Lawyer Wu Ye, a Tahota partner from Shanghai office, and his team, as the legal counsel within the territory forthe issuing dollar bonds overseas project (hereinafter referred to as "thisbond issue") placing agent of Peixian State-owned Assets Management co.,LTD. in Xuzhou, Jiangsu (hereinafter referred to as "the issuer"),assisted the issuer issue 50 million dollar bonds in Hong Kong stock exchange recently.The bonds were successfully listed on December 21, 2016.

Tahota Shanghai office, as the legalcounsel within the territory for the issuing dollar bonds overseas project placingagent, provided comprehensive legal services for this bond issue, includingconducting legal due diligence for the issuer as well as its main Chinesesubsidiaries, checking English transaction documents and offering Chinese legalopinions in English.

The issuer is a wholly state-ownedcompany engaged in the investment and management project of state-owned assets,which is authorized by people's government of Peixian, Xuzhou, Jiangsu and thelargest government investment and financing platform in Peixian.

This bond issue involves 50 milliondollars with an interest rate of 6.10% and will fall due in 2019. The placingagent of this bond issue is CLSA Asia-Pacific Markets.