less：Income tax expenses|108,609,278.25||
|IV. Net profit）|342,548,387.24|-430,456.00|
|V. Net after-tax of Other|||
|comprehensive income|||
|（I）Other comprehensive income|||
|items that will not be reclassified into|||
|gains/losses in the subsequent|||
|accounting period|||
|1.Re-measurement of defined benefit|||
|plans of changes in net debt or net ass|||
|ets|||
|2.Other comprehensive income under|||
|the equity method investee can not b|||
|e reclassified into profit or loss.|||
|（II）|||
|Other comprehensive income that wil|||
|l be reclassified into profit or loss.|||
|1.Other comprehensive income under|||
|the equity method investee can be re|||
|classified into profit or loss.|||
|2.Gains and losses from changes in fa|||
|ir value available for sale financial as|||
|sets|||
|3.Held-to-maturity investments reclas|||
|sified to gains and losses of available|||
|for sale financial assets|||
|4.The effective portion of cash flow h|||
|edges and losses|||
|5.Translation differences in currency|||
|financial statements|||
|6.Other|||
|VI. Total comprehensive income|342,548,387.24|-430,456.00|
|VII. Earnings per share|||
|（I）Basic earnings per share|||
|(II)Diluted earnings per share|||

Shenzhen Victor Onward Textile Industrial Co., Ltd. The Third Quarterly Report 2015.
Legal representative：Chen Lue
Person-in-charge of the accountingwork：Cui Hongli
Person-in -charge of the accountingorgan：Ren Aping
Shenzhen Victor Onward Textile Industrial Co., Ltd. The Third Quarterly Report 2015.
7. Consolidated Cash Flow Statement Between the Beginning of the Year and End of the Report Period
In RMB
||||
|-|-|-|
|Items|Report period|Same period of the previous year|
|I.Cash flows from operating activities|||
|Cash received from sales of goods or|||
||1,379,577,878.41|1,415,247,902.16|
|rending of services|||
|Net increase of customer deposits and|||
|capital kept for brother company|||
|Net increase of loans from central bank|||
|Net increase of inter-bank loans from other|||
|financial bodies|||
|Cash received against original insurance|||
|contract|||
|Net cash received from reinsurance|||
|business|||
|Net increase of disposal of financial assets|||
|measured at fair value of which changes|||
|are recorded into current gains and losses.|||
|Cash received as interest, processing fee|||
|and commission|||
|Net increase of inter-bank fund received|||
|Net increase of repurchasing business|||
|Tax returned|||
|Other cash received from business|||
||349,234,449.67|95,989,514.20|
|operation|||
|Sub-total of cash inflow|1,728,812,328.08|1,511,237,416.36|
|Cash paid for purchasing of merchandise|||
||1,566,480,512.18|1,215,670,073.72|
|and services|||
|Net increase of client trade and advance|||
|Net increase of savings n central bank and|||
|brother company|||
|Cash paid for original contract claim|||
|Cash paid for interest, processing fee and|||
|commission|||
|Cash paid for policy dividend|||
|Cash paid to staffs or paid for staffs|156,672,144.42|71,753,209.25|

Shenzhen Victor Onward Textile Industrial Co., Ltd. The Third Quarterly Report 2015.
||||
|-|-|-|
|Taxes paid|120,883,336.29|99,806,627.88|
|Other cash paid for business activities|212,347,665.70|162,581,327.43|
|Sub-total of cash outflow from business|||
||2,056,383,658.59|1,549,811,238.28|
|activities|||
|Cash flow generated by business operation,|||
||-327,571,330.51|-38,573,821.92|
|net|||
|II.Cash flow generated by investing|||
|Cash received from investment retrieving|||
|Cash received as investment gains|||
|Net cash retrieved from disposal of fixed|||
|assets, intangible assets, and other|89,678.00|105,388.10|
|long-term assets|||
|Net cash received from disposal of|||
|subsidiaries or other operational units|||
|Other investment-related cash received|||
|Sub-total of cash inflow due to investment|||
||89,678.00|105,388.10|
|activities|||
|Cash paid for construction of|||
|fixed assets, intangible assets|35,996,053.16|22,823,196.83|
|and other long-term assets|||
|Cash paid as investment|||
|Net increase of loan against pledge|||
|Net cash received from subsidiaries and|||
|other operational units|||
|Other cash paid for investment activities|3,884.29||
|Sub-total of cash outflow due to|||
||35,999,937.45|22,823,196.83|
|investment activities|||
|Net cash flow generated by investment|-35,910,259.45|-22,717,808.73|
|III.Cash flow generated by financing|||
|Cash received as investment|||
|Incl: Cash received as investment from|||
|minor shareholders|||
|Cash received as loans|572,000,000.00|195,000,000.00|
|Cash received from bond placing|||
|Other financing –related ash received|168,190,000.00|129,033,904.10|
|Sub-total of cash inflow from financing|||
||740,190,000.00|324,033,904.10|
|activities|||

