<SEC-DOCUMENT>0001144204-15-056257.txt : 20160329
<SEC-HEADER>0001144204-15-056257.hdr.sgml : 20160329
<ACCEPTANCE-DATETIME>20150924102742
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER: 0001144204-15-056257
CONFORMED SUBMISSION TYPE: CORRESP
PUBLIC DOCUMENT COUNT: 1
FILED AS OF DATE: 20150924
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: Shanda Games Ltd
CENTRAL INDEX KEY: 0001470157
STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-BUSINESS SERVICES, NEC [7389]
IRS NUMBER: 000000000
STATE OF INCORPORATION: E9
FISCAL YEAR END: 1231
FILING VALUES:
FORM TYPE: CORRESP
BUSINESS ADDRESS:
STREET 1: NO. 1 OFFICE BUILDING, NO. 690 BIBO ROAD
STREET 2: PUDONG NEW AREA
CITY: SHANGHAI
STATE: F4
ZIP: 201203
BUSINESS PHONE: (86-21)5050-4740
MAIL ADDRESS:
STREET 1: NO. 1 OFFICE BUILDING, NO. 690 BIBO ROAD
STREET 2: PUDONG NEW AREA
CITY: SHANGHAI
STATE: F4
ZIP: 201203
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent"><B> </B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent"><B>Shanda
Games Limited</B><BR>
No. 1 Office Building, No. 690 Bibo Road<BR>
Pudong New Area, Shanghai 201203<BR>
The People’s Republic of China</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: transparent"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: transparent">September 24, 2015</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: transparent"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: transparent">Via E-mail</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: transparent"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: transparent">Christina Chalk<BR>
Senior Special Counsel<BR>
Office of Mergers and Acquisitions<BR>
Division of Corporation Finance<BR>
United States Securities and Exchange Commission<BR>
100 F Street, N.E.<BR>
Washington, D.C. 20549</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in; background-color: transparent"><B> </B></P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: transparent"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>Re:</B></TD><TD><B>Shanda Games</B><BR>
<B>Amendment No. 3 to Schedule 13E-3</B><BR>
<B>Filed August 27, 2015</B><BR>
<B>SEC File No. 005-85045</B></TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: transparent"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: transparent">Dear Ms. Chalk:</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 34.55pt; background-color: transparent"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 34.55pt; background-color: transparent">This letter
is submitted by Shanda Games Limited (the “Company”) in response to the comments that you provided on behalf of the
staff in the Office of Mergers and Acquisitions in the Division of Corporation Finance (the “Staff”) of the U.S. Securities
and Exchange Commission (the “SEC”) with respect to the Company’s Amendment No. 3 to Schedule 13E-3, File No.
005-85045, filed on August 27, 2015 (as amended, the “Schedule 13E-3” or the “Filing”), as set forth in
your letter to the Company dated September 11, 2015. In response to the Staff’s comments, the Company is also filing via
EDGAR under separate cover Amendment No. 4 to the Schedule 13E-3 (“Amendment No. 4”). For your convenience, the text
of the Staff’s comments is set forth below (in bold), followed in each case by the response. Please note that all references
to page numbers in the responses are references to Amendment No. 4 or the page numbers in the revised proxy statement attached
as Exhibit (a)(1) to Amendment No. 4 (the “Revised Proxy Statement”).</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 34.55pt; background-color: transparent"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 34.55pt; background-color: transparent">Furthermore,
on September 23, 2015, Parent, Merger Sub and the Company entered into an amended and restated Merger Agreement. The only
material amendment to the Merger Agreement reflected in the amended and restated Merger Agreement was the extension of the
Termination Date from October 3, 2015 to December 31, 2015. The Schedule 13E-3 has been revised to reflect the execution of
the amended and restated Merger Agreement. Please refer to the revised disclosure on pages 37 and 43 of the
Revised Proxy Statement.</P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: transparent">Christina Chalk<BR>
U.S. Securities and Exchange Commission<BR>
September 24, 2015<BR>
Page 2</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: transparent"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 34.55pt; background-color: transparent">To
the extent any response relates to information concerning Yingfeng Zhang, Capitalhold Limited, Capitalcorp Limited, Ningxia
Yilida Capital Investment Limited Partnership, Yili Shengda Investment Holdings (Hong Kong) Company Limited, Ningxia Zhengjun
Equity Investment Partnership Enterprise (Limited Partnership), Ningxia Zhongyincashmere International Group Co., Ltd.,
Zhongrong Shengda Investment Holdings (Hong Kong) Company Limited, Zhongrong Investment Holdings (Hong Kong) Co., Ltd.,
