Issued: July 18 2005

Effective: as of date of issue

Interpreting authority: Shanghai Stock Exchange

Applicability: The term 'warrants' refers to negotiable securities issued by the subject issuer of securities or another third party (hereinafter, the Issuer) and whereby it is agreed that the holder shall, within a specified period or on a specific expiry date, have the right to purchase or sell the subject securities from or to the Issuer at the agreed price, or collect the settlement difference by way of cash settlement (Article 2).