EX-21 9 listofsub.htm EXHIBIT 21.1 - LIST OF SUBSIDIARIES

Exhibit 21.1

Subsidiaries of Cathay Merchant Group, Inc.

NAME OF SUBSIDIARY JURISDICTION OF
INCORPORATION OR
ORGANIZATION		 PERCENTAGE SHARE
OWNERSHIP AS OF
JANUARY 31, 2005

Cathay Merchant Group Ltd.		 Samoa 100%
Cathay Merchant Group Shanghai Ltd. P.R. China 100%(1)
Equidyne Systems, Inc. California 100%
Equidyne Holdings (2) Massachusetts 100%
Dynamic Dental Systems, Inc. Delaware 100%
Cathay Merchant Group (Wyoming), Inc.(3) Wyoming 100%

(1)     Wholly-owned by Cathay Merchant Group Ltd.

(2)     Equidyne Holdings is a Massachusetts trust

(3)     Cathay Merchant Group (Wyoming), Inc. was incorporated on March 2, 2005, solely to carry out the merger.