Document:

EXHIBIT 4.3

AMENDMENT NO. 1 TO RIGHTS AGREEMENT

          AMENDMENT NO. 1, dated as of September 26, 2005 (this “Amendment”), to the RIGHTS AGREEMENT, dated as of February 23, 1996 and restated as of June 7, 2001 between EMISPHERE TECHNOLOGIES, INC., a Delaware corporation (the “Company”), and MELLON INVESTOR SERVICES, LLC, a New Jersey limited liability company as Rights Agent (the “Rights Agreement”).  All terms not otherwise defined herein shall have the meanings given such terms in the Rights Agreement.  Unless otherwise specified herein, all section references made herein are references to sections in the Rights Agreement.

W I T N E S S E T H:

          WHEREAS, on February 23, 1996, the Company adopted a stockholder rights plan (the “Rights Plan”) and executed a Rights Agreement between the Company and the Rights Agent (the “Rights Agreement”);

          WHEREAS, on June 7, 2001, the Company amended and restated the Rights Plan;

          WHEREAS, pursuant to Section 27 of the Rights Agreement, the Company may cause the Rights Agreement to be amended at any time prior to the Distribution Date without the approval of any holders of certificates representing Rights;

          WHEREAS, as of the date of this Amendment, the Distribution Date has not occurred;

          WHEREAS, on September 23, 2005, the Board of Directors of the Company (the “Board”) authorized and approved a financing transaction with (i) MHR Capital Partners (500) LP, a Delaware limited liability partnership, (ii) MHR Capital Partners (100) LP, a Delaware limited partnership, (iii) MHR Institutional Partners II LP, a Delaware limited partnership and (iv) MHR Institutional Partners IIA LP, a Delaware limited partnership (collectively, and including any of their respective affiliates, “MHR”), pursuant to which the Company agreed to enter into an Investment and Exchange Agreement and a Loan Agreement with MHR providing for, among other things, (i) the issuance by the Company of an 11% secured promissory note in the principal face amount of $15,000,000 (the “Original Note”), and that, upon the satisfaction of certain conditions precedent, MHR may convert the Original Note
into a Convertible Promissory Note of the Company (the “Convertible Note”), which may be converted into shares of the Company’s Common Stock (the “ Conversion Shares”), pursuant to the terms thereof (the “MHR Transaction”) and (ii) the issuance by the Company to MHR of warrants to purchase up to 550,127 shares of the Company’s Common Stock (the “Warrants”);

          WHEREAS, the exchange by MHR of the Original Note for the Convertible Note and the Company’s issuance of the Conversion Shares, and the exercise of the Warrants by MHR may render MHR an “Acquiring Person” under the Rights Agreement; 

          WHEREAS, in anticipation of and in connection with the execution and delivery of the Investment and Exchange Agreement and the Loan Agreement and the consummation of the MHR Transaction, on September 26, 2005, the Board authorized and approved an amendment of the Rights Agreement for the express purpose of rendering the Rights Agreement inapplicable to MHR and to the execution and delivery of the Investment and Exchange Agreement, the Loan Agreement, the issuance of the Convertible Note, the issuance of the Conversion Shares and each of the other transactions contemplated by the MHR Transaction;

          NOW, THEREFORE, in consideration of these premises and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows:

          1. Notwithstanding anything to the contrary in the Rights Agreement, the Rights Agreement shall not apply to, and neither MHR nor its Subsidiaries, Affiliates or Associates will become an Acquiring Person upon, and no Distribution Date, Shares Acquisition Date or Business Combination will occur as a result of, (i) the approval, execution, delivery, consummation or performance of the Investment and Exchange Agreement, the Loan Agreement, or any other document or instrument contemplated by the MHR Transaction; (ii) the exchange by MHR of the Original Note for the Convertible Note; (iii) the issuance of the Conversion Shares upon the conversion of the Convertible Note; (iv) the issuance of any shares of the Company’s Common Stock upon the exercise by MHR of the Warrants or any other outstanding warrants to purchase shares of the Company’s Common Stock held by it as of the date hereof; or (v) the
announcement or consummation of the MHR Transaction.

          2. The first sentence of the definition of “Acquiring Person” set forth in Section 1(a) is hereby amended and restated in its entirety as follows:

	
  
 
  	
  
“Acquiring   Person” shall mean any Person (as such term is hereinafter defined) who or   which, together with all Affiliates and Associates (as such terms are   hereinafter defined) of such Person, shall be the Beneficial Owner (as such   term is hereinafter defined) of 20% or more of the shares of Common Stock of   the Company then outstanding, but shall not include the Company, any   Subsidiary (as such term is hereinafter defined) of the Company, any employee   benefit plan of the Company or any Subsidiary of the Company, any entity   holding Common Shares for or pursuant to the terms of any such plan, or any   2005 Special Exempt Person (as such term is hereinafter defined).
  

