-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, S69JhECiDgC7NwX7RxEdGv+59EZSxGwT0FInugfrLAKkVNeqDF2yC9+ki3jPwhwJ X/rLopLC4KqVny3wHoE2zA== /in/edgar/work/0000912057-00-049849/0000912057-00-049849.txt : 20001115 0000912057-00-049849.hdr.sgml : 20001115 ACCESSION NUMBER: 0000912057-00-049849 CONFORMED SUBMISSION TYPE: 10QSB PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20000930 FILED AS OF DATE: 20001114 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ASIA RESOURCES HOLDINGS LTD CENTRAL INDEX KEY: 0000357434 STANDARD INDUSTRIAL CLASSIFICATION: [3060 ] IRS NUMBER: 751071589 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10QSB SEC ACT: SEC FILE NUMBER: 001-08334 FILM NUMBER: 765960 BUSINESS ADDRESS: STREET 1: PO BOX 1237 CITY: CORSICANA STATE: TX ZIP: 75151 BUSINESS PHONE: 9038723091 MAIL ADDRESS: STREET 1: RM 2005 20/F UNIVERSAL TRADE CENTRE STREET 2: 3-5A ARBUTHNOT RD CITY: CENTRAL HONG KONG FORMER COMPANY: FORMER CONFORMED NAME: REGAL INTERNATIONAL INC DATE OF NAME CHANGE: 19920703 10QSB 1 a2030488z10qsb.txt FORM 10-QSB U.S. SECURITIES EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-QSB (X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 ( ) TRANSACTION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For Quarter Ended: Commission File Number: September 30, 2000 1-8334 ASIA FIBER HOLDINGS LIMITED - -------------------------------------------------------------------------------- (Exact name of Registrant as specified in its charter) DELAWARE 75-1071589 - ------------------------------- ------------------------------------ (State or other jurisdiction of (IRS Employer Identification Number) incorporation or organization) 52/F Bank of China Tower No. 1 Garden Road Central, Hong Kong - -------------------------------------------------------------------------------- (Address of Principal Executive Offices) (Zip Code) (852) 2844-2988 - -------------------------------------------------------------------------------- (Registrant's telephone number, including area code) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to filing requirements for the past 90 days. Yes X No ----- ----- The number of shares of Common Stock, par value $ .01 per share, outstanding as of September 30, 2000 is 9,952,234 Transitional Small Business Disclosure Format (check one): Yes No X ----- ----- 1 ASIA FIBER HOLDINGS LTD. INDEX TO FORM 10-QSB September 30, 2000 PART I. Financial Information Page # Item 1. Financial Statements - Condensed Consolidated Income Statements 3 (Unaudited) for the three months ended September 30, 2000 and 1999 and the nine months ended September 30, 2000 and 1999 Condensed Consolidated Balance Sheet as of 4 September 30, 2000 and December 31, 1999 Consolidated Statements of Changes in Shareholders' 5 Equity (Unaudited) for the nine months ended September 30, 2000 Condensed Consolidated Statements of Cash Flows 6 (Unaudited) for the nine months ended September 30, 2000 and 1999 Notes to Condensed Consolidated Financial 7 Statements (unaudited) Item 2. Management's Discussion and Analysis of 9 Financial Condition and Results of Operation PART II. Other Information Item 1. Legal Proceedings 12 Item 2. Changes in Securities and Use of Proceeds 12 Item 3. Defaults Upon Senior Securities 12 Item 4. Submission of Matters to a Vote of Security 12 Holders Item 5. Other Information 12 Item 6. Exhibits and Reports on Form 8-K 12 Signatures 12 2 PART I - FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS ASIA FIBER HOLDINGS LIMITED AND SUBSIDIARIES CONDENSED CONSOLIDATED INCOME STATEMENTS (UNAUDITED) FOR THE THREE MONTHS AND NINE MONTHS ENDED SEPTEMBER 30, 2000 AND 1999 (Amounts in thousands, except share and per share data)
