Guangdong Sunrise Holdings Co., Ltd.
The Third Quarterly Report 2009
§ 1 Important Notes
1.1 The Board of Directors, the Supervisory Board, directors, supervisors and senior management staff of Guangdong Sunrise Holdings Co., Ltd. (hereinafter referred to as “the Company”) hereby confirm that this report contains no false information, misleading statements or material omission, and accept, individually and collectively, the responsibilities for the factuality, accuracy and completeness of the contents of this report.
1.2 The Third Quarterly Financial Report 2009 has not been audited by a CPA firm.
1.3 Mr. Wang Jianyu, Chairman of the Board of Directors, Person in charge of the Company, General Manager as well as Person in charge of the accounting work and Mr. Yu Deshan, Person in charge of the accounting organ, hereby confirm that the Financial Report enclosed in this Report is factual and complete..
§2 Company Profile
2.1 Major accounting data and financial indexes
Unit: (RMB) Yuan
As at 30 Sept. 2009
As at 31 Dec. 2008
Increase/decrease（％）
Total assets (RMB)
43,628,768.66
17,961,177.93
142.91%
Owners’ equity attributable to shareholders of listed company (RMB)
-1,706,124,961.80
-1,723,542,317.56
1.01%
Share capital (share)
288,420,000.00
288,420,000.00
0.00%
Net assets per share attributable to shareholders of listed company (RMB/share)
-5.92
-5.98
Jul.-Sept. 2009
Increase/decrease over same period of last year (%)
Jan.-Sept. 2009
Increase/decrease over same period of last year (%)
Total operation income (RMB)
463,492.74
1,390,478.22
12.50%
Net profit attributable to shareholders of listed company (RMB)
30,886,807.06
17,417,355.75
Net cash flows generated from operating activities (RMB)
-
-
13,437.53
51.80%
Net cash flows per share generated from operating activities (RMB/share)
-
-
0.000047
51.61%
Basic earnings per share (RMB/share)
0.11
0.06
Diluted earnings per share (RMB/share)
0.11
0.06
1Return on net assets (%)
Rate of return on net assets after deducting extraordinary gains and losses (%)
Unit: (RMB) Yuan
Extraordinary gains and losses
Amount from year-begin to the end of this report period
Notes
Gains and losses from disposal of non-current assets
43,871,336.88
The extraordinary gains and losses were made because some of the Company’s house properties were auctioned by the judicial deparment.
Total
43,871,336.88
-
2.2 Total number of shareholders at period-end and shareholding of top ten shareholders holding tradable shares
Unit: share
Total number of shareholders at period-end
12,570
Shareholding of top ten shareholders holding tradable shares
Name of shareholder (full name)
Number of tradable shares held at period-end
Type of share
LIUZHOU JIALI REAL ESTATE DEVELOPMENT CO., LTD
2,900,000
RMB ordinary shares
CHINA EVERBRIGHT HOLDINGS CO LTD
1,345,290
Domestically listed foreign shares
ZHANG YUNMAO
970,801
RMB ordinary shares
CITRINE CAPITAL LIMITED
868,783
Domestically listed foreign shares
CAI HANCHUAN
747,691
Domestically listed foreign shares
SHEN JIANHANG
650,000
Domestically listed foreign shares
FENG JIA
642,800
RMB ordinary shares
NI MIN
626,400
Domestically listed foreign shares
LI SHUMEI
584,266
RMB ordinary shares
LIUZHOU RUIHENG ELECTRO-MECHANICAL CO., LTD.