Ningxia Silkroad Equity Investment Partnership Enterprise (Limited Partnership), Ningxia Zhongrong Legend Equity Investment
Partnership Enterprise (Limited Partnership), Shanghai Yingfeng Investment Management Company Limited, Shaolin Liang, Orient
Hongtai (Hong Kong) Limited, TonSung Holdings Limited, Lihua Investment Center (Shanghai) L.P., Orient Hongzhi (Hong Kong)
Limited, HuaSung Holdings Limited, Litian Investment Center (Shanghai) L.P., Hao Ding International Limited, Shanghai Hai
Sheng Tong Investment Co., Ltd., Lihai Investment Center (Shanghai) L.P., Liyou Investment Management (Shanghai) Company
Limited, Zhejiang Huatong Holding Group Company Limited, Miaotong Wang, Heng Shao or Ji Wang such response is included in this letter based on information provided to us by such other persons or their
respective representatives.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 34.55pt; background-color: transparent"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 34.55pt; background-color: transparent">Capitalized
terms not otherwise defined in this letter have the meanings ascribed to them in the Revised Proxy Statement.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 34.55pt; background-color: transparent"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: transparent"><B>Schedule
13E-3/A – Reasons for the Merger and the Recommendation of the Special Committee and the Board, page 37 </B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><I> </I></P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><I>1.</I></TD><TD><I>Refer to comment 2 in our prior comment letter dated July 28, 2015. With respect to the revised disclosure about the Li-Funds
Persons on page 43, revise to provide support for each of the assertions about the Li-Funds Persons and their motivations listed
there. </I></TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">In response to the Staff’s comment, the Schedule
13E-3 has been revised. Please refer to the revised disclosure on page 43 of the Revised Proxy Statement.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><I> </I></P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><I>2.</I></TD><TD><I>Refer to prior comment 3 and your response. Tell us when the updated fairness opinion will be completed and when a revised
disclosure document including that update will be filed. Please allow sufficient time for us to review and comment on that revised
document once it is filed. </I></TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">The Special Committee did not request an updated fairness
opinion from Merrill Lynch, and does not intend to do so, for the reasons set forth in the paragraph below.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: transparent"> </P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: transparent"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: transparent">Christina Chalk<BR>
U.S. Securities and Exchange Commission<BR>
September 24, 2015<BR>
Page 3</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: transparent"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">After the Li-Funds Purchase, the Special Committee
undertook a comprehensive due diligence investigation, as described in detail under “Special Factors—Background of
the Merger” of the Revised Proxy Statement, in order to ascertain and analyze the circumstances and motivations behind the
Li-Funds Purchase and to determine whether the price paid in the Li-Funds Purchase presents a meaningful comparison for the Per
Share Merger Consideration. Based on the results of such due diligence investigation, and for the reasons set forth under “Special
Factors—Reasons for the Merger and Recommendation of the Special Committee and the Board” of the Revised Proxy Statement,
the Special Committee formed the view that the Li-Funds Purchase reflected a unique set of circumstances particular to the goals
and strategies pursued by the Li-Funds Persons and, absent such a unique set of circumstances, other persons are unlikely to be
willing to pay the premium paid by the Li-Funds Persons. Accordingly, the Special Committee believes that the purchase price paid
in connection with the Li-Funds Purchase is not a meaningful benchmark for evaluating whether the merger consideration is fair
to the Unaffiliated Holders. In addition, as also discussed under “Special Factors—Reasons for the Merger and Recommendation
of the Special Committee and the Board” of the Revised Proxy Statement, the Special Committee examined the Company’s
recent business performance, financial condition, results of operations and competitive position, which had not improved in any
material respect since the Company entered into the Merger Agreement on April 3, 2015. Accordingly, the Special Committee continued
to believe that the Merger would be financially more favorable to the Unaffiliated Holders than any alternative reasonably available
