----

----

| Nevada                                                              |   | 20-1204606                             |
|---------------------------------------------------------------------|--------|----------------------------------------|
| (State      or other jurisdiction of incorporation or organization) |   | (IRS      Employer Identification No.) |

----

|                                |                                                                              |                                                                                                                     | Page       |
|-------------------------------------|-----------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------|------------|
|                                |                                                                              |                                                                                                                     |       |
| PART      I - FINANCIAL INFORMATION |                                                                              |
|                                |                                                                              |                                                                                                                     |       |
|                                | ITEM      1 - FINANCIAL STATEMENTS                                                |                                                                                                                     |
|                                |                                                                              |                                                                                                                     |       |
|                                |                                                                              | Unaudited      Condensed Consolidated Statement of Operations for the three-month period      ended March 31, 2008       | 3          |
|                                |                                                                              |                                                                                                                     |       |
|                                |                                                                              | Condensed      Consolidated Balance Sheets as of December 31, 2007 and March 31,      2008                          | 4          |
|                                |                                                                              |                                                                                                                     |       |
|                                |                                                                              | Unaudited      Condensed Consolidated Statement of Cash Flows for the three-month period      ended March 31,  2008 | 5          |
|                                |                                                                              |                                                                                                                     |       |
|                                |                                                                              | Notes      to the Unaudited Condensed Consolidated Financial    Statements                                               | 6 -      8 |
|                                |                                                                              |                                                                                                                     |       |
|                                | ITEM      2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN      OF OPERATION | 9                                                                                                                        |
|                                |                                                                              |                                                                                                                     |       |
|                                | ITEM      3 - QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET    RISK       | 13                                                                                                                       |
|                                |                                                                              |                                                                                                                     |       |
|                                | ITEM      4 (A) - CONTROLS AND PROCEDURES                                         | 13                                                                                                                       |
|                                |                                                                              |                                                                                                                     |       |
|                                | ITEM      4 (A)T – INTERNAL CONTROL OVER FINANCIAL REPORTING                | 13                                                                                                                       |
|                                |                                                                              |                                                                                                                     |       |
| PART      II - OTHER INFORMATION    |                                                                              |
|                                |                                                                              |                                                                                                                     |       |
|                                | ITEM      1 - LEGAL PROCEEDINGS                                                   |  14                                                                                                                 |
|                                |                                                                              |                                                                                                                     |       |
|                                | ITEM      2 - UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF      PROCEEDS    |  14                                                                                                                 |
|                                |                                                                              |                                                                                                                     |       |
|                                | ITEM      3 - DEFAULTS UPON SENIOR SECURITIES                                     |  14                                                                                                                 |
|                                |                                                                              |                                                                                                                     |       |
|                                | ITEM      4 - SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS                 |  14                                                                                                                 |
|                                |                                                                              |                                                                                                                     |       |
|                                | ITEM      5 - OTHER INFORMATION                                                   |  14                                                                                                                 |
|                                |                                                                              |                                                                                                                     |       |
|                                | ITEM      6 - EXHIBITS AND REPORTS ON FORM 8-K                                    |  14                                                                                                                 |
|                                |                                                                              |                                                                                                                     |       |
|                                |                                                                              | SIGNATURES                                                                                                               | 14         |