          3. A new definition is hereby added to Section 1 as Section 1(v), which new definition shall read in its entirety as follows:

	
  
 
  	
  
“2005   Special Exempt Person” shall mean collectively, (i) MHR Institutional   Partners II LP and MHR Institutional Partners IIA LP (“MHR”), (ii) any   Subsidiaries, Affiliates or Associates of MHR, and (iii) any Persons to whom   shares of Common Stock of the Company are attributed due to their   relationship with any Person described in the immediately preceding clauses   (i) or (ii) (but only to the extent of such attribution).
  

          4. Section 3(a)(ii) is hereby amended by deleting the second and third parenthetical phrases and replacing them both with the following:

	
  
 
  	
  
          “(other   than the Company, any Subsidiary of the Company, any employee benefit plan of   the Company or of any Subsidiary of the Company, any entity holding Common   Shares for or pursuant to the terms of any such plan or any 2005 Special   Exempt Person)
  

          5. Section 27 is hereby amended by inserting the following before the period at the end of the first sentence:

	
  
 
  	
  
             “; PROVIDED, FURTHER, such supplement or amendment does not, without the   consent of the 2005 Special Exempt Person, alter or diminish the rights of   the 2005 Special Exempt Person”
  

          6. Section 29 is hereby amended by inserting the following after the words “the Rights Agent” in the second line:

	
  
 
  	
  
             “, the 2005 Special Exempt Person”
  

          7. Except as amended hereby, the Rights Agreement shall continue in full force and effect.

          8. The laws of the State of Delaware shall govern the interpretation, validity and performance of the terms of this Amendment, regardless of the law that might be applied under principles of conflicts of laws.

          9. This Amendment may be executed in two or more counterparts, each of which shall be deemed an original but all of which, when taken together, shall constitute one and the same instrument.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

          IN WITNESS WHEREOF, the parties hereto have caused this Amendment No. 1 to the Rights Agreement to be duly executed and attested, all as of the day and year first above written.

	
  
EMISPHERE   TECHNOLOGIES, INC.
  	
  
 
  
	
   
  	
  
 
  
	
  
 
  	
  
 
  
	
  
By:
  	
  
  /s/ Elliot Maza
  	
  
 
  
	
  
 
  	
  

  	
  
 
  
	
  
Name:
  	
  
Elliot Maza
  	
  
 
  
	
  
Title:
  	
  
Chief   Financial Officer
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Attest:
  	
  
 
  	
  
 
  
	
   
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
MELLON INVESTOR SERVICES LLC
  	
  
 
  
	
  
 
  	
  
 
  
	
  
 
  	
  
 
  
	
  
By:
  	
  
  /s/ Regina Brown
  	
  
 
  
	
  
 
  	
  

  	
  
 
  
	
  
Name:
  	
  
Regina Brown
  	
  
 
  
	
  
Title:
  	
  
Vice   President
  	
  
 
  
	
   
  	
   
  	
   
  
	
   
  	
   
  	
   
  
	
  Attest:Exhibit 10.1

Exhibit 10.1

SHARE EXCHANGE AGREEMENT

BETWEEN:

China Energy Corporation ("the Company")

AND:

Inner Mongolia Tehong Coal Group Co. Ltd 

("Coal Group Co.")

AND:

Inner Mongolia Zhunger Heat Power Co. Ltd 

( “ Zhunger Heat Power Co. ” )

AND:

All Shareholders of Coal Group Co. and Zhunger Heat Power Co.

	Contents

	Page No.

	

Share Exchange Agreement

	

2 – 8

	Schedule A - Registered shareholders and capital contributors of Coal  

                      Group Co. and Zhunger Heat Power Co.     

	9

	Schedule B – Shareholders’ Resolutions of Coal Group Co. and   

                       Zhunger Heat Power Co.

	10- 11

	Schedule C - Corporate Resolutions of Coal Group Co. and Zhunger 

                       Heat Power Co.

	12- 13

	Schedule D - Corporate Resolutions of the Company

	14

	Schedule E - List of Shareholders of the Company as at Nov.30, 2004.

	15- 16

SHARE EXCHANGE AGREEMENT

This Share Exchange Agreement is dated the 30th day of November, 2004.

BETWEEN:

CHINA ENERGY CORPORATION, a company incorporated under the laws of Nevada with its registered address at Suite 200- 245 Liberty Street, Reno, Nevada 89501 (hereinafter referred to as the "Company"),

AND:

INNER MONGOLIA TEHONG COAL GROUP CO. LTD, a company incorporated under the laws of the People's Republic of China, with its registered address at No.57, Xinhua East Street, Hohhot City, Inner Mongolia , China 010300. ( hereinafter referred to as “ Coal Group Co. ").

AND:

INNER MONGOLIA ZHUNGER HEAT POWER CO. LTD, a company incorporated under the laws of the People’s Republic of China, with its address at Xuejiawan Town, Zhunger County, Inner Mongolia, China 010300.  ( hereinafter referred to as “ Zhunger Heat Power Co. " ).

AND:

All the Shareholders of INNER MONGOLIA TEHONG COAL GROUP CO. LTD and INNER MONGOLIA ZHUNGER HEAT POWER CO. LTD, specifically described in Schedule A which is attached hereto. ( “ hereinafter referred to as the "Shareholders " )

WHEREAS:

The Shareholders are the recorded and beneficial owners of 100% of the shareholdings and registered capital of  Coal Group Co. and Zhunger Heat Power Co. 