to the Company and the Unaffiliated Holders. In its consideration of the Li-Funds Purchase and its affirmation on August 25, 2015
of its original fairness determination, the Special Committee did not believe that an updated fairness opinion would yield any
material insights not already achieved through the comprehensive due diligence investigation of the Li-Funds Purchase and the consideration
of the Company’s recent performance and prospects. Accordingly, the Special Committee did not request an updated fairness
opinion from Merrill Lynch, and does not intend to do so.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">The Schedule 13E-3 has been revised to reflect the
above. Please refer to the revised disclosure on pages 9 and 44 of the Revised Proxy Statement.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><I> </I></P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><I>3.</I></TD><TD><I>In the same comment, explain how the revised disclosure document will be distributed. </I></TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Special Committee did not request an updated fairness opinion from Merrill Lynch, and does not intend to do so, for the reasons
noted in our response to comment 2. Thus,</FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">when the proxy statement
is finalized, it will include the current fairness analysis and conclusion presented in the Revised Proxy Statement, and the finalized
proxy statement will be distributed to the shareholders of the Company.</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B> </B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Plans for the Company after the Merger, page 62</U></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><I>Refer to comment 6 in our last comment letter and
your response in your letter dated August 27, 2015. Please include the information you provide in your response in your revised
filing. </I></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">In response to the Staff’s comment, the Schedule
13E-3 has been revised. Please refer to the revised disclosure on page 62 of the Revised Proxy Statement.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent">* 	 * 	 	*</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent"> </P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: transparent">Christina Chalk<BR>
U.S. Securities and Exchange Commission<BR>
September 24, 2015<BR>
Page 4</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: transparent"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">Please note
that Amendment No. 4 also includes certain other updates to the Company’s disclosures and internal conforming changes.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">The Company
hereby acknowledges that:</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in; background-color: transparent"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: transparent"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">•</TD><TD>The Company is responsible for the adequacy and accuracy of the disclosure in Amendment No. 4;</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in; background-color: transparent"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: transparent"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">•</TD><TD>Staff comments or changes to disclosure in response to Staff comments do not foreclose the SEC from taking any action with
respect to Amendment No. 4; and</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in; background-color: transparent"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: transparent"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">•</TD><TD>The Company may not assert Staff comments as a defense in any proceeding initiated by the SEC or any person under the federal
securities laws of the United States.</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">Attached
hereto as <U>Exhibit A</U> is a similar written acknowledgement by each of the filing persons other than the Company.</P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">The Company
appreciates the Staff’s attention to the review of the Filing. Please do not hesitate to contact the undersigned or Miranda
So of Davis Polk & Wardwell, counsel to the Company, at +852-2533-3373, if you have any questions regarding Amendment No. 4
or this letter.<BR>
</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">Sincerely,</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 95%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: white">
<TD COLSPAN="2" STYLE="padding-left: 0.5in">Shanda Games Limited</TD>
<TD> </TD></TR>
</TABLE>
<P STYLE="margin: 0"> </P>
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<TR STYLE="vertical-align: top; background-color: white">
<TD STYLE="width: 4%; padding-bottom: 1pt">By:</TD>
<TD STYLE="width: 46%; border-bottom: Black 1pt solid">/s/ Li Yao</TD>
<TD STYLE="width: 50%; padding-bottom: 1pt"> </TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
<TD> </TD>
