Resumption of Trading

RNS Number : 4652I

Air China Ld

11 March 2010

 



Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

This announcement appears for information purposes only and does not constitute an invitation or offer to acquire, purchase or subscribe for securities of Air China Limited.

 AIR CHINA LIMITED

(a joint stock limited company incorporated in the People's Republic of China with limited liability)

(Stock Code: 00753)

(1) PROPOSED ISSUANCE OF NEW A SHARES AND NEW H SHARES

UNDER SPECIFIC MANDATE

(2) CONNECTED TRANSACTION: SUBSCRIPTION OF NEW A SHARES

BY CNAHC AND SUBSCRIPTION OF NEW H SHARES BY CNACG

AND

(3) RESUMPTION OF TRADING

Financial Adviser

CITIC Securities International 

1.     Proposed A Share Issue and H Share Issue

Specific Mandates

At the Board meeting of the Company held on 11 March 2010, it was resolved that the Board will convene an extraordinary general meeting and the class meetings of the Domestic Shareholders and the Foreign Shareholders, respectively, for the grant of specific mandates to the Board to issue not more than 585,000,000 A Shares to not more than 10 specific investors including CNAHC at the subscription price of not less than RMB9.58 per A Share and issue not more than 157,000,000 new H Shares to CNACG at the subscription price of not less than HK$6.62 per H Share.

Subscription Agreements

On 11 March 2010, CNAHC entered into the A Share Subscription Agreement with the Company, pursuant to which, CNAHC will commit at least RMB1,500 million to subscribe in cash for not more than 157,000,000 new A Shares at the subscription price of not less than RMB9.58 per A Share, and CNACG entered into the H Share Subscription Agreement with the Company, pursuant to which, CNACG will subscribe in cash for not more than 157,000,000 new H Shares at the subscription price of not less than HK$6.62 per H Share. The subscription of new A Shares by CNAHC pursuant to the A Share Subscription Agreement and the subscription of new H Shares by CNACG pursuant to the H Share Subscription Agreement are inter-conditional. If one of them does not proceed to completion, the other one will not proceed to completion.

Listing Rules Implications

Since CNAHC is the controlling shareholder of the Company, and hence a connected person of the Company, the issue of new A Shares to CNAHC pursuant to the A Share Subscription Agreement constitutes a connected transaction of the Company under Chapter 14A of the Listing Rules and is subject to the announcement, reporting and independent shareholders' approval requirements under that chapter. In addition, since CNACG is a substantial shareholder of the Company and a wholly owned subsidiary of CNAHC, and hence a connected person of the Company, the issue of new H Shares to CNACG pursuant to the H Share Subscription Agreement constitutes a connected transaction of the Company under Chapter 14A of the Listing Rules and is subject to the announcement, reporting and independent shareholders' approval requirements under that chapter.

Meanwhile, the issue of new A Shares and new H Shares pursuant to the Specific Mandates will constitute a variation of class rights of the Domestic Shareholders and the Foreign Shareholders under the Articles of Association. Pursuant to the Articles of Association and Rule 19A.38 of the Listing Rules, the issue of such new A Shares and new H Shares is required to be approved by the Shareholders by way of special resolutions at a general meeting and separate class meetings of the Domestic Shareholders and Foreign Shareholders, respectively.

Voting in the general meeting and class meetings will be taken by way of poll. CNAHC, CNACG and their respective associates will abstain from voting at the general meeting and the class meetings of the Domestic Shareholders and the Foreign Shareholders convened for the purpose of approving the granting of the Specific Mandates.

2.       Resumption of trading

At the request of the Company, trading of H Shares of the Company on the Hong Kong Stock Exchange was suspended with effect from 9:30 a.m. on 26 February 2010 pending the release of this announcement. The Company has made an application to the Hong Kong Stock Exchange for the resumption of trading of H Shares on the Hong Kong Stock Exchange with effect from 9:30 a.m. on 12 March 2010.

A.      PROPOSED A SHARE ISSUE AND H SHARE ISSUE

1.       General

At the Board meeting of the Company held on 11 March 2010, it was resolved that the Board will convene an extraordinary general meeting and the class meetings of the Domestic Shareholders and the Foreign Shareholders, respectively, for the grant of specific mandates to the Board to issue not more than 585,000,000 new A Shares to not more than 10 specific investors including CNAHC (the "A Share Issue") and issue not more than 157,000,000 new H Shares to CNACG (the "H Share Issue") on the terms set out in this announcement.