WHEREAS:

The Company has agreed to exchange with the Shareholders, their total shareholdings in the contributed capital amount of:

(a)  US$7,255,140 (60,000,000 RMB) of Coal Group Co., and

(b)  US $1,185,006 (9,800,000 RMB) or 49% of Zhunger Heat Power Co., 

in consideration of, inter alia, the allotment and issuance of 45,000,000 fully paid and non assessable common shares with a par value of $0.001 in the capital stock of the Company.  The allotted and issued shares of the Company will constitute 100% of the issued and outstanding shares of the Company. 

WHEREAS:

The Company and Coal Group Co. and Zhunger Heat Power Co. have approved this Agreement ("the Share Exchange") pursuant to which all of the registered shareholdings of Coal Group Co. and Zhunger Heat Power Co. are exchanged by the Shareholders for 45,000,000 fully paid and non assessable common shares ($0.001 par value) of the Company, whereby then, Coal Group Co. and Zhunger Heat Power Co. becomes a wholly-owned subsidiary of the Company.

NOW THEREFORE THIS AGREEMENT WITNESSES that in consideration of the premises and of the respective warranties, representations, covenants and agreements contained herein, the parties agree as follows:

1.00

DEFINITIONS

1.1

Allotted and issued Shares means the shares in the Company's capital stock allotted and issued to the Shareholders.

1.2

All monetary amounts refer to U.S. currency. An exchange rate of $1.00=8.27 RMB is used.

1.3

Exchanged Shares shall mean the registered capital of Coal Group Co. of $7,255,140 and 49% of Zhunger Heat Power Co. or $1,185,006.

1.4

Schedule A - Registered Shareholders and capital contributors of Coal Group Co. and Zhunger Heat Power Co. as at Nov.30, 2004.

1.5

Schedule B- Shareholders’ Resolutions of Coal Group Co. and Zhunger Heat Power Co. as at Nov.30, 2004.

1.6

Schedule C - Corporate resolutions of Coal Group Co. and Zhunger Heat Power Co., approving the exchange of their shareholdings for shares of the Company; and approving the Share Exchange Agreement, as at Nov.30, 2004.

1.7

Schedule D - Corporate resolution of the Company approving the allotment and issuance of shares to shareholders of Coal Group Co. and Zhunger Heat Power Co., in exchange for their shareholdings; and approving the Share Exchange Agreement, as at Nov.30, 2004.

1.8

Schedule E – List of shareholders of the Company after the exchange of shares with Coal Group Co. and Zhunger Heat Power Co. as at Nov.30, 2004.

2.00

THE SHARE EXCHANGE

2.1

Exchange of shares

(a)

100%  of the shareholdings represented by the contributed capital of Coal Group Co. of $7,255,140, and 49% of Zhunger Heat Power Co. or $1,185,006, as specified in Schedule A, are exchanged and the Shareholders thereof receive in payment, 45,000,000 fully paid and non assessable common shares of the Company's stock with a par value of $0.001.

(b)

The Shareholders of Coal Group Co. and Zhunger Heat Power Co. has delivered to the Company, the Shareholders’ Resolution (  Schedule B ) which states the total shareholdings and the approval for the exchange of the shareholdings for shares of the Company.  

There may be other documents as may be required to affect a valid transfer of the Coal Group Co. and Zhunger Heat Power Co. shareholdings, by which the shareholdings are free and clear of any and all liens, encumbrances, charges or claims. With the unanimous approval of the Shareholders, such Shareholders or their designates, shall receive in exchange, shares of the Company.

2.2

Upon satisfaction of the conditions as set forth in this agreement, the directors and officers of the Company are as follows:

Wenxiang Ding

Director, President, and Secretary 

Yenhua Li

Director

Wusheng Liu 

Chief Financial Officer

Such persons shall hold office until the next annual meeting of the Company or as voted by the board of directors. 

3.00

REPRESENTATIONS, WARRANTIES AND COVENANTS OF COAL GROUP CO. AND ZHUNGER HEAT POWER CO. AND THEIR SHAREHOLDERS

Coal Group Co. and Zhunger Heat Power Co. and their Shareholders, hereby jointly and severally represent and warrant to the Company as follows:

3.1

Coal Group Co. and Zhunger Heat Power Co. are duly incorporated, validly existing and in good standing under the laws of the People's Republic of China, and have the necessary corporate capacity to carry on business or hold assets to carry on their business and have the corporate power to enter into this Agreement and to carry out the transactions contemplated hereby. The execution, delivery and performance of this Agreement by Coal Group Co. and Zhunger Heat Power Co. have been duly and validly authorized and approved by all necessary corporate action on the part of Coal Group Co. and Zhunger Heat Power Co. and this Agreement is the legal and binding obligation of both of them. The entering into of  this  Agreement  by  Coal Group Co. and Zhunger Heat Power Co. does  not,  and  the  consummation  by  Coal Group Co. and Zhunger Heat Power Co. of the transactions  contemplated  hereby will not, violate the  provisions of :

(i) any applicable  laws of the People's Republic of China or any jurisdiction in which Coal Group Co. and Zhunger Heat Power Co. do business, 

(ii) the Articles of Incorporation or By-Laws of Coal Group Co. and Zhunger Heat Power Co. or 

(iii) any judgment  or decree  applicable  to Coal Group Co. and Zhunger Heat Power Co.  