<TD>Chief Financial Officer</TD>
<TD> </TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
<TD> </TD>
<TD>Shanda Games Limited</TD>
<TD> </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.5pt; background-color: transparent"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 95%; border-collapse: collapse; margin-left: 0.5in">
<TR STYLE="vertical-align: top; background-color: white">
<TD STYLE="width: 7%; text-indent: 0in">cc:</TD>
<TD STYLE="width: 93%; text-indent: 0in">Robert Chu, Esq. (Sullivan & Cromwell)</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
<TD STYLE="text-indent: 0in"> </TD>
<TD STYLE="text-indent: 0in">Chun Wei, Esq. (Sullivan & Cromwell)</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
<TD STYLE="text-indent: 0in"> </TD>
<TD STYLE="text-indent: 0in">Miranda So, Esq. (Davis Polk & Wardwell)</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
<TD STYLE="text-indent: 0in"> </TD>
<TD STYLE="text-indent: 0in">Zhan Chen, Esq. (Wilson Sonsini Goodrich & Rosati, P.C.)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: transparent"><B> </B></P>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: transparent">Exhibit A</P>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent"> </P>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent">ACKNOWLEDGMENT</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">In response
to the comments of the staff in the Office of Mergers and Acquisitions in the Division of Corporation Finance (the “Staff”)
of the U.S. Securities and Exchange Commission (the “SEC”) contained in its letter dated September 11, 2015, with respect
to Amendment No. 3 to Schedule 13E-3, File No. 005-85045 (as amended, the “Schedule 13E-3”) filed on August 27, 2015
by Shanda Games Limited and the other filing persons named therein (such other filing persons, the “Filing Persons”),
the undersigned hereby acknowledge that in connection with Amendment No. 4 to the Schedule 13E-3 (“Amendment No. 4”),
which is filed concurrently with the submission of this acknowledgment, as well as any subsequent amendment to Amendment No. 4
filed with the SEC:</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in; background-color: transparent"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: transparent"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">•</TD><TD>the Filing Person is responsible for the adequacy and accuracy of the disclosure in Amendment No. 4;</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in; background-color: transparent"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: transparent"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">•</TD><TD>Staff comments or changes to disclosure in response to Staff comments do not foreclose the SEC from taking any action with
respect to Amendment No. 4; and</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in; background-color: transparent"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: transparent"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">•</TD><TD>the Filing Person may not assert Staff comments as a defense in any proceeding initiated by the SEC or any person under the
federal securities laws of the United States.</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: transparent"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: transparent">Dated as of September 24,
2015</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent">[Signature
pages follow]</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: transparent"> </P>
<!-- Field: Page; Sequence: 6 -->
<DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"> </P></DIV>
<DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"> </P></DIV>
<!-- Field: /Page -->
<P STYLE="margin: 0"> </P>
<P STYLE="margin: 0"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: white">
<TD STYLE="width: 50%"> </TD>
<TD STYLE="width: 50%; padding-right: 5.75pt; padding-left: 5.75pt"><B>YINGFENG ZHANG</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
<TD> </TD>
<TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"> </TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
<TD STYLE="padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt">/s/ Yingfeng Zhang</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
<TD> </TD>
<TD STYLE="padding-right: 5.75pt">Name:	Yingfeng Zhang</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.3pt; background-color: transparent"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: white">
<TD> </TD>
<TD COLSPAN="2"><B>CAPITALHOLD LIMITED</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
<TD> </TD>
<TD COLSPAN="2"> </TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
<TD STYLE="width: 50%; padding-bottom: 1pt"> </TD>
<TD STYLE="width: 5%; padding-bottom: 1pt">By:</TD>
<TD STYLE="width: 45%; border-bottom: Black 1pt solid">/s/ Yingfeng Zhang</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
<TD> </TD>
<TD> </TD>
<TD>Name: Yingfeng Zhang</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
