Chinese law requires that a PRC listed company must submit to the Chinese Securities Regulatory Commission ("CSRC") and to the local stock exchange a report twice each fiscal year. What contents should be included in these two reports respectively?

Within two months of the conclusion of the first half of each fiscal year, a PRC listed company should submit a report containing the following items:

1. the company's financial and accounting reports and business situation;

2. the particulars of any changes in the shares or corporate bonds already issued;

3. major litigation involving the company;

4. any major matters submitted for consideration by the shareholders' general meeting; and

5. other matters specified by the CSRC.

Within four months of the last day of each fiscal year a PRC listed company should submit a report which includes the following information:

1. the company's general circumstances;

2. the company's financial and accounting reports and business situation;

3. details of the shareholding of the directors, supervisors, managers and relevant senior management personnel;

4. details of shares and corporate bonds already issued, including the name list of the ten shareholders who hold the largest number of shares in the company and the number of shares held by them; and

5. other matters specified by the CSRC.