3.2

The total shareholdings represented by the capital contributions in Coal Group Co. of $7,255,140 and Zhunger Heat Power Co. of $1,185,006, are validly issued and are outstanding as fully paid and non assessable.  

None of the shareholdings and contributed capital of Coal Group Co. and Zhunger Heat Power Co. have been issued in violation of any laws of the People's Republic of China.  

There are no outstanding options, warrants, rights or agreements of any kind for the issuance or sale of, or outstanding securities convertible into any additional registered capital of Coal Group Co. and Zhunger Heat Power Co.  

The registered capital of Coal Group Co. and Zhunger Heat Power Co. are duly authorized, validly issued, fully paid, non-assessable and free of pre-emptive rights and are held of record and beneficially by the Shareholders.

3.3

No person, other than the Company, has any right, agreement or option, present or future, contingent or absolute, or any right capable of becoming a right, agreement or option:

(i)

to require Coal Group Co. and Zhunger Heat Power Co. to issue any additional registered capital or to convert any securities of Coal Group Co. and Zhunger Heat Power Co., or 

(ii)

to require Coal Group Co. and Zhunger Heat Power Co. to purchase, redeem or otherwise acquire any of their registered capital.

3.4

The Chairman and Director of Coal Group Co. is Wenxiang Ding.

The Chairman and Director of Zhunger Heat Power Co. is Wenxiang Ding. 

3.5

The corporate records of Coal Group Co. and Zhunger Heat Power Co. are accurate, complete and up to date in all material respects and all material transactions of the companies have been promptly and properly recorded in their books or filed in their records.

3.6

That Coal Group Co. and Zhunger Heat Power Co. have filed all necessary tax returns in the People's Republic of China required by them and no tax authority is now asserting or is threatening to assert against Coal Group Co. and Zhunger Heat Power Co’s deficiencies or claim for additional taxes or interest thereon or penalties in connection therewith.

3.7

Except as disclosed in the books as at November 30, 2004, Coal Group Co. and Zhunger Heat Power Co. do not have any liabilities, due or accruing, contingent or absolute, and the companies are not directly or indirectly subject to any guarantee, indemnity or other contingent or indirect obligation with respect to the obligation of any person or company.

3.8

Coal Group Co. and Zhunger Heat Power Co. have good and marketable title or leasehold title to all the assets, and such titles and rights are free and clear of any financial encumbrances except as otherwise disclosed.

3.9

No permits or licenses have been granted with respect to the assets except those disclosed in writing by the Company.

3.10

Coal Group Co. and Zhunger Heat Power Co. hold all permits, licenses, consents and authorities issued by the respective government authorities which are necessary in connection with the operation of their business and of the ownership of their properties and assets.

3.11

There are no actions, suits, proceedings or investigations pending or, threatened against them or affecting them, at law or in equity, before or by any court, administrative agency or other tribunal or any governmental authority. 

3.12

Coal Group Co. and Zhunger Heat Power Co. warrant to the Company that all of their shareholders have approved the exchange of shares, such approvals form part of Schedule B, which is an integral part of this Agreement. 

3.13

Coal Group Co. and Zhunger Heat Power Co. warrant that they have sought independent legal advice, and have passed the necessary corporate resolutions to affect such share transfers, a copy of which is attached as Schedule C.

3.14

Neither this agreement nor any Schedule hereto contains any untrue statements of a fact, or omits to state a fact necessary to make the statements herein not misleading and there is no fact which adversely affects or may in the future adversely affect the present scope of the business, and operations of Coal Group Co. and Zhunger Heat Power Co. which have not been set forth herein or in a Schedule attached hereto. 

3.15

The same official representatives ( artificial persons ) that have registered and represented Coal Group Co. and Zhunger Heat Power Co. to  local government authorities, likewise, would do the same for the Company. 

Shareholders of Coal Group Co. and Zhunger Heat Power Co. that have registered and represented Coal Group Co. and Zhunger Heat Power Co. to local government authorities, likewise, would do the same for the Company. 

4.00

THE COMPANY'S REPRESENTATIONS, WARRANTIES AND COVENANTS

4.1

The Company is duly incorporated, validly existing and in good standing under the laws of the State of Nevada of the United States, and has the necessary corporate capacity to carry on business or holds assets to carry on business.

4.2

As of the date of this Agreement, the authorized capital of the Company is 200,000,000 common shares with a par value of $0.001, of which 

45,000,000 fully paid and non assessable common shares is allotted and issued effective the date of this Agreement.     

The common shares issued by the Company to the Shareholders pursuant to this Agreement, are duly authorized, validly issued, fully paid, non-assessable, and free and clear of all liens, encumbrances, charges or claims. 

