NOTE 4. SUBSIDIARIES AND VARIABLE INTEREST ENTITIES

Details of the Company's principal subsidiaries and variable interest entities as of June 30, 2015 were as follows:

Name	Place of Incorporation		Ownership/Control interest attributable to the Company		Principal activities
NCN Group Limited		BVI	100	%	Investment holding
NCN Media Services Limited		BVI	100	%	Investment holding
Business Boom Investments Limited		BVI	100	%	Investment holding
Cityhorizon Limited		Hong Kong	100	%	Investment holding
NCN Group Management Limited		Hong Kong	100	%	Provision of administrative and management services
Crown Eagle Investment Limited		Hong Kong	100	%	Dormant
Crown Winner International Limited		Hong Kong	100	%	Investment holding
NCN Group (HK) Limited		Hong Kong	100	%	Provision of advertising services
NCN Huamin Management Consultancy (Beijing) Company Limited		PRC	100	%	Dormant
Huizhong Lianhe Media Technology Co., Ltd.		PRC	100	%	Provision of high-tech services
Beijing Huizhong Bona Media Advertising Co., Ltd.		PRC	100	%(1)	Provision of advertising services
Xingpin Shanghai Advertising Limited		PRC	100	%(1)	Provision of advertising services
Chuanghua Shanghai Advertising Limited		PRC	100	%	Provision of advertising services
Jiahe Shanghai Advertising Limited		PRC	100	%	Provision of advertising services

Remarks:

1)		Variable interest entity which the Company exerted 100% control through a set of commercial arrangements.
2)		During the six months ended June 30, 2015, the Company's subsidiary, NCN Media Services Limited, disposed of its entire 100% equity interests of Linkrich Enterprise Advertising and Investment Limited, a Hong Kong investment holding company and Yi Gao Shanghai Advertising Limited, a PRC advertising company which has maintained minimal operation since October 2014, to an individual at $1 consideration. Accordingly, the Company recorded a gain from disposal of subsidiaries of $129,726 for the three and six months ended June 30, 2015.