----

|                                                                                            |   | Note   |          |   | US$    |            |
|-------------------------------------------------------------------------------------------------|--------|--------|---------------|--------|--------|-----------------|
| Operating      revenue                                                                          |   |   |          |   |   |            |
|          Service income                                                          |   |   |          |   |   | 118,796         |   |
|                                                                                            |   |   |          |   |   |            |   |
| Operating      expenses                                                                         |   |   |          |   |   |            |   |
|          Subcontracting charges                                                  |   |   |          |   |   | (46,276         | ) |
|          Staff costs                                                             |   |   |          |   |   | (79,269         | ) |
|          Depreciation of property, plant and equipment                           |   |   |          |   |   | (2,836          | ) |
|          Amortization of intangible assets                                       |   |   |          |   |   | (55,299         | ) |
|          Other general and administrative expenses                               |   |   |          |   |   | (118,284        | ) |
|                                                                                            |   |   |          |   |   |            |   |
| Loss      from operations                                                                       |   |   |          |   |   | (183,168        | ) |
|                                                                                            |   |   |          |   |   |            |   |
|          Interest income                                                         |   |   |          |   |   | 1,040           |   |
|          Gain on disposal of partial interest in a subsidiary                    |   |   | 3             |   |   |            | 259,837 |   |
|          Amortization of long-term loans from a related party                    |   |   | 5      (b)(v) |   |   |            | (32,213 | ) |
|          Loss on partial settlement of long-term loans from a related      party |   |   | 5      (b)(v) |   |   |            | (24,717 | ) |
|                                                                                            |   |   |          |   |   |            |   |   |
| Income      before income tax and minority interests                                            |   |   |          |   |   |            | 20,779 |   |
|                                                                                            |   |   |          |   |   |            |   |   |
| Income      tax                                                                                 |   |   | 4             |   |   |            | - |   |
|                                                                                            |   |   |          |   |   |            |   |   |
| Income      before minority interests                                                           |   |   |          |   |   |            | 20,779 |   |
|                                                                                            |   |   |          |   |   |            |   |   |
| Minority      interests                                                                         |   |   |          |   |   |            | 16,716 |   |
|                                                                                            |   |   |          |   |   |            |   |   |
| Net      income                                                                                 |   |   |          |   |   |            | 37,495 |   |
|                                                                                            |   |   |          |   |   |            |   |   |
| Other      comprehensive income                                                                 |   |   |          |   |   |            |   |   |
|          Foreign currency translation                                            |   |   |          |   |   |            | 87,231 |   |
|                                                                                            |   |   |          |   |   |            |   |   |
| Total      comprehensive income                                                                 |   |   |          |   |   |            | 124,726 |   |
|                                                                                            |   |   |          |   |   |            |   |   |
|                                                                                            |   |   |          |   |   |            |   |   |
| Basic      earnings per share of common stock                                                   |   |   |          |   |   | 0.07      cents |   |
|                                                                                            |   |   |          |   |   |            |   |   |
| Weighted      average number of shares of common      stock outstanding                         |   |   |          |   |   |            | 50,527,473 |   |