1.1

The directors and officers of the Company are as follows:

        Name                                   Position Held

Wenxiang Ding

Director, President, and Secretary 

Yanhua Li

Director

    Wusheng Liu 

Chief Financial Officer

4.4

The corporate records are accurate, complete and up to date in all material respects.

4.5

The Company has not commenced business of any sort.

4.6

The Company has passed a corporate resolution approving the above share transfer and this Agreement, a copy of which is attached under Schedule D.

4.7

The Company represents that the Allotted and issued shares bear no covenants or restriction preventing such Allotment and issuance of the shares.

4.8

The Company has the corporate power to enter into  this Agreement and to carry out the transactions  contemplated hereby. The execution, delivery and performance of this Agreement by the Company have been duly and validly authorized and approved by all necessary corporate  action on the part of the Company, and this Agreement is the legal and binding obligation of the Company. The entering into of  this  Agreement  by  the Company  does  not,  and  the  consummation  by  the Company of the transactions  contemplated  hereby will not,  violate the  provisions of :

(i) any applicable  laws of the United States or any state or  jurisdiction in which the Company does business, (ii) the Articles of Incorporation or By-Laws of the Company or (iii) any judgment  or decree  applicable  to the Company.

4.9

The Company endeavors to raise up to $10,000,000 for investment in Coal Group Co. and Zhunger Heat Power Co., to assist in the expansion of their operations.  

5.00

CONSIDERATION TO BE RECEIVED BY THE SHAREHOLDERS OF COAL GROUP CO. AND ZHUNGER HEAT POWER CO.

5.1

As full and complete consideration for the transfer of the shares by the Company, the Company hereby allots and issues from its capital stock, 45,000,000 fully paid and non assessable common shares with a par value of $0.001. The allotted and issued shares to the Shareholders and their designates, are detailed out in Schedule E.

5.2

No fractional certificates are issued.

5.3

The Company covenants that for as long as the allotted shares remain allotted and issued, it shall not alter any of the rights or restrictions attached to such shares, except for the purposes of subdivision, re-division or consolidation.

5.4

Nothing in this section shall be construed as preventing the Company from increasing its authorized capital.

6.00

MISCELLANEOUS

6.1

There are no representations, warranties, collateral agreements or conditions affecting this transaction other than as expressed or referred to herein in writing.

6.2

This Agreement shall be governed by and construed in accordance with the laws of the State of Nevada of the United States.

6.3

It is the intention of all parties to carry out the terms and conditions of this Agreement.

6.4

Should any provision or provisions or conditions of this Agreement be void or not enforceable, it or they shall be considered separate and severable from this Agreement and its remaining provisions and conditions shall remain in force and be binding upon the parties hereto as though the said provision or provisions or conditions had never been included.

6.5

The parties shall each at its own expense in its own country, take such steps as may be required to satisfy the laws and requirements of the respective country, with respect to declaring, recording or otherwise, rendering this Agreement valid. 

6.6

The Schedules attached to this agreement are incorporated by reference as fully as though contained in the body thereof. Wherever any term or condition, expressed or implied, of such Schedules conflicts or is at variance with any term or condition of this Agreement, such term or condition of this Agreement shall prevail.

6.7 

This Agreement and any certificate or other writing delivered in connection herewith may be executed in any number of counterparts and any party hereto may execute any counterpart, each of which when executed and delivered will be deemed to be an original and all of which counterparts of this Agreement or such other writing as the case may be, taken together will be deemed to be one and the same instrument. The execution of this Agreement or any other writing hereto will not become effective until all counterparts hereof have been executed by all the parties hereto.

6.8

This Agreement has been translated into Chinese by independent third parties, and all the contents have been fully understood and agreed to by both parties, before the Agreement is signed.

IN WITNESS WHEREOF the parties hereto have executed this Agreement on the day and year first set forth above notwithstanding the actual date of execution.

INNER MONGOLIA TEHONG COAL GROUP CO. LTD.

/s/ Wenxiang Ding

__________________________

Wenxiang Ding – Chairman

INNER MONGOLIA ZHUNGER HEAT POWER CO. LTD

/s/ Wenxiang Ding

__________________________

Wenxiang Ding – Chairman

CHINA  ENERGY  CORPORATION

/s/ Wenxiang Ding

__________________________

Wenxiang Ding - President

 SCHEDULE  A   

                           

INNER MONGOLIA TEHONG COAL GROUP CO. LTD.

Registered Shareholders and Capital Contributors as at November 30, 2004 

	SHAREHOLDERS

	%

	RMB

	USD

	Wenxiang  Ding

	50.00

	30,000,000

	3,627,570

	Yenhua  Li

	14.67

	8,800,000

	1,064,087

	Yi  Ding

	33.33

	20,000,000

	2,418,380

	Junyang Li

	 2.00

	 1,200,000

	   145,103

	Total

	100%

	60,000,000

	$ 7,255,140

INNER MONGOLIA ZHUNGER HEAT POWER CO. LTD.