Accordingly, on 11 March 2010, CNAHC entered into the A Share Subscription Agreement with the Company, pursuant to which, CNAHC will commit at least RMB1,500 million to subscribe in cash for not more than 157,000,000 new A Shares at the subscription price of not less than RMB9.58 per A Share, and CNACG entered into the H Share Subscription Agreement with the Company, pursuant to which, CNACG will subscribe in cash for not more than 157,000,000 new H Shares at the subscription price of not less than HK$6.62 per H Share.

2.       Structure of the A Share Issue

Class of shares to be issued  and the nominal value:	A Shares with par value of RMB1.00 each
Target subscribers:	Not more than 10 qualified investors including CNAHC
Number of A Shares to be  issued:	Not more than 585,000,000 A Shares, of which CNAHC will commit at least RMB1,500 million to subscribe in cash for not more than 157,000,000 new A Shares. The maximum number of new A Shares to be issued will be adjusted accordingly if there is any ex-rights or ex-dividend arrangement from the Pricing Base Day to the date of issuance.
Method of issue:	Non-public offering. The new A Shares will be issued accordingly within 6 months after the approval from CSRC on the same has been obtained.
	The subscription price shall be paid in cash.

Basis for determining  the issue price:	The price of new A Shares shall be no less than RMB9.58 per A Share i.e. not less than 90% of the average trading price of the A Shares in the 20 trading days preceding the Pricing Base Day (the average trading price of the A Shares in the 20 trading days preceding the Pricing Base Day equals to the total trading amount of A Shares traded in the 20 trading days preceding the Pricing Base Day divided by the total volume of A Shares traded in the 20 trading days preceding the Pricing Base Day). Based on the minimum issue price mentioned above, the issue price of the new A Shares will be determined by a book-building process. The Board and the sponsor (the lead underwriter) shall determine the final issue price. CNAHC will not participate in the book-building process for the price determination of this issuance and will subscribe for new A Shares at the same price as other subscribers. The minimum subscription price of the new A Shares will be adjusted accordingly if there is any ex-rights or ex-dividend arrangement from the Pricing Base Day to the date of issuance.
	RMB9.58 per A Share represents a discount of approximately 17.70% as compared to the closing price of RMB11.64 per A Share immediately prior to the suspension of trading of A Share on 26 February 2010.
Rights attached to the new  A Shares:	The new A Shares to be issued pursuant to the A Share Issue will rank pari passu with the existing A Shares and H Shares in all respects
Conditions for the A Share  Subscription Agreement to  take effect:	The A Share Subscription Agreement will take effect on the date when all the following conditions have been satisfied:
	(1)     the approvals having been granted by the Independent Shareholders by way of special resolutions at a general meeting and class meetings for the A Share Issue and the A Share Subscription Agreement;
	(2)     all necessary approvals, consents from the relevant governmental and regulatory authorities, including but not limited to the approval from CSRC, in relation to the A Share Issue and the A Share Subscription Agreement having been obtained; and

	(3)     the conditions for the H Share Subscription Agreement to come into effect having been satisfied or waived.
Termination of  the A Share  Subscription Agreement:	If, where applicable, CNAHC fails to obtain from CSRC the waiver from the obligation of making a tender offer for Shares, which is triggered by the relevant subscriptions under the Specific Mandates, in accordance with the 《上市公司收購管理辦法》 (Administrative Measures in relation to the Acquisition of the Listed Companies of the PRC) or related regulations, the A Share Subscription Agreement shall be terminated automatically.
Net Proceeds from  the A Share Issue:	The net proceeds from the A Share Issue will be not more than RMB5.6 billion.
Use of proceeds:	All the proceeds raised from the A Shares Issue will be used towards the Company's working capital expenditures. As part of the proceeds, pursuant to the relevant government approvals, RMB1.5 billion was planned to be applied towards the acquisitions by the Company of minority shareholders' equity interest in Air China Cargo Co., Ltd.. As the Company has already paid for such acquisitions with its own funds, the RMB1.5 billion will be directly used towards the Company's working capital expenditures.
Lock-up Arrangement:	Pursuant to the relevant rules of CSRC, new A Shares to be subscribed for by CNAHC shall not be disposed of within 36 months from the completion date of the issuance of such new A Shares, and new A Shares to be subscribed for by the other specific investors shall not be disposed of within 12 months from the completion date of the issuance of the respective new A Shares.
Validity Period of the Specific   Mandate:	The period from the passing of the special resolution granting the Specific Mandate with respect to the A Share Issue at the shareholders' general meeting and the respective class meetings until the expiration of the 12-month period following the passing of the special resolution.
Listing Application:	Application will be made by the Company to the Shanghai Stock Exchange for the granting of the listing of, and permission to deal in, all A Shares issued pursuant to the A Share Issue. Upon the expiration of the lock-up period, the new A Shares will be traded on the Shanghai Stock Exchange.

