Under the NYSE's corporate governance listing standards, we are required to disclose any significant ways in which our governance practices differ from those followed by US domestic companies under the NYSE listing standards. There are no significant differences in our corporate governance practices compared to those followed by a U.S. domestic company under the NYSE listing standards, except for the following:

·                    As a “controlled company” as defined under Section 303A of the NYSE Listed Company Manual, we are exempt from certain corporate governance requirements.  Relying on this exemption, Mr. Zhi Yang Wu, who does not satisfy the “independence” requirements of Section 303A of the NYSE Listed Company Manual, serves as a member of our nominating and corporate governance committee and compensation committee;

·                    We do not have formal corporate governance guidelines similar to those required for U.S. domestic companies;

·                    And our non-management directors do not schedule regular executive sessions similar to those followed by U.S. domestic companies.