Registered Shareholders and Capital Contributors as at November 30, 2004 

	SHAREHOLDERS

	%

	RMB

	USD

	Inner Mongolia Tehong Coal Group Co. Ltd

	51

	10,200,000

	1,233,374

	Zhiyong Gou 

	14

	2,800,000

	 *  338,573

	Hangzhou DaYuan Group Co. Ltd 

	23

	4,600,000

	  * 556,227

	Xinghe County HaiFu Coal Transportation and Sale Co. Ltd 

	12

	2,400,000

	  * 290,206

	 	 	 	 
	Total

	100 %

	20,000,000

	$ 2,418,380

* $1,185,006 capital contribution to be exchanged for shares of the Company.

Note 1: Conversion rate used is  8.27 RMB| $1.00

SCHEDULE  B- 1

INNER MONGOLIA TEHONG COAL GROUP CO. LTD 

( the “ Company ” )

SHAREHOLDERS’ RESOLUTIONS AS AT NOVEMBER 1, 2004

BE  IT  RESOLVED  THAT :

1.

The Share Exchange Agreement, dated November 30, 2004, between China Energy Corporation ( a Nevada corporation ) and Inner Mongolia Tehong Coal Group Co. Ltd, and Inner Mongolia Zhunger Heat Power Co.Ltd, be approved.

2.

The undersigned shareholders unanimously agree that all their shareholdings in Inner Mongolia Tehong Coal Group Co. Ltd be exchanged for 45,000,000 fully paid and non assessable common shares of China Energy Corporation. 

The shareholders fully agree that the shares that they receive from China Energy Corporation, may not be in the same proportion as their previous shareholdings in Inner Mongolia Tehong Coal Group Co. Ltd; and on this issue, they waive the right to take action of any kind, now and in future, against China Energy Corporation, Inner Mongolia Tehong Coal Group Co. Ltd, and Inner Mongolia Zhunger Heat Power Co. Ltd. 

3.

The undersigned shareholders own 100% of stock of the Company, and  unanimously approve the new List of Shareholders of China Energy Corporation, as at November 30, 2004.

4.

The undersigned shareholders unanimously agree that the common shares of China Energy Corporation issued to them in their own names, constitute full consideration for their total capital contribution of 60,000,000 RMB to Inner Mongolia Tehong Coal Group Co. Ltd.  

5.

Inner Mongolia Tehong Coal Group Co. Ltd hereby becomes a wholly owned subsidiary of China Energy Corporation.

6.

The shareholders approve the appointment  of Wenxiang Ding as Director, President & Secretary, and Yanhua Li as Director, and Wusheng Liu as Chief Financial Officer, of China Energy Corporation.

7.

The same official representatives ( artificial persons ) that have registered and represented the Company to  local government authorities, likewise, would do the same for China Energy Corporation. 

8.

The shareholders that have registered and represented the Company to local government authorities, likewise, would do the same for China Energy Corporation. 

/s/ Wenxiang Ding

/s/ Yenhua Li

___________________________                       ___________________________

        WENXIANG DING

                                            YENHUA  LI

/s/ Yi Ding

JunYang Li

____________________________                   ___________________________

               YI  DING                                                          JUNYANG  LI

SCHEDULE  B - 2

INNER MONGOLIA ZHUNGER HEAT POWER CO. LTD

( the “ Company ” )

SHAREHOLDERS’ RESOLUTIONS AS AT NOVEMBER 1, 2004

BE  IT  RESOLVED  THAT :

1.

The Share Exchange Agreement, dated November 30, 2004, between China Energy Corporation ( a Nevada corporation ) and Inner Mongolia Tehong Coal Group Co. Ltd, and Inner Mongolia Zhunger Heat Power Co. Ltd, be approved.

2.

The undersigned shareholders unanimously agree that 49% of their shares in Inner Mongolia Zhunger Heat Power Co. Ltd be exchanged for shares in China Energy Corporation. 

The shareholders unanimously agree that the shares that they receive from China Energy Corporation, may not be in the same proportion as their previous shareholdings in Inner Mongolia Zhunger Heat Power Co. Ltd; and on this issue, they waive the right to take action of any kind, now and in future, against China Energy Corporation, Inner Mongolia Tehong Coal Group Co. Ltd, and Inner Mongolia Zhunger Heat Power Co. Ltd.

3.

The undersigned shareholders own 100% of the stock of the Company, and unanimously approve the new List of Shareholders of China Energy Corporation, as at November 30, 2004.

4.

The undersigned shareholders unanimously agree that the common shares of China Energy Corporation issued to them in their own names, constitute full consideration for their 49% of capital contribution in Inner Mongolia Zhunger Heat Power Co. Ltd.  

5.

Inner Mongolia Zhunger Heat Power Co. Ltd hereby becomes 49% owned by  China Energy Corporation.

6.

The shareholders approve the appointment of Wenxiang Ding as Director, President & Secretary, and Yanhua Li as Director, and Wusheng Liu as Chief Financial Officer, of China Energy Corporation.

7.

The same official representatives (artificial persons) that have registered and represented the Company to local government authorities, likewise, would do the same for China Energy Corporation. 

8.

The shareholders that have registered and represented the Company to local government authorities, likewise, would do the same for China Energy Corporation. 

