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**(Stoc**
**k**
** **
**Code**
**:**
** **
**1055**
**)**

**Article**
**s**
** **
**o**
**f**
** **
**Associatio**
**n**

**Chin**
**a**
** **
**Souther**
**n**
** **
**Airline**
**s**
** **
**Compan**
**y**
** **
**Limite**
**d**

----

**Articles        of Association of**

**China        Southern Airlines Company Limited **

**Catalogue        **

| **CHAPTER                    1**  |   | **GENERAL                    PROVISIONS**                                                                                                                                               |   | 3      |
|-----------------------------------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|
|                              |   |                                                                                                                                                                                    |   |   |
| **CHAPTER                    2**  |   | **OBJECTIVES                    AND SCOPE OF BUSINESS**                                                                                                                                 |   | 6      |
|                              |   |                                                                                                                                                                                    |   |   |
| **CHAPTER                    3**  |   | **SHARES                    AND REGISTERED CAPITAL**                                                                                                                                    |   | 6      |
|                              |   |                                                                                                                                                                                    |   |   |
| **CHAPTER                    4**  |   | **INCREASE                    AND DECREASE IN CAPITAL AND REPURCHASE OF SHARES**                                                                                                        |   | 9      |
|                              |   |                                                                                                                                                                                    |   |   |
| **CHAPTER                    5**  |   | **FINANCIAL                    ASSISTANCE FOR ACQUISITION OF COMPANY SHARES**                                                                                                           |   | 12     |
|                              |   |                                                                                                                                                                                    |   |   |
| **CHAPTER                    6**  |   | **SHARE                    TRANSFER**                                                                                                                                                   |   | 13     |
|                              |   |                                                                                                                                                                                    |   |   |
| **CHAPTER                    7**  |   | **SHARE                    CERTIFICATES AND REGISTER OF SHAREHOLDERS**                                                                                                                  |   | 14     |
|                              |   |                                                                                                                                                                                    |   |   |
| **CHAPTER                    8**  |   | **SHAREHOLDERS’                    RIGHTS AND OBLIGATIONS**                                                                                                                       |   | 19     |
|                              |   |                                                                                                                                                                                    |   |   |
| **CHAPTER                    9**  |   | **SHAREHOLDERS’                    GENERAL MEETINGS**                                                                                                                             |   | 24     |
|                              |   |                                                                                                                                                                                    |   |   |
| **CHAPTER                    10** |   | **SPECIAL                    PROCEDURES FOR VOTING BY A CLASS OF SHAREHOLDERS**                                                                                                         |   | 47     |
|                              |   |                                                                                                                                                                                    |   |   |
| **CHAPTER                    11** |   | **BOARD                    OF DIRECTORS**                                                                                                                                               |   | 49     |
|                              |   |                                                                                                                                                                                    |   |   |
| **CHAPTER                    12** |   | **SECRETARY                    TO THE BOARD OF DIRECTORS OF THE COMPANY**                                                                                                               |   | 67     |
|                              |   |                                                                                                                                                                                    |   |   |
| **CHAPTER                    13** |   | **PRESIDENT                    OF THE COMPANY**                                                                                                                                         |   | 68     |
|                              |   |                                                                                                                                                                                    |   |   |
| **CHAPTER                    14** |   | **SUPERVISORY                    COMMITTEE**                                                                                                                                            |   | 70     |
|                              |   |                                                                                                                                                                                    |   |   |
| **CHAPTER                    15** |   | **QUALIFICATIONS                    AND DUTIES OF THE DIRECTORS, SUPERVISORS, PRESIDENT AND OTHER                    SENIOR                    ADMINISTRATIVE OFFICERS OF THE COMPANY** |   | 73     |
|                              |   |                                                                                                                                                                                    |   |   |
| **CHAPTER                    16** |   | **FINANCIAL                    AND ACCOUNTING SYSTEMS, PROFIT DISTRIBUTION AND                    AUDITING**                                                                            |   | 80     |

----

| **CHAPTER                    17** |   | **APPOINTMENT                    OF ACCOUNTANT FIRM**                                                                                                                |   | 84     |
|-----------------------------------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|
|                              |   |                                                                                                                                                                 |   |   |
| **CHAPTER                    18** |   | **CAPITAL                    FLOW BETWEEN THE COMPANY AND ITS RELATED PARTIES AND EXTERNAL                    GUARANTEE                    PROVIDED BY THE COMPANY** |   | 87     |
|                              |   |                                                                                                                                                                 |   |   |
| **CHAPTER                    19** |   | **INSURANCE**                                                                                                                                                        |   | 89     |
|                              |   |                                                                                                                                                                 |   |   |
| **CHAPTER                    20** |   | **LABOUR                    AND PERSONNEL MANAGEMENT SYSTEMS**                                                                                                       |   | 89     |
|                              |   |                                                                                                                                                                 |   |   |
| **CHAPTER                    21** |   | **TRADE                    UNION**                                                                                                                                   |   | 89     |
|                              |   |                                                                                                                                                                 |   |   |
| **CHAPTER                    22** |   | **MERGER                    AND DIVISION OF THE COMPANY**                                                                                                            |   | 90     |
|                              |   |                                                                                                                                                                 |   |   |
| **CHAPTER                    23** |   | **DISSOLUTION                    AND LIQUIDATION OF THE COMPANY**                                                                                                    |   | 91     |
|                              |   |                                                                                                                                                                 |   |   |
| **CHAPTER                    24** |   | **PROCEDURES                    FOR AMENDMENTS TO THE ARTICLES OF ASSOCIATION**                                                                                      |   | 94     |
|                              |   |                                                                                                                                                                 |   |   |
| **CHAPTER                    25** |   | **SETTLEMENT                    OF DISPUTES**                                                                                                                        |   | 94     |
|                              |   |                                                                                                                                                                 |   |   |
| **CHAPTER                    26** |   | **NOTICES**                                                                                                                                                          |   | 95     |
|                              |   |                                                                                                                                                                 |   |   |
| **CHAPTER                    27** |   | **INTERPRETATION                    AND DEFINITION OF THESE ARTICLES OF ASSOCIATION**                                                                                |   | 96     |

----

**Articles        of Association of **

**China        Southern Airlines Company Limited **

**CHAPTER        1 GENERAL PROVISIONS**

| **Article                1** |  These                  Articles of Association are formulated in accordance with “The Company Law                  of the People’s Republic of China” (hereinafter referred to as the                  “Company Law”), “The Securities Law of the People’s Republic of China”                  (hereinafter referred to as the “Securities Law”) and other relevant                  provisions, with an aim to protect the legitimate rights and interests                  of                  the Company and its shareholders and creditors, and to standardize                  the                  organization and activities of the                  Company. |
|------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article                2** | The                  Company is a joint stock limited company established in accordance                  with                  the Company Law, “State Council’s Special Regulations Regarding the Issue                  of Shares Overseas and the Listing of Shares Overseas by Joint                  Stock                  Limited Companies” (hereinafter referred to as the “Special Regulations”)                  and other relevant laws and administrative regulations of the State.                  The                  legitimate rights and interests of the Company and its shareholders                  are                  under the jurisdiction of and protected by the PRC laws, regulations                  and                  other relevant provisions of the                  Government. |
|------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| **Article                3** | Under                  the approval from the Securities Committee of the State Council                  Zhen Wei                  Fa 【1997】                  No. 33, the Company was listed on the Stock Exchange of Hong Kong                  Limited                  and New York Stock Exchange respectively in July 1997 with an issuance                  of                  a total of 1,174,178,000 H shares. The Company’s proposal for issuing                  1,000,000,000 A shares with a par value of RMB1.00 each was passed                  at the                  extraordinary general meeting held on 21 May 2002, and approved                  by the                  document (2003) No. 70 issued by the China Securities Regulatory                  Commission in 2003. In July 2003, 1,000,000,000 A shares of the                  Company’s                  with a par value of RMB1.00 each were successfully issued and listed                  on                  Shanghai Stock Exchange. |
|------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article                4** | The                  registered name of the Company: |
|------------------------------|------------------------------------------------------|

| **Article                5** | Address                  of the Company: Guangzhou Economic & Technology Development                  Zone,                  Guangdong Province, the PRC |
|------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article                6** | The                  chairman of the Board of Directors of the Company shall be the                  legal                  representative of the Company. |
|------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article                7** | The                  registered capital of the Company is                  RMB4,374,178,000. |
|------------------------------|----------------------------------------------------------------------------------------------|

| **Article                8** | The                  Company is a perpetual joint stock limited                  company. |
|------------------------------|-------------------------------------------------------------------------------------------|

| **Article                9** | The                  Company may amend its Articles of Association pursuant to the Company                  Law,                  the Special Regulations, “Mandatory Provisions for Articles of Association                  of Companies to be Listed Overseas” (hereinafter referred to as the                  “Mandatory Provisions”), “Mandatory Provisions for Articles of Association                  of Listed Companies” and other relevant laws and administrative                  regulations of the PRC. |
|------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article                10** | The                  entire assets of the Company is divided into equal shares. The                  rights and                  obligations in respect of the Company enjoyed and assumed by shareholders                  of the Company shall be limited to the extent of the amount payable                  on                  subscription of shares held by them. The Company shall be liable                  to its                  creditors to the extent of all of its                  assets. |
|-------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| **Article                11** | These                  Articles of Association became effective on the date of establishment                  of                  the Company. The registration formalities of the Original Articles                  of                  Association with China’s State Administration Bureau of Industry and                  Commerce have been completed. |
|-------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article                12** | From                  the date of these Articles of Association becoming effective, these                  Articles of Association constitute a legally binding document regulating                  the Company’s organization and activities, and the rights and obligations                  between the Company and each shareholder and among the                  shareholders. |
|-------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article                13** | These                  Articles of Association are binding on the Company and its shareholders,                  directors, supervisors, president and other senior administrative                  officers                  of the Company; all of whom are entitled to claim rights concerning                  the                  affairs of the Company in accordance with these Articles of                  Association. |
|-------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article                14** | The                  Company may invest in other limited liability companies or joint                  stock                  limited companies. The Company’s liabilities to an investee company shall                  be limited to the amount of its capital contribution to the investee                  company. Unless otherwise provided by laws, the Company shall not                  become                  an investor that assumes joint guarantee liability of the debt                  of any                  investee company. |
|-------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article                15** | On                  condition of compliance with the applicable laws and regulations                  of the                  PRC, the Company has the power to raise and borrow money, which                  power                  includes but not limited to the issue of debentures, the charging                  or                  mortgage of part or whole of the Company’s business or properties and                  other rights permitted by the PRC laws and administrative                  regulations. |
|-------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article                16** | For                  the purpose of these Articles of Association, other senior administrative                  officers of the Company refer to vice president, chief financial                  officer,                  the board secretary, general economist, chief engineer, chief pilot,                  and                  general legal counsel and chief information                  officer. |
|-------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

**CHAPTER        2 OBJECTIVES AND SCOPE OF BUSINESS**

| **Article17** | The                  business objectives of the Company are: (I) to absorb domestic                  and foreign                  capital; (II) to assist in developing the aviation industry of                  China;                  (III) to promote the development of the national economy of China;                  (IV) to                  utilize corporate incentive mechanisms of privatization; (V) to                  draw on                  the advanced management expertise of other domestic and foreign                  companies;                  (VI) to continuously improve the management of the Company; (VII)                  to                  enhance the market competitiveness of the Company; (VIII) to generate                  economic and social benefits for the Company; and (IX) to generate                  steady                  income for the Company’s                  shareholders. |
|---------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article18** | The                  scope of business of the Company includes: (I) provision of scheduled                  and                  non-scheduled domestic, regional and international air transportation                  services for passengers, cargo, mail and luggage; (II) undertaking                  general                  aviation services; (III) provision of aircraft repair and maintenance                  services; (IV) acting as agent for other domestic and international                  airlines; (V) provision of air catering services; (VI) provision                  of hotel                  business; (VII) acting as sale agent for aircraft leasing and aviation                  accident insurance; and (VIII) engaging in other airline or                  airline-related business, including advertising for such services.                  (subject to approved of State Administration of Industry and                  Commerce). |
|---------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article19** | The                  Company may, according to its ability of development, and upon                  the                  approval by special resolution adopted by the shareholders’ general                  meeting and by the relevant state government authority, adjust                  its scope                  of business or investment orientation and method,                  etc. |
|---------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article20** | The                  Company may, upon the approval by the relevant authorities, establish                  its                  subsidiaries, branches and offices (whether wholly owned or otherwise)                  in                  China and other countries or regions to cope with its business                  development                  and to promote the Company’s                  expansion. |
|---------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**CHAPTER        3 SHARES AND REGISTERED CAPITAL**

| **Article21** | The                  shares of the Company are evidenced by share                  certificates. |
|---------------|--------------------------------------------------------------------------------------------------|

| **Article22** | There                  must at all times be ordinary shares in the Company. Subject to                  the                  approval from the companies approving department authorized by                  the State                  Council, the Company may create other classes of shares according                  to its                  requirements. |
|---------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| **Article                23** | The                  shares of the Company are issued on an open, fair and equitable                  basis.                  Shares of the same class shall rank pari passu in all respects                  among each                  other. |
|-------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article                24** | The                  shares issued by the Company shall have a par value of RMB1 per                  share. The                  RMB referred to in the preceding paragraph is the legal currency                  of the                  PRC. |
|-------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article                25** | The                  shares issued by the Company are centrally maintained in share                  registratrar located where the shares are listed according to the                  specific                  class of the shares. |
|-------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article                26** | Subject                  to the approval from the securities authority of the State Council,                  the                  Company may issue and offer shares to domestic investors or foreign                  investors for subscription. |
|-------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article                27** | Shares                  issued by the Company to domestic investors for subscription in                  RMB shall                  be referred to as “Domestic Shares”. Shares issued by the Company to                  foreign investors for subscription in foreign currencies shall                  be referred                  to as “Foreign Shares”. Foreign Shares which are listed overseas are                  called “Overseas Listed Foreign                  Shares”. |
|-------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article                28** | Domestic                  Shares issued by the Company shall be called “A Shares”. Overseas Listed                  Foreign Shares issued by the Company and listed in Hong Kong shall                  be                  called “H Shares”. H Shares are shares which have been admitted for                  listing on The Stock Exchange of Hong Kong Limited (the “Stock Exchange”),                  the par value of which is denominated in RMB and which are subscribed                  for                  and traded in Hong Kong dollars. H Shares can also be listed on                  a stock                  exchange in the United States of America in the form of American                  depositary receipts. Shares issued by the Company, including Domestic                  Shares and Foreign Shares, are all ordinary                  shares. |
|-------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| **Article                29** | In                  accordance with the approval granted by the Securities Commission                  of the                  State Council, the Company has issued a total of 4,374,178,000                  ordinary                  shares, of which (a) 2,200,000,000 A Shares (state shares) were                  issued                  upon the establishment of the Company and were all subscribed for                  by the                  promoter of the Company; (b) 1,174,178,000 H Shares were issued                  to foreign                  investors in connection with the first increase of capital of the                  Company,                  including shares issued pursuant to the exercise of the over-allotment                  option and (c) 1,000,000,000 A Shares (public shares) were issued                  to                  domestic investors in connection with the second increase of capital                  of                  the Company. |
|-------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article                30** | Upon                  approval by the securities governing authority of the State Council                  of the                  proposal to issue Overseas Listed Foreign Shares and Domestic Shares,                  the                  Company’s Board of Directors may make separate implementing arrangements                  for their issuance. |
|-------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article                31** | In                  respect of the total number of shares as stated in a shares issuing                  proposal, where the Company shall separately issue Overseas Listed                  Foreign                  Shares and Domestic Shares, these respective shares shall be fully                  subscribed for at their respective offerings. If the shares cannot                  be                  fully subscribed for at their offerings due to some special circumstances,                  then subject to the approval from the securities governing authority                  of                  the State Council the shares may be issued by                  installments. |
|-------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article                32** | The                  Company and its subsidiaries (including the affiliated companies                  of the                  Company) shall not provide any financial assistance in the forms                  of gift,                  advance, guarantee, compensation or loan to a person who is acquiring                  or                  is proposing to acquire shares in the                  Company. |
|-------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article                33** | Unless                  otherwise provided by laws and administrative regulations, shares                  in the                  Company are freely transferable and are not subject to any                  lien. |
|-------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

**CHAPTER        4 INCREASE AND DECREASE IN CAPITAL AND REPURCHASE OF        SHARES**

| **Article                34** | Subject                  to the relevant laws and regulations and these Articles of Association                  and                  the passing of separate resolutions at the shareholders’ general meeting,                  the Company may increase its capital in the following ways to meet                  the                  needs of operations and business                  expansion: |
|-------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (1) | Making                  public offer to unspecific                  investors; |
|--|-----|--------------------------------------------------------------------------------|

|  | (2) | Making                  non-public offer; |
|--|-----|-------------------------------------------|

|  | (3) | Distributing                  new shares to existing                  shareholders; |
|--|-----|-------------------------------------------------------------------------------------|

|  | (4) | Converting                  the capital common reserve fund into                  capital; |
|--|-----|--------------------------------------------------------------------------------------------|

|  | (5) | Other                  ways permitted by laws and administrative                  regulations. |
|--|-----|------------------------------------------------------------------------------------------------|

| **Article                35** | The                  Company may reduce its registered capital pursuant to the provisions                  of                  these Articles of Association. Reduction of registered capital                  of the                  Company shall be proceeded in accordance with the Company Law and                  other                  relevant regulations as well as these Articles of                  Association. |
|-------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article                  36** | When                    the Company reduces its registered capital, it must draw up a                    balance                    sheet and an inventory of                    assets. |
|---------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article                37** | The                  Company may, in accordance with laws, administrative regulations,                  departmental constitution documents and these Articles of Association                  and                  subject to the approval of the relevant governing authority of                  the State,                  repurchase its issued shares under the following                  circumstances: |
|-------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (1) | Cancellation                  of shares for the reduction of its                  capital; |
|--|-----|--------------------------------------------------------------------------------------------|

----

|  | (2) | Merging                  with another company that holds shares in the                  Company; |
|--|-----|--------------------------------------------------------------------------------------------------|

|  | (3) | The                  Company awarding its employees with                  shares; |
|--|-----|-----------------------------------------------------------------------------------|

|  | (4) | Where                  the shareholders disagree on the resolutions passed by the shareholders’                  general meeting on the merger or division of the Company so much                  that they                  request the company to acquire their                  shares; |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (5) | Other                  circumstances permitted by laws and administrative                  regulations. |
|--|-----|---------------------------------------------------------------------------------------------------------|

| **Article                38** | The                  Company may, with the approval of the relevant State governing                  authority                  for repurchasing its shares, conduct the repurchase in one of the                  following ways: |
|-------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (1) | Making                  a pro rata general offer of repurchase to all its                  shareholders; |
|--|-----|----------------------------------------------------------------------------------------------------------|

|  | (2) | Repurchase                  through public dealing on a stock                  exchange; |
|--|-----|------------------------------------------------------------------------------------------|

|  | (3) | Repurchase                  by an off-market agreement outside a stock                  exchange. |
|--|-----|---------------------------------------------------------------------------------------------------|

| **Article                39** | Where                  the Company repurchases its shares by an off-market agreement outside                  a                  stock exchange, the prior sanction of shareholders shall be obtained                  in                  accordance with these Articles of Association. The Company may                  release or                  vary a contract so entered into by the Company or waive its rights                  thereunder with the prior approval of shareholders obtained in                  the same                  manner. |
|-------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article                40** | Where                  the Company repurchases its own shares due to reasons as set out                  in                  clauses (1) to (3) of Article 37, it shall obtain the prior approval                  of                  the shareholders by a resolution at a shareholders’ general meeting. After                  the Company repurchases its shares pursuant to Article 37, the                  shares in                  respect of the circumstances described in clause (1) shall be cancelled                  within ten days from the day of purchase; and those in respect                  of the                  circumstances described in clauses (2) and (4) shall be transferred                  or                  cancelled within six months. The Company shall deduct the carrying                  amount                  of the shares cancelled from its share capital, and shall process                  registration of changing in registered capital with the original                  registrar. |
|-------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| **Article                41** | Unless                  the Company is in the course of liquidation, it must comply with                  the                  following provisions in relation to repurchase of its issued                  shares: |
|-------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (1) | Where                  the Company repurchases shares of the Company at par value, payment                  shall                  be made out of book surplus distributable profits of the Company                  or out of                  proceeds of a fresh issue of shares made for that                  purpose; |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (2) | Where                  the Company repurchases shares of the Company at a premium to its                  par                  value, payment up to the par value may be made out of the book                  surplus                  distributable profits of the Company or out of the proceeds of                  a fresh                  issue of shares made for that purpose. Payment of the portion in                  excess of                  the par value shall be effected as                  follows: |
|--|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 1. | If                  the shares being repurchased were issued at par value, payment                  shall be                  made out of the book surplus distributable profits of the                  Company; |
|--|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 2. | If                  the shares being repurchased were issued at a premium to its par                  value,                  payment shall be made out of the book surplus distributable profits                  of the                  Company or out of the proceeds of a fresh issue of shares made                  for that                  purpose, provided that the amount paid out of the proceeds of the                  fresh                  issue shall not exceed the aggregate of premiums received by the                  Company                  on the issue of the shares repurchased or the current amount (including                  the premiums on the fresh issue) of the Company’s premium account (or                  capital common reserve fund account) at the time of the                  repurchase; |
|--|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (3) | Payment                  by the Company in consideration of the following shall be made                  out of the                  Company’s distributable profits: |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 1. | Acquisition                  of rights to repurchase shares of the                  Company; |
|--|----|----------------------------------------------------------------------------------------------|

|  | 2. | Variation                  of any contract to repurchase shares of the                  Company; |
|--|----|--------------------------------------------------------------------------------------------------|

|  | 3. | Release                  of any of the Company’s obligation under any contract to repurchase shares                  of the Company; |
|--|----|--------------------------------------------------------------------------------------------------------------------------------------------|

|  | (4) | After                  the Company’s registered capital has been reduced by the total par value                  of the cancelled shares in accordance with the relevant provisions,                  the                  amount deducted from the distributable profits of the Company for                  paying                  up the par-value portion of the shares repurchased shall be transferred                  to                  the Company’s premium account (or capital common reserve fund account). |
|--|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

