Tianjin Motor Business

On 11 October 2007, Crown Creation Limited, an indirect wholly-owned subsidiary of the Company, purchased the entire issued share capital of Leapfly Limited which holds the entire issued share capital of Suntrend China Limited (“Suntrend”). Suntrend holds 50% equity interest in Tianjin Kai Sheng Automobile Service Co., Ltd (“Kai Sheng”). Kai Sheng and its subsidiaries engaged in the business of selling and distribution of Nissan motor vehicles, operation of the Nissan 4S shops, provision of heavy motor vehicle repair and maintenance services in Tianjin city, the PRC.

The Company disposed Crown Creation Limited on 21 September 2011.