Inner Mongolia Tehong Coal Group Co.Ltd  

Hangzhou DaYuan Group Co.Ltd

/s/ Zhiyong Gou

/s/ Weijun Li

Zhiyong Gou      

Weijun Li

Xinghe County HaiFu Coal Transportation and Sale Co., Ltd.

/s/ Liguo Zhang

Liquo Zhang

SCHEDULE  C -1

INNER MONGOLIA TEHONG COAL GROUP CO. LTD

( the “ Company ” )

Pursuant to the provisions of the by- laws of the Company, the following resolutions are passed as resolutions of the sole director, duly consented to in writing.

BE IT RESOLVED:

1.   

The Share Exchange Agreement dated November 30, 2004, signed between the Company, Inner Mongolia Zhunger Heat Power Co. Ltd, and China Energy Corporation ( a Nevada corporation ),  is hereby approved.

2.

The Company approves the exchange of its registered shareholdings represented by the contributed capital of $7,255,140, for part of 45,000,000 fully paid and non assessable common shares of China Energy Corporation.

3.     

Attached to this resolution to affect a valid exchange of shares, is the Shareholders’ Resolutions of the Company, dated November 30, 2004.

4.

Pursuant to the above mentioned Share Exchange Agreement, the Company hereby becomes a wholly owned subsidiary of China Energy Corporation.

Dated the 30th day of  November, 2004.

/s/ Wenxiang Ding

____________________________

      Wenxiang Ding - Director

              

 

SCHEDULE  C -2

INNER MONGOLIA ZHUNGER HEAT POWER CO. LTD

Pursuant to the provisions of the by- laws of the Company, the following resolutions are passed as resolutions of the directors, duly consented to in writing.

BE IT RESOLVED:

1.   

The Share Exchange Agreement dated November 30, 2004, signed between the Company, Inner Mongolia Tehong Coal Group Co. Ltd, and China Energy Corporation ( a Nevada corporation ),  is hereby approved.

2.

The Company approves the exchange of 49% of its registered shareholdings represented by the contributed capital of $ 1,185,006 for part of 45,000,000 fully paid and non assessable common shares of China Energy Corporation.

3.     

Attached to this resolution to affect a valid exchange of shares, is the Shareholders’ Resolutions of the Company, dated November 30, 2004.

4.

Pursuant to the above mentioned Share Exchange Agreement, the Company hereby becomes a wholly owned subsidiary of China Energy Corporation.

Dated the 30th day of  November, 2004.

/s/ Wenxiang Ding

/s/ Zhiyong Guo

___________________________    

 ___________________________                   Wenxiang Ding - Director                                    Zhiyong Guo – Director

/s/ Weijung Li

___________________________                           

   Weijung Li – Director                                

SCHEDULE   D

CHINA ENERGY CORPORATION

Pursuant to the provisions of the Articles and By - Laws of the Company, the following resolutions are passed as resolutions of the directors, duly consented to in writing.

BE IT RESOLVED:

1.    

The Share Exchange Agreement dated November 30, 2004, signed between the Company, Inner Mongolia Tehong Coal Group Co. Ltd ( China company ), and Inner Mongolia Heat Power Co. Ltd ( China company ),  is hereby approved.

2.

In accordance with the terms of the Agreement, 45,000,000 common shares of the Company are hereby allotted and issued, in exchange for 

(a) all of the registered shareholdings of Inner Mongolia Tehong Coal Group Co. Ltd represented by the contributed capital of $7,255,140, and 

(b) for 49% of the registered shareholdings of Inner Mongolia Heat Power Co. represented by $ 1,185,006 contributed capital.

3.     

Attached to this resolution to affect a valid exchange of shares, are the shareholders’ resolutions of Inner Mongolia Tehong Coal Group Co. Ltd, and Inner Mongolia Zhunger Heat Power Co. Ltd, dated November 30, 2004.

1.

Pursuant to the above mentioned Share Exchange Agreement, Inner Mongolia Tehong Coal Group Co. Ltd and Inner Mongolia Zhunger Heat power Co. Ltd, hereby becomes wholly owned subsidiaries of the Company.

Dated the 30th day of  November, 2004.

/s/ Wenxiang Ding

/s/ Yenhua Li

________________________                                  _________________________

     WENXIANG  DING                                                     YENHUA  LI

        Director                                                                            Director

SCHEDULE  E

	 	 	 	                     CHINA ENERGY CORPORATION

	 
	 	 	 	                          LIST OF SHAREHOLDERS

	 
	 	 	 	                         AS AT NOVEMBER 30, 2004

	 
	 	 	 	 	 
	Share 

	Shareholder

	Address

	Amount of 

	Cert. #

	Shares

	1

	SanHua

	An

	No. 11-7,6th housing,Dalate Road,Dongsheng City,lnner Mongolia      PC: 017000

	                400 

	2

	QingZe

	Bai

	No.3-10, Building23,HuLunBer North Road,XinCheng District,Hohhot City, Inner Mongolia,China.Postal code 010050

	    3,564,967 

	3

	Qun

	Ding

	No.2-1-3,N0.3 Jianshe North Street,Xincheng District,Hohhot city, Inner Mongolia Postal Code:010010