**CHAPTER          5**
**FINANCIAL          ASSISTANCE FOR ACQUISITION OF COMPANY SHARES**

| **Article                42** | The                  Company and its subsidiaries shall not, by any means and at any                  time,                  provide any kind of financial assistance to any person who is acquiring                  or                  is proposing to acquire shares in the Company. The said acquirer                  of shares                  of the Company includes a person who directly or indirectly incurs                  any                  obligations due to the acquisition of shares in the Company (the                  “obligor”). |
|-------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article                43** | For                  the purpose of this Chapter, “financial assistance” includes but not                  limited to the following meanings: |
|-------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (1) | Gift; |
|--|-----|-------|

|  | (2) | Guarantee                  (including the assumption of liability or provision of assets by                  the                  guarantor to secure the performance of obligations by the obligor),                  or                  compensation (other than compensation in respect of the Company’s own                  default) or release or waiver of any                  rights; |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (3) | Provision                  of loan or conclusion of any other contract under which the obligations                  of                  the Company are to be fulfilled before the obligations of another                  party,                  or the novation of, or the assignment of rights arising under,                  such loan                  or contract; |
|--|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (4) | Any                  other form of financial assistance given by the Company when the                  Company                  is insolvent or has no net assets or when its net assets would                  thereby be                  reduced to a material extent. |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| **Article                44** | The                  following activities shall not be deemed to be prohibited by Article                  42 of                  this chapter: |
|-------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (1) | The                  provision of financial assistance by the Company where the financial                  assistance is given in good faith in the interests of the Company,                  and the                  principal purpose of giving the financial assistance is not for                  the                  acquisition of shares in the Company, or the giving of the financial                  assistance is an incidental part of some larger purpose of the                  Company; |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (2) | The                  lawful distribution of the Company’s assets by way of                  dividend; |
|--|-----|-------------------------------------------------------------------------------------------------------------|

|  | (3) | The                  allotment of bonus shares as                  dividends; |
|--|-----|-------------------------------------------------------------------------------|

|  | (4) | A                  reduction of registered capital, a repurchase of shares of the                  Company or                  a reorganization of the share capital structure of the Company                  effected in                  accordance with these Articles of                  Association; |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (5) | The                  lending of money by the Company within the scope and in the ordinary                  course of its business, provided that the net assets of the Company                  are                  not thereby reduced or that, to the extent that the assets are                  thereby                  reduced, the financial assistance is provided out of the distributable                  profits of the Company; |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (6) | The                  provision of money by the Company for contributions to staff and                  workers’                  shares schemes, provided that the net assets of the Company are                  not                  thereby reduced or that, to the extent that the assets are thereby                  reduced, the financial assistance is provided out of the distributable                  profits of the Company. |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**CHAPTER        6 SHARE TRANSFER**

| **Article                45** | The                  Shares of the Company can be lawfully                  transferred. |
|-------------------------------|------------------------------------------------------------------------------------------|

| **Article                46** | The                  Company shall not accept the Company’s share certificates as the subject                  of pledges. |
|-------------------------------|----------------------------------------------------------------------------------------------------------------------------------|

| **Article                47** | The                  Company’s directors, supervisors, president and other senior                  administrative officers shall periodically declare to the Company                  the                  number of shares they hold in the Company during their term of                  office.                  They may transfer their shares during the term of their office                  or after                  their departure from office in accordance with the requirements                  of the                  laws and the listing rules of the place of the stock exchange on                  which the                  Company’s shares are listed. |
|-------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article                48** | Shares                  of the Company held by the promoters shall not be transferred within                  one                  year commencing from the establishment of the Company. Shares issued                  prior                  to the public offer of shares of the Company shall not be transferred                  within one year from the date when the shares were listed on a                  stock                  exchange. |
|-------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

**CHAPTER        7 SHARE CERTIFICATES AND REGISTER OF SHAREHOLDERS**

| **Article                49** | Share                  certificates of the Company shall be in registered                  form. |
|-------------------------------|--------------------------------------------------------------------------------------------------|

|  | (1) | Name                  of the Company; |
|--|-----|---------------------------------------|

|  | (2) | Date                  of incorporation of the Company; |
|--|-----|--------------------------------------------------------|

|  | (3) | Class                  of the shares, nominal value and number of shares                  represented; |
|--|-----|--------------------------------------------------------------------------------------------------------|

|  | (4) | Serial                  number of the share certificate; |
|--|-----|----------------------------------------------------------|

|  | (5) | Other                  items to be contained as required by the Company Law, the Special                  Regulations; |
|--|-----|------------------------------------------------------------------------------------------------------------------------|

|  | (6) | Other                  items to be contained as required by the stock exchange on which                  the                  shares of the Company are listed. |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| **Article                50** | Share                  certificates of the Company shall be signed by the Chairman of                  the                  Company’s Board of Directors. Where the stock exchanges on which the                  Company’s shares are listed require other senior administrative officer(s)                  of the Company to sign on the share certificates, the share certificates                  shall also be signed by such senior administrative officer(s).                  The share                  certificates shall take effect after being sealed or printed with                  the seal                  of the Company. The share certificates shall only be sealed with                  the                  Company’s seal under the authorization of the Board of Directors. The                  signatures of the Chairman of the Board of Directors or other senior                  administrative officer(s) of the Company may be printed in mechanical                  form. |
|-------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article                51** | The                  Company shall keep a register of its shareholders and enter in                  the                  register the following particulars: |
|-------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (1) | The                  name (title) and address (residence), the occupation or nature                  of each                  shareholder; |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------|

|  | (2) | The                  class and quantity of shares held by each                  shareholder; |
|--|-----|----------------------------------------------------------------------------------------------|

|  | (3) | The                  amount paid or payable on the shares of each                  shareholder; |
|--|-----|-------------------------------------------------------------------------------------------------|

|  | (4) | The                  share certificate numbers of the shares held by each                  shareholder; |
|--|-----|---------------------------------------------------------------------------------------------------------|

|  | (5) | The                  date on which each person was entered in the register as a                  shareholder; |
|--|-----|---------------------------------------------------------------------------------------------------------------|

|  | (6) | The                  date on which any shareholder ceased to be a                  shareholder. |
|--|-----|-------------------------------------------------------------------------------------------------|

| **Article                52** | The                  Company may, in accordance with the mutual understanding and agreements                  between the securities governing authority of the State Council                  and                  overseas securities regulatory organisations, maintain the register                  of                  shareholders of Overseas Listed Foreign Shares overseas and appoint                  overseas agent(s) to manage such share register. The original share                  register for holders of Overseas Listed Foreign Shares listed in                  Hong Kong                  shall be maintained in Hong Kong. |
|-------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| **Article                53** | The                  Company shall have a complete register of shareholders which shall                  comprise the following: |
|-------------------------------|----------------------------------------------------------------------------------------------------------------------------------|

|  | (1) | A                    part of the shareholders’ register maintained at the Company’s address                    other than those parts mentioned in clauses (2) and (3) of this                    Article; |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (2) | A                  part of the shareholders’ register in respect of the holders of Overseas                  Listed Foreign Shares of the Company maintained in the place of                  the                  overseas stock exchange on which the shares are listed;                  and |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (3) | Any                  other parts of the shareholders’ register maintained at such other places                  as the Board of Directors may consider necessary for the purpose                  of                  listing the shares of the Company. |
|--|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article                54** | Different                  parts of the shareholders’ register shall not overlap. No transfer of any                  shares registered in any part of the register shall, during the                  continuance of that registration, be registered in any other part                  of the                  register. |
|-------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (1) | A                  fee (for each instrument of transfer) of two dollars and fifty                  cents Hong                  Kong dollars or any higher fee as agreed by the Stock Exchange                  has been                  paid to the Company for registration of any instrument of transfer                  or                  other document which is related to or will affect ownership of                  or change                  of ownership of the shares; |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (2) | The                  instrument of transfer only involves H                  Shares; |
|--|-----|--------------------------------------------------------------------------------------|

|  | (3) | The                  stamp duty chargeable on the instrument of transfer has been                  paid; |
|--|-----|----------------------------------------------------------------------------------------------------------|

|  | (4) | The                  relevant share certificate and upon the reasonable request of the                  Board of                  Directors any evidence in relation to the right of the transferor                  to                  transfer the shares have been                  submitted; |
|--|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (5) | If                  it is intended to transfer the shares to joint owners, then the                  maximum                  number of joint owners shall not exceed                  four; |
|--|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (6) | The                  Company does not have any lien on the relevant                  shares. |
|--|-----|----------------------------------------------------------------------------------------------|

----

| **Article                55** | No                  changes in the shareholders’ register due to the transfer of shares may be                  made within thirty days before the date of a shareholders’ general meeting                  or within five days before the record date for the Company’s distribution                  of dividends. |
|-------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article                56** | Where                  the Company decides to convene a shareholders’ general meeting, distribute                  dividends, liquidate or carry out other activities which would                  require the                  determination of shareholdings, the Board of Directors shall fix                  a record                  date for the purpose of determining shareholdings. A person who                  is                  registered in the register as shareholders of the Company at the                  end of                  the record date shall be a shareholder of the                  Company. |
|-------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article                57** | Any                  person aggrieved and claiming to be entitled to have his name (title)                  to                  be entered in or removed from the register of shareholders may                  apply to a                  court of competent jurisdiction for rectification of the                  register. |
|-------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article                58** | Any                  person who is a registered shareholder or who claims to be entitled                  to                  have his name (title) entered into the register of shareholders                  in respect                  of shares in the Company may, if his share certificate (the “original                  certificate”) relating to the shares is lost, apply to the Company for a                  replacement new share certificate in respect of such shares (the“Relevant                  Shares”). |
|-------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (1) | The                  applicant shall submit an application to the Company in a prescribed                  form                  accompanied by a notarial certificate or a statutory declaration                  stating                  the grounds upon which the application is made and the circumstances                  and                  the evidence of the loss, and declaring that no other person is                  entitled                  to have his name entered in the register of shareholders in respect                  of the                  Relevant Shares. |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (2) | Before                  the Company decides to issue the replacement new share certificate,                  no                  statement made by any person other than the applicant declaring                  that his                  name shall be entered in the register of shareholders in respect                  of such                  shares has been received. |
|--|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | (3) | The                  Company shall, if it intends to issue a replacement new share certificate,                  publish a notice of its intention at least once every thirty days                  in a                  period of ninety consecutive days in such newspapers as may be                  prescribed                  by the Board of Directors. |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (4) | The                  Company shall have, prior to publication of its intention to issue                  a                  replacement new share certificate, delivered to the stock exchange                  on                  which its shares are listed a copy of the notice to be published,                  and may                  publish the notice upon receiving confirmation from such stock                  exchange                  that the notice has been exhibited in the premises of the said                  stock                  exchange. Such notice shall be exhibited in the premises of the                  said stock                  exchange for a period of ninety                  days. |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (5) | If,                  by the expiration of the 90-day period referred to in clauses (3)                  and (4)                  of this Article, the Company have not received from any person                  notice of                  any disagreement to such application, the Company may issue a replacement                  new share certificate to the applicant                  accordingly. |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (6) | Where                  the Company issues a replacement new share certificate under this                  Article,                  it shall forthwith cancel the original share certificate and enter                  the                  cancellation and issue in the register of shareholders                  accordingly. |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (7) | All                  expenses relating to the cancellation of an original share certificate                  and                  the issue of a replacement new share certificate by the Company                  shall be                  borne by the applicant and the Company is entitled to refuse to                  take any                  action until reasonable security is provided by the                  applicant. |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article                59** | Where                  the Company issues a replacement new share certificate pursuant                  to these                  Articles of Association, the name (title) of a bona fide purchaser                  gaining                  possession of such new share certificate or the person who is subsequently                  entered in the register of shareholders as holder of such shares                  (if he is                  a bona fide purchaser) shall not be removed from the register of                  shareholders. |
|-------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article                60** | The                  Company shall not be liable for any damages sustained by any person                  by                  reason of the cancellation of the original share certificate or                  the issue                  of the new share certificate, unless the claimant proves that the                  Company                  has acted deceitfully. |
|-------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

**CHAPTER        8 SHAREHOLDERS’ RIGHTS AND OBLIGATIONS**

| **Article                61** | A                  shareholder of the Company is a person who lawfully holds shares                  in the                  Company and whose name (title) is entered in the register of shareholders.                  A shareholder shall enjoy rights and bear obligations according                  to the                  class and proportion of the shares held by him; shareholders who                  hold                  shares of the same class shall enjoy the same rights and bear the                  same                  obligations. |
|-------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article                62** | The                  ordinary shareholders of the Company shall enjoy the following                  rights: |
|-------------------------------|--------------------------------------------------------------------------------------------------------------|

|  | (1) | The                  right to request the convening and holding of and to attend or                  appoint a                  proxy to attend shareholders’ general meetings and to vote                  thereat; |
|--|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (2) | The                  right to dividends and other distributions in proportion to the                  number of                  shares held; |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------|

|  | (3) | The                  right of supervisory management over the Company’s business operations,                  and the right to present proposals or                  enquiries; |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (4) | The                  right to transfer, donate or pledge his shares in accordance with                  laws,                  administrative regulations and these Articles of                  Association; |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (5) | The                  right of knowledge and decision making power with respect to important                  matters of the Company in accordance with laws, administrative                  regulations                  and these Articles of Association; |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (6) | The                  right to obtain relevant information in accordance with the provisions                  of                  these Articles of Association,                  including: |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 1. | the                  right to obtain a copy of these Articles of Association, subject                  to                  payment of the cost of such copy; |
|--|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 2. | the                  right to inspect and copy, subject to payment of a reasonable                  charge: |
|--|----|-------------------------------------------------------------------------------------------------------------|

|  | (i) | all                  parts of the register of                  shareholders; |
|--|-----|------------------------------------------------------------------------------|

|  | (ii) | personal                  particulars of each of the Company’s directors, supervisors, president and                  other senior administrative officers,                  including: |
|--|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (a) | present                  name and alias and any former name or                  alias; |
|--|-----|----------------------------------------------------------------------------------------|

|  | (b) | principal                  address (residence); |
|--|-----|-------------------------------------------------|

----

|  | (c) | nationality;                                                                             |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (d) | primary                  and all other part-time occupations and                  duties; |
|--|-----|-------------------------------------------------------------------------------------------|

|  | (e) | identification                  documents and their relevant                  numbers; |
|--|-----|----------------------------------------------------------------------------------------|

|  | (iii) | state                  of the Company’s share capital; |
|--|-------|--------------------------------------------------------------|

|  | (iv) | reports                  showing the aggregate par value, quantity, highest and lowest price                  paid                  in respect of each class of shares repurchased by the Company since                  the                  end of last accounting year and the aggregate amount paid by the                  Company                  for this purpose; |
|--|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (v) | minutes                  of shareholders’ general meetings and accountants’ report; |
|--|-----|-------------------------------------------------------------------------------------------------|

|  | (vi) | interim                  and annual reports of the Company. |
|--|------|-------------------------------------------------------------|

|  | (7) | In                  the event of the termination or liquidation of the Company, the                  right to                  participate in the distribution of surplus assets of the Company                  in                  accordance with the number of shares                  held; |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (8) | The                  right to request the company to repurchase their shares as a result                  of                  disagreement on the resolutions passed by the shareholders’ general                  meeting on the merger or division of the                  Company; |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (9) | Other                  rights conferred by laws, administrative regulations and these                  Articles                  of Association. |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article                63** | If                  a shareholder requests to inspect the information or obtain the                  relevant                  materials as described in Article 62 of these Articles of Association,                  he                  shall provide the Company with a written document showing the class                  and                  number of shares in the Company held by him. The Company shall                  at the                  request of such shareholder provide him with the relevant information                  upon                  confirmation of his identity. |
|-------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article                64** | If                  a resolution of a shareholders’ general meeting or board meeting violates                  the provisions of existing laws and administrative regulations                  of the PRC,                  a shareholder may request the local People’s Court to declare it                  invalid. |
|-------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| **Article                65** | If                  a director or any senior administrative staff violates any laws,                  administrative regulations or these Articles of Association in                  the course                  of performing his duties and causes losses to the Company, shareholders                  alone or in aggregate holding 1% or more of the Company’s shares for a                  hundred and eighty consecutive days may request the supervisory                  committee                  in writing to initiate legal proceedings against such acts in the                  local                  People’s Court; where the Company incurs losses as a result of the members                  of the supervisory committee having violated any laws, administrative                  regulations or these Articles of Association in the course of performing                  their duties, shareholders may request the Board of Directors in                  writing                  to initiate legal proceedings in the local People’s                  Court. |
|-------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article                66** | Shareholders                  may initiate legal proceedings if a director or any senior administrative                  staff violates any laws, administrative regulations or these Articles                  of                  Association and harms the interests of                  shareholders. |
|-------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article                67** | The                  ordinary shareholders of the Company shall assume the following                  obligations: |
|-------------------------------|--------------------------------------------------------------------------------------------------------------------|

|  | (1) | To                  abide by these Articles of                  Association; |
|--|-----|------------------------------------------------------------------------------|

|  | (2) | To                  pay subscription monies according to the number of shares subscribed                  and                  the method of subscription; |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (3) | Not                  to withdraw their shares unless required by laws and                  regulations; |
|--|-----|---------------------------------------------------------------------------------------------------------|

|  | (4) | Not                  to abuse their rights as shareholders to harm the interests of                  the Company                  or other shareholders; not to abuse the independent legal person                  status of                  the Company and the limited liability of shareholders to harm the                  interests of any creditor of the                  Company. |
|--|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | (5) | Other                  obligations imposed by laws, administrative regulations and these                  Articles                  of Association. |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article                68** | If                  a shareholder who holds 5% or more of the Company’s voting shares pledges                  the shares in his possession, he shall submit a written report                  to the                  Company on the day when such pledge takes                  place. |
|-------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article                69** | In                  addition to the obligations imposed by laws and administrative                  regulations                  or required by the listing rules of the stock exchange on which                  shares of                  the Company are listed, a controlling shareholder shall not exercise                  his                  voting rights in respect of the following matters in a manner prejudicial                  to the interests of the shareholders generally or of some of the                  shareholders of the Company: |
|-------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (1) | to                  relieve a director or supervisor of his duty to act honestly in                  the best                  interests of the Company; |
|--|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (2) | to                  approve the expropriation by a director or supervisor (for his                  own benefit                  or for the benefit of another person), in any guise, of the Company’s                  assets, including but not limited to opportunities beneficial to                  the                  Company; |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (3) | to                  approve the expropriation by a director or supervisor (for his                  own benefit                  or for the benefit of another person) of the individual rights                  of other                  shareholders, including but not limited to rights to distributions                  and                  voting rights save pursuant to a restructuring submitted to shareholders                  for approval in accordance with these Articles of                  Association. |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article                70** | For                  the purpose of the foregoing Article, a “controlling shareholder” means a                  person who satisfies any one of the following                  conditions: |
|-------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (1) | he                  alone or acting in concert with others has the power to elect more                  than                  half of the Board of Directors; |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (2) | he                  alone or acting in concert with others has the power to exercise                  or to                  control the exercise of 30% (including 30%) or more of the voting                  rights                  in the Company; |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | (3) | he                  alone or acting in concert with others holds 30% (including 30%)                  or more                  of the issued and outstanding shares of the                  Company; |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (4) | he                  alone or acting in concert with others in any other manner controls                  the                  Company in fact. |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article                71** | The                  controlling shareholders of the Company shall assume the following                  obligations for the Company: |
|-------------------------------|---------------------------------------------------------------------------------------------------------------------------------------|