Three Months Ended September 30, Nine Months Ended September 30, -------------------------------------- -------------------------------------- 2000 1999 2000 2000 1999 2000 ---------- ---------- ---------- ---------- ---------- ---------- RMB RMB US$ RMB RMB US$ SALES 156,664 139,543 18,921 415,472 308,398 50,178 COST OF SALES (163,667) (117,232) (19,767) (378,809) (259,773) (45,750) ---------- ---------- ---------- ---------- ---------- ---------- GROSS PROFIT/(LOSS) (7,003) 22,311 (846) 36,663 48,625 4,428 OTHER INCOME -- 913 -- -- 913 -- SELLING AND ADMINISTRATIVE EXPENSES (4,400) (3,747) (531) (14,803) (13,016) (1,788) PROVISION FOR DOUBTFUL DEBTS -- (3,000) -- -- (9,000) -- FINANCIAL INCOME/(EXPENSES), NET 2,743 (492) 331 3,838 (3,514) 464 ---------- ---------- ---------- ---------- ---------- ---------- INCOME/(LOSS) BEFORE INCOME TAXES (8,660) 15,985 (1,046) 25,698 24,008 3,104 INCOME TAXES 602 -- 73 (2,129) -- (257) ---------- ---------- ---------- ---------- ---------- ---------- INCOME/(LOSS) BEFORE MINORITY INTERESTS (8,058) 15,985 (973) 23,569 24,008 2,847 MINORITY INTERESTS 2,227 (4,831) 269 (7,879) (7,432) (952) ---------- ---------- ---------- ---------- ---------- ---------- NET INCOME/(LOSS) (5,831) 11,154 (704) 15,690 16,576 1,895 ========== ========== ========== ========== ========== ========== BASIC AND DILUTED EARNINGS/ (LOSS) PER SHARE (0.59) 1.19 (0.07) 1.58 1.77 0.19 ========== ========== ========== ========== ========== ========== WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING 9,952,234 9,355,102 9,952,234 9,899,930 9,355,102 9,899,930 ========== ========== ========== ========== ========== ==========
See notes to condensed consolidated financial statements. 3 ASIA FIBER HOLDINGS LIMITED AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEET AS OF SEPTEMBER 30, 2000 AND DECEMBER 31, 1999 (Amounts in thousands, except share and per share data)
September 30, December 31, September 30, 2000 1999 2000 RMB RMB US$ Notes (Unaudited) (Unaudited) ASSETS CURRENT ASSETS: Cash and cash equivalents 10,141 8,427 1,225 Trade receivables 63,785 56,868 7,703 Bills receivable 2,680 1,300 324 Other receivables, deposits and prepayments 665 561 80 Inventories 3 10,398 26,789 1,256 Amount due from a minority joint venture 351,636 261,070 42,468 partner Amounts due from related companies 4,612 29,161 557 ------------ ------------ ------------ TOTAL CURRENT ASSETS 443,917 384,176 53,613 FIXED ASSETS 4 123,460 133,642 14,911 INVESTMENT 13,995 13,390 1,690 DEFERRED INCOME TAXES 2,042 2,042 247 ------------ ------------ ------------ TOTAL ASSETS 583,414 533,250 70,461 ============ ============ ============ LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES: Bank loans 179,880 177,880 21,725 Accounts payable 508 4,315 61 Deposits from customers 26,424 44,280 3,192 Accrued liabilities and other payables 25,706 29,677 3,104 Amount due to a director 6,792 5,734 820 Amounts due to related companies 57,871 12,098 6,989 Income taxes payable 2,665 536 322 Dividend payable 19,961 19,961 2,411 ------------ ------------ ------------ TOTAL CURRENT LIABILITIES 319,807 294,481 38,624 MINORITY INTERESTS 29,867 21,988 3,607 ------------ ------------ ------------ TOTAL LIABILITIES AND MINORITY INTERESTS 349,674 316,469 42,231 ------------ ------------ ------------ SHAREHOLDERS' EQUITY Common stock, par value of US$0.1 each Authorized: 30,000,000 shares in 2000 and 1,100,000,000 in 1999 Issued and outstanding - 9,952,234 shares in 2000 and 597,132 shares in 1999 1,864 622 225 Preferred stock, par value of US$0.1 each Authorized: 10,000,000 shares in 2000 and 1999 Additional paid-in capital 69,931 69,931 8,446 Reserves 15,845 15,845 1,914 Retained earnings 145,692 130,002 17,596 Accumulated other comprehensive income 408 381 49 ------------ ------------ ------------ TOTAL SHAREHOLDERS' EQUITY 233,740 216,781 28,230 ------------ ------------ ------------ TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 583,414 533,250 70,461 ============ ============ ============