580,000
RMB ordinary shares
§ 3 Significant Events
3.1 Particulars about major changes of main accounting statement items and financial indicators, as well as reasons for the changes
□Applicable √Inapplicable
3.2 Progress and influence of significant events, as well as the analysis on solutions
√Applicable □Inapplicable
A. Concerning the Company’s creditor Shenzhen Xingyaju Decoration Project Co., Ltd. applying to Shenzhen Intermediate People’s Court for reorganizing the Company due to the Company’s serious insolvency and failing to repay mature loans, the
2Company received the Hearing Notice (2009) SZFMQTZ Zi No.36 from the Court on 14 Sept. 2009. According to the Hearing Notice, in order to ensure the accuracy and legality of filing the reorganization case, a hearing would be conducted for the case of Shenzhen Xingyaju Decoration Project Co., Ltd.’s applying for the Company’s reorganization in the 5th Tribunal of Shenzhen Intermediate People’s Court at 9:30 a.m. on 18 Sept. 2009. The hearing was a necessary part of the procedure of the court, which did not necessarily mean that the court would accept the case. Therefore, there existed great uncertainty concerning whether the case would be accepted by the court, and also great uncertainty about whether the reorganization would be successfully accomplished after the case was accepted. (For more details about the aforesaid significant events, please refer to the Suggestive Public Notice on Significant Events (Public Notice No.: 2009-014) and the Public Notice on Progress of Creditor’s Application for the Company’s Reorganization (Public Notice No.: 2009-028) which the Company disclosed on Securities Times, Hong Kong Ta Kung Pao and http://www.cninfo.com.cn respectively dated 6 Jul. 2009 and 15 Sept. 2009.
B. In the report period, there existed no more capital occupation by the Company’s controlling shareholder or other related parties, and no more irregular provision of outward guarantees by the Company. The Company had provided guarantees to the controlling shareholder and its affiliated companies, but they were all issues left over by history.
C. In the 2008 Annual Auditor’s Report, Guangdong Dahua Delu Certified Public Accountants Co., Ltd. was of the opinion that as indicated in Item 7 of Note Ⅵ and Note Ⅺ to the financial statements, the Company was under a great pressure to repay long-term and short-term borrowings; and it was suited in terms of many debt guarantees it had provided, which would directly affect the Company’s continuing operation if the relevant cases could not be settled in the short run. The reorganization of the Company’s debts, assets and equity was underway. And the management team of the Company believed that upon the success of the reorganization, the Company would be able to remain in operation. Therefore, the financial statements of the Company were still prepared based on the going-concern assumption. Because the Company failed to provide any important evidence related to the substantial progress of its debt, asset and equity reorganization, Guangdong Dahua Delu Certified Public Accountants Co., Ltd. was unable to determine whether the Company’s reorganization would be successful, or whether it would remain in operation. Therefore, it was also unable to determine whether it was proper for the Company to prepare its 2008 Annual Financial Statements based on the going-concern assumption. Meanwhile, due to various objective conditions, the CPA firm could not conduct proper auditing procedures on the Company’s liabilities and contingent liabilities. And it thus could not determine whether the recorded liabilities (including estimated liabilities) of the Company were complete and reasonable. Due to the substantial and extensive influence which the aforesaid matters might cause, Guangdong Dahua Delu Certified Public Accountants was unable to express audit opinion on the Company’s financial statements. Concerning this, the Board of Directors of the Company holds the opinion that despite a great pressure to repay short-term loans, as well as a great number of
3guarantee lawsuits, the Company has still made some progress in activating funds to repay debts and it is still able to get enough capital for its normal operation. After much effort, the Company successfully implemented the share merger reform at the end of 2008, which laid a foundation for the Company’s reorganization. Meanwhile, together with its controlling shareholder, its actual controller and the financial advising company—Beijing Integrity Management Consulting Co., Ltd., the Company continued its efforts with debts restructuring and assets reorganization. We have contacted several parties which are interested in the Company’s reorganization. Although no oral or written agreement has been reached, the Company and relevant parties have been devoting themselves to making a breakthrough in the reorganization, with the purpose of improving the Company’s ability of continuous operation.
