Shanghai Changfa International Freight Co., Ltd ("CIF") is a limited liability company jointly invested by Yangtze River Economic Joint Development (Group) Co. Ltd. The registered capital is RMB 20 million. Changfa Group is a large conglomerate specializing in commerce and service trade, high-tech manufacturing, real estate and other industries, which is jointly sponsored by the Bank of Communications of Shanghai, Nanjing, Wuhan and Chongqing, and is one of the 120 pilot enterprise groups nationwide recognized by the State Council, with a registered capital of 65,000,000 RMB. By the end of 2003, the asset size of the group was nearly 4 billion yuan. Ltd. is a joint-stock listed company established by Yangtze River Economic Joint Development (Group) Co. With a registered capital of RMB 165 million, the company was listed on the Shanghai Stock Exchange on January 15, 1998 with stock code 600119. Changjiang Investment is an economic entity in China specializing in commerce, technology development and regional industrial investment in the Yangtze River Basin by local Yangtze River Basin, whose main business is industrial investment, domestic trade and information consulting. Changfa Group is committed to the development of logistics segment, which includes: Shanghai Changfa International Freight Co., Ltd, Shanghai WR Changfa International Freight Co., Ltd (global network), Shanghai Changfa Logistics Co., Ltd (domestic network), Shanghai Changfa Logistics Distribution Co., Ltd (warehousing and distribution), Shanghai Changfa Freight Co., Ltd (leasing of goods in Shanghai) and Shanghai Land Freight Exchange Co. (public information platform for land transportation). Shanghai Changfa International Freight Co., Ltd. is a comprehensive international freight company covering ocean freight, air freight, express freight and logistics. Since its incorporation in 1996, the company has been developing at an astonishing speed: express business ranks top in East China in terms of cargo volume and customer service; air freight business has formed a dominant position in European and near-ocean routes; sea freight business is growing and has competitive advantages in European line, American line, Mediterranean line and near-ocean line; special line transportation and supervised transportation of logistics business are favored by customers. In 2005, we ranked 23rd in the list of top 100 international freight forwarders in China, and squeezed into the top 50 in air and sea freight.