|  | (1) | The                  controlling shareholders and the Company shall implement separation                  of                  personnel, assets and finance and independence between organs and                  business                  of the Company; |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (2) | The                  controlling shareholders shall respect decisions made by shareholders’                  general meeting and the Board of Directors of the Company, and                  shall not                  bypass the shareholders’ general meeting or the Board of Directors in                  interfering with the decisions made and production and operation                  activities carried out legally by the                  Company; |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (3) | The                  controlling shareholders shall nominate candidates of the Company’s                  directors and supervisors in accordance with laws and regulations                  and the                  Company’s Articles of Association. Nominated candidates of directors and                  supervisors shall have the relevant knowledge and capacity of                  decision-making and supervision. The controlling shareholders shall                  not                  execute any approval procedure relating to the appointment of members                  of                  the Board of Directors or appointment of personnel at the shareholders’                  general meeting, or bypass shareholders’ general meeting and Board of                  Directors in employing or dismissing any senior administrative                  officers of                  the Company; the controlling shareholders shall not interfere with                  the                  employment and dismissal and use of any senior administrative officers                  of                  the Company; |
|--|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (4) | The                  controlling shareholders shall not take advantage of connected                  transactions, profit distribution, asset restructuring, external                  investment, capital appropriation and loan guarantee to harm the                  legal                  interests of the Company and other shareholders, and shall not                  exploit                  their special position to obtain additional                  benefits; |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (5) | The                  controlling shareholders shall abide by the provisions of the Stock                  Exchange about abstaining from decision on connected transactions                  of the                  Company; |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (6) | The                  controlling shareholders and their related companies shall avoid                  direct                  competition with the Company; |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (7) | The                  controlling shareholders shall ensure that relevant information                  provided                  to the Company is true, accurate and complete, and ensure that                  the Company                  can legally perform disclosure obligation to public                  investors; |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | (8) | When                  exercising voting rights, the controlling shareholders shall not                  make                  decisions which harm the legal interests of the Company and other                  shareholders. |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article                72** | The                  controlling shareholders and beneficial controller of the Company                  have a                  fiduciary duty towards the Company and its public shareholders,                  and shall                  not exploit their connected relationship with the Company to harm                  the                  interests of the Company. If they have violated such provision                  and caused                  damage to the company, they are liable for                  compensation. |
|-------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article                73** | Written                  agreements shall be made in respect of connected transactions between                  the                  Company and a connected person, which shall be on the principles                  of                  equality, voluntariness and fair consideration. Connected transactions                  shall be made on normal commercial terms, and the consideration                  must be                  comparable with those provided by independent third parties in                  the                  market. |
|-------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article                74** | The                  Company shall take active steps to establish and improve its investor                  relation management system and boost communications and exchanges                  with the                  shareholders in every way available. The board secretary of the                  Company                  shall be specifically responsible for investor relation                  management. |
|-------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**CHAPTER        9 SHAREHOLDERS’ GENERAL MEETINGS**

| **Article                75** | The                  shareholders’ general meeting shall be the source of authority of the                  Company and shall exercise its powers according to the                  laws. |
|-------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article                76** | The                  shareholders’ general meeting shall exercise the following functions and                  powers: |
|-------------------------------|------------------------------------------------------------------------------------------------------------------------------|

|  | (1) | To                  decide on the Company’s operational policies and investment                  plans; |
|--|-----|---------------------------------------------------------------------------------------------------------------|

|  | (2) | To                  elect and replace directors and decide on matters relating to the                  remuneration of directors; |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------|

|  | (3) | To                  elect and replace the supervisors who are representatives of shareholders,                  and to decide on matters relating to the remuneration of                  supervisors; |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | (4) | To                  examine and approve reports of the Board of                  Directors; |
|--|-----|---------------------------------------------------------------------------------------------|

|  | (5) | To                  examine and approve reports of the supervisory                  committee; |
|--|-----|------------------------------------------------------------------------------------------------|

|  | (6) | To                  examine and approve the Company’s proposed annual preliminary and final                  financial budgets; |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------|

|  | (7) | To                  examine and approve the Company’s profit distribution plans and plans for                  making up losses; |
|--|-----|----------------------------------------------------------------------------------------------------------------------------------------|

|  | (8) | To                  decide on increase or decrease in the Company’s registered                  capital; |
|--|-----|----------------------------------------------------------------------------------------------------------------|

|  | (9) | To                  decide on matters such as merger, division, dissolution, liquidation                  and                  change in company forms of the                  Company; |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (10) | To                  decide on the issue of debentures by the                  Company; |
|--|------|----------------------------------------------------------------------------------------|

|  | (11) | To                  decide on matters relating to external guarantee according to the                  relevant                  provisions of these Articles of Association of the                  Company; |
|--|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (12) | To                  decide on the appointment, dismissal and disengagement of the accountants                  of the Company; |
|--|------|--------------------------------------------------------------------------------------------------------------------------------|

|  | (13) | To                  amend these Articles of                  Association; |
|--|------|---------------------------------------------------------------------------|

|  | (14) | To                  examine and approve the change in use of proceeds from raising                  capitals; |
|--|------|---------------------------------------------------------------------------------------------------------------|

|  | (15) | To                  examine the adoption of share incentive scheme; |
|--|------|---------------------------------------------------------------------|

|  | (16) | To                  consider motions raised by shareholders who represent 3% or more                  of the                  total shares of the Company carrying the right to                  vote; |
|--|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (17) | To                  consider and approve significant acquisition, disposal and replacement                  of                  assets of the Company (the standards shall be fixed in accordance                  with the                  rules of the stock exchange of the listing                  place); |
|--|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (18) | To                  approve external guarantee by the                  Company; |
|--|------|---------------------------------------------------------------------------------|

|  | (19) | To                  decide on other matters which require resolutions of the shareholders                  at                  shareholders’ general meetings according to the relevant laws,                  administrative regulations and these Articles of                  Association; |
|--|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (20) | To                  decide on which matters the Board of Directors may be authorised                  or                  delegated to deal with by the shareholders at shareholders’ general                  meetings. |
|--|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | 1. | To                  modify the language of the Articles of Association after the shareholders’                  general meeting has passed the resolution on the amendments to                  the                  Articles of Association; |
|--|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 2. | To                  distribute the interim dividends; |
|--|----|-------------------------------------------------------|

|  | 3. | To                  decide on specific matters in connection with the issue of new                  shares and                  convertible bonds; |
|--|----|----------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 4. | To                  deal with, mortgage and secure the fixed assets under the current                  operation policy and investment plan passed at the shareholders’ general                  meeting, excluding direct or indirect provision of debts guarantee                  for the                  secured party with a gearing ratio exceeding                  70%. |
|--|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article                77** | Save                  for special circumstances such as crisis, the Company shall not,                  without                  the prior approval of shareholders at shareholders’ general meeting, enter                  into any contract with any person other than a director, supervisor,                  president or other senior administrative officer whereby the management                  and administration of the whole or any substantial part of the                  business of                  the Company is to be handed over to such                  person. |
|-------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article                78** | Shareholders’                  general meetings are divided into annual general meetings and                  extraordinary general meetings. Shareholders’ general meetings shall be                  convened by the Board of Directors. Annual general meetings are                  held once                  every year and within six months from the end of the preceding                  financial                  year. |
|-------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article                79** | Under                  any of the following circumstances, the Board of Directors shall                  convene                  an extraordinary general meeting within two                  months: |
|-------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (1) | The                  number of directors is less than that is required by the Company                  Law or                  two thirds of the number of directors specified in these Articles                  of                  Association; |
|--|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (2) | The                  accrued losses of the Company amount to one third of the total                  amount of                  its share capital; |
|--|-----|----------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | (3) | Shareholder(s)                  individually or jointly holding 10% or more of the Company’s issued and                  outstanding shares carrying voting rights request(s) in writing                  the                  convening of an extraordinary general                  meeting; |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (4) | It                  is deemed necessary by the Board of Directors or requested by the                  supervisory committee to convene an extraordinary general                  meeting; |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (5) | More                  than one half of the independent directors propose to convene the                  meeting. |
|--|-----|-------------------------------------------------------------------------------------------------------------------|

| **Article                80** | The                  place for convening the shareholders’ general meeting shall be clearly set                  out in the notice of meeting. |
|-------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article                81** | The                  Company shall engage lawyers to attend shareholders’ general meetings and                  advise on the following issues with announcements made                  thereon: |
|-------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (1) | Whether                  the convening of the shareholders’ general meeting and its procedures are                  in compliance with laws, administrative regulations and these Articles                  of                  Association; |
|--|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (2) | Whether                  the attendees are eligible and whether the eligibility of the convenor                  is                  lawful and valid; |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (3) | Whether                  the procedures of voting and the voting results of the meeting                  are lawful                  and valid; |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (4) | Legal                  opinions on other related matters at the request of the                  Company. |
|--|-----|----------------------------------------------------------------------------------------------------------|

| **Article                82** | A                  shareholders’ general meeting shall be convened and presided over by the                  chairman of the Board of Directors. If the chairman is unable to                  attend                  the meeting for any reason, the vice-chairman of the Board of Directors                  shall convene and take the chair of the meeting. If both the chairman                  and                  vice-chairman of the Board of Directors are unable to attend the                  meeting,                  then the Board of Directors may designate a director to convene                  and take                  the chair of the meeting. If no chairman of the meeting has been                  designated, shareholders present shall choose one person to be                  the                  chairman of the meeting.                  If for any reason the shareholders fail to elect a chairman, then                  the                  shareholder (including his proxy) presents in person or by proxy                  and holds                  the largest number of shares carrying the right to vote thereat                  shall be                  the chairman of the meeting. |
|-------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| **Article                83** | Shareholders                  requisitioning the convening of an extraordinary general meeting                  or a                  class meeting shall abide by the following                  procedures: |
|-------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (1) | Two                  or more shareholders or the supervisory committee holding in aggregate                  10%                  or more of the shares carrying the right to vote at the meeting                  sought to                  be held shall sign one or more counterpart requisitions stating                  the                  objectives of the meeting and requiring the Board of Directors                  to convene                  a shareholders’ extraordinary general meeting or a class meeting. The                  Board of Directors shall as soon as possible proceed to convene                  the                  extraordinary general meeting or a class meeting after receiving                  the                  requisition. The amount of shareholdings referred to above shall                  be                  calculated as at the date of the deposit of the                  requisition. |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (2) | The                  Board of Directors shall, in accordance with laws, administrative                  regulations and these Articles of Association, furnish a written                  reply                  stating its agreement or disagreement to convene the extraordinary                  general                  meeting within ten days upon receipt of such                  requisition. |
|--|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (3) | If                  the Board of Directors agrees to convene the extraordinary general                  meeting, a notice of meeting shall be issued within five days after                  adoption of the relevant resolution by the Board of Directors.                  Any changes                  to the original requisition made in the notice shall require the                  approval                  of the relevant shareholders. |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | (4) | If                  the supervisory committee agrees to convene the extraordinary general                  meeting, a notice of meeting shall be issued within five days upon                  receipt                  of such requisition. Any changes to the original requisition made                  in the                  notice shall require the approval of the relevant                  shareholders. |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (5) | If                  neither the Board of Directors nor the supervisory committee convene                  and                  preside over the shareholders’ general meeting, the requisitionists                  themselves may convene such a meeting in a manner as similar as                  possible                  as that in which shareholders’ meeting are to be convened by the Board of                  Directors within four months from the date of receipt of the requisition                  by the Board of Directors. |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article                84** | Independent                  directors shall be entitled to propose to the Board of Directors                  the                  convening of an extraordinary general meeting. The Board of Directors                  shall, in accordance with laws, administrative regulations and these                  Articles of Association, furnish a written reply stating its agreement                  or                  disagreement to the convening of the extraordinary general meeting                  within                  ten days upon receipt of such                  proposal. |
|-------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article                  85** | The                    supervisory committee shall be entitled to propose to the Board                    of                    Directors the convening of an extraordinary general meeting,                    provided that                    such proposal shall be made in writing. The Board of Directors                    shall**,**in                    accordance with laws, administrative regulations and these Articles                    of                    Association, furnish a written reply stating its agreement or                    disagreement                    to the convening of an extraordinary general meeting within ten                    days upon                    receipt of such proposal. |
|---------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| **Article 86** |   | Where                  the supervisory committee or shareholders decide(s) to convene                  the                  extraordinary general meeting by itself / themselves, it / they                  shall send                  a written notice to the Board, and file the same with the local                  office of                  CSRC and the stock exchange at the place where the Company is located                  for                  record. |
|----------------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article 87** |  | The                Board of Directors and the secretary to the Board of Directors shall                cooperate with respect to matters relating to a shareholders’ general                meeting convened by the supervisory committee or shareholders at                its /                their own discretion. The Board of Directors shall provide the register                of                shareholders as of the record date. |
|----------------|--|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article 88** |   | Motions                proposed at a shareholders’ general meeting shall be the specific                proposals relating to the matter that should be put forth for discussion                at a shareholders’ general meeting, upon which resolution shall be made at                the shareholders’ general meeting. |
|----------------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| **Article 89** |  | Where                the Company convenes a shareholders’ general meeting, the Board of                Directors, the supervisory committee and shareholder(s) individually                or                jointly holding more than 30% of the Company’s issued and outstanding                shares carrying voting rights shall have the right to propose motions                to                the Company. |
|----------------|--|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article 90** |   | Shareholder(s)                individually or jointly holding more than 30% of the Company’s issued and                outstanding shares carrying voting rights shall have the right to                propose                an ex tempore motion ten days prior to the general meeting by furnishing                the same to the convener in writing. After the same have been reviewed                and                approved by the Board of Directors of the Company, those matters                in the                proposed motions within the scope of functions and powers of the                shareholders’ general meeting will be placed on the agendas. The convener                shall within two days after receiving the proposed motion issue a                supplemental notice of general meeting to make public the contents                of the                ex tempore motion. If the Board of Directors considers that the contents                of the motion are not within the scope of functions and powers of                the                shareholders’ general meeting, it shall give reasons and explanation to                the shareholders’ general meeting and publish the motion and the board’s                explanation along with resolutions adopted by the shareholders’ general                meeting at the end of the meeting. |
|----------------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article 91** |   | Written                notice of a shareholders’ general meeting shall be given forty-five days                before the date of the meeting to notify all of the shareholders                in the                share register of the matters to be considered, the date and the                place of                the meeting. A shareholder who intends to attend the shareholders’ general                meeting shall deliver his written reply concerning attendance at                the                shareholders’ general meeting to the Company twenty days before the date                of the meeting. |
|----------------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article 92** |  | The                Company shall, based on the written replies received twenty days                before                the date of the shareholders’ general meeting from the shareholders,                calculate the number of voting shares represented by the shareholders                who                intend to attend the meeting. If the number of voting shares represented                by the shareholders who intend to attend the meeting reaches one                half or                more of the Company’s total voting shares, the Company may hold the                meeting; if not, then the Company shall within five days notify the                shareholders again by public notice of the matters to be considered,                the                place and date for, the meeting. The Company may then hold the meeting                after such publication of notice. |
|----------------|--|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| **Article 93** |   | When                the Board of Directors issues the notice for the convening of a                shareholders’ general meeting, the meeting shall not be postponed without                reason. In case the shareholders’ general meeting must be postponed under                special circumstances, a notice regarding the postponement must be                issued                at least two working days before the original date of the shareholders’                general meeting. In the postponement notice, the Board of Directors                must                state the reasons for the postponement and the date of the postponed                meeting. When the shareholders’ general meeting is postponed, the Board of                Directors may not change the record date of the shareholding of the                shareholders entitled to attend the shareholders’ general meeting provided                in the original notice. |
|----------------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article 94** |  | A                notice of meeting of shareholders                shall: |
|----------------|--|--------------------------------------------------------------------------|

|  | (1) | be                in writing; |
|--|-----|-------------------------------|

|  | (2) | specify                the place, the date and time of the                meeting; |
|--|-----|------------------------------------------------------------------------------------|

|  | (3) | state                the matters and proposals to be considered at the                meeting; |
|--|-----|------------------------------------------------------------------------------------------------|

|  | (4) | provide                such information and explanation as are necessary for the shareholders                to                make an informed decision on the proposals put before them. Without                limiting the generality of the foregoing, where a proposal is made                to                amalgamate the Company with another, to repurchase shares, to reorganise                the share capital, or to restructure the Company in any other way,                the                terms of the proposed transaction must be provided in detail together                with                copies of the proposed agreement, if any, and the cause and effect                of such                proposal must be properly                explained; |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (5) | contain                a disclosure of the nature and extent, if any, of the material interests                of any director, supervisor, president or other senior administrative                officer in the proposed transaction and the effect of the proposed                transaction on them in their capacity as shareholders in so far as                it is                different from the effect on the interests of the shareholders of                the same                class; |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (6) | contain                the full text of any special resolution to be proposed at the                meeting; |
|--|-----|--------------------------------------------------------------------------------------------------------------|

|  | (7) | contain                conspicuously a statement that a shareholder entitled to attend and                vote                is entitled to appoint one or more proxies to attend and vote instead                of                him and that a proxy need not be a                shareholder; |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (8) | specify                the time and place for lodging proxy forms for the relevant                meeting; |
|--|-----|------------------------------------------------------------------------------------------------------------|

----

|  | (9) | specify                the record date of shareholding of shareholders entitled to attend                the                shareholders’ general meeting; |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (10) | specify                the name and telephone number of the contact person of the meeting. |
|--|------|--------------------------------------------------------------------------------------------|

| **Article 95** |   | Where                the shareholders’ general meeting intends to deliberate the election of                directors or supervisors, the notice of meeting shall fully disclose                the                details information on the candidates for directors or supervisors                at                least in the following aspects: |
|----------------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (1) | Personal                information such as educational background, work experience and other                engagements; |
|--|-----|---------------------------------------------------------------------------------------------------------------------------|

|  | (2) | Whether                such candidate has any affiliation with the Company or its controlling                shareholders or beneficial                controllers; |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (3) | The                number of shares of the Company such candidate                holds; |
|--|-----|-----------------------------------------------------------------------------------------|

|  | (4) | Whether                such candidate has been penalised by the CSRC or any other relevant                authorities. |
|--|-----|------------------------------------------------------------------------------------------------------------------------|

----

| **Article 96** |  | Notice                of shareholders’ general meeting shall be served on the shareholders                (whether or not entitled to vote at the meeting), by hand or by prepaid                airmail to their addresses as shown in the register of shareholders.                For                holders of Domestic Shares, notice of meeting may be issued by way                of                public notice. |
|----------------|--|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article 97** |  | The                accidental omission to give notice of a meeting to, or the failure                to                receive the notice of a meeting by, any person entitled to receive                notice                shall not invalidate the proceedings at that                meeting. |
|----------------|--|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article 98** |  | The                Board of Directors and other convener shall take necessary measures                to                ensure the good order of the shareholders’ general meeting, take measures                to deter any act disturbing the meeting, picking quarrels and provoking                troubles or infringing the lawful rights and interests of any shareholder,                and shall report in a timely manner such act to the relevant department                for investigation and punishment. |
|----------------|--|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article 99** |  | All                the shareholders or their proxies recorded in the register of members                on                the record date are entitled to attend the shareholders’ general meeting,                and shall exercise their voting rights pursuant to the laws, regulations                and these Articles of Association. |
|----------------|--|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article              100** |   | Any                shareholder entitled to attend and vote at a meeting of the Company                shall                be entitled to appoint one or more other persons (whether a shareholder                or                not) as his proxies to attend and vote on his behalf. A proxy so                appointed                shall be entitled to exercise the following rights pursuant to the                authorisation from that                shareholder: |
|------------------------------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (1) | The                shareholder ’s right to speak at the                meeting; |
|--|-----|---------------------------------------------------------------------------------------|

|  | (2) | The                right to demand or join in demanding a                poll; |
|--|-----|--------------------------------------------------------------------------------|