Shenzhen Victor Onward Textile Industrial Co., Ltd. The Third Quarterly Report 2015.
||||
|-|-|-|
|Cash to repay debts|387,220,050.95|150,000,000.00|
|Cash paid as dividend, profit, or interests|22,094,169.18|9,961,777.77|
|Incl: Dividend and profit paid by|||
|subsidiaries to minor shareholder|||
|Other cash paid for financing activities|95,461,627.00|103,554,396.13|
|Sub-total of cash outflow due to financing|||
||504,775,847.13|263,516,173.90|
|activities|||
|Net cash flow generated by financing|235,414,152.87|60,517,730.20|
|IV. Influence of exchange rate alternation|||
||-2,820,849.71|792,532.48|
|on cash and cash equivalents|||
|V.Net increase of cash and cash equivalents|-130,888,286.80|18,632.03|
|Add: balance of cash and cash equivalents|||
||243,759,954.90|67,525,829.38|
|at the beginning of term|||
|VI ..Balance of cash and cash equivalents at|||
||112,871,668.10|67,544,461.41|
|the end of term|||

Legal representative：Chen Lue
Person-in-charge of the accountingwork：Cui Hongli
Person-in -charge of the accountingorgan：Ren Aping
8. Cash Flow Statement of the Parent Between the Beginning of the Year and End of the Report Period
In RMB
||||
|-|-|-|
|Items|Amount in this period|Amount in last period|
|I.Cash flows from operating activities|||
|Cash received from sales of goods or|||
||2,246,511.00|3,411,993.00|
|rending of services|||
|Tax returned|||
|Other cash received from business|||
||2,287,234.95|1,571,917.00|
|operation|||
|Sub-total of cash inflow|4,533,745.95|4,983,910.00|
|Cash paid for purchasing of merchandise|||
|and services|||
|Cash paid to staffs or paid for staffs|1,026,970.10|1,131,507.00|
|Taxes paid|908,947.67|810,942.00|
|Other cash paid for business activities|4,031,645.42|2,435,063.00|

Shenzhen Victor Onward Textile Industrial Co., Ltd. The Third Quarterly Report 2015.
||||
|-|-|-|
|Sub-total of cash outflow from business|||
||5,967,563.19|4,377,512.00|
|activities|||
|Cash flow generated by business operation,|||
||-1,433,817.24|606,398.00|
|net|||
|II.Cash flow generated by investing|||
|Cash received from investment retrieving|||
|Cash received as investment gains|||
|Net cash retrieved from disposal of fixed|||
|assets, intangible assets, and other|||
|long-term assets|||
|Net cash received from disposal of|||
|subsidiaries or other operational units|||
|Other investment-related cash received|40,084.65||
|Sub-total of cash inflow due to investment|||
||40,084.65||
|activities|||
|Cash paid for construction of|||
|fixed assets, intangible assets|||
|and other long-term assets|||
|Cash paid as investment|||
|Net cash received from subsidiaries and|||
|other operational units|||
|Other cash paid for investment activities|7,079,094.11||
|Sub-total of cash outflow due to investment|||
||7,079,094.11||
|activities|||
|Net cash flow generated by investment|-7,039,009.46||
|III.Cash flow generated by financing|||
|Cash received as investment|||
|Cash received as loans|||
|Cash received from bond placing|||
|Other financing –related ash received|||
|Sub-total of cash inflow from financing|||
|activities|||
|Cash to repay debts|||
|Cash paid as dividend, profit, or interests|||
|Other cash paid for financing activities|||
|Sub-total of cash outflow due to financing|||
|activities|||

Shenzhen Victor Onward Textile Industrial Co., Ltd. The Third Quarterly Report 2015.
||||
|-|-|-|
|Net cash flow generated by financing|||
|IV. Influence of exchange rate alternation|||
|on cash and cash equivalents|||
|V.Net increase of cash and cash equivalents|-8,472,826.70|606,398.00|
|Add: balance of cash and cash equivalents|||
||8,480,977.11|10,557,501.00|
|at the beginning of term|||
|VI ..Balance of cash and cash equivalents at|||
||8,150.41|11,163,899.00|
|the end of term|||

Legal representative：Chen Lue
Person-in-charge of the accountingwork：Cui Hongli
Person-in -charge of the accountingorgan：Ren Aping
II.Auditor‘s report
Whether the Q3 report is audited
□ Yes√ No
The Q3 Report is not audited.
The Board of Directors Shenzhen Victor Onward Textile Industrial Co., Ltd.
October 31, 2015