Translations of amounts from Renminbi (RMB) into United States Dollars (US$) for the convenience of the reader has been made at the unified exchange rate quoted by the People's Bank of China on September 30, 2000 of US$1.00 = RMB8.28. No representation is made that the Renminbi amounts could have been, or could be, converted into United States Dollars at that rate on September 30, 2000 or at any other certain rate. See notes to condensed consolidated financial statements. 4 ASIA FIBER HOLDINGS LIMITED AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (UNAUDITED) FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2000 (Amounts in thousands)
Accumulated Additional other Common paid-in Retained comprehensive stock capital Reserves Earnings income Total RMB RMB RMB RMB RMB RMB Balance at January 1, 2000 622 69,931 15,845 130,002 381 216,781 Issuance of common stock 1,242 - - - - 1,242 Comprehensive income: Net income for the period - - - 15,690 - 15,690 Currency translation - - - - 27 27 adjustments ------ ------- ------- ------- ------- ------- 15,717 ------- Balance at September 30, 2000 1,864 69,931 15,845 145,692 408 233,740 ====== ======= ======= ======= ======= =======
Translations of amounts from Renminbi (RMB) into United States Dollars (US$) for the convenience of the reader has been made at the unified exchange rate quoted by the People's Bank of China on September 30, 2000 of US$1.00 = RMB8.28. No representation is made that the Renminbi amounts could have been, or could be, converted into United States Dollars at that rate on September 30, 2000 or at any other certain rate. See notes to condensed consolidated financial statements. 5 ASIA FIBER HOLDINGS LIMITED AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED) FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2000 AND 1999 (Amounts in thousands)
Nine months ended September 30, ------------------------------- 2000 1999 2000 ---------- ---------- ---------- RMB RMB US$ Net cash provided by operating activities 90,189 71,661 10,892 INVESTING ACTIVITIES Purchases of fixed assets (546) (491) (66) Increase in investment (605) - (73) Advances to a minority joint venture partner (90,566) (57,032) (10,938) ---------- ---------- ---------- Net cash used in investing activities (91,717) (57,523) (11,077) ---------- ---------- ---------- FINANCING ACTIVITIES Proceeds from bank borrowings 95,080 84,000 11,483 Repayments of bank borrowings (93,080) (96,000) (11,241) Issuance of common stock 1,242 - 150 ---------- ---------- ---------- Net cash provided by (used in) financing activities 3,242 (12,000) 392 ---------- ---------- ---------- NET INCREASE IN CASH AND CASH EQUIVALENTS 1,714 2,138 207 Cash and cash equivalent, at beginning of period 8,427 5,456 1,018 ---------- ---------- ---------- Cash and cash equivalent, at end of period 10,141 7,594 1,225 ========== ========== ==========
See notes to condensed consolidated financial statements. 