|  | (3) | The                right to vote by hand or on a poll, but a proxy of a shareholder                who has                appointed more than one proxy may only vote on a                poll. |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| **Article              101** |   | The                instrument appointing a proxy shall be in writing under the hand                of the                appointer or his attorney duly authorised in writing, or if the appointer                is a legal entity, either under seal or under the hand of a director                or                attorney duly authorised. |
|------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article              102** |  | If                the instrument for appointing a proxy is signed by an attorney of                the                appointer, the power of attorney to sign or other documents of                authorisation shall be notarially certified. The notarially certified                copy                of that power of attorney or other authorisation documents and the                instrument appointing the proxy shall be deposited at the premises                of the                Company or such other place as is specified for that purpose in the                notice                convening the meeting. |
|------------------------------|--|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article              103** |  | Any                instrument issued to a shareholder by the directors for use in appointing                a proxy to attend and vote at meetings of the Company shall be in                such                format as to enable the shareholder to instruct the proxy to vote                in                favour of or against the motions according to his free will, and                instructions shall be given in respect of each individual matter                to be                voted on at the meeting. The instrument of proxy shall contain a                statement                that in the absence of instructions by the shareholder the proxy                may vote                as he thinks fit. Meanwhile, there shall be spaces for entering the                date                of issue and validity period and executing the signature (or affixing                a                seal). If the appointer is a legal person, the seal of the legal                person                entity shall also be affixed. |
|------------------------------|--|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article              104** |  | The                instrument for appointing a voting proxy and, if such instrument                is signed                by a person under a power of attorney or other authority on behalf                of the                appointer, a notarially certified copy of that power of attorney                or other                authority, shall be deposited at the premises of the Company or at                such                other place as is specified for that purpose in the notice convening                the                meeting, not less than twenty-four hours before the time for holding                the                meeting or the time appointed for the passing of the                resolution. |
|------------------------------|--|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| **Article              105** |   | A                vote given in accordance with the terms of an instrument of proxy                shall be                valid notwithstanding the death or loss of capacity of the appointer                or                revocation of the proxy or of the authority under which the proxy                was                executed, or the transfer of the shares in respect of which the proxy                is                given, provided that no notice in writing of such death, loss of                capacity,                revocation or transfer as aforesaid shall have been received by the                Company at its premises before the commencement of the meeting at                which                the proxy is used. |
|------------------------------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article              106** |   | An                individual shareholder who attends the shareholders’ general meeting in                person shall produce his identification card or other valid documents                or                certificates which can prove his identity, and his stock account                card.                Where a proxy is appointed to attend the meeting, the proxy shall                produce                his own identification documents and the instrument for appointing                a                proxy. |
|------------------------------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article              107** |   | The                Company shall, subject to the shareholders’ general meetings being legally                and validly held, encourage a higher proportion of participation                of public                shareholders in shareholders’ general meetings through various means,                including using modern information technology to establish an online                voting platform. |
|------------------------------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article              108** |  | In                order to protect the interests of public shareholders in good faith,                the                Company shall provide an online voting system for the shareholders                to                exercise their voting right at the shareholders’ general meeting so far as                the condition permits. On a voting by poll on the matters mentioned                in                Article 129 at the shareholders’ general meeting, online voting shall be                adopted for domestic shareholders. |
|------------------------------|--|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| **Article              109** |  | The                Board of Directors, independent directors and shareholders who meet                the                relevant requirements may solicit from other shareholders their voting                rights in shareholders’ general meetings. The solicitation shall be                without consideration and information shall be fully disclosed to                such                shareholders. |
|------------------------------|--|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article              110** |  | The                Board of the Company shall act in the best interest of the Company                and its                shareholders and shall examine the motions proposed at the shareholders’                general meeting according to the provisions of Article                88. |
|------------------------------|--|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article              111** |  | If                the proposing shareholders have any objection to the decision of                the Board                of Directors of not including their motions in the agendas of the                shareholders’ general meeting, they may request the convening of an                extraordinary general meeting according to the provisions of Article                83. |
|------------------------------|--|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article              112** |  | The                register of attendees of the meeting shall be prepared by the Company.                Such register shall specify information such as the name of the persons                (or units) attending the meeting, identity card number, residential                address, number of shares or voting shares hold, name of the persons                (or                units) the proxy represents. |
|------------------------------|--|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article              113** |   | The                convener and the legal counsel retained by the Company shall jointly                verify the qualification of shareholders according to the register                of                shareholders provided by the securities depository and clearing authority,                and shall register the name of the shareholders and the number of                their                voting shares. Such registration shall be concluded prior to the                announcement by the chairman of the shareholders’ general meeting of the                number of shareholders and their proxies attending the meeting and                the                total number of their voting                shares. |
|------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article              114** |  | The                chairman of the shareholders’ general meeting shall, prior to the voting,                declare the number of attending shareholders and proxies as well                as the                total number of their voting shares. The numbers of attending shareholders                and proxies as well as the total number of their voting shares shall                be                subject to the register of the                meeting. |
|------------------------------|--|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article              115** |  | All                directors and supervisors and the board secretary shall attend the                shareholders’ general meeting, whereas the president and other senior                administrative officers shall be present at the                meeting. |
|------------------------------|--|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| **Article              116** |   | The                Company shall formulate rules of procedures of the shareholders’ general                meeting to specify in detail the convention and voting procedures                of the                meeting, including notice registration, deliberation of proposals,                votes,                vote counting, announcement of voting results, formation of resolutions,                minutes and the signatures thereon, announcement, as well as the                principles of authorisation by the shareholders’ general meeting to the                Board of Directors, the contents of such authorisation shall be expressly                specified. The rules of proceedings of the shareholders’ general meeting                shall be an appendix of these Articles of Association, and shall                be                drafted by the Board of Directors and approved by the shareholders’                general meeting. |
|------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article              117** |   | At                the annual general meeting, the Board of Directors and the supervisory                committee shall report their respective work of the previous year                to the                general meeting of shareholders, and each independent director shall                also                make his duty report                correspondingly. |
|------------------------------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article              118** |  | Except                for trade secret of the Company and issues which are not discloseable                at                shareholders’ general meetings as provided by laws, regulations, or                securities rules, directors, supervisors and senior administrative                officers shall reply or give explanation and description to the inquiries                and suggestions raised by the shareholders at the Shareholders’ general                meeting. |
|------------------------------|--|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article              119** | The                board secretary shall be responsible for preparing minutes of                shareholders’ general meetings, which shall                contain: |
|------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (1) | the                time, venue, agendas of the meeting, and the name of the                convener; |
|--|-----|------------------------------------------------------------------------------------------------------|

|  | (2) | the                name of the chairman of the meeting, the directors, supervisors,                president                and other senior administrative officers attending the                meeting; |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (3) | the                number of shareholders and proxies attending the meeting, the total                number                of their voting shares and their respective proportions to the total                number of shares of the Company; the numbers of voting shares of                domestic                shareholders (including their proxies), overseas listed foreign                shareholders (including their proxies), holders of tradable shares                (including the proxies) and holders of non-tradable shares (including                the                proxies) presented at the meeting and its proportion to the total                number                of shares of the Company; |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (4) | the                process of deliberation of each proposal, the main points of speeches                and                the voting results (including the votes on each resolution by domestic                shareholders, foreign shareholders, holders of tradable shares and                holders                of non-tradable shares); |
|--|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | (5) | the                inquiries or suggestions of the shareholders and the corresponding                replies                or explanations; |
|--|-----|----------------------------------------------------------------------------------------------------------------------------------------------|

|  | (6) | the                names of legal counsel, vote counters, and                supervisors; |
|--|-----|-------------------------------------------------------------------------------------------|

|  | (7) | other                contents which, shall be contained in the minutes of the meeting                as                prescribed by these Articles of                Association. |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article              120** | The                chairman shall guarantee the veracity, accuracy and completeness                of the                minutes of the meeting. The directors, supervisors, board secretary,                convener or their representative, chairman of the meeting shall sign                on                the minutes of the meeting. The minutes of meeting shall be kept                together                with the valid information such as the attendance register of the                attending shareholders and the power of attorney of their proxies,                the                votes cast by way of internet and by other means shall be kept at                the                premises of the Company for a period ten                years. |
|------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article              121** | The                convener shall ensure that the continuity of the shareholders’ general                meeting of until the final resolution is formed. Where the shareholders’                general meeting is suspended or no resolution can be made due to                force                majeure or any other special causes, necessary measures shall be                taken to                resume or directly terminate the shareholders’ general meeting, and an                announcement shall be made in a timely manner. Meanwhile, the convener                shall report this to the local office of the CSRC the stock exchange                at                the city where the Company is                located. |
|------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article              122** | Resolutions                of shareholders’ general meetings shall be divided into ordinary                resolutions and special                resolutions. |
|------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**shall not be counted in the total number of      voting shares. **

----

| **Article                123** | When                voting at the shareholders’ general meeting, shareholders (including the                proxies) may exercise their voting rights in accordance with the                number of                their voting shares and each share shall have one                vote. |
|--------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article                124** | The                following issues shall be approved by vote on a poll under the voting                supervisor ’s supervision at the shareholders’ general                meeting: |
|--------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (1) | Connected                transactions; |
|--|-----|----------------------------------------|

|  | (2) | Transactions                that shall be approved by independent                shareholders; |
|--|-----|------------------------------------------------------------------------------------------------|

|  | (3) | Options                granted to major shareholders or independent directors or any of                their                associates; and |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------|

|  | (4) | Any                other transactions in which shareholders are materially interested                and                accordingly are required to refrain from voting at shareholders’ general                meeting. |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (1) | by                the chairman of the meeting; |
|--|-----|------------------------------------------------|

|  | (2) | by                at lease two shareholders entitled to vote present in person or by                proxy; |
|--|-----|------------------------------------------------------------------------------------------------------------|

|  | (3) | by                one or more shareholders present in person or by proxy and representing                10% or more of all shares carrying the rights to vote at the                meeting. |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| **Article                125** | A                poll demanded on the election of the chairman of the meeting, or                on a                question of adjournment of the meeting, shall be taken forthwith.                A poll                demanded on any other question shall be taken at such time as the                chairman                of the meeting directs, and any business other than that upon which                a poll                has been demanded may be proceeded with, pending the taking of the                poll.                The result of the poll shall be deemed to be a resolution of the                meeting                at which the poll was demanded. |
|--------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article                126** | On                a poll taken at a meeting, a shareholder (including proxy) entitled                to two                or more votes need not cast all his votes in the same                way. |
|--------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article                127** | In                the case of an equality of votes, whether on a show of hands or on                a poll,                the chairman of the meeting shall be entitled to a casting                vote. |
|--------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article                128** | The                following matters shall be resolved by an ordinary resolution at                the                shareholders’ general meeting: |
|--------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (1) | Work                reports of the Board of Directors and the supervisory                committee; |
|--|-----|-----------------------------------------------------------------------------------------------------|

|  | (2) | Plans                formulated by the Board of Directors for distribution of profits                and for                making up losses; |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------|

|  | (3) | Removal                of the members of the Board of Directors and members of the supervisory                committee, their remuneration and method of                payment; |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (4) | Annual                preliminary and final budget, balance sheet, profit and loss account                and                other financial statements of the                Company; |
|--|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (5) | Annual                report of the Company; |
|--|-----|----------------------------------------------|

|  | (6) | Matters                other than those specified by laws, administrative regulations or                these                Articles of Association to be resolved by special                resolutions. |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| **Article                129** | The                following matters shall be resolved by a special resolution at a                shareholders’ general meeting: |
|--------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------|

|  | (1) | The                increase or decrease in share capital and the issue of shares of                any                class, warrants and other similar securities of the                Company; |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (2) | The                issue of debentures of the Company; |
|--|-----|--------------------------------------------------------|

|  | (3) | The                division, merger, dissolution and liquidation of the                Company; |
|--|-----|-------------------------------------------------------------------------------------------------|

|  | (4) | Amendments                to these Articles of Association; |
|--|-----|-------------------------------------------------------------|

|  | (5) | Repurchase                of the Company’s shares; |
|--|-----|----------------------------------------------------------|

|  | (6) | The                Company plans to purchase or sell major assets or provides a guarantee                the                amount of which within a year exceeds 30% of the Company’s latest audited                total assets; |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (7) | Share                option scheme; |
|--|-----|-------------------------------------|

|  | (8) | Any                other matters as provided by laws, administrative regulations or                these                Articles of Association and considered by the shareholders’ general                meeting by way of an ordinary resolution to be of a nature which                may have                a material impact on the Company and shall be adopted by a special                resolution. |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article                130** | The                following matters shall not be implemented or applied for unless                they have                been approved by the shareholders’ general meeting and passed by more than                half of the public shareholders with voting rights present at the                shareholders’ general meeting: |
|--------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (1) | Any                issue of new shares by the Company to the public (including issue                of                overseas listed foreign shares or share of other natures), issue                of                convertible debentures, placing of shares to existing shareholders                (except                in such placing where the controlling shareholders have provided                an                undertaking to fully subscribe for the shares in cash before the                shareholders’ general meeting is                convened); |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (2) | Major                asset restructuring in which the assets will be acquired at a total                price                which is 20% higher than the audited net book value of such                assets; |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (3) | Repayment                of debts due to the Company by any shareholder using his shares of                the                Company; |
|--|-----|----------------------------------------------------------------------------------------------------------------------------------------|

----

|  | (4) | Overseas                listing of any significant subsidiary of the                Company; |
|--|-----|----------------------------------------------------------------------------------------------|

|  | (5) | Other                relevant issues which may have a material impact on the interests                of the                public shareholders in the development of the                Company. |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article                131** | Annual                general meetings or extraordinary general meetings held at the request                of                shareholders and the supervisory committee shall not adopt voting                by way                of written resolutions. Extraordinary general meetings held for other                reasons may vote by way of written resolutions, except for the following                matters: |
|--------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (1) | Increase                or decrease in the Company registered                capital; |
|--|-----|---------------------------------------------------------------------------------------|

|  | (2) | Any                issue of debentures by the Company; |
|--|-----|--------------------------------------------------------|

|  | (3) | Merger,                division, dissolution and liquidation of the                Company; |
|--|-----|---------------------------------------------------------------------------------------------|

|  | (4) | Any                amendment to these Articles of                Association; |
|--|-----|-------------------------------------------------------------------------------|

|  | (5) | Plan                for distribution of profits and recovery of                losses; |
|--|-----|----------------------------------------------------------------------------------------|

|  | (6) | Appointment                and removal of members of the Board of Directors and the supervisory                committee; |
|--|-----|---------------------------------------------------------------------------------------------------------------------------|

|  | (7) | Change                in application of raised funds; |
|--|-----|-------------------------------------------------------|

|  | (8) | Connected                transactions that shall be considered and examined by the shareholders’                general meeting; |
|--|-----|----------------------------------------------------------------------------------------------------------------------------------------|

|  | (9) | Acquisition                and disposal of assets that shall be considered and examined by the                shareholders’ general meeting; |
|--|-----|----------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (10) | Change                of accounting firms; |
|--|------|--------------------------------------------|

|  | (11) | Other                matters that shall not be voted by way of written resolutions as                provided                by these Articles of Association. |
|--|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| **Article                132** | The                nominee list of Directors and Supervisors of the Company shall be                submitted to the shareholders’ general meeting for resolution. The Board                of Directors shall simultaneously provide shareholders with                bibliographical details, basic information about and written undertakings                of nominees of Directors and                Supervisors. |
|--------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article                133** | When                the shareholders’ general meeting is examining and discussing a connected                transaction, the connected shareholder shall not participate in the                vote                on the shares. His shares carrying the voting rights shall not be                counted                as valid votes in the total. The announcement on the resolutions                passed by                the shareholders’ general meeting shall fully disclose information                regarding the voting of the independent shareholders. If under special                circumstances, the connected shareholders cannot withdraw from the                voting,                they may vote in the normal course of proceeding after the Company                has                obtained the approval from the competent authorities provided that                the                Company shall give detailed explanation thereof in the announcement                on the                resolutions passed by the shareholders’ general                meeting. |
|--------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article134** | The                    opinions of the public shareholders shall be well represented                    in the                    election of the directors (including independent directors) and                    supervisors (excluding supervisors assumed by staff representatives)                    at                    the shareholders’ general meetings by prompting the accumulative voting                    system. |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article                135** | Differential                voting shall be applied upon election of the Directors and Supervisors                in                accordance with the accumulative voting system. The number of nominees                shall be more than the proposed number of Directors and                Supervisors. |
|--------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article                136** | The                Board of Directors and the supervisory committee shall consult the                opinion                of the top ten shareholders in writing prior to determination of                the                elected Directors and Supervisors. |
|--------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| **Article                137** | After                issue of notice of shareholders’ general meeting by the Company about                election of Directors and Supervisors, shareholders holding individually                or in aggregate more than 1% of the voting shares of the Company                may                propose nominees of Directors and Supervisors before the shareholders’                general meeting for review by the Board of Directors in accordance                with                the procedures for amendments to proposals of shareholders’ general                meeting before submission to shareholders’ general meeting for                examination. |
|--------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article                138** | The                independent directors shall be elected separately from other members                of                the Board of Directors in accordance with the accumulative voting                system. |
|--------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article                139** | Except                for the accumulative voting system, the shareholders’ general meeting                shall vote on all motions item by item, and shall vote on the motions                in                time sequence when various proposals are put forward for a single                matter.                Unless the shareholders’ general meeting is suspended or no resolution can                be passed due to force majeure or any other special reasons, the                shareholders’ general meeting shall not set aside or cast no vote on the                motions. |
|--------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article                140** | When                a motion is put to discussion at the shareholders’ general meeting, no                modification of the motion shall be made, or the relevant change                shall be                deemed as a new motion which shall not be voted at the                meeting. |
|--------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article                141** | Before                a resolution is voted on at a general meeting, two representatives                of the                shareholders shall be elected as vote counters and scrutinisers.                Any                shareholder who is interested in the matter under consideration and                proxies of such shareholder shall not participate in vote counting                or                scrutinising. |
|--------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article                142** | The                on site shareholders general meeting shall not end earlier than the                online                means or other means. The chairman of the meeting shall announce                the                voting and result of each of the motions, and announce whether they                are                approved according to the results. |
|--------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article                143** | The                chairman of the meeting shall be responsible for determining whether                a                resolution is passed. His decision, which is final and conclusive,                shall                be announced at the meeting and recorded in the minutes of                meeting. |
|--------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| **Article                  144** | If                    the chairman of the meeting has any doubt as to the result of                    a resolution                    put to the vote of the meeting, he may have the votes counted.                    If the                    chairman of the meeting fails to have the votes counted, any                    shareholder                    who is present in person or by proxy and who objects to the result                    announced by the chairman of the meeting may demand that the                    votes be                    counted immediately after the declaration of the result, and                    the chairman                    of the meeting shall have the votes counted                    promptly. |
|----------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article                145** | If                votes are counted at a shareholders’ general meeting, the vote counting                result shall be recorded in the minutes of the                meeting. |
|--------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article                146** | Results                of the resolution shall be announced timely, and the announcement                shall                contain the number of shareholders and proxies present, the total                number                of voting rights and the percentage of the voting rights to the total                of                voting shares of the Company, means of voting, the voting result                for each                motion and the details of each of the resolutions. Statistic counting                and                announcement shall be conducted on the attendance for domestic                shareholders and foreign shareholders                separately. |
|--------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article                147** | For                If the motion is not passed, or if the resolutions of the previous                general                meeting have been changed by the present shareholders’ general meeting,                special highlight should be made in the announcement of the resolutions                of                the shareholders’ general meeting. |
|--------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article                148** | When                the shareholders’ general meeting has passed motions regarding cash                distribution, bonus issue or conversion of capital common reserve                into                capital, the specific proposals will be implemented within two months                after the close of the shareholders’ general                meeting. |
|--------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article                149** | The                minutes of meeting together with the attendance register of the attending                shareholders and the power of attorney of their proxies shall be                kept at                the premises of the Company. |
|--------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article                150** | Copies                of the minutes of meeting shall be available for inspection free                of charge                by shareholders during business hours of the Company. If a shareholder                requests the Company for a copy of such minutes, the Company shall                send a                copy of such minutes to him within seven days after having received                reasonable charges. |
|--------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| **Article                151** | Matters                uncovered by these Articles of Association regarding the convening                of                shareholders’ general meeting, voting procedures and deliberation of                proposals shall be handled in accordance with the relevant provisions                of                laws and regulations effective in the                PRC. |
|--------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**CHAPTER        10 **
**SPECIAL        PROCEDURES FOR VOTING BY A CLASS OF SHAREHOLDERS**

| **Article                152** | Those                shareholders who hold different classes of shares are shareholders                of                different classes. |
|--------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------|

| **Article              153** | Rights                conferred on any class of shareholders in the capacity of shareholders                (“class rights”) may not be varied or abrogated unless approved by a                special resolution of shareholders in shareholders’ general meeting and by                holders of shares of that class at a separate meeting conducted in                accordance with Article 154                to 156. |
|------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article                154** | The                following circumstances shall be deemed to be variation or abrogation                of                the rights of a class of                shareholders: |
|--------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (1) | To                increase or decrease the number of shares of such class, or to increase                or                decrease the number of shares of a class having voting or equity                rights or                privileges equal or superior to those of the shares of such                class; |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (2) | To                effect an exchange of all or part of the shares of such class into                shares                of another class or to effect an exchange or create a right of exchange                of                all or part of the shares of another class into the shares of such                class; |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (3) | To                remove or reduce rights to accrued dividends or rights to cumulative                dividends attached to shares of such                class; |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (4) | To                reduce or remove a dividend preference or a liquidation preference                attached to shares of such class; |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------|

|  | (5) | To                add, remove or reduce conversion privileges, options, voting rights,                transfer or pre-emptive rights, or rights to acquire securities of                the                Company attached to shares of such                class; |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (6) | To                remove or reduce rights attached to shares of such class to receive                payment payable by the Company in particular                currencies; |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | (7) | To                create a new class of shares having voting or equity rights or privileges                equal or superior to those of the shares of such                class; |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (8) | To                restrict the transfer or ownership of the shares of such class or                add to                such restriction; |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------|

|  | (9) | To                issue rights to subscribe for, or convert into, shares in the Company                of                such class or another class; |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (10) | To                increase the rights or privileges of shares of another                class; |
|--|------|------------------------------------------------------------------------------------------------|

|  | (11) | To                restructure the Company where the proposed restructuring will result                in                different classes of shareholders bearing a disproportionate burden                of                such proposed restructuring; |
|--|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (12) | To                vary or abrogate the provisions of these Articles of                Association. |
|--|------|----------------------------------------------------------------------------------------------------|

| **Article                155** | Shareholders                of the affected class, whether or not otherwise having the right                to vote                at shareholders’ general meetings, shall nevertheless have the right to                vote at class meetings in respect of matters concerning Clauses (2)                to                (8), (11) and (12)                of Article 154,                but interested shareholder(s) shall not be entitled to vote at class                meetings. |
|--------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (1) | in                the case of a repurchase of shares by offers to all shareholders                on a pro                rata basis or public dealing on a stock exchange under Article                 38, a “controlling shareholder” within the meaning of Article                 71; |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (2) | in                the case of a repurchase of share by an off-market contract under                Article                38,                a holder of the shares to which the proposed contract                relates; |
|--|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (3) | in                the case of a restructuring of the Company, a shareholder within                a class                who bears less than a proportionate obligation imposed on that class                under                the proposed restructuring or who has an interest in the proposed                restructuring different from the interest of shareholders of that                class. |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article              156** | Resolutions                of a class of shareholders shall be passed by votes representing                more than                two-thirds of the voting rights of shareholders of that class represented                at the relevant meeting who, according to Article                 154, are entitled to vote at class                meetings. |
|------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article                157** | Written                notice of a class meeting shall be given forty-five days before the                date                of the class meeting to notify all of the shareholders in the share                register of the class of the matters to be considered, the date and                the                place of the class meeting.                A shareholder who intends to attend the class meeting shall deliver                his                written reply concerning attendance at the class meeting to the Company                twenty days before the date of the class meeting. |
|--------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| **Article                158** | Notice                of class meetings need only be served on shareholders entitled to                vote                thereat. |
|--------------------------------|-------------------------------------------------------------------------------------------------------------------------------------|