Arrangement relating to  the accumulated  undistributed profits of  the Company prior to  the A Share Issue:

The new and existing Shareholders will share the undistributed profits of the Company accumulated prior to the A Share Issue.

3.       The Structure of the H Share Issue

Class of shares to be issued  and the nominal value:	H Shares with par value of RMB1.00 each
Target subscribers:	CNACG
Number of H Shares to be  issued:	CNACG will subscribe in cash for not more than 157,000,000 new H Shares. The maximum number of new H Shares to be issued will be adjusted accordingly if there is any ex-rights or ex-dividend arrangement from the Pricing Base Day to the date of issuance.
Basis for determining  the issue price:	The price of new H Shares shall be no less than HK$6.62 per H Share i.e. the average trading price of the H Shares in the 20 trading days preceding the Pricing Base Day (the average trading price of the H Shares in the 20 trading days preceding the Pricing Base Day equals to the total trading amount of H Shares traded in the 20 trading days preceding the Pricing Base Day divided by the total volume of H Shares traded in the 20 trading days preceding the Pricing Base Day). The final issue price will be determined by the Company and CNACG through arm's length negotiation. The minimum subscription price of the new H Shares will be adjusted accordingly if there is any ex-rights or ex-dividend arrangement from the Pricing Base Day to the date of issuance.
	HK$6.62 per H Share represents a discount of approximately 2.22% as compared to the closing price of HK$6.77 per H Share immediately prior to the suspension of trading of H Share on 26 February 2010.
Rights attached to the new  H Shares:	The new H Shares to be issued pursuant to the H Share Issue will rank pari passu with the existing H Shares and A Shares in all respects.
Conditions for the H Share  Subscription Agreement  to take effect:	The H Share Subscription Agreement will take effect on the date when all the following conditions have been satisfied:

	(1)     the approvals having been granted by the Independent Shareholders by way of special resolutions at a general meeting and class meetings for the H Share Issue and the H Share Subscription Agreement;
	(2)     all necessary approvals, consents from the relevant governmental and regulatory authorities, including but not limited to the approval from CSRC, in relation to the H Share Issue and the H Shares Subscription Agreement having been obtained; and
	(3)     the conditions for the A Share Subscription Agreement to come into effect having been satisfied or waived.
Termination of the H Share  Subscription Agreement:	If, where applicable, CNAHC fails to obtain from CSRC the waiver from the obligation of making a tender offer for Shares, which is triggered by the relevant subscriptions under the Specific Mandates, in accordance with the 《上市公司收購管理辦法》 (Administrative Measures in relation to the Acquisition of the Listed Companies of the PRC) or related regulations, the H Share Subscription Agreement shall be terminated automatically.
Net Proceeds from  the H Share Issue:	The net proceeds from the H Share Issue will be not more than HK$1.04 billion.
Use of proceeds:	All the proceeds raised from the H Share Issue will be used towards the Company's working capital expenditures.
Lock-up Arrangement:	CNACG has agreed that the new H Shares to be subscribed for by it shall not be disposed of within 12 months from the completion date of the issuance of such new H Shares.
Validity Period of the Specific  Mandate:	The period from the passing of the special resolution granting the Specific Mandate with respect to the H Share Issue at the shareholders' general meeting and the respective class meetings until the expiration of the 12-month period following the passing of the special resolution.