	  4,197,200

	4

	WenHua 

	Ding

	No.22-2,First Housing,Wendur Road,Dongsheng City,lnner Mongolia, China, Postal code 017000

	    2,886,571

	5

	WenXiang

	Ding

	No.1-3,Building 1,Residential Area, West Street, XinCheng District, Hohhot City, Inner Mongolia, China, Postal Code: 010010

	    7,393,225

	6

	Yi

	Ding

	No.21 ,AnDeLi North Road, DongCheng District, Beijing , China         Postal Code 100000

	    4,407,572

	7

	PuiPui

	Fong

	Room511, No2006 Housing, Shangbu North Road,Shenzhen City, Guangdong Province,China Postal Code: 518000

	  591,700

	8

	Wang

	Guo

	XiaMuYan Village, DaChangHan Countryside, FuGu County,

Shan'Xi Province, China, Postal Code: 719408

	                400 

	9

	ZhiYong 

	Guo

	No.1-64,Housing 10,HangJin Road,DongSheng City, Inner Mongolia, China, Postal Code 017000

	        384,619

	10

	JiaWen 

	Han

	No.2-8, 18th Housing Shui, TuanJie Avenue, KunDuLun District,

BaoTou City, Inner Mongolia, China, Postal Code: 014010

	                100 

	11

	ShengLi

	Hao

	No.3-15,CehuiYuan Housing, Zhongzhuan Road, Saihan District,Hohhot City, Inner Mongolia, China, Postal code. 010010

	                500 

	12

	PeiZhen

	Hu

	No.2-402,Building 40,Nushan Bystreet,Xihu District, Hangzhou City, Zhejiang Province, China

	        152,575 

	13

	Junhua

	Li

	No.27 Bungalow,provincial No.3 Printery Housing,Dongfeng East Road,ChangAn District, Shijiazhuang City,Hebei Province, Postal Code:050000

	                3,456,644

	14

	Yee

	King

	Room 2005, Ping Hei House, Tai Ping Estate, Sheung Shui, N.T. Hong Kong

	    2,400,000 

	15

	JianGuang

	Li

	No. 121, WuTuGou Village, WuRiTuGaoLe Town, Zhunger County, Inner Mongolia, China        Postal Code: 017105

	          42,227

	16

	JunYan

	Li

	No. 113, Housing 1, NaRiSong Road, DongSheng City, Inner Mongolia, China, Postal Code: 017000

	        724,366 

	17

	YenHua 

	Li

	No.1 Cell,Building 7,No.23 Jianshe Street, Xincheng District, Hohhot city, Inner Mongolia, PC: 010010

	        703,786

	18

	MeiYu

	Liu

	#302-19 Zhong Shan Road, Shantou, Guangdong, China

	        400,000 

	19

	WuSheng

	Liu

	Xiguanjin Street,Kekeyiligeng Town, Wuchuan County, Inner

Mongolia China,Postal Code: 011700

	                200 

	20

	YuhHsin

	Liu

	Room 1308, Wan De Mansion, No.1019 Shen Nan Zhong Lu, Shenzhen 518046, China

	    3,200,000 

	21

	LiangMei

	Qin

	No. 5-5,Third Housing, BaoRiTaoHai Street, DongSheng City, Inner Mongolia, China, Postal Code: 017000

	                400 

	22

	PuYi

	Qu

	No. 1 -202,Building 1,ShenTang East Village,Gongshu District, HangZhou Ctiy, Zhejiang Province, China

	        215,531

	23

	Yun

	Wang

	No.9-7, Housing 6,YiJinHuoLuo Street, DongSheng City, Inner Mongolia, China   Postal Code: 017000

	          35,189 

	24

	BoRenBaTu

	Yang

	No.10,Building 3,Xingsong Residental Area,Weather Bureau West Alley,XinCheng District,Hohhot City,lnner Mongolia, China Postal Code 010050

	        187,559

	25

	ShengJie

	Yang

	No. 4, BaiJia Alley, West Street Backside JuWeiHui, QiaoDong District, XingTai City, HeBei Province, China Postal Code: 054000

	        215,531

	26

	Zhimin

	Li

	Xichiyang Village,Donghoufang Town ,Wuji County, Hebei Province ,Postal Code:052400

	         3,500,200

	27

	LiHua 

	Zhang

	Room 205, No.1 Cell, House 64, GaoJingJia No. 32, ShiJingShan District, Beijing City,Postal Code: 100039

	        215,531

	28

	YongFu 

	Zhang

	JiTiHu, Inner Mongolia Art Institution, DongFeng Road, XinCheng

District, Hohhot City, Inner Mongolia, China, Postal Code: 010010

	                500 

	29

	Hangzhou Dayuan Group Co. Ltd.

	 

	No.198 GongKang, Hangzhou City, Zhejiang Province China  Postal Code: 310015

	    3,323,742

	30

	Xinghe County Haifu Coal Transportation & Sale Co. Ltd.

	 

	Overseas Apartment, Zhuguan Street, Xincheng District, Hohhot City, Inner Mongolia     PC: 010010

	    2,798,765

	Total

	 

	 

	 

	  45,000,000

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