| **Article                159** | Pursuant                to the provisions of the Rules Governing the Listing of Securities                on the                Stock Exchange of Hong Kong Limited, in addition to other classes                of                shareholders, holders of Domestic Shares and holders of Overseas                Listed                Foreign Shares are deemed to be different class of                shareholders. |
|--------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article                160** | The                special procedures for voting at any meeting of a class of shareholders                shall not apply to the following                circumstances: |
|--------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (1) | Where                the Company issues, upon the approval by special resolution of its                shareholders in shareholders’ general meeting, either separately or                concurrently once every twelve months, not more than 20% of each                of its                issued and outstanding Domestic Shares and Overseas Listed Foreign                Shares; |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (2) | Where                the Company’s plan to issue Domestic Shares and Overseas Listed Foreign                Shares at the time of its establishment is carried out within fifteen                months from the date of approval by the Securities Committee of the                State                Council. |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**CHAPTER        11 **
**BOARD        OF DIRECTORS**

| **Article 161** | The                Company shall have a Board of Directors which is responsible to the                shareholders’ general meetings. The Board of Directors shall comprise                twelve members, one of whom shall be the chairman. The chairman and                the                vice chairman shall be elected with the approval of more than half                of all                the directors. |
|----------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| **Article                162** | The                Board shall be responsible to the shareholders’ general meeting and shall                exercise the following powers: |
|--------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (1) | To                be responsible for the convening of the shareholders’ general meeting and                to report on its work to the shareholders’ general                meeting; |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (2) | To                implement the resolutions of the shareholders’ general                meetings; |
|--|-----|---------------------------------------------------------------------------------------------------------|

|  | (3) | To                decide on the Company’s business plans and investment                plans; |
|--|-----|-----------------------------------------------------------------------------------------------------|

|  | (4) | To                formulate the Company’s annual preliminary and financial                budgets; |
|--|-----|----------------------------------------------------------------------------------------------------------|

|  | (5) | To                formulate the Company’s profit distribution plan and plan for making up                losses; |
|--|-----|------------------------------------------------------------------------------------------------------------------------|

|  | (6) | To                formulate proposals for increases or decrease in the registered capital                and the issue of debentures of the                Company; |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (7) | To                draw up plans for the merger, division or dissolution of the                Company; |
|--|-----|--------------------------------------------------------------------------------------------------------|

|  | (8) | To                decide on matters relating to the Company’s assets pledge, external                guarantee, entrusted financial management, connected transaction                etc.                according to authorisation of shareholders’ general                meeting; |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (9) | To                decide on the Company’s acquisition and sales of assets and risk                investments; |
|--|-----|----------------------------------------------------------------------------------------------------------------------|

|  | (10) | To                decide on the establishment of the Company’s internal management                structure; |
|--|------|--------------------------------------------------------------------------------------------------------------------|

|  | (11) | To                appoint of dismiss the Company’s president, and pursuant to the                president’s nominations to appoint or dismiss the vice president, the                financial controller and other senior administrative officers of                the                Company and decide on their                remunerations; |
|--|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (12) | To                establish the Company’s basic management                system; |
|--|------|-----------------------------------------------------------------------------------------|

|  | (13) | To                formulate proposals for amendments to these Articles of                Association; |
|--|------|-------------------------------------------------------------------------------------------------------|

|  | (14) | To                propose to the shareholders’ general meeting for the engagement or change                of accounting firm for the audit work of the                Company; |
|--|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (15) | To                receive the work report and to check the work of the president of                the                Company; |
|--|------|--------------------------------------------------------------------------------------------------------------------------------|

|  | (16) | To                exercise any other powers conferred by these Articles of Association                or                the shareholders’ general meeting. |
|--|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| **Article                163** | The                Board of Directors shall not, without the prior approval of shareholders                in a shareholders’ general meeting, dispose of or agree to dispose of any                fixed assets of the Company where the aggregate of the expected value                of                the consideration for the proposed disposal and the value of the                consideration for any similar disposal of fixed assets in the four                months                immediately preceding the proposed disposal, exceeds 33% of the value                of                the Company’s fixed assets as stated in the last balance sheet placed                before the shareholders’ general                meeting. |
|--------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | A                  “disposal of fixed assets” as referred to in this Article includes an act                  involving the transfer of an interest in certain assets but does                  not                  include the provision of fixed assets by way of security. |
|--|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | Breach                  of the first paragraph of this Article shall not affect the validity                  of                  any transaction entered into by the Company in disposing of fixed                  assets. |
|--|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article                164** | The                Board of Directors shall explain to the shareholders’ general meeting                regarding the non-standard auditors’ advice given by the chartered                accountant in relation to the financial report of the                Company. |
|--------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article                165** | The                Board of Directors shall formulate the rules of procedures of board                meetings to ensure the implementation by the Board of Directors of                the                resolutions of the shareholders’ general meeting, the enhancement of work                efficiency, and the guarantee of scientific decision                making. |
|--------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article                166** | The                Board of Directors shall determine external investment, acquisition                and                sale of assets, asset pledge, external guarantee, entrusted financial                management, scope of powers for connected transactions, establishment                of                stringent examination and decision making procedures; specialists                or                professional personnel shall be organised to assess and examine any                material investment projects and such investment projects shall be                submitted to the shareholders’ general meeting for                approval. |
|--------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article                167** | The                Board of Directors shall perform its duties in accordance with State                laws,                administrative regulations, these Articles of Association and resolutions                of the shareholders’ general meeting                to. |
|--------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| **Article                168** | The                chairman of the Board of Directors shall exercise the following                powers: |
|--------------------------------|-----------------------------------------------------------------------------------------------------------|

|  | (1) | To                preside over the shareholders’ general meeting, and to convene and preside                over the meetings of the Board of                Directors; |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (2) | To                check the implementation of board                resolutions; |
|--|-----|---------------------------------------------------------------------------------|

|  | (3) | To                sign the securities issued by the                Company; |
|--|-----|-----------------------------------------------------------------------------|

|  | (4) | To                exercise the powers of the legal                representative; |
|--|-----|-----------------------------------------------------------------------------------|

|  | (5) | To                exercise special disposal powers that are in compliance with laws,                administrative regulations and in the interests of the Company on                matters                of the Company in case of force majeure such as extraordinarily serious                natural calamities, and provide post-event reports to the Board and                the                shareholders’ general meeting; |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (6) | To                exercise other powers vested by the                Board. |
|--|-----|-----------------------------------------------------------------------------|

| **Article                169** | The                vice chairman of the Company shall assist the chairman. Where the                chairman                is unable or fail to perform his duties, the vice chairman shall                perform                the duty on behalf of the chairman. Where the vice chairman is unable                or                fail to perform his duties, a majority of the directors may jointly                elect                one director to perform the duties. |
|--------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article                170** | Board                meetings shall be held at least twice every year and be convened                by the                chairman of the Board by serving notice of each Board meeting on                all the                directors by telex, telegram, facsimile, express delivery, registered                mail                or personal delivery ten days before the date of the proposed meeting.                A                special board meeting may be held upon requisition by either the                chairman,                one third or more of the directors (including the one third), the                supervisory committee or president of the                Company. |
|--------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article                171** | A                special board meeting shall be convened by the Board when it                is |
|--------------------------------|-------------------------------------------------------------------------------------------------|

|  | (1) | proposed                by shareholders representing more than one tenth of voting                rights; |
|--|-----|-----------------------------------------------------------------------------------------------------------|

|  | (2) | proposed                by one third or more of the                directors; |
|--|-----|-------------------------------------------------------------------------------|

|  | (3) | proposed                by the supervisory committee; |
|--|-----|-------------------------------------------------------|

|  | (4) | considered                necessary by the Chairman of the Board of                Directors; |
|--|-----|-----------------------------------------------------------------------------------------------|

|  | (5) | proposed                by more than half of the independent                directors; |
|--|-----|----------------------------------------------------------------------------------------|

|  | (6) | proposed                by the General Manager; |
|--|-----|-------------------------------------------------|

|  | (7) | requested                to be convened by the securities regulatory                organ. |
|--|-----|--------------------------------------------------------------------------------------------|

----

| **Article                172** | Notice                of meetings and special meetings of the Board of Directors shall                be                delivered by the means and at the times as                follows: |
|--------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (1) | No                notice is required if the timing and venue of the meetings have been                decided by the Board of Directors in                advance. |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (2) | If                the Board of Directors has not decided the timing and venue of the                meetings, the chairman shall, though the board secretary, deliver                notices                of the meetings to all directors and the chairman of the supervisory                committee by email, telegraph, facsimile, express delivery service,                registered mail or by specially-assigned person at least ten days                before                the meetings. |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (3) | Such                notices shall be in Chinese, with English version when necessary,                and                shall include the meeting agendas. |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (4) | Where                it is necessary to convene a special board meeting, a notice shall                be                given to all directors by telephone, telegraph or facsimile at least                eight                hours in advance. |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article                173** | Notice                  of a board meeting shall                  contain: |
|--------------------------------|----------------------------------------------------------------------------|

|  | (1) | the                date and venue of the meeting; |
|--|-----|---------------------------------------------------|

|  | (2) | the                method for which the meeting is held                and the duration of the meeting; |
|--|-----|---------------------------------------------------------------------------------------------------------|

|  | (3) | the                matters to be discussed (the                agendas); |
|--|-----|--------------------------------------------------------------------------|

|  | (4) | the                convener and the chairman of the meeting, the person who proposes                the                special board meeting and his/her written                proposal; |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (5) | the                date of the notice. The materials necessary for the directors to                vote in                the meeting; |
|--|-----|----------------------------------------------------------------------------------------------------------------------------------------|

|  | (6) | the                request for the personal attendance of the directors or the attendance                through the appointment of an alternate                director; |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (7) | the                contact person and the method of                contact. |
|--|-----|-----------------------------------------------------------------------------|

| **Article                  174** | Board                    meetings shall be held only if more than half of the directors                    are                    present. Each director shall have one vote. A resolution of the                    Board of                    Directors must be passed by more than half of all the                    directors. |
|----------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| **Article                175** | If                  any director who attends the meeting but has not stated before                  or upon                  attendance that he has not received the notice of the meeting,                  such                  director shall be deemed to have received the notice of the                  meeting. |
|--------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article                176** | Any                regular or special board meeting may be held by way of telephone                conference or similar communication equipment so long as all directors                participating in the meeting can clearly hear and communicate with                each                other. All such directors shall be deemed to be present in person                at the                meeting. |
|--------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article              177** | For                matters which need to be approved at a special board meeting, in                lieu of                convening a board meeting, a written resolution may be adopted by                the                Board if such resolution has been sent to all members of the Board                and                affirmatively signed and adopted by the number of directors necessary                to                make such a decision as stipulated in Article                 174. |
|------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article                178** | Directors                shall attend any board meeting in person. Where a director is unable                to                attend for some reasons, he or she may authorise in writing another                director to attend the board meeting on his behalf. The instrument                of                proxy shall specify the name of the proxy, the matters to be authorised,                scope of authorisation and the validity period, and the proxy shall                sign                on or affix a chop to such instrument. The director attending the                meeting                for another director shall exercise the rights of the latter director                within the scope of authorisation. Any director who is unable to                attend a                particular board meeting and has not authorised a proxy to attend                on his                behalf shall be deemed as waiving the right to vote at that                meeting. |
|--------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article                179** | The                Board of Directors shall keep minutes of its decisions on the matters                considered. Directors attending the meeting and the person taking                the                minutes shall sign their names on the minutes of the meeting. Directors                shall be responsible for the resolutions of the board meetings. Where                a                resolution of the board meetings violates laws, administrative regulations                or Articles of Association and causes serious losses to the Company,                the                directors who took part in such a resolution shall be liable to compensate                the Company. However, if a director can prove that he had expressed                his                opposition to such resolution when it was put to the vote, and such                opposition is recorded in the minutes of the meeting, the director                may be                relieved of such liability. |
|--------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| **Article                180** | The                resolutions of all board meetings shall be recorded and filed in                Chinese.                The Board of Directors shall keep minutes of resolutions passed at                board                meetings. The minutes shall be signed by directors present at the                meetings                and presented to all directors for examination as soon as possible                after                the meetings. Any director who intends to amend the minutes shall                within                six working days after receiving the same submit his proposed amendments                in written to the chairman. |
|--------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article                181** | The                completed and approved minutes shall be signed by the chairman and                the                attending directors (including the proxies) and the board secretary.                A                complete copy of the minutes shall be sent to every directors as                soon as                possible. |
|--------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article                182** | The                minutes of meetings shall contain the following                information: |
|--------------------------------|------------------------------------------------------------------------------------------------|

|  | (1) | The                date, venue and the name of the convener of the                meeting; |
|--|-----|--------------------------------------------------------------------------------------------|

|   |   |
|--------|--------|
|  | (2) | Names                of the directors attending the board meeting in person and as                proxies; |
|--|-----|------------------------------------------------------------------------------------------------------------|

|  | (3) | Agendas                of the meetings; |
|--|-----|-----------------------------------------|

|  | (4) | Summary                of the statements made by the                directors; |
|--|-----|--------------------------------------------------------------------------------|

|  | (5) | The                method and result of voting for every resolution (with the number                of votes                for and against the resolution and the number of abstained                votes. |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article                183** | Directors                of the Company are natural persons. A person shall be disqualified                from                being a director of the Company in any one of the following                circumstances: |
|--------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (1) | The                individual has no capacity to undertake civil liabilities or restricted                capacity to undertake civil                liabilities; |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (2) | A                period of five years has not yet elapsed since the penalisation on                conviction of corruption, bribery, unauthorised taking of properties,                misappropriation of properties or disrupting social and economic                order; or                a period of five years has not yet elapsed since being deprived of                political rights for commission of                offences; |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (3) | A                period of three years has not yet elapsed since the completion of                the                liquidation of any company or enterprise which was insolvent due                to                unsound business operation and management and where the person acted                as a                director, factory manager or manager of such company or enterprise                and was                personally liable for such                insolvency; |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | (4) | A                period of three years has not yet elapsed since revocation of the                business                license of a company or enterprise due to illegal business operations                where the person was the legal representative of such company or                enterprise and for which he was personally                liable; |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (5) | The                person is personally liable for a substantial loan which was due                for                payment but remains unpaid; |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (6) | The                person has been involved in criminal offences subject to investigation                by                judicial authorities and the case has yet been                settled; |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (7) | The                person is not eligible for acting in the leadership of a company                or                enterprise according to laws or administrative                regulations; |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (8) | The                person is not a natural person; |
|--|-----|----------------------------------------------------|

|  | (9) | A                period of five years has not yet elapsed since the person was adjudged                by                the relevant governing authority to be guilty of contravention of                provisions of securities regulations involving fraud or                dishonesty; |
|--|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (10) | Currently                being barred by the China Securities Regulatory Commission from                participating in the securities market; |
|--|------|-------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (11) | Other                stipulations of laws, administrative regulations rules or departmental                rules. |
|--|------|-------------------------------------------------------------------------------------------------------------------|

| **Article                184** | Directors                shall be elected and replaced at the shareholders’ general meeting, with a                term of office of three years. Directors (Including alternate directors)                shall have a term commencing on the date of the resolutions of the                shareholders’ general meeting and expiring upon conclusion of the tenure                of the existing Board of Directors. Upon expiry of his term, a director                shall be eligible for re-election. |
|--------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| **Article                185** | Directors                shall be abided by laws, administrative rules and Articles of Association,                and owe to the Company the following faithful                obligations: |
|--------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (1) | Not                to abuse their authority of office to obtain bribes or other illegal                income and not to misappropriate the property of the                Company; |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (2) | Not                to misappropriate the capital of the                Company; |
|--|-----|---------------------------------------------------------------------------------|

|  | (3) | Not                to deposit assets or capital of the Company in any accounts which                are                opened in their own name or in the names of other                persons; |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (4) | Not                to act in violation of Articles of Association and lend the Company’s                capital to others or provide guarantee to others by charging the                Company’s                assets before obtaining consent at the shareholders’ general meetings or                at board meetings; |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (5) | Not                to enter into contracts or transactions with the Company in violation                of                Articles of Association or before obtaining consent in the shareholders’                general meeting; |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (6) | Not                to use their position to obtain for themselves or others business                opportunities which originally belonged to the Company, or to run                themselves or others business which is in the Company’s business line,                before obtaining consent at the shareholders’ general                meeting; |
|--|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (7) | Not                to gain for themselves commissions in transactions of the                Company; |
|--|-----|------------------------------------------------------------------------------------------------------|

|  | (8) | Not                to disclose the secrets of the Company without                consent; |
|--|-----|-------------------------------------------------------------------------------------------|

|  | (9) | Not                to use their connections to hurt the interests of the                Company; |
|--|-----|--------------------------------------------------------------------------------------------------|

|  | (10) | To                be bound by other obligations stipulated by laws, administrative                regulations, departmental rules and Articles of                Association. |
|--|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| **Article                186** | The                directors shall be abided by laws, administrative rules and Articles                of                Association, and owe to the Company the following diligence                obligations: |
|--------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (1) | They                shall exercise the rights granted by the Company with care and diligence                to ensure that the Company’s commercial activities are in compliance with                laws, administrative rules and the requirements of all economic policies                of the country and that its commercial activities have not gone beyond                the                scope stipulated in the business                license; |
|--|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (2) | They                shall treat all shareholders                equally; |
|--|-----|--------------------------------------------------------------------------|

|  | (3) | They                shall have a good knowledge of the Company’s business                operation; |
|--|-----|-----------------------------------------------------------------------------------------------------------|

|  | (4) | They                are required to sign the written confirmation of the Company’s regular                report. They shall ensure the information disclosed by the Company                is                true, accurate and complete; |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (5) | They                shall inform the supervisory committee of the truth and are not allowed                to                obstruct the supervisory committee or supervisors from exercising                their                powers; |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (6) | They                are bound by other diligence obligations stipulated by laws,                administrative regulations, departmental rules and Articles of                Association. |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article                187** | Directors                shall be elected by the shareholders’ general meeting from the Board of                Directors or candidates nominated by shareholders representing 5%                (including the 5%) or more of the issued shares. At least seven days’                notice of nomination of a candidate for election as a director and                particulars of such candidate shall be given to the Company, and                such                seven days period shall start no sooner than the first day after                the date                of giving the notice and end no later than seven days prior to the                date of                such shareholders’ general meeting. |
|--------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| **Article                188** | The                election of directors shall be based on a cumulative voting system.                During                the election, each share held by shareholders attending the general                meeting shall have the same voting rights as the number of director’s                candidates. Each shareholder may cast all his votes to a single candidate                or spread his votes among different candidates, provided that the                cumulative votes cast shall not exceed the total number of votes                held by                that shareholder. The directors shall be elected according to the                number                of votes cast for them. The number of votes obtained by the director’s                candidates shall exceed half of the voting rights represented by                the                persons attending the shareholders’ general                meeting. |
|--------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article                189** | A                director who fails to attend in person and does not entrust other                directors to attend two consecutive board meetings shall be deemed                as                unable to perform his duties. The Board of Directors shall propose                to the                shareholders’ general meeting to remove such                director. |
|--------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article                190** | A                director may resign before the expiration of his term. The resigning                director shall submit to the Board of Directors a notice of resignation.                The Board of Directors shall disclose the relevant information within                two                days. |
|--------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| **Article                191** | Upon                the resignation taking effect or the expiry of the term of office                of a                director, such director shall duly complete all handover. The fiduciary                duties owed by such director to the Company and the shareholders                will not                be released for certain before or within a reasonable period of time                after                the resignation takes effect and upon the expiry of his term of office.                The obligation of confidentiality of such director in relation to                the                commercial secrets of the Company remains effective after the term                of such                director ends until such commercial secrets become public information.                The                continuity of other obligations shall be determined on the principle                of                fairness, and dependent on the length of time between the incident                occurs                and the resignation, as well as the conditions and circumstances                under                which the director terminates his relationship with the                Company. |
|--------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article                192** | Without                stipulation by Articles of Association or lawful authorisation by                the                Board of Directors, no director shall in his own name act for the                Company                or the Board of Directors. Where a director acts in his own name                but a                third party reasonably believes that such director is acting for                the                Company or the Board of Directors, such director shall declare in                advance                his position and status. |
|--------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article                193** | Where                an executive director violates any laws, administrative regulations,                departmental rules or the provisions of Articles of Association in                the                course of performing his duties and causes loss to the Company, such                executive director shall be liable for                compensation. |
|--------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article                194** | The                Company shall have independent directors. The independent directors                shall                have no other position in the Company (other than as director of                the                Company), and shall not be in any relationship with the Company or                its                major shareholders that will impair their independent and objective                judgment. |
|--------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| **Article                195** | One                third or more of the members of the Board of Directors shall be                Independent Directors, of which at least one independent director                shall be                an accounting professional. Independent directors shall carry out                their                duties honestly and faithfully, protect the Company’s interest and in                particular prevent encroachment of the rights and interests of public                shareholders. |
|--------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article                196** | An                independent director shall meet the following                requirements: |
|--------------------------------|----------------------------------------------------------------------------------------------|

|  | (1) | He                shall be qualified as a director of a listed company according to                the                laws, administrative rules and other relevant rules of the jurisdiction                where the Company’s shares are                listed; |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (2) | He                shall have the basic knowledge of operating a listed company, and                is well                acquainted with the relevant laws, administrative rules and other                rules                and regulations; |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (3) | He                shall have at least five years of experience in the legal or economic                field, or other experience necessary for performance of his duties                as an                independent director; |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (4) | Other                conditions set forth in Articles of                Association. |
|--|-----|--------------------------------------------------------------------------------------|

| **Article                197** | The                following persons shall not be independent directors of the                Company: |
|--------------------------------|--------------------------------------------------------------------------------------------------------|

|  | (1) | Persons                who are employed by the Company or its subsidiaries, or direct and                close                relatives thereof (direct relatives mean spouses, parents, and offspring,                and close relatives include siblings, father-in-law and mother- in-law,                daughter-in-law and son-in-law, brother-in-law and sister-in-law,                and the                siblings of the spouses); |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (2) | Natural                persons who hold directly or indirectly more than 1% of the Company’s                issued shares, or who are among the top ten shareholders of the Company,                and direct relatives thereof; |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (3) | Persons                employed by company shareholders which hold directly or indirectly                more                than 5% of the issued shares of the Company or are among the top                five                shareholders of the Company, and direct relatives                thereof; |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (4) | Persons                who fell under any of the above three categories in the past one                year; |
|--|-----|--------------------------------------------------------------------------------------------------------------|