Listing Application:

Application will be made by the Company to the Hong Kong Stock Exchange for the granting of the listing of, and permission to deal in, all H Shares issued pursuant to the H Share Issue. Upon the expiration of the lock-up period, the new H Shares will be traded on the Hong Kong Stock Exchange.

4.       Shareholding structure of the Company

4.1    As at the date of this announcement, the shareholding structure of the Company is as follows:

http://www.rns-pdf.londonstockexchange.com/rns/4652I_1-2010-3-11.pdf 

Note: The percentages shown are rounded to the nearest 2 decimal places.

4.2    Immediately following the completion of the Subscriptions, assuming that (i) CNAHC has subscribed for 157,000,000 new A Shares, the other specific investors have subscribed for an aggregate of 428,000,000 new A Shares, and CNACG has subscribed for 157,000,000 new H Shares, (ii) no other Shares has been issued after the date of this announcement until the completion of the Subscriptions, it is anticipated that the shareholding structure of the Company will be as follows:

http://www.rns-pdf.londonstockexchange.com/rns/4652I_1-2010-3-11.pdf 

Note:  The percentages shown are rounded to the nearest 2 decimal places.

5.       Conditionality between the Subscriptions

If either the A Shares Issue or the H Shares Issue is not approved by the Shareholders or CSRC or other governmental or regulatory authorities, the other will not proceed and shall be terminated automatically.

The subscription of new A Shares by CNAHC pursuant to the A Share Subscription Agreement and the subscription of new H Shares by CNACG pursuant to the H Share Subscription Agreement are inter-conditional. If one of them does not proceed to completion, the other one will not proceed to completion.

The completion of the subscription of new A Shares by each of the specific investors (excluding CNAHC) pursuant to the A Share Issue is conditional upon the completion of the subscription of new A Shares by CNAHC. However, neither the completion of the subscription of new A Shares by CNAHC pursuant to the A Share Subscription Agreement nor the subscription of new H Shares by CNACG pursuant to the H Share Subscription Agreement is conditional on the completion of the subscription of new A Shares by each of the other specific investors pursuant to the A Share Issue. The completion of the subscription of new A Shares by each of the specific investors (excluding CNAHC) is not inter-conditional upon the completion of the subscription of new A Shares by each of the other specific investors (excluding CNAHC).

6.       Listing Rules Implications relating to the Subscriptions

As at the date of this announcement, CNAHC directly holds 4,949,066,567 A Shares in the Company, representing 40.40% of the existing issued share capital of the Company. As at the date of this announcement, CNACG holds 1,332,482,920 A Shares and 66,852,000 H Shares in the Company, representing an aggregate of 11.42% of the existing issued share capital of the Company. CNACG is a wholly owned subsidiary of CNAHC. CNAHC, by itself and through CNACG, owns in aggregate 51.82% of the existing issued share capital of the Company.

Since CNAHC is the controlling shareholder of the Company, and hence a connected person of the Company, the issue of new A Shares to CNAHC pursuant to the A Share Subscription Agreement constitutes a connected transaction of the Company under Chapter 14A of the Listing Rules and is subject to the announcement, reporting and independent shareholders' approval requirements under that chapter. In addition, since CNACG is a substantial shareholder of the Company and a wholly owned subsidiary of CNAHC, and hence a connected person of the Company, the issue of new H Shares to CNACG pursuant to the H Share Subscription Agreement constitutes a connected transaction of the Company under Chapter 14A of the Listing Rules and is subject to the announcement, reporting and independent shareholders' approval requirements under that chapter. An Independent Board Committee comprising the independent non-executive Directors of the Company has been formed to advise the Independent Shareholders on the terms of the A Share Subscription Agreement and the H Share Subscription Agreement. China Merchants Securities (HK) Co., Ltd has been appointed as Independent Financial Adviser to advise the Independent Board Committee and the Independent Shareholders on the same.

Meanwhile, the issue of new A Shares and new H Shares pursuant to the Specific Mandates will constitute a variation of class rights of the Domestic Shareholders and the Foreign Shareholders under the Articles of Association. Pursuant to the Articles of Association and Rule 19A.38 of the Listing Rules, the issue of such new A Shares and new H Shares is required to be approved by the Shareholders by way of special resolutions at a general meeting and separate class meetings of the Domestic Shareholders and the Foreign Shareholders, respectively.

