Working Procedure of Regulations of the Public Offering Review Committee (PORC) of the China Securities Regulatory Commission (CSRC)

Article 17 The review working meetings of the PORC shall be held in turn in the form of sub-group meetings.

The members of the PORC shall be divided into 8 groups with 10 members each group. There shall be one leader for each group and the group leader shall be elected by the group members.

The review working meetings of the PORC shall be summoned by each group leader. When the group leaders are absent, other group members shall be entrusted to summon the meetings. The meeting participants shall not be less than 8 people.

Article 18 The offices of the PORC shall send, five working days before the review working meetings of the PORC are started, the meeting notices and application materials for stock issuances to the members who plan to attend the meetings.

Article 19 The members of the PORC shall attend the meetings in their personal names. They shall express their views in a prudent manner and vote on the applications for stock issuances.

Article 20 In case the members of the PORC believe that the application units still have some matters to be investigated, their votes on applications for stock issuance can be suspended as long as over half of the members in the meetings show their agreements.

Article 21 The review working meetings of the PORC shall vote, through the secret ballots, on the applications for stock issuances. The said members are allowed to cast the positive votes, negative votes or abstention votes.

The applications can be passed once at least 2/3 of the members of the PORC cast the positive votes in the meetings.

Article 22 As far as the rejected applications are concerned, the application units for stock issuances shall apply to the CSRC for reexamination. Once approved by the CSRC, another group under the PORC shall conduct reexamination. The applications for reexamination can be filed only once.

Article 23 The PORC is allowed, if required by the review work, to invite the experts without membership to provide the consultative comments. The aforesaid experts have no rights to vote.