----

|  | (5) | Persons                who provide financial, legal or consultation services to the Company                or                any of its subsidiaries; |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (6) | Other                persons specified in Articles of                Association; |
|--|-----|-----------------------------------------------------------------------------------|

|  | (7) | Other                persons specified by the China Securities Regulatory                Commission. |
|--|-----|------------------------------------------------------------------------------------------------------|

| **Article                198** | Independent                directors owe a duty of fiduciary and diligence to the Company and                its                shareholders. They shall perform their duties in accordance with                the                relevant laws and regulations and Articles of Association, and shall                protect the interests of the Company and in particular prevent                encroachment of the rights and interests of minority                shareholders. |
|--------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article                199** | Nomination,                election and replacement of independent                directors |
|--------------------------------|---------------------------------------------------------------------------------------------|

|  | (1) | The                Board of Directors, the supervisory committee, and shareholder(s)                who                alone or jointly with other persons hold(s) more than 1% of the issued                shares of the Company shall have the right to nominate candidates                as                independent directors, and the nominated candidates shall become                independent directors by election at a shareholders’ general                meeting. |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (2) | The                nominator shall have the approval of the proposed candidate for the                nomination before making a nomination. The nominator shall have adequate                knowledge of the profession, education, professional title and detailed                work experience of the nominee as well as status of all his part-time                jobs. The nominator shall also comment on the qualification and                independence of the nominee as an independent director. The nominee                shall                make a public statement disclaiming any relationship between him                and the                Company that will affect his independent judgment. Before the shareholders                meeting for the election of independent directors, the Company’s Board of                Directors shall announce the above information in accordance with                the                relevant provisions. |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | (3) | Before                convening the shareholders’ general meeting for the election of                independent directors, the Company shall submit the written opinion                of the                Board, and the relevant materials of all the nominees to the China                Securities Regulatory Commission and its local office as well as                the stock                exchange at which the Company’s shares are listed. Dissenting opinions of                the Board with regard to the nominees shall also be submitted. Nominees                of                independent directors objected by China Securities Regulatory Commission                may be candidates of the directors of the Company but not as candidates                of                independent directors of the Company. At the shareholders’ general meeting                for the election of independent directors, the Board of Directors                shall                make clear whether the nominees of independent directors are objected                to                by China Securities Regulatory                Commission. |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (4) | The                terms of office of the independent directors are the same as those                of                other directors. Successive terms are allowed upon the expiration                of the                term, but may not be extended to more than six                years. |
|--|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (5) | An                independent director who fails to attend in person two consecutive                board                meetings shall be deemed as unable to perform his duties and shall                be                replaced upon the proposal of the Board to the shareholders’ general                meeting. An independent directors shall not be dismissed without                a                justification before the expiration of his term, unless the above                condition or any of the conditions specifying the disqualification                of a                director under the Company Law has occurred. When an independent                director                is dismissed, the Company shall disclose the dismissal as a special                disclosable matter and shall give reasons for the dismissal. The                independent director may make a public statement if he thinks that                such a                dismissal is without justification. |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (6) | Independent                directors may resign before the expiration of their terms. A resigning                independent director shall submit written resignation to the Board                of                Directors. The written resignation shall contain explanations on                matters                related to his resignation or any other matters which in his opinion,                should be brought to the notice of the shareholders and creditors                of the                Company. If the resignation of an independent director results in                the                number of independent shareholders or the number of directors constituting                the Board of Directors to fall below the quorum or the number required                under Articles of Association, the written resignation of such directors                shall become effective only when the vacancy arising from his resignation                has been filled by a new independent director. The Board of Directors                shall convene a shareholders’ general meeting to re-elect an independent                director within two months. If it is expected that no shareholders’                general meeting will be convene, the independent director may cease                performing his duty. |
|--|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| **Article                200** | Rights                and obligations of independent                Directors |
|--------------------------------|-------------------------------------------------------------------------------|

|  | (1) | To                facilitate independent directors to perform their function more                efficiently, the independent directors shall have the following special                powers, in addition to having those powers granted by the Company                Law and                other relevant laws and regulations to                directors: |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 1. | Approve                connected transactions the aggregate consideration of which is in                compliance with the relevant provisions of the existing listing rules                and                other supervisory regulation in places where the Company is listed                and                approve the engagement or disengagement of accounting firms before                putting                forward the same for discussion by the Board of Directors. Before                the Independent Directors make a judgment, they may hire an intermediary                to issue an independent financial adviser report, which forms the                base of                their judgments; |
|--|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 2. | Propose                to the Board of Directors with respect to engaging or disengaging                accounting firms; |
|--|----|---------------------------------------------------------------------------------------------------------------------------|

|  | 3. | Propose                to the Board of Directors with respect to the convening of extraordinary                general meetings; |
|--|----|----------------------------------------------------------------------------------------------------------------------------------|

|  | 4. | Propose                the convening of board meetings; |
|--|----|---------------------------------------------------------|

|  | 5. | Engage                external auditing firms or consultancy                firms; |
|--|----|------------------------------------------------------------------------------------|

|  | 6. | Publicly                solicit and collect proxies before the convening of shareholders’ general                meetings. |
|--|----|----------------------------------------------------------------------------------------------------------------------------------|

|  | (2) | Independent                directors shall obtain the consent of over half of all the independent                directors in exercising any of the above powers, of which the power                referred to in clause (1) (v) of this Article shall be agreed by                all                independent directors. |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (3) | If                any of the above proposals has not been adopted or if any the above                powers                cannot be exercised, the Company shall disclose the relevant                information. |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (4) | Apart                from the powers of an ordinary director and the special powers of                an                independent director, an independent director shall comply with all                provisions in respect of the obligations of a director set forth                in                Articles of Association. |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| **Article                  201** | Independent                    directors shall provide their opinions on all the important matters                    of the                    Company. |
|----------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (1) | In                  addition to the above obligations, independent directors shall                  provide                  their independent opinions to the Board of Directors or the shareholders’                  general meeting on the following                  matters: |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 1. | Nomination,                  appointment and removal of                  directors; |
|--|----|-------------------------------------------------------------------------------------|

|  | 2. | Appointment                    and dismissal of senior administrative                    officers; |
|--|----|----------------------------------------------------------------------------------------------------|

|  | 3. | Remuneration                  of directors and senior administrative                  officers; |
|--|----|-------------------------------------------------------------------------------------------------|

|  | 4. | Newly                  occurred transactions, loans and other forms of fund transfer between                  the                  Company and its shareholders, actual controllers or their affiliates,                  the                  aggregate amount of which is in compliance with the relevant provisions                  of                  the existing listing rules and other supervisory regulations in                  places                  where the Company is listed, and whether the Company has taken                  effective                  measures to collect the amounts                  due; |
|--|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 5. | Matters                  which may harm the interests of the minority                  shareholders; |
|--|----|------------------------------------------------------------------------------------------------------|

|  | 6. | When                  the Board of Directors does not put forward a cash dividend                  plan; |
|--|----|----------------------------------------------------------------------------------------------------------|

|  | 7 | Matters                  relating to security provided to external parties by the Company; |
|--|---|--------------------------------------------------------------------------------------------|

|  | 8. | Other                  matters provided by Articles of                  Association. |
|--|----|--------------------------------------------------------------------------------------|

|  | (2) | The                  independent directors shall choose to provide any of the following                  opinions in respect of the above                  matters: |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 1. | Agree; |
|--|----|--------|

|  | 2. | Reserve                  opinion and the reasons therefor; |
|--|----|------------------------------------------------------------|

|  | 3. | Dissent                  and the reasons therefor; |
|--|----|----------------------------------------------------|

|  | 4. | Unable                  to comment and the reasons                  therefor. |
|--|----|-------------------------------------------------------------------------------|

|  | (3) | If                  the matters concerned fall under those which require disclosure,                  the                  company shall publicly disclose the opinions of the independent                  directors.                  If the independent directors cannot reach a consensus, the Company                  shall                  publicly disclose the opinions of each of the independent                  directors. |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| **Article                    202** | To                    ensure that independent directors will be able to perform their                    duties                    efficiently, the Company shall provide the following to the independent                    directors: |
|------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (1) | The                    Company shall ensure that independent directors have the same                    right of                    access to information as its other directors. With regard to                    matters that                    require board decision, the Company shall serve notice on the                    independent                    directors in advance within the prescribed time, and provide                    sufficient                    materials. If the independent directors take the view that the                    materials                    are insufficient, they may request for supplementary information.                    When two                    or more independent directors take the view that the materials                    are                    insufficient or are inadequately explained, they may, in writing,                    jointly                    propose to the Board for a postponement of the Board meeting                    or for a                    postponement of determination of the matters concerned. Such                    proposal                    shall be adopted by the Board. Materials provided by the Company                    to                    independent directors shall be kept by the Company and the independent                    directors for at least five years. |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (2) | The                    Company shall provide necessary working conditions to independent                    directors for the performance of their duties. The board secretary                    shall                    give independent directors the necessary assistance liaising                    with and                    coordinating the work of the independent directors, including                    (but not                    limited to) briefing them on the status of the Company and providing                    them                    with the relevant materials. The board secretary shall be responsible                    for                    handling the disclosure matters in connection with any independent                    opinions, proposal or written explanatory statements made or                    given by the                    independent directors which shall be                    disclosed. |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (3) | The                    Company and its relevant personnel shall actively cooperate with                    the                    independent directors when the latter perform their duties, and                    shall                    provide accurate information to the independent directors and                    shall not                    refuse to do so, or prevent the independent directors from access                    to                    information or withhold any information, or interfere with the                    independent                    directors when they are discharging their duties, or hide information                    from                    the independent directors. |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (4) | The                    expenses incurred as a result of the engagement by the independent                    directors of professional institutions because of the performance                    of their                    duties shall be borne by the                    Company. |
|--|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | (5) | The                    Company shall pay appropriate subsidies to the independent directors.                    The                    rate of such subsidies shall be proposed by the Board and approved                    by the                    shareholders’ general meeting, and shall also be disclosed in the                    Company’s annual report. |
|--|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article                    203** | The                    Company may set up several special committees according to the                    resolutions                    of shareholders’ general meeting (including strategy, audit, nomination,                    remuneration and evaluation, and independent board committees).                    Members of                    special committees shall all be directors. In the audit committee,                    the                    remuneration committee and the evaluation committee, the independent                    directors shall form the majority and shall be responsible for                    convening                    the committee meetings. In the auditing committee at least one                    independent                    director shall be an accounting                    professional. |
|------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article****204** | The                    special committees may engage intermediaries for professional                    advice, and                    the expenses incurred shall be borne by the                    Company. |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article                    205** | The                    special committees are accountable to the Board of Directors,                    and the                    proposals made by each of the special committees shall be submitted                    to the                    Board of Directors for examination and                    decision. |
|------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article                    206** | The                    chief powers and functions of each special committee shall be                    determined                    in accordance with the relevant regulations of the place where                    the Company                    is listed. |
|------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**CHAPTER            12 **
**SECRETARY            TO THE BOARD OF DIRECTORS OF THE COMPANY**

| **Article                    207** | The                    Company shall have a board secretary, who is a senior administrative                    officer of the Company. |
|------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------|

| **Article                    208** | The                    board secretary of the Company shall be a natural person who                    has the                    requisite professional knowledge and experience, and shall be                    appointed by                    the Board of Directors. The primary responsibilities of the board                    secretary are: |
|------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (1) | **to                    prepare for shareholders’ general meetings and board                    meetings;** |
|--|-----|-------------------------------------------------------------------------------------------------------------------|

|  | (2) | to                    ensure that Company has maintain complete constitution documents                    and                    records; |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------|

|  | (3) | to                    ensure that the Company prepares and delivers in accordance with                    law those                    reports and documents required by competent authorities entitled                    thereto; |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | (4) | to                    ensure that the Company’s registers of shareholders are properly                    maintained, and that persons entitled to the Company’s records and                    documents are furnished with such records and documents without                    delay; |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (5) | **to                    arrange for information disclosure and other                    affairs.** |
|--|-----|----------------------------------------------------------------------------------------------------|

| **Article                    209** | A                    director or other senior administrative officer of the Company                    may hold                    the office of board secretary concurrently. However, president,                    chief                    financial officer and the accountant(s) of the certified public                    accountant                    firm appointed by the Company shall not act as board                    secretary. |
|------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**CHAPTER            13 **
**PRESIDENT            OF THE COMPANY**

| **Article                    210** |  The                    Company shall have one president, who shall be appointed and                    dismissed by                    the Board of Directors. The term of office of the president is                    three                    years, which is the same as the Board of Directors, renewable                    upon                    re-election. The Company shall have a certain number of vice                    presidents                    who will assist the president in his work. The Board of Directors                    may                    decide that a member of the Board of Directors will concurrently                    act as                    the president. |
|------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article                    211** | The                    president shall be accountable to the Board of Directors and                    exercise the                    following functions and powers: |
|------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (1) | To                    be in charge of the Company’s production, operation and management and to                    organise the implementation of the resolutions of the Board of                    Directors; |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (2) | To                    organise the implementation of the Company’s annual business plan and                    investment plan; |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------|

|  | (3) | To                    draft plans for the establishment of the Company’s internal management                    structure; |
|--|-----|----------------------------------------------------------------------------------------------------------------------------------|

|  | (4) | To                    establish the Company’s basic management                    system; |
|--|-----|-------------------------------------------------------------------------------------------------|

|  | (5) | To                    formulate basic rules and regulations for the                    Company; |
|--|-----|-------------------------------------------------------------------------------------------------|

|  | (6) | To                    propose the appointment or dismissal of the Company’s vice president(s)                    and financial controller; |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | (7) | To                    appoint or dismiss management personnel other than those required                    to be                    appointed or dismissed by the Board of                    Directors; |
|--|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (8) | Other                    powers conferred by Articles of Association and the Board of  Directors. |
|--|-----|--------------------------------------------------------------------------------------------------------|

| **Article                    212** | The                    president may be present at meetings of the Board of Directors.                    The                    president has no voting rights at the board meetings unless he                    is also a                    director. |
|------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article                    213** | The                    president and vice presidents, in exercising their functions                    and powers,                    shall act honestly and diligently in accordance with laws, administrative                    regulations, Articles of Association and the requirements of                    the rules of                    working procedures of the Company’s president. The president and vice                    presidents shall not, in exercising their functions and powers,                    vary the                    resolutions of shareholders’ general meetings and Board meetings or exceed                    the scope of their authorities. In the event that president and                    vice                    presidents violate any laws, regulations and Articles of Association                    resulting in losses to the Company, the Board of Directors shall                    pursue                    their legal liabilities. |
|------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article                    214** | The                    president shall prepare the rules of working procedures for approval                    by                    the Board before implementation. The working procedures of president                    contain the following: |
|------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (1) | Requirements                    for the convening of, procedures for, and persons attending to                    the                    president meeting; |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (2) | Respective                    duties and responsibilities and division of work of president                    and other                    senior administrative officers; |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (3) | Scope                    of power of using the funds and assets of the Company and entering                    into                    material contracts, and the system of reporting to the Board                    and the                    supervisory committee; |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (4) | Other                    matters deemed necessary by the                    Board. |
|--|-----|------------------------------------------------------------------------------------|

| **Article                    215** | The                    president may resign before expiration of his term of office.                    The specific                    procedures and measures are subject to the related articles of                    the service                    contract between the president and the                    Company. |
|------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article                    216** | The                    Board of the Company appoints other senior administrative officers                    based                    on the nomination of the president. |
|------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| **Article                    217** | Article                    182 of Article of Association in relation to the eligibility                    of the                    directors also applies to other senior administrative officers;                    article                    184 in relation to the fiduciary obligations of directors and                    clauses (4)                    to (6) of Article 185 concerning the diligence obligations also                    apply to                    the senior administrative officers of the                    Company. |
|------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article                    218** |  For                    loss borne by the Company due to the breach of laws, administrative                    regulations, departmental rules and Articles of Association by                    the senior                    administrative staff in the course of performing their duties,                    the                    responsible person shall bear the                    liabilities. |
|------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**CHAPTER            14**
** SUPERVISORY            COMMITTEE**

| **Article                    219** | The                    Company shall have a supervisory committee. The supervisory committee                    shall be composed of five supervisors, one of which shall be                    the chairman.                    The chairman of the supervisory committee is subject to election                    or                    removal with the consent of two thirds or more of the members                    of the                    supervisory committee. The chairman of the supervisory committee                    shall                    convene and preside over meetings of the supervisory committee.                    When the                    chairman of supervisory committee is unable or fails to perform                    this                    duties, a supervisor shall be elected by half or more of the                    supervisors                    to convene and preside over meetings of the supervisory                    committee. |
|------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article                    220** | The                    supervisory committee shall comprise of representatives of shareholders                    and the Company’s staff and workers. Two of them shall be representatives                    of the staff and workers. Supervisors representing shareholders                    shall be                    elected by the shareholders’ general meeting from the supervisory                    committee or from the candidates nominated by shareholders representing                    over 5% (including 5%) of shares of the Company. Notice of nomination                    of                    candidates and the candidates’ written agreement to accept the nomination                    shall be sent to the Company seven days before the shareholders’ general                    meeting. |
|------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| **Article                    221** |  Meetings                    of the supervisory committee shall be held at least once every                    six months                    every year, and shall be convened by the chairman of the supervisory                    committee. Notice of meeting shall be sent to each supervisor                    in writing                    ten days before the meeting. The notice shall include the date,                    venue,                    duration, reasons and topics of the meeting and the date on which                    the                    notice is sent. If for any reason the meeting of the supervisory                    committee                    cannot be convened as scheduled, an announcement shall be made                    to explain                    the reasons. |
|------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (1) | it                    is proposed by supervisors; |
|--|-----|---------------------------------------------------|

|  | (2) | a                    resolution in violation of the laws, the regulations, the statutes,                    the                    provisions and requirements of the supervisory department, the                    Memorandum                    and Article of Association, the resolution of shareholders’ meeting and                    other relevant requirements is passed in the general meeting                    or in board                    meeting; |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (3) | possible                    material damages to the Company or adverse impact to the market                    are caused                    by the inappropriate behavior of the director and the senior                    management; |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (4) | the                    Company, the director, the supervisor or the senior management                    is sued by                    shareholders; |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (5) | the                    Company, the director, the supervisor or the senior management                    is punished                    by the securities regulatory organ or is condemned by Shanghai                    Stock                    Exchange; |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (6) | a                    request is made by the securities regulatory                    organ. |
|--|-----|---------------------------------------------------------------------------------------------|

| **Article                    222** |  The                    supervisory committee shall be accountable to entire shareholders                    and                    exercise the following functions and powers in accordance with                    law: |
|------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (1) | To                    examine the Company’s financial                    situation; |
|--|-----|-------------------------------------------------------------------------------------------|

|  | (2) | To                    check whether the directors, president and other senior administrative                    officers have violated any laws, administrative regulations and                    Articles                    of Association in the course of performing their                    duties; |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (3) | To                    demand rectification from the directors, president or other senior                    administrative officers when the acts of such persons are harmful                    to the                    Company’s interest; |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (4) | To                    check the financial information such as the financial report,                    business                    report and plans for distribution of profits to be submitted                    by the Board                    of Directors to the shareholders’ general meetings and, should any queries                    arise, to authorises in the name of the Company public certified                    accountants and practising auditors to re-examine the financial                    information; |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (5) | To                    propose the convening of extraordinary general                    meeting; |
|--|-----|--------------------------------------------------------------------------------------------------|

|  | (6) | To                    represent the Company in negotiation with or bringing an action                    against a                    director; |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (7) | Other                    functions and powers specified in Articles of Association. Members                    of the                    supervisory committee shall attend as non-voting members at meetings                    of                    the Board of Directors. |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| **Article                  223** | Method                    of discussion and voting procedures of the supervisory committee                    shall                    follow the rules of procedures of the supervisory committee.                    The rules of                    procedures of the supervisory committee, as an appendix of Articles                    of                    Association, shall be drafted by the supervisory committee and                    approved by                    the shareholders’ general                    meeting. |
|----------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article                  224** | Resolutions                    of the supervisory committee shall be passed by half or more                    of all of its                    members. |
|----------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article                    225** | Notice                    of supervisory committee meetings shall                    contain: |
|------------------------------------|-----------------------------------------------------------------------------------------------|

|  | (1) | the                    date and venue of the meeting; |
|--|-----|-------------------------------------------------------|

|  | (2) | the                    matters to be discussed (the                    agendas); |
|--|-----|----------------------------------------------------------------------------------|

|  | (3) | the                    convener and the chairman of the meeting, the person who proposes                    the                    special meeting and his/her written                    proposal; |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (4) | the                    materials necessary for the supervisors to vote in the                    meeting; |
|--|-----|-----------------------------------------------------------------------------------------------------------|

|  | (5) | the                    request for the personal attendance of the                    supervisors; |
|--|-----|---------------------------------------------------------------------------------------------------|

|  | (6) | the                    contact person and the method of                    contact. |
|--|-----|-------------------------------------------------------------------------------------|