----

|                                                                                                                                                                                                                                                                                                              |   |      |    |   | As      of          |      |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------|---------|--------|---------------------|-----------|
|                                                                                                                                                                                                                                                                                                              |   |      |    |   | March      31, 2008 |      |   | December      31, 2007 |   |
| ASSETS                                                                                                                                                                                                                                                                                                            |   | Note      |    |   | US$                 |      |   | US$ |   |
|                                                                                                                                                                                                                                                                                                              |   |      |    |   | (Unaudited)         |      |   |   |   |
| Current      assets                                                                                                                                                                                                                                                                                               |   |      |    |   |                |      |   |   |   |
|          Trade receivables from third parties                                                                                                                                                                                                                                                      |   |      |    |   |                | 18,851    |   |   |   | 28,266 |   |
|          Trade receivables from related parties                                                                                                                                                                                                                                                    |   |      | 5(b)(i) |   |                |      | 60,279 |   |   |   | 36,239 |   |
|          Prepayments and deposits                                                                                                                                                                                                                                                                  |   |      |    |   |                |      | 760,416 |   |   |   | 170,093 |   |
|          Other debtors                                                                                                                                                                                                                                                                             |   |      |    |   |                |      | 157,074 |   |   |   | 16,960 |   |
|          Amounts due from related parties                                                                                                                                                                                                                                                          |   | 5(b)(ii)  |    |   |                | 24,575    |   |   |   | 10,084 |   |
|          Loan receivable from a minority shareholder                                                                                                                                                                                                                                               |   | 5(b)(iii) |    |   |                | 285,857   |   |   |   | 274,110 |   |
|          Income tax recoverable                                                                                                                                                                                                                                                                    |   |      |    |   |                |      | 3,720 |   |   |   | 3,567 |   |
|          Inventories                                                                                                                                                                                                                                                                               |   |      |    |   |                |      | 33,125 |   |   |   | 12,604 |   |
|          Cash and bank balances                                                                                                                                                                                                                                                                    |   |      |    |   |                |      | 517,621 |   |   |   | 1,373,085 |   |
|                                                                                                                                                                                                                                                                                                              |   |      |    |   |                |      |   |   |   |   |   |   |
| Total      current assets                                                                                                                                                                                                                                                                                         |   |      |    |   |                |      | 1,861,518 |   |   |   | 1,925,008 |   |
|                                                                                                                                                                                                                                                                                                              |   |      |    |   |                |      |   |   |   |   |   |   |
|          Property, plant and equipment, net                                                                                                                                                                                                                                                        |   |      |    |   |                |      | 57,643 |   |   |   | 52,143 |   |
|          Intangible assets, net                                                                                                                                                                                                                                                                    |   |      |    |   |                |      | 1,877,750 |   |   |   | 1,855,881 |   |
|          Prepayments for a long-term investment                                                                                                                                                                                                                                                    |   |      |    |   |                |      | 21,429 |   |   |   | 20,548 |   |
|                                                                                                                                                                                                                                                                                                              |   |      |    |   |                |      |   |   |   |   |   |   |
| Total      assets                                                                                                                                                                                                                                                                                                 |   |      |    |   |                |      | 3,818,340 |   |   |   | 3,853,580 |   |
|                                                                                                                                                                                                                                                                                                              |   |      |    |   |                |      |   |   |   |   |   |   |
| LIABILITIES      AND STOCKHOLDERS' EQUITY (DEFICIT)                                                                                                                                                                                                                                                               |   |      |    |   |                |      |   |   |   |
|                                                                                                                                                                                                                                                                                                              |   |      |    |   |                |      |   |   |   |   |   |   |
| Current      liabilities                                                                                                                                                                                                                                                                                          |   |      |    |   |                |      |   |   |   |   |   |   |
|          Trade payables                                                                                                                                                                                                                                                                            |   |      |    |   |                |      | 28,208 |   |   |   | 11,135 |   |
|          Accrued charges and other payables                                                                                                                                                                                                                                                        |   |      |    |   |                |      | 203,503 |   |   |   | 575,125 |   |
|          Amounts due to related parties                                                                                                                                                                                                                                                            |   | 5(b)(iv)  |    |   |                | 1,383,853 |   |   |   | 1,423,636 |   |
|          Temporary receipts                                                                                                                                                                                                                                                                        |   |      |    |   |                |      | 156,290 |   |   |   | 508,318 |   |
|          Income tax payable                                                                                                                                                                                                                                                                        |   |      |    |   |                |      | 714 |   |   |   | 4,536 |   |
|                                                                                                                                                                                                                                                                                                              |   |      |    |   |                |      |   |   |   |   |   |   |
| Total      current liabilities                                                                                                                                                                                                                                                                                    |   |      |    |   |                |      | 1,772,568 |   |   |   | 2,522,750 |   |
|                                                                                                                                                                                                                                                                                                              |   |      |    |   |                |      |   |   |   |   |   |   |
| Long-term      loans from a related party                                                                                                                                                                                                                                                                         |   |      | 5(b)(v) |   |                |      | 739,370 |   |   |   | 883,562 |   |
|                                                                                                                                                                                                                                                                                                              |   |      |    |   |                |      |   |   |   |   |   |   |
| Commitments      and contingencies                                                                                                                                                                                                                                                                                |   |      |    |   |                |      |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                              |   |      |    |   |                |      |   |   |   |   |   |   |
| Minority      interests                                                                                                                                                                                                                                                                                           |   |      |    |   |                |      | 606,413 |   |   |   | 472,005 |   |
|                                                                                                                                                                                                                                                                                                              |   |      |    |   |                |      |   |   |   |   |   |   |
| Stockholders' equity      (deficit)                                                                                                                                                                                                                                                                          |   |      |    |   |                |      |   |   |   |   |   |   |
|          Common stock, par value US$0.001 per share; authorized 300,000,000      shares;             issued and outstanding 51,000,000 shares as of March 31, 2008             and 50,000,000 shares as of December 31, 2007 |   |      | 6       |   |                |      | 51,000 |   |   |   | 50,000 |   |
|          Additional paid in capital                                                                                                                                                                                                                                                                |   |      | 6       |   |                |      | 599,000 |   |   |   | - |   |
|          Dedicated reserve                                                                                                                                                                                                                                                                         |   |      |    |   |                |      | 319 |   |   |   | 319 |   |
|          Accumulated losses                                                                                                                                                                                                                                                                        |   |      |    |   |                |      | (37,561 | ) |   |   | (75,056 | ) |
|          Accumulated other comprehensive income                                                                                                                                                                                                                                                    |   |      |    |   |                |      | 87,231 |   |   |   | - |   |
|                                                                                                                                                                                                                                                                                                              |   |      |    |   |                |      |   |   |   |   |   |   |
| Total      stockholders’ equity (deficit)                                                                                                                                                                                                                                                                   |   |      |    |   |                |      | 699,989 |   |   |   | (24,737 | ) |
|                                                                                                                                                                                                                                                                                                              |   |      |    |   |                |      |   |   |   |   |   |   |
| Total      liabilities and stockholders' equity (deficit)                                                                                                                                                                                                                                                         |   |      |    |   |                |      | 3,818,340 |   |   |   | 3,853,580 |   |