3.3 Fulfillment of commitments made by the Company, shareholders and the actual controller
√Applicable □Inapplicable
Commitments made
Contents of commitments
Execution
Commitments concerning the share merger reform
Shenzhen Lionda Group Co., Ltd., the controlling shareholder of the Company, made special commitments as follows: (1) As the ST Sunrise shares held by the non-tradable share holder Shenzhen Huachengda Investment Holdings Co., Ltd. were frozen by the judicial authority, the consideration it should pay in accordance with the share merger reform would be prepaid by Shenzhen Lionda Group Co., Ltd., which Shenzhen Huachengda Investment Holdings was expected to pay back. After the prepayment, if the said shares were to be listed, Shenzhen Huachengda should return the consideration to, or get the permission of Shenzhen Lionda Group Co., Ltd..After the shareholder structure reform, if Shenzhen Huachengda Investment Holdings Co., Ltd. was to list and trade the non-tradable shares held by it, it should get the permission from Lionda and Guangdong Sunrise Group Co., Ltd. should apply to the Stock Exchange for the listing and trading of those shares; (2) The related expenses caused by the shareholder structure reform would be paid by the controlling shareholder—Shenzhen Lionda Group Co., Ltd..
It is not yet the time for unlocking the said shares subject to trading moratorium.
Commitment about share trading moratorium
None
None
Commitments made in the Acquisition Report or the Report on Equity Changes
None
None
Commitments made in significant asset reorganization
None
None
Commitments made when
None
None
4issuing shares
Other commitments (including supplementary commitments)
None
None
3.4 Warnings of possible losses or major changes of the accumulative net profit achieved during the period from year-begin to the end of the next report period compared with the same period of last year, as well as explanation on reasons
□Applicable √Inapplicable
3.5 Other significant events that need to be explained
Concerning the loan contract dispute among Shenzhen Zhuochuang Property Management Co., Ltd. (Former creditor Shenzhen Nonferrous Metal Financial Co., Ltd.), the Company and Shenzhen China Bicycle Company (Holdings) Ltd., the Company received on 15 Sept. 2009 a copy of Execution Verdict 【(2008) LZZ No.30-3】from the People’s Court of Longchuan County, Guangdong Province. And the contents of the verdict were as follows: The Civil Judgment (1999) SZFJTCZ No.727 issued by Shenzhen Intermediate People’s Court on 6 Dec. 1999 had legally taken effect. According to the judgment, the executed party the Company should repay the loan of USD 0.74 million, relevant interest and penalty interest; the executed party Shenzhen China Bicycle Company (Holdings) Ltd. should bear the joint responsibility to repay the loan. In the executing process, Shenzhen Intermediate People’s Court sealed up the Company’s house properties located at the 3rd and 4th floors of Hualianfa Complex Building in Huaqiang North Road, Futian District, Shenzhen (the said assets did not belong to those used for repaying loans after the bankruptcy and reorganization). On 26 Nov. 2007, the Higher People’s Court of Guangdong Province issued the Decision of Execution Designation (2007) YGFZZZ No.1500, designating the People’s Court of Longchuan County, Guangdong Province as the court to execute the verdict. Because the executed parties refused to implement the duty of repaying the loan, Guangdong Longchuan People’s Court entrusted Shenzhen Zhongfeng Assets Appraisal Co., Ltd. to appraise the said house properties and then entrusted Shenzhen Gongxin Auction Co., Ltd. to conduct a public auction on the house properties. On 8 Jun. 2009, the applicant for execution Shenzhen Zhuochuang Property Management succeeded in its bid for the house properties at the highest bid of RMB 46,500,000 and signed the deal conclusion letter with the auction house. Therefore, according to relevant laws, Guangdong Longchuan People’s Court made the Judgment of Execution as follows: (a) The sealing up of the Company’s house properties located at the 3rd and 4th floors of Hualianfa Complex Building in Huaqiang North Road, Futian District, Shenzhen should be lifted; (b) The Company’s house properties located at the 3rd and 4th floors of Hualianfa Complex Building in Huaqiang North Road, Futian District, Shenzhen, with a total area of 1,712 square meters should belong to the buyer Shenzhen Zhuochuang Property Management Co., Ltd.; (c) The buyer Shenzhen Zhuochuang Property Management Co., Ltd. should go to the Shenzhen real estate management authority to finish the property transfer procedure within 60 days upon the arrival of this judgment and it should bear the
5relevant expenses caused; (d) The execution of the Civil Judgment (1999) SZFJTCZ No.727 issued by Shenzhen Intermediate People’s Court should be terminated.