<TD> </TD>
<TD> </TD>
<TD>Title: Director</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.3pt; background-color: transparent"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: white">
<TD> </TD>
<TD COLSPAN="2"><B>CAPITALCORP LIMITED</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
<TD> </TD>
<TD COLSPAN="2"> </TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
<TD STYLE="width: 50%; padding-bottom: 1pt"> </TD>
<TD STYLE="width: 5%; padding-bottom: 1pt">By:</TD>
<TD STYLE="width: 45%; border-bottom: Black 1pt solid">/s/ Yingfeng Zhang</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
<TD> </TD>
<TD> </TD>
<TD>Name: Yingfeng Zhang</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
<TD> </TD>
<TD> </TD>
<TD>Title: Director</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.3pt; background-color: transparent"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: white">
<TD> </TD>
<TD COLSPAN="2"><B>NINGXIA YILIDA CAPITAL INVESTMENT LIMITED PARTNERSHIP</B><BR>
By Shanghai Yingfeng Investment Management Company Limited, its general partner</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
<TD> </TD>
<TD COLSPAN="2"> </TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
<TD STYLE="width: 50%; padding-bottom: 1pt"> </TD>
<TD STYLE="width: 5%; padding-bottom: 1pt">By:</TD>
<TD STYLE="width: 45%; border-bottom: Black 1pt solid">/s/ Yingfeng Zhang</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
<TD> </TD>
<TD> </TD>
<TD>Name: Yingfeng Zhang</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
<TD> </TD>
<TD> </TD>
<TD>Title: Director</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.3pt; background-color: transparent"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: white">
<TD> </TD>
<TD COLSPAN="2"><B>YILI SHENGDA INVESTMENT HOLDINGS (HONG KONG) COMPANY LIMITED</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
<TD> </TD>
<TD COLSPAN="2"> </TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
<TD STYLE="width: 50%; padding-bottom: 1pt"> </TD>
<TD STYLE="width: 5%; padding-bottom: 1pt">By:</TD>
<TD STYLE="width: 45%; border-bottom: Black 1pt solid">/s/ Yingfeng Zhang</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
<TD> </TD>
<TD> </TD>
<TD>Name: Yingfeng Zhang</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
<TD> </TD>
<TD> </TD>
<TD>Title: Director</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent">[<I>Signature
page to the acknowledgment</I>]</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent"> </P>
<!-- Field: Page; Sequence: 7 -->
<DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"> </P></DIV>
<DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"> </P></DIV>
<!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: white">
<TD> </TD>
<TD COLSPAN="2"><B>NINGXIA ZHENGJUN EQUITY INVESTMENT PARTNERSHIP ENTERPRISE (LIMITED PARTNERSHIP)</B><BR>
By Shanghai Yingfeng Investment Management Company Limited, its general partner</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
<TD> </TD>
<TD COLSPAN="2"> </TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
<TD STYLE="width: 50%; padding-bottom: 1pt"> </TD>
<TD STYLE="width: 5%; padding-bottom: 1pt">By:</TD>
<TD STYLE="width: 45%; border-bottom: Black 1pt solid">/s/ Yingfeng Zhang</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
<TD> </TD>
<TD> </TD>
<TD>Name: Yingfeng Zhang</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
<TD> </TD>
<TD> </TD>
<TD>Title: Director</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.3pt; background-color: transparent"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: white">
<TD> </TD>
<TD COLSPAN="2"><B>NINGXIA ZHONGYINCASHMERE INTERNATIONAL GROUP CO., LTD.</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
<TD> </TD>
<TD COLSPAN="2"> </TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
<TD STYLE="width: 50%; padding-bottom: 1pt"> </TD>
<TD STYLE="width: 5%; padding-bottom: 1pt">By:</TD>
<TD STYLE="width: 45%; border-bottom: Black 1pt solid">/s/ Shengming Ma</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
<TD> </TD>
<TD> </TD>
<TD>Name: Shengming Ma</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
<TD> </TD>
<TD> </TD>
<TD>Title: Chairman</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.3pt; background-color: transparent"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: white">
<TD> </TD>
<TD COLSPAN="2"><B>ZHONGRONG SHENGDA INVESTMENT HOLDINGS (HONG KONG) COMPANY LIMITED</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
<TD> </TD>
<TD COLSPAN="2"> </TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
<TD STYLE="width: 50%; padding-bottom: 1pt"> </TD>
<TD STYLE="width: 5%; padding-bottom: 1pt">By:</TD>
<TD STYLE="width: 45%; border-bottom: Black 1pt solid">/s/ Shengming Ma</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
<TD> </TD>
<TD> </TD>
<TD>Name: Shengming Ma</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
<TD> </TD>
<TD> </TD>