----

|                                                                                        |   | US$    |      |
|---------------------------------------------------------------------------------------------|--------|--------|-----------|
|                                                                                        |   |   |      |
| Cash      flows from operating activities:                                                  |   |   |      |
| Net      income                                                                             |   |   | 37,495    |   |
|                                                                                        |   |   |      |   |
| Adjustments      to reconcile net income to net cash used in operating      activities:     |   |   |      |   |
| Depreciation of property, plant      and equipment                                          |   |   | 2,836     |   |
|  Amortization      of intangible assets                                                |   |   | 55,299    |   |
|  Interest      income                                                                  |   |   | (1,040    | ) |
|  Gain      on disposal of partial interest in a subsidiary                             |   |   | (259,837  | ) |
|  Amortization      of long-term loans from a related party                             |   |   | 32,213    |   |
|  Loss      on partial settlement of long-term loans from a related    party            |   |   | 24,717    |   |
| Minority    interests                                                                       |   |   | (16,716   | ) |
| Exchange    difference                                                                      |   |   | 10,983    |   |
| Changes in working      capital:                                                            |   |   |      |   |
| Trade    receivables                                                                        |   |   | (11,860   | ) |
| Inventories                                                                                 |   |   | (19,981   | ) |
| Prepayments and      deposits                                                               |   |   | 16,967    |   |
| Other debtors                                                                               |   |   | (139,387  | ) |
| Trade payables                                                                              |   |   | 16,596    |   |
| Accrued charges and other      payables                                                     |   |   | (396,270  | ) |
| Temporary    receipts                                                                       |   |   | 37,148    |   |
| Income tax      recoverable/payable                                                         |   |   | (4,016    | ) |
|                                                                                        |   |   |      |   |
| Net      cash used in operating activities                                                  |   |   | (614,853  | ) |
|                                                                                        |   |   |      |   |
| Cash      flows from investing activities:                                                  |   |   |      |   |
|      Interest      income                                          |   |   | 1,040     |   |
| Payments for purchase of      property, plant and equipment                                 |   |   | (6,222    | ) |
| Net advances to related      parties                                                        |   |   | (14,059   | ) |
|                                                                                        |   |   |      |   |
| Net      cash used in investing activities                                                  |   |   | (19,241   | ) |
|                                                                                        |   |   |      |   |
| Cash      flows from financing activities:                                                  |   |   |      |   |
| Repayments to related      parties                                                          |   |   | (40,577   | ) |
|      Settlement      of long-term loans from a related party       |   |   | (238,989  | ) |
|                                                                                        |   |   |      |   |
| Net      cash used in financing activities                                                  |   |   | (279,566  | ) |
|                                                                                        |   |   |      |   |
| Net      decrease in cash and cash equivalents                                              |   |   | (913,660  | ) |
|                                                                                        |   |   |      |   |
| Cash      and cash equivalents at beginning of period                                       |   |   | 1,373,085 |   |
|                                                                                        |   |   |      |   |
| Effect      on exchange rate changes                                                        |   |   | 58,196    |   |
|                                                                                        |   |   |      |   |
| Cash      and cash equivalents at end of period, represented by cash and bank      balances |   |   | 517,621   |   |
|                                                                                        |   |   |      |   |
| Supplementary      cash flow information:                                                   |   |   |      |   |
| Income tax paid                                                                             |   |   | 4,016     |   |
|                                                                                        |   |   |      |   |
| Major      non-cash transaction:                                                            |   |   |      |   |
| Shares issued for consulting and      professional services (see note 6)                    |   |   | 600,000   |   |