Voting in the general meeting and class meetings will be taken by way of poll. CNAHC, CNACG and their respective associates will abstain from voting at the general meeting and the class meetings of the Domestic Shareholders and the Foreign Shareholders, respectively, convened for the purpose of approving the granting of the Specific Mandates.

7.       Reasons for and benefit of the Issue of New Shares

In 2008, due to the global financial crisis and the slowdown of the global economy, the air transportation business worldwide experienced a severe downturn and the air transportation industry of China was hardly spared. With the gradual recovery of the global economy and the strong growth of China's economy, China's air transportation industry has led the way to get out of the downturn and shown promising signs of recovery. Amidst the revival of the global economy and the continuous growth of China's economy, domestic air transportation industry is expecting another new cycle of growth.

Thanks to the revival of the air transportation industry of China and the Company's own competitive strengths, the Company saw a significant improvement in its operations in 2009 as compared to 2008. Considering the industry's and the Company's development trend, the Company has set out plans for aircraft purchase to enhance the traffic capacity of its fleet and capitalize the development opportunities of the air transportation industry of China. The acquisition of aircraft, however, entails huge capital expenditures, and thus puts big pressure on the Company's funding effort and increases its financial risks. Therefore, the Company needs to increase its capital to optimize its financial structure and boost its core competitiveness so that it could maintain its leading position in the industry.

The proceeds from the A Share Issue and H Share Issue would increase the Company's capital funds, decrease its debt ratio, improve its financial condition so as to satisfy the funding requirement of its business development and enhance the Company's profitability and bring good returns to its Shareholders.

8.       Shareholders' Circular

A circular containing, among others, further details of: (i) the Specific Mandates in connection with the issue of new A Shares and new H Shares; and (ii) notices of the various shareholders' meetings, will be issued by the Company and despatched to the Shareholders in due course.

B.      Opinion of the Directors

The Directors (other than the independent non-executive directors of the Company whose views will be set out in the circular to be dispatched to the Shareholders together with the advice of the Independent Financial Adviser) consider that the terms and conditions of the issue of new Shares under the A Share Subscription Agreement and the H Share Subscription Agreement are fair and reasonable and in the interests of the Company and its Shareholders as a whole.

C.      Resumption of trading

At the request of the Company, trading of H Shares of the Company on the Hong Kong Stock Exchange was suspended with effect from 9:30 a.m. 26 February 2010 pending the release of this announcement. The Company has made an application to the Hong Kong Stock Exchange for the resumption of trading of H Shares on the Hong Kong Stock Exchange with effect from 9:30 a.m. on 12 March 2010.

Definitions

In this announcement, unless the context otherwise requires, the following expressions have the following meanings:

"A Share Issue"	as described under section "A. Proposed A Share Issue and H Share Issue -- 1. General" of this announcement;
"A Share Subscription  Agreement"	means in relation to and as part of the A Share Issue, the subscription agreement entered into between CNAHC and the Company on 11 March 2010, under which, CNAHC agrees to commit at least RMB1,500 million to subscribe for, and the Company agrees to issue, not more than 157,000,000 new A Shares at the subscription price of not less than RMB9.58 per A Share;
"A Shares"	means the ordinary shares issued by the Company, with a RMB denominated par value of RMB1.00 each, which are listed on the Shanghai Stock Exchange;
"Articles of Association"	means the articles of association of the Company;
"associates"	has the meaning ascribed thereto under the Listing Rules;
"Board"	means the board of directors of the Company;
"Cathay Pacific"	means Cathay Pacific Airways Limited;

