Restricted cash represents the cash deposited in the temporary bank accounts for capital verification purpose of incorporation of three new subsidiaries as required by the State of Administration for Industry and Commerce of PRC (“SAIC”). As of June 30, 2011, the Company’s registrations of incorporation of these subsidiaries have not been approved by the related local SAIC. The applications of incorporation of these three new subsidiaries have been subsequently approved and registered by the local SAIC in July 2011 (see Note 34) and the restricted cash balance was then released to the formal bank accounts of these subsidiaries as paid in capital.