6 ASIA FIBER HOLDINGS LIMITED AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Amounts in thousands) 1. DISPOSAL AND ACQUISITION TRANSACTIONS On January 24, 2000, pursuant to an Acquisition Agreement dated as of September 10, 1999 (the "Far Beyond Acquisition Agreement") by and among the Company, Horler Holdings Limited ("Horler"), Far Beyond Investments Limited ("Far Beyond") and the shareholders of Far Beyond (the "FB Shareholders"), the FB Shareholders transferred all of the issued and outstanding shares of the capital stock of Far Beyond to the Company in exchange for 8,757,951 shares of the Common Stock of the Company, representing approximately 88% of the outstanding shares of the Common Stock of the Company. Concurrently with and as a condition of the closing of the Far Beyond Acquisition Agreement, pursuant to a Disposal Agreement between the Company and Horler and an Assignment Agreement between the Company and China Strategic Holdings Limited, the Company disposed of all of its assets other than approximately $150,000 in cash or cash equivalents and all of its liabilities. 2. BASIS OF PRESENTATION The accompanying unaudited condensed consolidated financial statements of the Company and its subsidiaries have been prepared as a continuation of the financial statements of Far Beyond and not of the Company. The comparative figures presented in the condensed consolidated financial statements are those of Far Beyond and not the Company. The unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the nine months period ended September 30, 2000, are not necessarily indicative of the results that may be expected for the year ending December 31, 2000. 3. INVENTORIES
September 30, December 31, 2000 1999 RMB RMB Raw materials 5,335 21,453 Work in progress 2,442 2,480 Finished goods 2,621 4,763 ---------- ---------- 10,398 28,696 Less: Provision for inventories - (1,907) ---------- ---------- 10,398 26,789 ========== ==========
7 4. FIXED ASSETS
September 30, December 31, 2000 1999 RMB RMB At cost: Plant, machinery and equipment 188,772 188,226 Motor vehicles 1,418 1,418 ---------- ---------- 190,190 189,644 Accumulated depreciation (66,730) (56,002) ---------- ---------- Net book value 123,460 133,642 ========== ==========
8 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITIONS AND RESULTS OF OPERATION OVERVIEW On January 24, 2000, pursuant to an Acquisition Agreement dated as of September 10, 1999 (the "Far Beyond Acquisition Agreement") by and among the Company, Horler Holdings Limited ("Horler"), Far Beyond Investments Limited ("Far Beyond") and the shareholders of Far Beyond (the "FB Shareholders"), the FB Shareholders transferred all of the issued and outstanding shares of the capital stock of Far Beyond to the Company in exchange for 8,757,951 shares of the Common Stock of the Company, representing approximately 88% of the outstanding shares of the Common Stock of the Company. Concurrently with and as a condition of the closing of the Far Beyond Acquisition Agreement, pursuant to a Disposal Agreement between the Company and Horler and an Assignment Agreement between the Company and China Strategic Holdings Limited, the Company disposed of all of its assets other than approximately $150,000 in cash or cash equivalents and all of its liabilities. The financial information presented below is that of Far Beyond and not the Company. RESULTS OF OPERATIONS The following table shows the selected unaudited condensed consolidated income statement data of the Company and its subsidiaries for the three months and nine months ended September 30, 2000 and 1999. The data should be read in conjunction with the unaudited Condensed Consolidated Financial Statements of the Company and related notes thereto. The discussions below are presented in the Company's primary operating currency, which is the Renminbi Yuan ("RMB"). For information purposes only, the amounts may be translated into U.S. dollars at an exchange rate of $1.00 = RMB8.28, which represents the approximate single rate of exchange as quoted by the People's Bank of China on September 30, 2000. No representation is made that RMB amounts could have been, or could be, converted into U.S. dollars at that rate or any other rate.