The said lawsuit brought the Company an income about RMB 37 million in the report period. But many creditors of the Company took turns to seal up the said house properties, and the Company has not received the subsequent judgments of execution. Therefore, it was unable to make sure the impact of the lawsuit on the gains and losses of the Company in the year 2009. (For more details of the said lawsuit, please refer to the Public Notice on Significant Lawsuits (Public Notice No.: 2009-026) disclosed by the Company on Securities Times, Hong Kong Ta Kung Pao and http://www.cninfo.com.cn dated 15 Sept. 2009.
3.5.1 Researches, interviews and visits received in report period
Date
Place
Way of reception
Visitor
Main discussion and materials provided by the Company
13 Aug. 2009
Board Secretary Office of the Company
By telephone
A-share investor
The investor wondered whether the reorganization case had been accepted by the court, and was told that the Company had not received any notice from the court.
3.6 Derivatives investment
□Applicable √Inapplicable
3.6.1 Positions of derivatives investment held by the Company at period-end
□Applicable √Inapplicable
§ 4 Attachments
4.1 Balance sheet
Prepared by: Guangdong Sunrise Holdings Co., Ltd. 30 Sept. 2009 Unit: (RMB) Yuan
Balance at period-end
Balance at year-begin
Items
Consolidation
Parent company
Consolidation
Parent company
CURRENT ASSETS:
Monetary capital
43,501.66
43,501.66
30,064.13
30,064.13
Settlement fund reserves
Lendings to banks and other financial institutions
Transactional financial assets
Notes receivable
Accounts receivable
Prepayments
Premium receivables
Receivables from reinsurance
Reinsurance contract reserve receivables
Interest receivables
Dividend receivables
80,000.00
80,000.00
160,000.00
160,000.00
Other receivables
30,371,406.01
30,371,406.01
1,564,200.69
1,564,200.69
6Financial assets purchased under agreements to resell
Inventories
2,000,000.00
2,000,000.00
2,000,000.00
2,000,000.00
Non-current assets due within 1 year
Other current assets
TOTAL CURRENT ASSETS
32,494,907.67
32,494,907.67
3,754,264.82
3,754,264.82
NON-CURRENT ASSETS:
Loans and advances
Available-for-sale financial assets
Investments held to maturity
Long-term receivables
Long-term equity investments
7,583,110.08
7,583,110.08
7,583,110.08
7,583,110.08
Investment properties
Fixed assets
3,550,750.91
3,550,750.91
6,623,803.03
6,623,803.03
Construction in progress
Construction materials
Disposal of fixed assets
Production biological assets
Oil-gas assets
Intangible assets
Development expenditures
Goodwill
Long-term deferred expenses
Deferred income tax assets
Other non-current assets
TOTAL NON-CURRENT ASSETS
11,133,860.99
11,133,860.99
14,206,913.11
14,206,913.11
TOTAL ASSETS
43,628,768.66
43,628,768.66
17,961,177.93
17,961,177.93
CURRENT LIABILITIES:
Short-term borrowings
447,572,668.91
447,572,668.91
461,573,834.92
461,573,834.92
Borrowings from central bank
Deposits received and held for others
Borrowings from banks and other financial institutions
Held-for-trading financial liabilities
Notes payable
Accounts payable
Advances from customers
Financial assets sold under agreements to repurchase
Fees and commissions payables
Payroll payables
594,154.60
594,154.60
530,777.88
530,777.88
Taxes payable
5,779.29
5,779.29
Interest payables
403,265,493.54
403,265,493.54
389,895,681.04
389,895,681.04
7Dividend payables
Other payables
163,820,268.70
163,820,268.70
155,007,836.23
155,007,836.23
Accounts due to reinsurance
Insurance contract reserves
Acting trading securities
Acting underwriting securities
Non-current liabilities due within 1 year
Other current liabilities
TOTAL CURRENT LIABILITIES
1,015,258,365.04
1,015,258,365.04
1,007,008,130.07
1,007,008,130.07
NON-CURRENT LIABILITIES