----

----

| (a)    | Name      and relationship of related parties                               |   |                                                                         |
|--------|-----------------------------------------------------------------------------|--------|------------------------------------------------------------------------------|
|   |                                                                        |   |                                                                         |
|   | Name                                                                        |   | Existing relationships with the      Company                                 |
|   | Benny      Lee                                                              |   | The      sole director and a major shareholder of SPYX                       |
|   | Li      Xing Hao                                                            |   | A      director of Wanzhi                                                    |
|   | Guangdong      Chigo Air Conditioning Company Limited (“Chigo”) |   | A      company in which Li Xing Hao has control and beneficial      interest |
|   | Tang      Jin Cheng                                                         |   | A      director of JinCheng                                                  |
|   | Foshan      JinCheng Technology Company Limited                             |   | Minority      shareholder of JinCheng                                        |
|   | Foshan      Shancheng JiaXun Technology Services Centre                     |   | Minority      shareholder of JiaXun                                          |

| (b) | Balances      with related parties |
|-----|------------------------------------|

|                                            |   | As      of         |   |
|-------------------------------------------------|--------|--------------------|--------|
|                                            |   | March      31,2008 |   |   | December      31, 2007 |   |
|                                            |   | US$                |   |   | US$ |   |
|                                            |   | (Unaudited)        |   |   |   |   |
|                                            |   |               |   |   |   |   |
| Chigo                                           |   |               | 42,250 |   |   |   | 24,496 |   |
| Foshan      JinCheng Technology Company Limited |   |               | 18,029 |   |   |   | 11,743 |   |
|                                            |   |               |   |   |   |   |   |   |
|                                            |   |               | 60,279 |   |   |   | 36,239 |   |

|   | The      amounts due are unsecured, interest-free and have no fixed repayment      term. |
|--------|------------------------------------------------------------------------------------------|

|                                                    |   | As      of         |   |
|---------------------------------------------------------|--------|--------------------|--------|
|                                                    |   | March      31,2008 |   |   | December      31, 2007 |   |
|                                                    |   | US$                |   |   | US$ |   |
|                                                    |   | (Unaudited)        |   |   |   |   |
|                                                    |   |               |   |   |   |   |
| Foshan      Shancheng JiaXun Technology Services Centre |   |               | 6,004  |   |   |   | 5,975 |   |
| Tang      Jin Cheng                                     |   |               | 18,571 |   |   |   | 4,109 |   |
|                                                    |   |               |   |   |   |   |   |   |
|                                                    |   |               | 24,575 |   |   |   | 10,084 |   |

|   | The      amounts due are unsecured, interest-free and have no fixed repayment      term. |
|--------|------------------------------------------------------------------------------------------|

|   | The      loan to Foshan Shancheng JiaXun Technology Services Centre is unsecured,      interest-free and repayable within six months from the date of      advance. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|             |   | As      of         |      |
|------------------|--------|--------------------|-----------|
|             |   | March      31,2008 |      |   | December      31, 2007 |   |
|             |   | US$                |      |   | US$ |   |
|             |   | (Unaudited)        |      |   |   |   |
|             |   |               |      |   |   |   |
| Chigo            |   |               | -         |   |   |   | 3,453 |   |
| Benny      Lee   |   |               | 1,362,837 |   |   |   | 1,360,746 |   |
| Li      Xing Hao |   |               | 21,016    |   |   |   | 59,437 |   |
|             |   |               |      |   |   |   |   |   |
|             |   |               | 1,383,853 |   |   |   | 1,423,636 |   |

|   | The      amounts due are unsecured, interest-free and have no fixed repayment      term. |
|--------|------------------------------------------------------------------------------------------|

|                                               |   | As      of         |     |
|----------------------------------------------------|--------|--------------------|----------|
|                                               |   | March      31,2008 |     |   | December      31, 2007 |   |
|                                               |   | US$                |     |   | US$ |   |
|                                               |   | (Unaudited)        |     |   |   |   |
|                                               |   |               |     |   |   |   |
| At      beginning of period                        |   |               | 883,562  |   |   |   | - |   |
| Exchange      realignment                          |   |               | 37,867   |   |   |   | - |   |
| Additions      through acquisition of subsidiaries |   |               | -        |   |   |   | 883,562 |   |
| Amortization                                       |   |               | 32,213   |   |   |   | - |   |
| Repayments                                         |   |               | (214,272 | ) |   |   | - |   |
|                                               |   |               |     |   |   |   |   |   |
| At      balance sheet date                         |   |               | 739,370  |   |   |   | 883,562 |   |