<TD>Title: Director</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.3pt; background-color: transparent"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: white">
<TD> </TD>
<TD COLSPAN="2"><B>ZHONGRONG INVESTMENT HOLDINGS (HONG KONG) CO., LTD.</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
<TD> </TD>
<TD COLSPAN="2"> </TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
<TD STYLE="width: 50%; padding-bottom: 1pt"> </TD>
<TD STYLE="width: 5%; padding-bottom: 1pt">By:</TD>
<TD STYLE="width: 45%; border-bottom: Black 1pt solid">/s/ Shengming Ma</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
<TD> </TD>
<TD> </TD>
<TD>Name: Shengming Ma</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
<TD> </TD>
<TD> </TD>
<TD>Title: Director</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.3pt; background-color: transparent"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: white">
<TD> </TD>
<TD COLSPAN="2"><B>NINGXIA SILKROAD EQUITY INVESTMENT PARTNERSHIP ENTERPRISE (LIMITED PARTNERSHIP)</B><BR>
By Ningxia Zhongyincashmere International Group Co., Ltd., its general partner</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
<TD> </TD>
<TD COLSPAN="2"> </TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
<TD STYLE="width: 50%; padding-bottom: 1pt"> </TD>
<TD STYLE="width: 5%; padding-bottom: 1pt">By:</TD>
<TD STYLE="width: 45%; border-bottom: Black 1pt solid">/s/ Shengming Ma</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
<TD> </TD>
<TD> </TD>
<TD>Name: Shengming Ma</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
<TD> </TD>
<TD> </TD>
<TD>Title: Chairman</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.3pt; background-color: transparent"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent">[<I>Signature
page to the acknowledgment</I>]</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent"> </P>
<!-- Field: Page; Sequence: 8 -->
<DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"> </P></DIV>
<DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"> </P></DIV>
<!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: white">
<TD> </TD>
<TD COLSPAN="2"><B>NINGXIA ZHONGRONG LEGEND EQUITY INVESTMENT PARTNERSHIP ENTERPRISE (LIMITED PARTNERSHIP)</B><BR>
By Ningxia Zhongyincashmere International Group Co., Ltd., its general partner</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
<TD> </TD>
<TD COLSPAN="2"> </TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
<TD STYLE="width: 50%; padding-bottom: 1pt"> </TD>
<TD STYLE="width: 5%; padding-bottom: 1pt">By:</TD>
<TD STYLE="width: 45%; border-bottom: Black 1pt solid">/s/ Shengming Ma</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
<TD> </TD>
<TD> </TD>
<TD>Name: Shengming Ma</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
<TD> </TD>
<TD> </TD>
<TD>Title: Chairman</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.3pt; background-color: transparent"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: white">
<TD> </TD>
<TD COLSPAN="2"><B>SHANGHAI YINGFENG INVESTMENT MANAGEMENT COMPANY LIMITED</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
<TD> </TD>
<TD COLSPAN="2"> </TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
<TD STYLE="width: 50%; padding-bottom: 1pt"> </TD>
<TD STYLE="width: 5%; padding-bottom: 1pt">By:</TD>
<TD STYLE="width: 45%; border-bottom: Black 1pt solid">/s/ Yingfeng Zhang</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
<TD> </TD>
<TD> </TD>
<TD>Name: Yingfeng Zhang</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
<TD> </TD>
<TD> </TD>
<TD>Title: Director</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.3pt; background-color: transparent"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: white">
<TD STYLE="width: 50%"> </TD>
<TD STYLE="width: 50%"><B>SHAOLIN LIANG</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
<TD> </TD>
<TD> </TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
<TD STYLE="padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid">/s/ Shaolin Liang</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
<TD> </TD>
<TD>Name: Shaolin Liang</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.3pt; background-color: transparent"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: white">
<TD> </TD>
<TD COLSPAN="2"><B>ORIENT HONGTAI (HONG KONG) LIMITED</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
<TD> </TD>
<TD COLSPAN="2"> </TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
<TD STYLE="width: 50%; padding-bottom: 1pt"> </TD>
<TD STYLE="width: 5%; padding-bottom: 1pt">By:</TD>
<TD STYLE="width: 45%; border-bottom: Black 1pt solid">/s/ Ji Wang</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
<TD> </TD>
<TD> </TD>
<TD>Name: Ji Wang</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
<TD> </TD>
<TD> </TD>
<TD>Title: Director</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.3pt; background-color: transparent"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: white">
<TD> </TD>
