JING HUA TIMES Finance News Highlights 2009-3-4

1. During the Geneva Car Exhibition 2009, Audi releases the new A4 Allroad.

2. AIA (The Association of International Accountants) separated itself from the AIG (American International Group) hoping for a more successful future. B 35

3. Dow Jones Index fell significantly by 6800 points since the Asian financial crisis in 1997; the American stock market is dropping sharply, which has had a negative effect on stock markets around the world. B 40

4. A survey from CITI Bank showed that 49% of people who live in Beijing and Shanghai own their own houses. B 34

2009-3-3 JING HUA TIMES Finance News Highlights

1. Sanyuan gears up for Sanlu assets. B 36

Firm faces challenge taking over troubled milk powder maker. Beijing Sanyuan Food Co. Ltd is fully prepared to take over the assets of the company at the center of last year's melamine scandal. According to Sanyuan executives about 30 percent of Sanlu's sales will be recovered within this year.

2. HSBC to raise new capital and cut jobs. Bank posts 50% fall in net earnings, to cut dividend by 29%.

HSBC Holdings yesterday said it would raise a total of $17.7 billion in new capital from shareholders in a rights issue to strengthen its financial structure after reporting a more than 50 percent fall in 2008 earning and, as expected, a surge in bad debts in the US.

3. The Chinese Insurance Regulatory Commission announced that the new Insurance Law is going to be carried out from Oct. 1^st 2009. B 35

4. Chinese national enterprises profits surged to RMB 665.29 million in 2008 .

5. The Chinese government and the Air Industry Group Co. signed a contract for creating three important projects in the airline industry in Beijing. B 36

6. China is going to standardize the enterprises which are planning to expand their markets overseas to help them succeed. B 34

7. The US government allocated a $30 million fund for rescuing American International Group (one of USA's top Insurance company). B 40

8. The Shanghai stock market index went slightly up. B 42

2009-3-2 JING HUA TIMES Finance News

1. China United Telecommunications Co. Ltd. will stop local cell phone prepaid card from April. B 37

2. Google Apps Premier Edition clients were compensated $2.05 by Google for the mail system error on Feb 24^th. B 37

3. Sony announced company reform proposal. B 36

It will set up two new groups which are networking production and service groups.

4. Chinese Banking Association announced on its website that there will not be any tied purchase close for the applicants of the 30%-off housing loan. B 38

5. With the development of Internet e-shopping has become a popular trend for personal purchases. This is the preferred way of shopping since both buyers and sellers can benefit from it. Investment B 42

JING HUA TIMES Finance News Highlights

1. 1000 Fou drums (Fou is an ancient Chinese instrument thousands of years ago discovered in Shanghai) from 2008 Beijing Olympics is going to attend public auction next month. 33

2. Branch of Beijing Industrial and Commercial Bank offers a one-stop (no evaluation and guarantee fees) service for applying a second-hand housing loan. 34

3. The newly-opened department of small and medium-sized enterprises of Bank of China announced yesterday, they are the first financial department who serve such a group of enterprises. 34

4. The board of Southern Airlines passed a 3 billion RMB capital proposal yesterday. 35

5. The State appropriated on passing a proposal about anti-importing Chinese poultry. China shows strong dissatisfaction. 34

JING HUA TIMES Finance News Highlights

1. The 1000 Fou drums (Fou is an ancient Chinese instrument discovered thousands of years ago in Shanghai) used in the 2008 Beijing Olympics are going to be publicly auctioned next month. 33

2. A Branch of Beijing Industrial and Commercial Bank offers a one-stop service (no evaluation and guarantee fees) for applying for mortgages on second-hand houses. 34

3. Bank of China announced yesterday its newly-opened department for small and medium-sized enterprises; this is the first financial department that serves this target group. 34

4. The board of Southern Airlines passed a 3 billion RMB capital proposal yesterday. 35

5. The USA allocated funds for facilitating the approval of the proposal against Chinese poultry imports. China shows strong dissatisfaction. 34