|   | The      loans from Li Xing Hao, a director of Wanzhi, are unsecured, interest-free      and repayable within two years from the date of advances.  The      loans were stated at fair value at inception, calculated by using the      discount rate of 7.56% per annum, and are subsequently stated at amortized      cost. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | During      the three-month period ended March 31, 2008, the Company paid US$238,989      for partial settlement of a portion of the loans with carrying amount of      US$214,272, resulted in a loss of US$24,717 as recorded in the condensed      consolidated statement ofoperations. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c) | Summary      of related party transactions |
|-----|--------------------------------------------|

|                                                                |   | Period      from January 1, 2008 to March 31, 2008 |   |
|---------------------------------------------------------------------|--------|----------------------------------------------------|--------|
|                                                                |   | US$                                                |   |
|                                                                |   |                                               |   |
| Service      income from Chigo                                      |   |                                               | 16,019 |   |
| Service      income from Foshan JinCheng Technology Company Limited |   |                                               | 5,545  |   |

----

Item 2. Management's Discussion and Analysis or Planof Operation 

----

| (In US$ thousands except per      share data)                     |   | Three-month      Period Ended |   |   | %      of |   |
|-------------------------------------------------------------------|--------|-------------------------------|--------|--------|-----------|--------|
|                                                              |   | Mar.      31                  |   |   | Revenue   |   |
|                                                              |   | 2008                          |   |   |      |   |
| Operating      revenues                                           |   |                          |   |   |      |   |
|          Service Income                            |   |                          | 119    |   |      |   | 100.0 |   |
|                                                              |   |                          |   |   |      |   |   |   |
| Operating      expenses                                           |   |                          |   |   |      |   |   |   |
|          Subcontracting charges                    |   |                          | (46    | )      |      |   | (38.7 | ) |
|          Staff costs                               |   |                          | (79    | )      |      |   | (66.4 | ) |
|          Depreciation expenses                     |   |                          | (3     | )      |      |   | (2.5 | ) |
|          Amortization of intangible assets         |   |                          | (56    | )      |      |   | (47.0 | ) |
|          Other general and administrative expenses |   |                          | (118   | )      |      |   | (99.2 | ) |
| Total      Operating expenses                                     |   |                          | (302   | )      |      |   | (253.8 | ) |
|                                                              |   |                          |   |   |      |   |   |   |
| Loss      from operations                                         |   |                          | (183   | )      |      |   | (153.8 | ) |
|                                                              |   |                          |   |   |      |   |   |   |
| Non-operating      income                                         |   |                          |   |   |      |   |   |   |
|          Interest income                           |   |                          | 1      |   |      |   | 0.8 |   |
|          Other income                              |   |                          | 203    |   |      |   | 170.6 |   |
|                                                              |   |                          |   |   |      |   |   |   |
| Income      before income tax and minority interests              |   |                          | 21     |   |      |   | 17.6 |   |
|          Income tax expense                        |   |                          | --     |   |      |   | -- |   |
|                                                              |   |                          |   |   |      |   |   |   |
| Income      before minority interests                             |   |                          | 21     |   |      |   | 17.6 |   |
|          Minority interests                        |   |                          | 16     |   |      |   | 13.4 |   |
|                                                              |   |                          |   |   |      |   |   |   |
| Net      Income                                                   |   |                          | 37     |   |      |   | 31.0 |   |
|                                                              |   |                          |   |   |      |   |   |   |
|          Other comprehensive income                |   |                          |   |   |      |   |   |   |
|          Foreign cuurency translation              |   |                          | 87     |   |      |   |   |   |
| Total      comprehensive income                                   |   |                          | 124    |   |      |   |   |   |
|                                                              |   |                          |   |   |      |   |   |   |
|                                                              |   |                          |   |   |      |   |   |   |
| Basic      earnings per share of                                  |   |                          |   |   |      |   |   |   |
|          Common stock                              |   |                          | 0.07   |   |      | cents  |   |

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| 31     | Certification      of the Chief Executive Officer and Chief Financial Officer Pursuant to      Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of      1934                        |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                               |
| 32     | Certification      of the Company's Chief Executive Officer and Chief Financial Officer      Pursuant to 18 U.S.C. SS. 1350 Adopted Pursuant to Section 906 of the      Sarbanes-Oxley Act of 2002 |

| May      15, 2008 | /s/      Benny Lee                                                                   |
|-------------------|--------------------------------------------------------------------------------------|
|              | Benny      Lee                                                                       |
|              | Chairman,      Chief Executive Officer and Chief Financial Officer                   |
|              |   (Principal      Executive Officer and Principal      Accounting Officer) |

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