| **Article                  226** | The                    supervisory committee meetings shall keep minutes of meeting.                    Supervisors                    present at the meeting and the person taking the minutes shall                    sign on the                    meeting minutes. Supervisors can request to have the speech they                    make in                    the meeting recorded in the minutes. The meeting minutes of supervisory                    committee shall be safely and properly kept as an important file                    of the                    Company. **The** meeting minutes of supervisory committee                    shall be kept as a file of the Company for ten                    years. |
|----------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article                  227** | All                    reasonable fees incurred in respect of the employment of professionals                    such as lawyers, certified public accountants or practicing auditors                    by                    the supervisory committee in exercising its functions and powers                    shall be                    borne by the Company. |
|----------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article                  228** | Supervisors                    shall be elected and removed by the shareholders’ general meeting with a                    term of office of three years. Supervisors (including by-elected                    supervisors) shall have a term commencing on the date of the                    resolution of                    the shareholders’ general meeting or the staff and workers representative                    meeting and expiring upon conclusion of the tenure of the supervisory                    committee. Upon expiry of his term, a supervisor shall be eligible                    for                    re-election. |
|----------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article                  229** | Supervisors                    shall carry out their duties honestly and faithfully in accordance                    with                    laws, administrative regulations and Articles of Association.                    Supervisors                    shall not abuse their authority of office to obtain bribes or                    other                    illegal income and not to misappropriate the property of the                    Company. |
|----------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article                      230** | Where                        no re-election is made in time upon expiry of the term of                        a supervisor, or                        any supervisors resigns resulting in the number of members                        of the                        supervisory committee below the statutory number, the original                        supervisor                        shall, prior to a new supervisor entering on the office,                        continue to                        perform his duties as a supervisor in accordance with laws,                        administrative                        regulations and Articles of                        Association. |
|--------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article                      231** | Supervisors                        shall ensure that the information disclosed by the Company                        is true,                        accurate and complete. |
|--------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| **Article                    232** |  Supervisors                    shall attend as nonvoting members meetings of the Board of Directors                    and                    have the right to inquire or put forward suggestions on resolutions                    of the                    Board of Directors. |
|------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article                    233** | Supervisors                    shall not exploit their Connected Relationship with the Company                    to harm                    the interests of the Company. If they have violated such provision                    and                    caused damage to the company, they are liable for                    compensation. |
|------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article                    234** |  Directors,                    president and other senior administrative officers of the Company                    shall                    not act concurrently as                    supervisors. |
|------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article                  235** | Where                    a supervisor violates any laws, administrative regulations, departmental                    rules or the provisions of Articles of Association in the course                    of                    performing his duties and causes loss to the Company, such supervisor                    shall be liable for compensation. |
|----------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**CHAPTER            15 **
**QUALIFICATIONS            AND DUTIES OF THE DIRECTORS, SUPERVISORS, PRESIDENT AND OTHER SENIOR            ADMINISTRATIVE OFFICERS OF THE COMPANY**

| **Article                    236** | A                    person may not serve as a director, supervisor, president and                    other senior                    administrative officers of the Company if any of the circumstances                    of                    Article 183 in Articles of Association                    applies. |
|------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article                  237** | The                    validity of an act of a director, president or other senior administrative                    officer on behalf of the Company is not, vis-a-vis a bona fide                    third                    party, affected by any irregularity in his office, election or                    any defect                    in his qualification. |
|----------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article                  238** | In                    addition to the obligations imposed by laws, administrative regulations                    or                    required by the listing rules of the stock exchange on which                    shares of the                    Company are listed, each of the Company’s directors, supervisors,                    president and other senior administrative officers owes a duty                    to each                    shareholder, in the exercise of the functions and powers of the                    Company                    entrusted to him: |
|----------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (1) | Not                    to cause the Company to exceed the scope of business stipulated                    in its                    business license; |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (2) | To                    act honestly in the best interests of the                    Company; |
|--|-----|---------------------------------------------------------------------------------------------|

|  | (3) | Not                    to expropriate in any guise the Company’s property, including but not                    limited to usurpation of opportunities advantageous to the                    Company; |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | (4) | Not                    to expropriate the individual rights of shareholders, including                    but not                    limited to rights to distribution and voting rights, save pursuant                    to a                    restructuring of the Company submitted to shareholders for approval                    in                    accordance with Articles of                    Association. |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article                  239** | Each                    of the Company’s directors, supervisors, president and other senior                    administrative officers owes a duty, in the exercise of his powers                    and                    discharge of his obligations, to exercise the care, diligence                    and skill                    that a reasonably prudent person would exercise in comparable                    circumstances. |
|----------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article                  240** | Each                    of the Company’s directors, supervisors and any other senior                    administrative officers shall exercise his powers or perform                    his duties in                    accordance with the principle of fiduciary; and shall not put                    himself in a                    position where his duty and his interest may conflict. This principle                    applies to include but not limited to discharging the following                    obligations: |
|----------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (1) | To                    act honestly in the best interests of the                    Company; |
|--|-----|---------------------------------------------------------------------------------------------|

|  | (2) | To                    exercise powers within the scope of his powers and not to exceed                    those                    powers; |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------|

|  | (3) | To                    exercise the discretion vested in him personally and not to allow                    himself                    to act under the control of another and, unless and to the extent                    permitted by laws, administrative regulations or with the informed                    consent                    of shareholders given in shareholders’ general meeting, not to delegate                    the exercise of his discretion; |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (4) | To                    treat shareholders of the same class equally and to treat shareholders                    of                    different classes fairly; |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (5) | Except                    in accordance with Articles of Association or with the informed                    consent of                    shareholders given in shareholders’ general meeting, not to enter into any                    contract, transaction or agreement with the                    Company; |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (6) | Without                    the informed consent of shareholders given in shareholders’ general                    meeting, not to use the Company’s property for his own                    benefit; |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (7) | Not                    to exploit his position to accept bribes or other illegal income                    or                    expropriate the Company’s property by any means, including but not limited                    to opportunities advantageous to the                    Company; |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | (8) | Without                    the informed consent of shareholders given in shareholders’ general                    meeting, not to accept commissions in connection with the Company’s                    transactions; |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (9) | To                    abide by Articles of Association, perform his official duties                    faithfully                    and protect the Company’s interests, and not to exploit his position and                    power in the Company to advance his own private                    interests; |
|--|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (10) | Not                    to compete with the Company in any way unless with the informed                    consent of                    shareholders given in shareholders’ general                    meeting; |
|--|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (11) | Not                    to misappropriate the Company’s funds or lend such funds to others, not to                    open accounts in his own name or other names for the deposit                    of the                    Company’s assets and not to provide a guarantee for debts of a shareholder                    of the Company or other individual(s) with the Company’s                    assets; |
|--|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (12) | Unless                    otherwise permitted by informed shareholders in shareholders’ general                    meeting, to keep in confidence information acquired by him in                    the course                    of and during his tenure and not to use the information other                    than in                    furtherance of the interests of the Company, save that disclosure                    of such                    information to the court or other governmental authorities is                    permitted                    if: |
|--|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 1. | disclosure                    is made under compulsion of law; |
|--|----|----------------------------------------------------------------|

|  | 2. | the                    interests of the public require                    disclosure; |
|--|----|---------------------------------------------------------------------------------------|

|  | 3. | the                    interest of the relevant director, supervisor, president or other                    senior                    administrative officers require                    disclosure. |
|--|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article                  241** | Each                    director, supervisor, president and any other senior administrative                    officer of the Company shall not cause the following persons                    or                    institutions (“associates”) to do what he is prohibited from                    doing: |
|----------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (1) | The                    spouse or minor child of that director, supervisor, president                    and other                    senior administrative officer; |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (2) | A                    person acting in the capacity of trustee of that director, supervisor,                    president or other senior administrative officer or any person                    referred to                    in clause (1) of Article 240; |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (3) | A                    person acting in the capacity of partner of that director, supervisor,                    president or other senior administrative officer or any person                    referred to                    in clauses (1) and (2) of Article                    240; |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | (4) | A                    company in which that director, supervisor, president or other                    senior                    administrative officer, alone or jointly with one or more persons                    referred                    to in clause (1) to (3) of Article 240 and other directors, supervisors,                    president and other senior administrative officers have a de                    facto                    controlling interest; |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (5) | The                    directors, supervisors, president and other senior administrative                    officers                    of the controlled company referred to in clauses (4) of Article                    240. |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article                  242** | The                    fiduciary duties of the directors, supervisors, president and                    other senior                    administrative officers of the Company do not necessarily cease                    with the                    termination of their tenure. The duty of confidentiality in relation                    to                    trade secrets of the Company survives the termination of their                    tenure.                    Other duties may continue for such period as fairness may require                    depending on the time lapse between the termination and the act                    concerned                    and the circumstances under which the relationships between them                    and the                    Company are terminated. |
|----------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article                  243** | Except                    as provided in Article 69 hereof, a director, supervisor, president                    and                    any other senior administrative officer of the Company may be                    relieved of                    liability for specific breaches of his duty by the informed consent                    of                    shareholders given at a shareholders’ general                    meeting. |
|----------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article                  244** | Where                    a director, supervisor, president and any other senior administrative                    officer of the Company is in any way, directly or indirectly,                    materially                    interested in a contract, transaction or arrangement or proposed                    contract,                    transaction or arrangement with the Company, (other than his                    contract of                    service with the Company), he shall declare the nature and extent                    of his                    interests to the Board of Directors at the earliest opportunity,                    whether                    or not the contract, transaction or arrangement or proposal therefor                    is                    otherwise subject to the approval of the Board of                    Directors. |
|----------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| **Article                  245** | Where                    a director, supervisor, president and other senior administrative                    officer                    of the Company gives to the Board of Directors a general notice                    in writing                    stating that, by reason of the facts specified in the notice,                    he is                    interested in contracts, transactions or arrangements of any                    description                    which may subsequently be made by the Company, that notice shall                    be deemed                    for the purposes of the preceding Article to be a sufficient                    declaration                    of his interests, so far as the content stated in such notice                    is                    concerned, provided that such general notice shall have been                    given before                    the date on which the question of entering into the relevant                    contract,                    transaction or arrangement is first taken into consideration                    on behalf of                    the Company. |
|----------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article                  246** | The                    Company shall not in any manner pay taxes for or on behalf of                    a director,                    supervisor, president and any other senior administrative                    officer. |
|----------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article                  247** | The                    Company shall not directly or indirectly make a loan to or provide                    any                    guarantee in connect with the making of a loan to a director,                    supervisor,                    president and other senior administrative officer of the Company                    or of the                    Company’s holding company or any of their respective associates. However,                    the following transactions are not subject to such                    prohibition: |
|----------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (1) | The                    provision by the Company of a loan or a guarantee of a loan to                    a company                    which is a subsidiary of the                    Company; |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (2) | The                    provision by the Company of a loan or a guarantee in connection                    with the                    making of a loan or any other funds to any of its directors,                    supervisors,                    president and other senior administrative officers to meet expenditure                    incurred or to be incurred by him for the purposes of the Company                    or for                    the purpose of enabling him to perform his duties properly, in                    accordance                    with the terms of a service contract approved by the shareholders                    in                    shareholders’ general meeting; |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (3) | The                    Company may make a loan to or provide a guarantee in connection                    with the                    making of a loan to any of the relevant directors, supervisors,                    president                    and other senior administrative officers or their respective                    associates in                    the ordinary course of its business on normal commercial terms,                    provided                    that the ordinary course of business of the Company includes                    the lending                    of money or the giving of                    guarantees. |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article                  248** | A                    loan made by the Company in breach of Article 247 shall be forthwith                    repayable by the recipient of the loan regardless of the terms                    of the                    loan. |
|----------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| **Article                    249** | A                    guarantee for repayment of loan provided by the Company in breach                    of                    Article 247 shall not be enforceable against the Company,                    unless: |
|------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (1) | the                    guarantee was provided in connection with a loan to an associate                    of any of                    the directors, supervisors, president and other senior administrative                    officers of the Company or of the Company’s holding company and at the                    time the loan was advanced the lender did not know the relevant                    circumstances; or |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (2) | the                    collateral provided by the Company has been lawfully disposed                    of by the                    lender to a bona fide purchaser. |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article                  250** | For                    the purpose of the foregoing provisions of this Chapter, a “guarantee”                    includes an undertaking or property provided to secure the performance                    of                    obligations by the obligor. |
|----------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article                  251** | In                    addition to any rights and remedies provided by the laws and                    administrative regulations, where a director, supervisor, president                    or                    other senior administrative officer of the Company is in breach                    of his                    duties to the Company, the Company has a right                    to: |
|----------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (1) | claim                    damages from the director, supervisor, president and other senior                    administrative officer in compensation for losses sustained by                    the Company                    as a result of such breach; |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (2) | rescind                    any contract or transaction entered into by the Company with                    the director,                    supervisor, president and other senior administrative officer                    or with a                    third party (where such third party knows or should know that                    there is                    such a breach of duties by such director, supervisor, president                    and other                    senior administrative officer); |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (3) | demand                    an account of the profits made by the director, supervisor, president                    and                    other senior administrative officer in breach of his                    duties; |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (4) | recover                    any monies received by the director, supervisor, president and                    other                    senior administrative officer which should otherwise have been                    received by                    the Company, including but not limited to commissions;                    and |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (5) | request                    such director, supervisor, president and other senior administrative                    officer to return the interests accrued or may be accrued on                    the monies                    which should have been paid to the                    Company. |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| **Article                  252** | The                    Company shall, with the prior approval of shareholders in shareholders’                    general meeting, enter into a contract in writing with a director                    or                    supervisor wherein his emoluments are stipulated. The aforesaid                    emoluments                    shall include: |
|----------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (1) | the                    emoluments in respect of his service as director, supervisor                    or senior                    administrative officer of the                    Company; |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (2) | the                    emoluments in respect of his service as director, supervisor                    or senior                    administrative officer of any subsidiary of the                    Company; |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (3) | the                    emoluments in respect of the provision of other services in connection                    with the management of the affairs of the Company and any of                    its                    subsidiaries; |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (4) | the                    payment by way of compensation for loss of office, or as consideration                    for                    or in connection with his retirement from                    office. |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article                  253** | The                    contract concerning the emoluments between the Company and its                    directors                    or supervisors should provide that in the event of a takeover                    of the                    Company, the Company’s directors and supervisors shall, subject to the                    prior approval of the shareholders in shareholders’ general meeting, have                    the right to receive compensation or other payment in respect                    of his loss                    of office or retirement. A takeover of the Company referred to                    in this                    paragraph means any of the                    following: |
|----------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (1) | An                    offer made by any person to all the                    shareholders; |
|--|-----|--------------------------------------------------------------------------------------------|

|  | (2) | An                    offer made by any person with a view to the offeror becoming                    a                    “controlling                    shareholder” within the meaning of Article                    70. |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article                  254** | With                    the approval of shareholders’ general meeting, the Company may buy                    liability insurance for directors, supervisors, president and                    other senior                    administrative officers of the Company with the exception of                    those                    liabilities resulting from violation of laws, regulations and                    Articles of                    Association. |
|----------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

**CHAPTER            16 **
**FINANCIAL            AND ACCOUNTING SYSTEMS, PROFIT DISTRIBUTION AND            AUDITING**

| **Article                  255** | The                    Company shall establish its financial and accounting systems                    in accordance                    with laws, administrative regulations and the PRC accounting                    standards                    formulated by the finance regulatory department of the State                    Council. |
|----------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article                  256** | At                    the end of each fiscal year, the Company shall prepare a financial                    report,                    which shall be examined and verified as provided by                    law. |
|----------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (1) | Balance                    sheet; |
|--|-----|-----------------------------------|

|  | (2) | Profit                    and loss statement; |
|--|-----|-----------------------------------------------|

|  | (3) | Statement                    of financial changes; |
|--|-----|----------------------------------------------------|

|  | (4) | Explanation                    of financial conditions; |
|--|-----|---------------------------------------------------------|

|  | (5) | Profit                    distribution statement. |
|--|-----|---------------------------------------------------|

| **Article                  257** | During                    each accounting year, the Board of Directors of the Company shall                    place                    before the shareholders at every annual general meeting such                    financial                    reports as are required by any laws, administrative regulations                    or                    directives promulgated by competent regional and central governmental                    authorities to be prepared by the                    Company. |
|----------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article                  258** | The                    Company’s financial reports shall be made available for shareholders’                    inspection at the Company twenty days before the date of every                    annual                    general meeting. Each shareholder shall be entitled to obtain                    a copy of                    the financial reports referred to in this                    Chapter. |
|----------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article                  259** | The                    financial statements of the Company shall, in addition to being                    prepared                    in accordance with the PRC accounting standards and regulations,                    be                    prepared in accordance with either international accounting standards,                    or                    that of the place outside the PRC where the Company’s shares are listed.                    If there is any material difference between the financial statements                    prepared respectively in accordance with the two accounting standards,                    such difference shall be stated in the financial statements.                    When the                    Company is to distribute its after-tax profits, the lower of                    the after-tax                    profits as shown in the two financial statements shall be                    adopted. |
|----------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| **Article                  260** | Any                    interim results or financial information published or disclosed                    by the                    Company must also be prepared and presented in accordance with                    the PRC                    accounting standards and regulations, and also in accordance                    with either                    international accounting standards or that of the overseas place                    where the                    Company’s shares are listed. |
|----------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article                  261** | The                    Company shall publish its quarterly financial report, interim                    financial                    report and annual financial report every fiscal year. The quarterly                    reports shall be prepared within thirty days after the first                    quarter and                    the third quarter, respectively. The interim report shall be                    published                    within sixty days after the first six months of the fiscal year                    and the                    annual report shall be published within 120 days after the expiration                    of                    the fiscal year. |
|----------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article                  262** | The                    Company shall not keep accounts other than those provided by                    law. Assets                    of the Company shall not be deposited in an account maintained                    in the name                    of any individual. |
|----------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article                  263** | The                    Company’s after-tax profit shall be distributed in accordance with the                    following order: |
|----------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------|

|  | (1) | Making                    up for losses; |
|--|-----|------------------------------------------|

|  | (2) | Allocation                    to the statutory common reserve                    fund; |
|--|-----|----------------------------------------------------------------------------------------|

|  | (3) | Allocation                    to the discretionary common reserve                    fund; |
|--|-----|--------------------------------------------------------------------------------------------|

|  | (4) | Payment                    of dividends in respect of ordinary                    shares. |
|--|-----|-------------------------------------------------------------------------------------------|

| **Article                  264** | When distributing                    each year’s after-tax profits, the Company shall set aside 10% of such                    profits for the Company’s statutory common reserve fund, except where the                    accumulated balance of the said fund has reached 50%                    of the Company’s registered                    capital. |
|----------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| **Article                  265** | Capital                    common reserve fund includes the                    following: |
|----------------------------------|-------------------------------------------------------------------------------------------|

|  | (1) | Premium                    on shares issued at a premium                    price; |
|--|-----|------------------------------------------------------------------------------------|

|  | (2) | Any                    other income designated for the capital common reserve fund by                    the                    regulations of the finance regulatory department of the State                    Council. |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article                    266** | The                      common reserve fund of the Company shall be applied to make                      up losses,                      expand the Company’s production and operation or increase the Company’s                      capital. However, capital common reserve fund shall not be                      used to make up                      losses. |
|------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article                  267** | Dividends                    shall be distributed in accordance with the proportion of shares                    held by                    shareholders. |
|----------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| **Article              268** | The                Company may distribute dividends in the following manners: (1) cash;                (2)                shares. |
|------------------------------|-----------------------------------------------------------------------------------------------------------------------------------|

| **Article              269** | After                the profit distribution plan has been resolved at the shareholders’                general meeting, the Board of Directors shall complete the dividend                (or                share) distribution within two months after the holding of the general                meeting. |
|------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article              270** | The                Company shall, in accordance with the PRC tax law, withhold and make                payments on behalf of shareholders in respect of their tax payable                on                their dividends income. |
|------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article              271** | The                Company shall appoint on behalf of the holders of the Overseas Listed                Foreign Shares receiving agents to receive on behalf of such shareholders                dividends declared and all other monies owing by the Company in respect                of                their shares. The receiving agents appointed by the Company shall                comply                with the relevant requirements of the law of the place and relevant                regulations of the stock exchange where the Company’s shares are listed.                The receiving agents appointed on behalf of holders of Overseas Listed                Foreign Shares listed in Hong Kong (H Shares) shall be a company                registered as a trust company under the Trustee Ordinance of Hong                Kong. |
|------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article              272** | Dividends                or other payments declared by the Company to be payable to holders                of                Domestic Shares shall be declared and calculated in RMB, and paid                in RMB;                and those payable to holders of Overseas Listed Foreign Shares shall                be                declared and calculated in RMB, and paid in the local currency at                the                place where such Overseas Listed Foreign Shares are listed (if there                is                more than one place of listing, then the principal place of listing                as                determined by the Board of Directors). The conversion formula of                foreign                currency is as follows: |
|------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Conversion                  price of dividends or                  other sums to holders  = |   | Dividends                  or other sums to holders in RMB                                                                                                                                                                                                                                                                                                    |
|-------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| in                  foreign currency                                                                  |   | The                  mean of the exchange rates for each unit of the foreign currency                  against                  RMB as announced by the People’s Bank of China for the calendar week                  preceding the date on which such dividends or other sums to holders                  are                  declared by the Company |

| **Article              273** | The                Company shall implement an internal audit system, and shall establish                an                internal audit department or retain auditors to conduct internal                audit of                its income and expenditure and financial activities under the supervision                of the supervisory committee. |
|------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article              274** | The                internal audit system and the terms of reference of the auditors                are                implemented under the approval of the Board. The auditors are required                to                report to the Board. |
|------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