<TD COLSPAN="2"><B>ORIENT HONGZHI (HONG KONG) LIMITED</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
<TD> </TD>
<TD COLSPAN="2"> </TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
<TD STYLE="width: 50%; padding-bottom: 1pt"> </TD>
<TD STYLE="width: 5%; padding-bottom: 1pt">By:</TD>
<TD STYLE="width: 45%; border-bottom: Black 1pt solid">/s/ Ji Wang</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
<TD> </TD>
<TD> </TD>
<TD>Name: Ji Wang</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
<TD> </TD>
<TD> </TD>
<TD>Title: Director</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.3pt; background-color: transparent"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: white">
<TD> </TD>
<TD COLSPAN="2"><B>HAO DING INTERNATIONAL LIMITED</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
<TD> </TD>
<TD COLSPAN="2"> </TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
<TD STYLE="width: 50%; padding-bottom: 1pt"> </TD>
<TD STYLE="width: 5%; padding-bottom: 1pt">By:</TD>
<TD STYLE="width: 45%; border-bottom: Black 1pt solid">/s/ Ji Wang</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
<TD> </TD>
<TD> </TD>
<TD>Name: Ji Wang</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
<TD> </TD>
<TD> </TD>
<TD>Title: Director</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent">[<I>Signature
page to the acknowledgment</I>]</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent"></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.5pt; background-color: transparent"><FONT STYLE="background-color: white"> </FONT></P>
<!-- Field: Page; Sequence: 9 -->
<DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"> </P></DIV>
<DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"> </P></DIV>
<!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="background-color: white"> </FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: white">
<TD> </TD>
<TD COLSPAN="2"><B>TONSUNG HOLDINGS LIMITED</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
<TD> </TD>
<TD COLSPAN="2"> </TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
<TD STYLE="width: 50%; padding-bottom: 1pt"> </TD>
<TD STYLE="width: 5%; padding-bottom: 1pt">By:</TD>
<TD STYLE="width: 45%; border-bottom: Black 1pt solid">/s/ Ji Wang</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
<TD> </TD>
<TD> </TD>
<TD>Name: Ji Wang</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
<TD> </TD>
<TD> </TD>
<TD>Title: Director</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.5pt; background-color: transparent"><FONT STYLE="background-color: white"> </FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: white">
<TD> </TD>
<TD COLSPAN="2"><B>LIHUA INVESTMENT CENTER (SHANGHAI) L.P.</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
<TD> </TD>
<TD COLSPAN="2"> </TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
<TD STYLE="width: 50%; padding-bottom: 1pt"> </TD>
<TD STYLE="width: 5%; padding-bottom: 1pt">By:</TD>
<TD STYLE="width: 45%; border-bottom: Black 1pt solid">/s/ Bo Chen</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
<TD> </TD>
<TD> </TD>
<TD>Name: Bo Chen</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
<TD> </TD>
<TD> </TD>
<TD>Title: Authorized Representative</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.5pt; background-color: transparent"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: white">
<TD> </TD>
<TD COLSPAN="2"><B>HUASUNG HOLDINGS LIMITED</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
<TD> </TD>
<TD COLSPAN="2"> </TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
<TD STYLE="width: 50%; padding-bottom: 1pt"> </TD>
<TD STYLE="width: 5%; padding-bottom: 1pt">By:</TD>
<TD STYLE="width: 45%; border-bottom: Black 1pt solid">/s/ Ji Wang</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
<TD> </TD>
<TD> </TD>
<TD>Name: Ji Wang</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
<TD> </TD>
<TD> </TD>
<TD>Title: Director</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.5pt; background-color: transparent"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: white">
<TD> </TD>
<TD COLSPAN="2"><B>LITIAN INVESTMENT CENTER (SHANGHAI) L.P.</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
<TD> </TD>
<TD COLSPAN="2"> </TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
<TD STYLE="width: 50%; padding-bottom: 1pt"> </TD>
<TD STYLE="width: 5%; padding-bottom: 1pt">By:</TD>
<TD STYLE="width: 45%; border-bottom: Black 1pt solid">/s/ Bo Chen</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
<TD> </TD>
<TD> </TD>
<TD>Name: Bo Chen</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
<TD> </TD>
<TD> </TD>
<TD>Title: Authorized Representative</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.5pt; background-color: transparent"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: white">
<TD> </TD>
<TD COLSPAN="2"><B>SHANGHAI HAI SHENG TONG INVESTMENT CO., LTD.</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
<TD> </TD>
<TD COLSPAN="2"> </TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