Long-term borrowings
Bonds payable
Long-term payables
Special payables
Estimated liabilities
734,495,365.42
734,495,365.42
734,495,365.42
734,495,365.42
Deferred income tax liabilities
Other non-current liabilities
TOTAL NON-CURRENT LIABILITIES
734,495,365.42
734,495,365.42
734,495,365.42
734,495,365.42
TOTAL LIABILITIES
1,749,753,730.46
1,749,753,730.46
1,741,503,495.49
1,741,503,495.49
OWNERS’ EQUITY (OR SHAREHOLDERS’ EQUITY)
Paid-in capital (or share capital)
288,420,000.00
288,420,000.00
288,420,000.00
288,420,000.00
Additional paid-in capital
381,059,098.78
381,059,098.78
381,059,098.78
381,059,098.78
Less: treasury stock
Specific reserves
Earned surplus reserves
138,304,806.89
138,304,806.89
138,304,806.89
138,304,806.89
General risk provision
Retained earnings
-2,513,908,867.47
-2,513,908,867.47
-2,531,326,223.23
-2,531,326,223.23
Foreign exchange difference
Total owners’ equity attributable to parent company
-1,706,124,961.80
-1,706,124,961.80
-1,723,542,317.56
-1,723,542,317.56
Minority interest
TOTAL OWNERS’ EQUITY
-1,706,124,961.80
-1,706,124,961.80
-1,723,542,317.56
-1,723,542,317.56
TOTAL LIABILITIES & OWNERS’ EQUITY
43,628,768.66
43,628,768.66
17,961,177.93
17,961,177.93
4.2 Income Statement as of this report period
Prepared by: Guangdong Sunrise Holdings Co., Ltd. Jul.-Sept. 2009 Unit: (RMB) Yuan
This period
Same period of last year
Items
Consolidation
Parent company
Consolidation
Parent company
1. Total operation revenue
463,492.74
463,492.74
463,492.74
463,492.74
8Including: sales revenue
463,492.74
463,492.74
463,492.74
463,492.74
Interest income
Premium income
Fee and commission income
2. Total operation cost
13,448,022.56
13,448,022.56
9,391,631.87
9,391,631.87
Including: cost of sales
Interest expenses
Service charges and commission expenses
Payments on surrenders
Claim expenses-net
Provision for insurance contract reserve-net
Policyholder dividends
Reinsurance expenses
Business taxes and surcharges
Selling expenses
Administrative expenses
533,417.19
533,417.19
473,293.73
473,293.73
Financial expenses
12,914,605.37
12,914,605.37
8,918,338.14
8,918,338.14
Asset impairment loss
Add: gain/loss from changes in fair value (“-” for loss)
Gain/loss from investment (“-” for loss)
Including: investment gain from associates and joint ventures
Gain/loss from foreign exchange difference (“-” for loss)
3. Operation profit (“-” for loss)
-12,984,529.82
-12,984,529.82
-8,928,139.13
-8,928,139.13
Add: non-operating incomes
43,871,336.88
43,871,336.88
50,000.00
50,000.00
Less: non-operating expenses
Including: loss from disposal of non-current assets
4. Total profit (“-” for total loss)
30,886,807.06
30,886,807.06
-8,878,139.13
-8,878,139.13
Less: income tax expenses
5. Net profit (“-” for total loss)
30,886,807.06
30,886,807.06
-8,878,139.13
-8,878,139.13
Attributable to owners of parent company
30,886,807.06
30,886,807.06
-8,878,139.13
-8,878,139.13
Minority interest
6. Earnings per share
(1) Basic EPS
0.11
0.11
-0.03
-0.03
(2) Diluted EPS
0.11
0.11
-0.03
-0.03
7. Other composite income
98. Total composite income
30,886,807.06
30,886,807.06
-8,878,139.13
-8,878,139.13
Attributable to owners of parent company
30,886,807.06
30,886,807.06
-8,878,139.13
-8,878,139.13
Attributable to minority shareholders
4.3 Income statement as of the period from year-begin to the end of report period
Prepared by: Guangdong Sunrise Holdings Co., Ltd. Jan.-Sept. 2009 Unit: (RMB) Yuan
This period
Last period
Items
Consolidation
Parent company
Consolidation
Parent company
1. Total operation revenue
1,390,478.22
1,390,478.22
1,235,980.64
1,235,980.64
Including: sales revenue
1,390,478.22
1,390,478.22
1,235,980.64
1,235,980.64
Interests income
Premium income
Fee and commission income
2. Total operation cost