(Amounts in thousands) Three months ended September 30, Nine months ended September 30, -------------------------------- ------------------------------- 2000 1999 2000 1999 RMB RMB RMB RMB Sales 156,664 139,543 415,472 308,398 Cost of sales (163,667) (117,232) (378,809) (259,773) ---------- ---------- ---------- ---------- Gross profit (loss) (7,003) 22,311 36,663 48,625 Gross profit margin (%) (4.5) 16.0 8.8 15.8 Income/(loss) before income taxes (8,660) 15,985 25,698 24,008 Income taxes 602 - (2,129) - ---------- ---------- ---------- ---------- Income/(loss) before minority (8,058) 15,985 23,569 24,008 interests Minority interests 2,227 (4,831) (7,879) (7,432) ---------- ---------- ---------- ---------- Net income/(loss) (5,831) 11,154 15,690 16,576 ====== ====== ====== ======
SALES AND GROSS PROFIT MARGIN Total sales for the nine months ended September 30, 2000 increased by RMB107,074,000 (US$12,932,000) or 34.7% to RMB415.5 million (US$50.2 million), compared to RMB308.4 million (US$37.2 million) for the corresponding period in 1999. The positive influence of the anti-smuggling campaigns and expansionary fiscal policies launched by the PRC government in 1999 persists in 2000. This has resulted in the selling price of the polyester fiber products generally increasing by approximately 6%-13% for the nine months ended September 30, 2000 compared to those of the corresponding period in 1999. Despite the increase in selling 9 price, gross profit margin decreased from 15.8% for the nine months ended September 30, 1999 to 8.8% for the corresponding period in 2000. The decrease in gross profit margin was mainly attributable to an increase in purchase price of polyester chip (a major raw material) by approximately 30%, resulting from an increase in the price of oil. The cost of polyester chip accounted for approximately 66% to 85% of total cost of sales of the Company's products. Sales volume also increased by 4% in 2000 compared to that of the corresponding period in 1999 as one production plant of polyester filaments temporarily suspended production from August 1998 to September 1999 for renovation and repairing. Total sales for the third quarter of 2000, increased by RMB17,121,000 (US$2,068,000) or 12.3% to RMB156.7 million (US$18.9 million), compared to RMB139.5 million (US$16.8 million) for corresponding period in 1999. Gross profit margin for the third quarter of 1999 was 16.0% while the gross loss margin for the third quarter of 2000 was 4.5%. The effect of increase in cost of polyester chip became more significant in the third quarter of 2000 as the Company has used up raw material stockpiled in 1999 and needed to replenish the raw material which was purchased at higher price. SELLING, GENERAL AND ADMINISTRATIVE EXPENSES Selling and administrative expenses increased by RMB1,787,000 (US$216,000) or 13.7% to RMB14.8 million (US$1.8 million) for the nine months ended September 30, 2000 from RMB13.0 million (US$1.6 million) for the corresponding period in 1999. The increase was mainly due to an increase in sales and an increase in legal and professional fees which amounted to approximately RMB800,000 (US$97,000) in relation to the disposal and acquisition transactions occurred in early 2000. Selling and administrative expenses increased by RMB653,000 (US$79,000) or 17.4% to RMB4.4 million (US$531,000) for the third quarter of 2000 from RMB3.7 million (US$447,000) for the corresponding period in 1999. The increase was mainly due to an increase in sales and an increase in legal and professional fees which amounted to approximately RMB330,000 (US$40,000) in relation to the compliance obligations of the Company following the acquisition transaction. FINANCIAL INCOME/(EXPENSES), NET Net financial income/(expenses) changed from an expense of RMB3.5 million (US$423,000) for the nine months ended September 30, 1999 to an income of RMB3.8 million (US$464,000) for the corresponding period in 2000. The change was mainly attributable to an increase in interest income received on the amount due from Heilongjiang Longdi Group Co., Ltd., a 30% interest minority shareholder of Harbin Asibao Chemical Fiber Co. Limited ("Asibao"). Net financial income/(expenses) changed from an expense of RMB492,000 (US$59,000) for the third quarter of 1999 to an income of RMB2.7 million (US$331,000) for the corresponding period in 2000. The change was due to the aforementioned reason. INCOME TAXES The Company, through Far Beyond, owns a 70% interest in Asibao which is governed by the Income Tax Laws of the PRC. Being a Sino-foreign joint venture established in the Harbin Economic Development Zone and being awarded the status of "advanced technology enterprise", Asibao is exempted from income taxes for a period of two years commencing from its first profitable year and is entitled to a preferential income tax rate of 15% for the remaining years of the Joint Venture with a 50% reduction for three consecutive years commencing from its third profitable year. 1999 and 2000 are the fourth and fifth profitable years, respectively, and the income taxes are provided accordingly, based on the preferential income tax rate of 15%. Asibao has, however, successfully claimed 3 years' tax-free holiday in 1999 under certain tax regulations for the advanced technology enterprises issued by the local government. Accordingly, the income taxes provided in 1998 were reversed in 1999. 10 LIQUIDITY AND CAPITAL RESOURCES The Company's and its subsidiaries' primary liquidity needs are to fund inventories and trade receivables and to expand business operations. The Company has financed its working capital requirements primarily through internally generated cash. The Company has a working capital surplus of approximately RMB124 million (US$15.0 million) as of September 30, 2000, compared to that of approximately RMB90 million (US$10.8 million) as of December 31, 1999. Net cash provided by operating activities for the nine months ended September 30, 2000 was approximately RMB90.2 million (US$10.9 million), as compared to RMB71.7 million (US$8.7 million) for the corresponding period in 1999. Net cash flows from the Company's operating activities are attributable to the Company's income and changes in operating assets and liabilities. There has been no other significant change in financial condition and liquidity since the fiscal year ended December 31, 1999. The Company believes that internally generated funds will be sufficient to satisfy its anticipated working capital needs for at least the next twelve months. YEAR 2000 ISSUE The Year 2000 issue is the result of information technology systems and embedded systems using a two-digit format, as opposed to four digits, to indicate the year. The Company and its subsidiaries use a limited amount of computer software primarily in connection with their accounting and financial reporting systems. Such programs have been upgraded so that they are year 2000 compatible. In addition to software issues, certain of the computer hardware of the Company and its subsidiaries have been replaced with more current technology. As of September 30, 2000, the Company has not experienced any disruptions or failures to its normal operations as a result of the transition into calendar year 2000. 11 PART II. OTHER INFORMATION Item 1. Legal Proceedings None. Item 2. Changes in Securities and Use of Proceeds. None. Item 3. Defaults Upon Senior Securities None. Item 4. Submission of Matters to a Vote of Security Holders None. Item 5. Other Information None. Item 6. Exhibits and Reports on Form 8-K (a) Exhibits: Financial Data Schedule (b) Reports on Form 8-K: None. SIGNATURES In accordance with the requirements of the Exchange Act, the Registrant has caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Dated: November 10, 2000 ASIA FIBER HOLDINGS LIMITED By: /s/ RUI MIN ZHAO ----------------------------------- Rui Min Zhao, President and Vice Chairman of the Board By: /s/ FENG JIE LIU ----------------------------------- Feng Jie Liu, Chief Financial Officer and Director (principal financial and accounting officer) 12 EX-27 2 a2030488zex-27.txt EXHIBIT 27
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FORM 10-QSB REPORT OF ASIA FIBER HOLDINGS LIMITED FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2000 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH REPORT. 1,000 RENMINBI YUAN 9-MOS DEC-31-2000 JAN-01-2000 SEP-30-2000 8.28 10,141 0 63,785 0 10,398 443,917 188,772 66,730 583,414 319,807 0 0 0 1,864 231,876 583,414 415,472 415,472 378,809 378,809 14,803 0 0 25,698 2,129 15,690 0 0 0 15,690 1.58 1.58
-----END PRIVACY-ENHANCED MESSAGE-----