<TD STYLE="width: 50%; padding-bottom: 1pt"> </TD>
<TD STYLE="width: 5%; padding-bottom: 1pt">By:</TD>
<TD STYLE="width: 45%; border-bottom: Black 1pt solid">/s/ Ji Wang</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
<TD> </TD>
<TD> </TD>
<TD>Name: Ji Wang</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
<TD> </TD>
<TD> </TD>
<TD>Title: Director</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.5pt; background-color: transparent"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: white">
<TD> </TD>
<TD COLSPAN="2"><B>LIHAI INVESTMENT CENTER (SHANGHAI) L.P.</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
<TD> </TD>
<TD COLSPAN="2"> </TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
<TD STYLE="width: 50%; padding-bottom: 1pt"> </TD>
<TD STYLE="width: 5%; padding-bottom: 1pt">By:</TD>
<TD STYLE="width: 45%; border-bottom: Black 1pt solid">/s/ Bo Chen</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
<TD> </TD>
<TD> </TD>
<TD>Name: Bo Chen</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
<TD> </TD>
<TD> </TD>
<TD>Title: Authorized Representative</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent"></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent">[<I>Signature
page to the acknowledgment</I>]</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent"> </P>
<!-- Field: Page; Sequence: 10 -->
<DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"> </P></DIV>
<DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"> </P></DIV>
<!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: white">
<TD> </TD>
<TD COLSPAN="2"><B>LIYOU INVESTMENT MANAGEMENT (SHANGHAI) COMPANY LIMITED</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
<TD> </TD>
<TD COLSPAN="2"> </TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
<TD STYLE="width: 50%; padding-bottom: 1pt"> </TD>
<TD STYLE="width: 5%; padding-bottom: 1pt">By:</TD>
<TD STYLE="width: 45%; border-bottom: Black 1pt solid">/s/ Ji Wang</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
<TD> </TD>
<TD> </TD>
<TD>Name: Ji Wang</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
<TD> </TD>
<TD> </TD>
<TD>Title: Director</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.5pt; background-color: transparent"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: white">
<TD> </TD>
<TD COLSPAN="2"><B>ZHEJIANG HUATONG HOLDING GROUP COMPANY LIMITED</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
<TD> </TD>
<TD COLSPAN="2"> </TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
<TD STYLE="width: 50%; padding-bottom: 1pt"> </TD>
<TD STYLE="width: 5%; padding-bottom: 1pt">By:</TD>
<TD STYLE="width: 45%; border-bottom: Black 1pt solid">/s/ Miaotong Wang</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
<TD> </TD>
<TD> </TD>
<TD>Name: Miaotong Wang</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
<TD> </TD>
<TD> </TD>
<TD>Title: Chairman</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.5pt; background-color: transparent"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: white">
<TD STYLE="width: 50%"> </TD>
<TD STYLE="width: 50%"><B>MIAOTONG WANG</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
<TD> </TD>
<TD> </TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
<TD STYLE="padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid">/s/ Miaotong Wang</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
<TD> </TD>
<TD>Name:	Miaotong Wang</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.5pt; background-color: transparent"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: white">
<TD STYLE="width: 50%"> </TD>
<TD STYLE="width: 50%"><B>HENG SHAO</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
<TD> </TD>
<TD> </TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
<TD STYLE="padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid">/s/ Heng Shao</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
<TD> </TD>
<TD>Name:	Heng Shao</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.5pt; background-color: transparent"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: white">
<TD STYLE="width: 50%"> </TD>
<TD STYLE="width: 50%"><B>JI WANG</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
<TD> </TD>
<TD> </TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
<TD STYLE="padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid">/s/ Ji Wang</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
<TD> </TD>
<TD>Name:	Ji Wang</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.5pt; background-color: transparent"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent">[<I>Signature
page to the acknowledgment</I>]</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent"></P>
<!-- Field: Page; Sequence: 11; Options: Last -->
<DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"> </P></DIV>
<!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.5pt; background-color: transparent"> </P>
<P STYLE="margin: 0"></P>
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