"CNACG"	means 中國航空（集團）有限公司 (China National Aviation Corporation (Group) Limited), a company incorporated under the laws of Hong Kong, and a wholly owned subsidiary of CNAHC and a substantial shareholder of the Company, which directly holds approximately 11.42% of the Company's issued share capital as at the date of this announcement and is an investment holding company whose principal business is the passenger terminal operation, cargo terminal operation, airport ground handling services, airline catering services, property investment, ticket and tourism services, logistics and other businesses through its subsidiaries;
"CNAHC"	means 中國航空集團公司 (China National Aviation Holding Company), a wholly PRC state-owned enterprise and the controlling shareholder of the Company, which directly and indirectly holds an aggregate of approximately 51.82% of the Company's issued share capital as at the date of this announcement and whose principal business is to manage the state-owned assets of CNAHC and the equity it holds in various companies;
"Company"	means 中國國際航空股份有限公司 (Air China Limited), a joint stock limited company incorporated in the PRC with limited liability, whose H shares are listed on the Hong Kong Stock Exchange as its primary listing venue and on the Official List of the UK Listing Authority as its secondary listing venue, and whose A shares are listed on the Shanghai Stock Exchange, and whose principal business is the operation of scheduled airline services;
"connected person"	has the meaning ascribed thereto under the Listing Rules;
"controlling shareholder"	has the meaning ascribed thereto under the Listing Rules;
"CSRC"	means the China Securities Regulatory Commission;
"Directors"	means the directors of the Company;
"Domestic Shareholders"	means the holders of Domestic Shares;
"Domestic Shares"	means the ordinary shares of RMB1.00 each issued by the Company, which are subscribed for in Renminbi or credited as fully paid up by PRC nationals;
"Foreign Shareholders"	means the holders of Foreign Shares;
"Foreign Shares"	means the ordinary shares of RMB1.00 each issued by the Company, which are subscribed for in foreign currency or credited as fully paid up by foreign investors, which includes H Shares and the A Shares held by CNACG;

"H Share Issue"	has the meaning as described in section "A. Proposed A Share Issue and H Share Issue - 1. General" of this announcement;
"H Share Subscription  Agreement"	means in relation to the H Share Issue, the subscription agreement entered into between CNACG and the Company on 11 March 2010, under which, CNACG agrees to subscribe for, and the Company agrees to issue, not more than 157,000,000 new H Shares at the subscription price of not less than HK$6.62 per share;
"H Shares"	means the ordinary shares issued by the Company, with a RMB denominated par value of RMB1.00 each, which are listed on the Hong Kong Stock Exchange;
"HK$"	means Hong Kong dollars, the lawful currency of Hong Kong;
"Hong Kong"	means the Hong Kong Special Administrative Region of China;
"Hong Kong Stock  Exchange"	means The Stock Exchange of Hong Kong Limited;
"Independent Board  Committee"	means an independent committee of the independent non-executive Directors of the Company comprising Hu Hung Lick Henry, Zhang Ke, Jia Kang and Fu Yang;
"Independent Financial  Adviser"	means China Merchants Securities (HK) Co., Ltd.;
"Independent Shareholders"	means the shareholders of the Company, other than CNAHC, CNACG and their respective associates;
"Listing Rules"	means the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited;
"PRC" or "China"	means the People's Republic of China;
"Pricing Base Day"	means12 March 2010, being the date of this announcement;
"RMB"	means Renminbi, the lawful currency of the PRC;
"Shareholders"	means the shareholders of the Company;
"Shares"	means A Shares and H Shares;
"Specific Mandates"	means the specific mandates granted by the Shareholders to the Board in relation to the A Share Issue and H Share Issue as described in section "A. Proposed A Share Issue and H Share Issue - 1. General" of this announcement;
"Subscriptions"	means the subscriptions of new A Shares and new H Shares pursuant to the Specific Mandates;

"substantial shareholder"	has the meaning ascribed thereto under the Listing Rules;
"trading day"	with respect to A shares, means a day on which the Shanghai Stock Exchange is open for dealing or trading in securities; and with respect to H shares, means a day on which the Hong Kong Stock Exchange is open for dealing or trading in securities; and
"%"	per cent.

In this announcement, for the avoidance of doubt, references to "not less than" a figure and "not more than" a figure shall include the figure mentioned.

By order of the Board

Air China Limited

Huang Bin   Tam Shuit Mui

Joint Company Secretaries

Beijing, the PRC, 12 March 2010

As at the date of this announcement, the directors of the Company are Mr. Kong Dong, Ms. Wang Yinxiang, Mr. Wang Shixiang, Mr. Cao Jianxiong, Mr. Christopher Dale Pratt, Mr. Chen Nan Lok, Philip, Mr. Cai Jianjiang, Mr. Fan Cheng, Mr. Hu Hung Lick, Henry*, Mr. Zhang Ke*, Mr. Jia Kang* and Mr. Fu Yang*.

* Independent non-executive director of the Company

 

END

 

 

RENSFSFMFFSSEFD