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Document No. 8: Report on Authorizing the Company’s Management to Apply for Bank Credit Lines and Loan Limits
Regarding the Authorization of the Company’s Management
Report on Application for Bank Credit Line and Loan Limit
Dear Shareholders :
To ensure the company’s normal production and operational needs, enhance capital utilization efficiency, strengthen the company’s creditworthiness, reduce the costs of cooperation with banks, and facilitate more convenient access to bank credit and loans, the Board of Directors proposes to authorize Chairman Zhang He and Chief Financial Officer Xu Junrao. Within the limits of a total bank credit line not exceeding RMB 350 million and total loans not exceeding RMB 200 million, assume full responsibility for the Company’s 2010 bank credit and loan operations. 。
Please review the above report. 。
May 19, 2010