- Liaoning Times Group Inc.

1.Basics

The time of establishment: Mar5 1999

Address: 7Gangwan Str. Zhongshan District, Dalian, P.R.China

Corporate type: large-sized/ wholly state-owned

The industry affiliated: compositive

The scope of operation: management and operation of state-owned assets, international economic and technological cooperation, work contract cooperation on overseas construction, service and production projects, production of chemical fiber, plastic products, machinery for printing and dyeing, instrument and parts.

Intangible assets: usufruct of ground, 14,632m2.

Staff: 3,600 (51 in group headquarter, 120 in stock company headquarter, all the staff are on the state-owned status

2. Corporate representative: Xiaoyuan Fan

3. Capitalization:

registered capital: 10,8000,000 (100% stockholder: State-owned Assets Supervision and Administration Commission of Liaoning Province).

Subsidiary companies

1. Liaoning Times Apparel Impor&export Stock Co., Ltd

2. Liaoning Times Plaza Co., Ltd

3. Liaoning Times Apparel Co., Ltd

4. Anshan Jialian Apparel Co., Ltd

5. Liaoning Times Liaozhong Phoenix Apparel Manufacturing Co., Ltd

6. Dalian Yadu Hotel Co., Ltd

7. Liaoning Times Co., Ltd,  (Xiongyue Industrial Branch)

4. Current operation:

in 2004, sales revenue: 1,650,630,000, net profit: 1,380,000.

First half year in 2005, sales revenue: 700,320,000, net profit: -1,160,000.

5. Financial state:

By 2004, total assets: 980,770,000, total debts: 394,260,000, ownership interests: 410,230,000, account receivables: 103,570,000, account payables: 101,840,000, accumulative depreciation: 117,330,000 taxation due: 21,350,000.

6. targeted developing: Liaoning Times Xionyue Apparel Co.,ltd.

Projected total investment: 50,000,000, registered capital:20,000,000.

7. State of transferring ownership right: no limitation to the proportion of state-owned stock ownership to be transferred

8. Requests to buyers:

The investors with sufficient capitals support, rich international trade experience,  prominent reputation and business performance; engaged in textile, printing and dyeing and the relevant upstream and downstream industries;  the apparel-related businesses; high-tech, energy and environmental protection industry.

9. Contact to us:

a. Enterprise: Xinghai Liu

Tel: +86 411 82798032

Fax:+86 411 82798392

Address: 7 Gangwan Str. Zhongshan District, Dalian, P.R.China

Post code: 116001

E-mail: rebeccayangshuai@163.com

b. State-owned Assets Supervision and Administration Commission of Liaoning Province:

Qiong Wu, Renhe Zhao

Tel: +86 024 86903276

Fax: +86 024 86903276

Address: 45-22 Beiling Str., Huanggu District, Shenyang, P.R.China

Post code: 110032

E-mail: zcjyc@163.com

10.Declaration: all the data in this specification are shown in the account books in RMB. The net assets value of transferring stock ownership must be actual number after evaluation. This actual number will be the main basis of bottom price of market trade.