**CHAPTER        17**
**APPOINTMENT        OF ACCOUNTANT FIRM**

| **Article              275** | The                Company shall appoint an independent accountant firm which is qualified                under the relevant regulations of the State to audit the Company’s annual                report and review the Company’s other financial                reports. |
|------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article              276** | The                accountant firm appointed by the Company shall hold office from the                conclusion of the annual general meeting until the conclusion of                the next                annual general meeting, and the appointment **may be                renewed.** |
|------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article              277** | The                accountant firm appointed by the Company shall have the following                rights: |
|------------------------------|-------------------------------------------------------------------------------------------------------------|

|  | (1) | A                right to inspect the books, records and vouchers of the Company at                any                time, the right to require the directors, president, vice president                or                other senior administrative officers of the Company to supply relevant                information and explanation; |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (2) | A                right to require the Company to take all reasonable steps to obtain                from                its subsidiaries such information and explanation as are necessary                for the                purpose of discharging its duties; |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (3) | A                right to attend shareholders’ general meetings and to receive all notices                of, and other communications relating to, any shareholders’ general                meeting which any shareholder is entitled to receive, and to speak                at any                shareholders’ general meeting in relation to matters concerning its role                as the Company’s accountant firm. |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article              278** | The                company shall provide true and complete accounting evidences, books,                financial and accounting reports and other accounting data to the                accountant it hires without any refusal, withholding and false                information. |
|------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article              279** | If                there is a vacancy in the position of auditor of the Company, the                Board                may engage an accounting firm to fill such vacancy before the convening                of                the shareholders’ general meeting. Any other accountant firm which has                been engaged by the Company may continue to act during the period                during                such a vacancy exists. |
|------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| **Article              280** | Notwithstanding                the stipulations in the contract between the Company and the accountant                firm, the shareholders in shareholders’ general meeting may by ordinary                resolution remove an accountant firm before the expiration of its                term of                office, but without prejudice to the firm’s right to claim, if any, for                damages in respect of such removal. |
|------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article              281** | The                remuneration of an accountant firm or the manner in which such firm                is to                be remunerated shall be determined by the shareholders in shareholders’                general meeting. The remuneration of an accountant firm appointed                by the                Board of Directors shall be determined by the Board of                Directors. |
|------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article              282** | The                Company’s appointment, removal and non-reappointment of an accountant firm                shall be resolved upon by shareholders in shareholders’ general meeting.                The resolution of the shareholders’ general meeting shall be filed with                the securities governing authority of the State                Council. |
|------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (1) | A                copy of the proposal shall be sent before notice of meeting is given                to                the shareholders to the accountant firm proposed to be appointed                or                proposing to leave its post, or the accountant firm which has left                its                post in the relevant fiscal year (leaving includes leaving by removal,                resignation and retirement). |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (2) | If                the accountant firm leaving its post makes representations in writing                and                requests the Company to notify such representations to the shareholders,                the Company shall (unless the representations are received too                late): |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 1. | in                any notice of the resolution given to shareholders, state the fact                of the                representations having been made;                and |
|--|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 2. | deliver                a copy of the representations to each shareholder who is entitled                to                receive the notice of shareholders’ general                meeting. |
|--|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (3) | If                the accountant firm’s representations are not sent in accordance with                clause (2) of Article 281, the relevant accountant firm may (in addition                to its right to be heard) require that the representations be read                out at                the meeting. |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|  | (4) | An                accountant firm which is leaving its post shall be entitled to                attend: |
|--|-----|---------------------------------------------------------------------------------------------------------|

|  | 1. | the                shareholders’ general meeting at which its term of office would otherwise                have expired; |
|--|----|---------------------------------------------------------------------------------------------------------------------------------|

|  | 2. | any                shareholders’ general meeting at which it is proposed to fill the vacancy                caused by its removal; |
|--|----|------------------------------------------------------------------------------------------------------------------------------------------|

|  | 3. | any                shareholders’ general meeting convened on its                resignation. |
|--|----|----------------------------------------------------------------------------------------------------|

| **Article              283** | Prior                to the removal or the non-renewal of the appointment of the accountant                firm, notice of such removal or non-renewal shall be given to the                accountant firm and such firm shall be entitled to make representation                at                the shareholders’ general meeting. Where the accountant firm resigns its                post, it shall make clear to the shareholders’ general meeting whether                there has been any impropriety on the part of the                Company. |
|------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (1) | A                statement to the effect that there are no circumstances connected                with its                resignation which it considers should be brought to the notice of                the                shareholders or creditors of the Company;                or |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (2) | A                statement of any such                circumstances. |
|--|-----|----------------------------------------------------------------------|

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**CHAPTER        18**
**CAPITAL        FLOW BETWEEN THE COMPANY AND ITS RELATED PARTIES AND EXTERNAL GUARANTEE PROVIDED        BY THE COMPANY**

| **Article              284** | Fund                transactions between the Company and controlling shareholders and                other                related parties shall be subject to the following                regulations: |
|------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (1) | Use                of funds of the Company shall be strictly limited during transaction                of                operating funds between the Company and controlling shareholders                and other                related parties. Controlling shareholders and other related parties                shall                not request the Company to pay for their salaries, benefits, insurance                and                advertisement during the period, nor shall the parties undertake                any cost                or other outgoings for each other. |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (2) | The                Company shall not directly or indirectly provide funds for use by                controlling shareholders or other related parties                by: |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 1. | lending                the Company’s funds with or without consideration for use by controlling                shareholders or other related                parties; |
|--|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 2. | assignment                of loans for related parties through banks or non- banking financial                bodies; |
|--|----|-----------------------------------------------------------------------------------------------------------------------|

|  | 3. | entrusting                controlling shareholders or other related parties to carry out                investments; |
|--|----|----------------------------------------------------------------------------------------------------------------------|

|  | 4. | issuance                of commercial acceptance notes without real transactions background                for                controlling shareholders or other related                parties; |
|--|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 5. | repaying                debts for controlling shareholders or other related                parties; |
|--|----|-----------------------------------------------------------------------------------------------------|

|  | 6. | other                means as prohibited by China Securities Regulatory Commission. |
|--|----|-------------------------------------------------------------------------------------|

|  | (3) | During                auditing work for the Company’s annual financial reports, the certified                public accountants shall, based on the aforesaid regulations, present                their specific explanation on particulars of the usage of fund of                the                Company by controlling shareholders or other related parties, while                the                Company shall accordingly publish the specific                explanation. |
|--|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article              285** | All                directors of the Company shall perform due diligence on and strictly                control liability risks incurred as a result of external guarantee,                and                shall by law accept related liability for loss arising from contravening                or improper external guarantee. Controlling shareholders and other                related                parties shall not force the Company to provide guarantee to                others. |
|------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| **Article              286** | The                Company shall provide external guarantee (including assets pledge)                based                on the principles of fairness, willingness, sincerity and mutual                benefits.                The procedure for approval of external guarantee provided by the                Company                is as follows: |
|------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (1) | As                required by the PRC laws and regulations and the listing rules of                stock                exchange in the place where the Company’s shares are listed, the Company’s                external guarantee shall be subject to written consent by two thirds                of                all members of the Board of Directors or approval from shareholders’                general meetings. Scope of authority of the Board of Directors is                provided                in the Company’s “Rules of Procedures for Board of                Directors”; |
|--|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (2) | Prior                to decision on provision of guarantee to external parties (or before                it is                submitted to the shareholders’ general meeting for voting), the Board of                Directors of the Company shall be well informed of particulars of                the                debtors, and completely analyse and fully disclose in relevant                announcements the benefits and risks from such                guarantee; |
|--|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (3) | When                a resolution in relation to external guarantee is to be passed at                the                shareholders’ general meeting or by the Board of Directors, any                shareholders or directors that have a conflict of interests with                such                guarantee shall abstain from                voting; |
|--|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (4) | Where                the Company provides guarantee to any external parties, counter guarantee                or other preventive measures shall be sought from the secured party                who in                turn shall be able to undertake the counter                guarantee; |
|--|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (5) | The                  Company shall duly perform its duty to strictly disclose information                  on                  external guarantee according to the relevant provisions of listing                  rules                  and Articles of Association, and shall truthfully provide all information                  relating to external guarantee of the Company to the certified                  public                  accountants; |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (6) | The                Company’s independent directors shall in the annual report present                specific explanation and independent opinions on the Company’s accumulated                and current external guarantee and implementation of regulations                as                referred above. |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| **Article              287** | Consideration                and approval in the general meeting is required for the following                external                guarantees provided by the Company: |
|------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (1) | Guarantee                which is given after the total amount of the external guarantee provided                by the Company and its controlling subsidiaries exceeds 50% of net                assets                as shown in its latest audited consolidated financial                statement; |
|--|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (2) | Guarantee                which is given after the total amount of external guarantees given                by the                Company which is equal to or exceed 50% of the latest audited total                assets                of the Company; |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (3) | Guarantee                which is provided in favour of an object which has an asset to liability                ratio exceeding 70%; |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------|

|  | (4) | Guarantee                of which the single guarantee amount exceeds 10% of the latest audited                net                assets of the Company; |
|--|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (5) | Guarantee                which is provided to shareholders, Actual Controller and their respective                connected persons; |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------|

|  | (6) | Any                guarantee that exceeds the approval limit of the Board of                Directors. |
|--|-----|--------------------------------------------------------------------------------------------------------|

**CHAPTER      19 INSURANCE**

| **Article              288** | The                types of coverage, the insured amounts and periods of the Company’s                insurance shall be decided at a board meeting based on the circumstances                of the Company and the practices of similar industries in other countries                and the practice and legal requirements in                China. |
|------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**CHAPTER      20 LABOUR AND PERSONNEL MANAGEMENT SYSTEMS**

| **Article              289** | The                Company shall, in accordance with the relevant provisions of the                Labor Law                of People’s Republic of China and other relevant laws or regulations of                the State, formulate its labor and personnel management systems,                which                shall be appropriate to its particular                circumstances. |
|------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**CHAPTER      21 TRADE UNION**

| **Article              290** | The                Company shall establish trade union organisations and organise staff                and                workers to carry out trade union activities in accordance with the                Trade                Union Law of the People’s Republic of                China. |
|------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

**CHAPTER      22 MERGER AND DIVISION OF THE COMPANY**

| **Article              291** | In                the event of the merger or division of the Company, a plan shall                be                presented by the Company’s Board of Directors and shall be approved in                accordance with the procedures stipulated in Articles of Association                before processing the relevant examining and approving formalities                as                required by law. A shareholder who objects to the plan of merger                or                division shall have the right to demand the Company or the shareholders                who consent to the plan of merger or division to acquire that dissenting                shareholder ’s shareholding at a fair price. The contents of the                resolution of merger or division of the Company shall be made into                special                documents for shareholders’inspection. |
|------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article              292** | The                merger of the Company may take the form of either merger by absorption                or                merger by the establishment of a new                company. |
|------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article              293** | When                the Company is divided, its assets shall be split up                accordingly. |
|------------------------------|------------------------------------------------------------------------------------------------------|

----

| **Article              294** | Changes                in registration particulars of the companies caused by merger or                division                must be registered with the companies registration authorities in                accordance with law. Cancellation of a company shall be registered                in                accordance with the law when a company is dissolved. Incorporation                of a                company shall be registered when a new company is incorporated in                accordance with law. |
|------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**CHAPTER      23 DISSOLUTION AND LIQUIDATION OF THE COMPANY**

| **Article              295** | The                Company shall be dissolved and liquidated upon the occurrence of                any of                the following events: |
|------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (1) | A                resolution for dissolution is passed by shareholders at the shareholders’                general                meeting; |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (2) | Dissolution                is necessary due to a merger or division of the                Company; |
|--|-----|----------------------------------------------------------------------------------------------------|

|  | (3) | The                Company is legally declared insolvent due to its failure to repay                debts                due; |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------|

|  | (4) | The                Company is ordered to close down or withdraw because of its violation                of                laws and administrative                regulations; |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (5) | Other                reasons of dissolution specified by the laws and regulations of the                PRC                and Articles of Association. |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article              296** | Where                the company is dissolved under clause (1), (2) of Article 294, liquidation                must commence with the establishment of a liquidation committee within                15                days. Members of the liquidation committee shall be appointed by                the                shareholders in a shareholders’ general meeting. If a liquidation                committee is not established within the stipulated period, the creditors                can apply to the People’s Court, requesting the court to appoint relevant                personnel to form the liquidation                committee. |
|------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| **Article              297** | Where                the Board of Directors proposes to liquidate the Company due to causes                other than where the Company has declared that it is insolvent, it                shall                include a statement in its notice convening a shareholders’ general                meeting to consider the proposal to the effect that, after making                full                inquiry into the affairs of the Company, the Board of Directors is                of the                opinion that the Company will be able to pay its debts in full within                twelve months from the commencement of the                liquidation. |
|------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article              298** | The                liquidation committee shall within ten days of its establishment                send                notice to creditors, and shall within sixty days of its establishment                publish a public notice in a newspaper at least three times. A creditor                shall within thirty days of receiving the notice, or for any creditors                who                do not receive the notice, within forty-five days of the date of                the first                public notice, report his creditors’ rights to the liquidation                committee. |
|------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| **Article              299** | During                the liquidation period, the liquidation committee shall exercise                the                following functions and powers: |
|------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (1) | To                  sort out the Company’s assets and prepare a balance sheet and an inventory                  of assets respectively; |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------|

|  | (2) | To                send notices to creditors or notify them by public                notice; |
|--|-----|---------------------------------------------------------------------------------------------|

|  | (3) | To                dispose of and liquidate any relevant unfinished business matters                of the                Company; |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------|

|  | (4) | To                pay all outstanding taxes; |
|--|-----|----------------------------------------------|

|  | (5) | To                settle claims and debts; |
|--|-----|--------------------------------------------|

|  | (6) | To                deal with the assets remaining after the Company’s debts have been                repaid; |
|--|-----|-------------------------------------------------------------------------------------------------------------------|

|  | (7) | To                represent the Company in any civil litigation                proceedings. |
|--|-----|---------------------------------------------------------------------------------------------|

| **Article              300** | After                sorting out the Company’s assets and the preparation of the balance sheet                and an inventory of assets, the liquidation committee shall formulate                a                liquidation plan and represent it to the shareholders’ general meeting or                the People’s Court for                confirmation. |
|------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article              301** | If                after putting the Company’s assets in order and preparing a balance sheet                and an inventory of assets in connection with the liquidation of                the                Company resulting from dissolution, the liquidation committee discovers                that the Company’s assets are insufficient to repay the Company’s debts in                full, the liquidation committee shall immediately apply to the People’s                Court for a declaration of                insolvency. |
|------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| **Article              302** | Following                the completion of liquidation, the liquidation committee shall present                a                report on liquidation and prepare a statement of the receipts and                payments                during the period of liquidation and financial books and records                which                shall be audited by Chinese registered accountants and submitted                to the                shareholders’ general meeting or the People’s Court for                confirmation. |
|------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article              303** | Members                of the liquidation committee shall perform their duty honestly and                discharge the obligation of liquidation in accordance with                laws. |
|------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**CHAPTER      24 PROCEDURES FOR AMENDMENTS TO THE ARTICLES OF      ASSOCIATION**

| **Article              304** | The                Company may amend its Articles of Association in accordance with                the                requirement of laws, administrative regulations and the Articles                of                Association. |
|------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**CHAPTER      25 SETTLEMENT OF DISPUTES**

| **Article              305** | The                Company shall act according to following principles to settle                disputes: |
|------------------------------|-----------------------------------------------------------------------------------------------------------|

|  | (1) | Whenever                any disputes or claims arising between holders of Overseas Listed                Foreign                Shares and the Company, between holders of Overseas Listed Foreign                Shares                and the Company’s directors, supervisors, president or other senior                administrative officers, or between holders of Overseas Listed Foreign                Shares and holders of Domestic Shares based on Articles of Association                or                any rights or obligations conferred or imposed                by the Company Law or any other relevant PRC laws and administrative                regulations concerning the affairs of the Company, such disputes                or claims                shall be referred by the relevant parties to arbitration. Where a                dispute                or claim of rights just mentioned is referred to arbitration, the                entire                claim or dispute must be referred to arbitration, and all parties                who have                a cause of action based on the same facts giving rise to the dispute                or                claim or whose participation is necessary for the resolution of such                dispute or claim shall abide by the arbitration, provided that such                parties shall be the Company or the Company’s shareholder, director,                supervisor, president or other senior administrative                officer. |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | (2) | A                claimant may elect arbitration at either the China International                Economic                and Trade Arbitration Commission in accordance with its Arbitration                Rules                or the Hong Kong International Arbitration Center in accordance with                its                Securities Arbitration Rules. Once a claimant refers a dispute or                claim to                arbitration, the other party must submit to the arbitral body elected                by                the claimant. |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (3) | If                  any disputes or claims of rights are settled by way of arbitration                  in                  accordance with clause (1) of Article 304, the laws of the People’s                  Republic of China shall apply, save as otherwise provided by laws                  and                  administrative regulations. |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (4) | The                award of an arbitration body shall be final and conclusive and binding                on                all parties. |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------|

**CHAPTER      26 NOTICES**

| **Article              306** | A                notice of the Company shall be sent                by: |
|------------------------------|-------------------------------------------------------------------------|

|  | (1) | hand; |
|--|-----|-------|

|  | (2) | mail; |
|--|-----|-------|

|  | (3) | announcement; |
|--|-----|---------------|

|  | (4) | other                methods provided by Articles of                Association. |
|--|-----|----------------------------------------------------------------------------------|

----

| **Article              307** | Where                a notice is served by way of announcement, after the publication                of such                announcement, all related persons shall be deemed to have received                the                relevant notice. |
|------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article              308** | Where                a notice is served by hand, the addressee shall be required to sign                his                name (or affix his chop) on the receipt, and the date on which the                addressee signs the receipt shall be the date of service. Where a                notice                is sent by post, the notice shall be deemed to be served by putting                the                notice into a properly addressed, prepaid postage envelope and depositing                the same in a mail box. Such notice shall be deemed to have been                served                upon expiration of 48 hours after the envelope containing the notice                has                been posted. Where a notice is served by way of announcement, the                date on                which the announcement firstly published shall be deemed as the date                of                service. |
|------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article              309** | Any                notices, documents, information or written statements issued by                shareholders or directors to the Company shall be personally delivered                or                sent by registered mail to the legal address of the                Company. |
|------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article              310** | In                order to prove that such notices, documents, information or written                statements have been already sent, shareholders or directors shall                provide                evidence to prove that such notice, document, information or written                statement have been sent within the prescribed time in the normal                way of                sending with postage prepaid to the correct address of the                Company. |
|------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article              311** | If                a notice of meeting is accidentally omitted to be sent to a person                who is                entitled to receive the notice or if such person has not received                the                notice of meeting, the meeting and any resolutions made therein shall                not                become void thereby. |
|------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article              312** | The                Company appointed China Securities Journal, Shanghai Securities Journal,                Hong Kong Commercial Daily and China Daily as the media to publish                the                announcements and other information of the                Company. |
|------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**CHAPTER      27 INTERPRETATION AND DEFINITION OF ARTICLES OF      ASSOCIATION**

| **Article              313** | The                Board of Directors shall be responsible for the interpretation of                Articles                of Association. Where there are matters not contained in Articles                of                Association, matters shall be passed by way of special resolution                at the                shareholders’ general meeting as proposed by the Board of                Directors. |
|------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article              314** | The                Company shall formulate the “Rules of Procedures for Shareholders’ General                Meetings”, “Rules of Procedures for Board Meetings” and “Rules of                Procedures for Supervisory Committee Meetings” in accordance with the                requirements of Articles of Association. rules of procedures shall                be as                attachments of Articles of Association and shall take effect and                be                amended upon approval of the shareholders’ general meeting of the                Company. |
|------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| **Article              315** | In                Articles of Association, the following terms have the following                meanings: |
|------------------------------|------------------------------------------------------------------------------------------------------------|

| “Articles                  of Association” |   | refers                  to the existing Articles of Association                  of the Company;                                                                                                                                                                                                                                                                                                                                                                                                                            |
|--------------------------------------------------------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| “Board                  of Directors”      |   | refers                  to the Board of Directors of the Company;                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|                                                   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| “PRC”                                      |   | refers                  to the People’s Republic of China;                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|                                                   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| “RMB”                                      |   | refers                  to the legal tender of China;                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|                                                   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| “Seal”                                     |   | refers                  to the ordinary seal used from time to time by the Company and                  the                  official seal maintained by the Company (if any), or one of the                  two                  depending upon the circumstances;                                                                                                                                                                                                                                                        |
|                                                   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| “Actual                  Controllers”      |   | refers                  to those who, though not shareholders of the Company, can actually                  control                  the activities of the Company through investment relationship,                  agreement                  or other arrangement;                                                                                                                                                                                                                                                       |
|                                                   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| “Connected                  Relationship”  |   | refers                  to the relationships between controlling shareholders, Actual Controllers,                  directors, supervisors, senior administrative officers of the Company                  and                  their directly or indirectly controlled enterprises, and other                  relationships that may lead to the transfer of interests of the                  Company.                  However, there is no connected relationship among State controlled                  enterprises. |

| **Article              316** | In                Articles of Association, a sum and above include such sum while more                than                a sum or less than a sum does not include such a                sum. |
|------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Article              317** | In                Articles of Association, the meaning of an accountant firm is the                same as                that of “auditors”. |
|------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

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