27,844,459.35
27,844,459.35
29,093,798.42
29,093,798.42
Including: cost of sales
0.00
0.00
0.00
0.00
Interests expenses
Service charges and commission expenses
Payments on surrenders
Claim expenses-net
Provision for insurance contract reserve-net
Policyholder dividends
Reinsurance expenses
Business taxes and surcharges
Selling expenses
Administrative expenses
2,677,035.85
2,677,035.85
2,339,433.18
2,339,433.18
Financial expenses
25,167,423.50
25,167,423.50
26,754,365.24
26,754,365.24
Asset impairment loss
Add: gain/loss from changes in fair value (“-” for loss)
Gain/loss from investment (“-” for loss)
Including: investment gain from associates and joint ventures
Gain/loss from foreign exchange difference (“-” for loss)
3. Operation profit (“-” for loss)
-26,453,981.13
-26,453,981.13
-27,857,817.78
-27,857,817.78
Add: non-operating incomes
43,871,336.88
43,871,336.88
6,529,352.00
6,529,352.00
Less: non-operating expenses
Including: loss from disposal of non-current assets
104. Total profit (“-” for total loss)
17,417,355.75
17,417,355.75
-21,328,465.78
-21,328,465.780
Less: income tax expenses
5. Net profit (“-” for total loss)
17,417,355.75
17,417,355.75
-21,328,465.78
-21,328,465.78
Attributable to owners of parent company
17,417,355.75
17,417,355.75
-21,328,465.78
-21,328,465.78
Minority interest
6. Earnings per share
(1) Basic EPS
0.06
0.06
-0.07
-0.07
(2) Diluted EPS
0.06
0.06
-0.07
-0.07
7. Other composite income
0.00
0.00
0.00
0.00
8. Total composite income
17,417,355.75
17,417,355.75
-21,328,465.78
-21,328,465.78
Attributable to owners of parent company
17,417,355.75
17,417,355.75
-21,328,465.78
-21,328,465.78
Attributable to minority shareholders
4.4 Cash flow statement as of the period from year-begin to the end of report period
Prepared by: Guangdong Sunrise Holdings Co., Ltd. Jan.-Sept. 2009 Unit: (RMB) Yuan
This period
Last period
Items
Consolidation
Parent company
Consolidation
Parent company
1. Cash flows from operating activities
Cash received from sales of goods or rending of services
Net increase of deposits received from and held for customers
Net increase of borrowings from central bank
Net increase of inter-bank loans from other financial institutions
Cash received against original insurance contract
Net Cash received from reinsurance
Net increase of client deposits and investments
Net increase in disposal of held-for-trading financial assets
Interests, handling charges and commission received
Net increase of inter-bank funds received
Net increase of cash received under repurchasing
Tax and fare refunded
11Other cash received from operating activities
1,725,647.82
1,725,647.82
1,285,980.64
1,285,980.64
Sub-total of cash inflow from operating activities
1,725,647.82
1,725,647.82
1,285,980.64
1,285,980.64
Cash paid for goods and services
Net increase of loans and advances
Net increase of deposits in central bank, banks and other financial institutions
Cash paid for original contract claim
Cash paid for interests, fees and commissions
Cash paid for policy dividends
Cash paid to and for employees
598,341.24
598,341.24
726,439.99
726,439.99
Taxes and fares paid
Other cash paid relating to operating activities
1,113,869.05
1,113,869.05
550,688.75
550,688.75
Sub-total of cash outflows from operating activities
1,712,210.29
1,712,210.29
1,277,128.74
1,277,128.74
Net cash flows from operating activities
13,437.53
13,437.53
8,851.90
8,851.90
2. Cash flows from investing activities
Cash received from return of investments
Cash received from investment income
Net cash received from disposal of fixed assets, intangible assets and other long-term assets
Net cash received from disposal of subsidiaries and other operating units
Other cash received relating to investing activities
Sub-total of cash inflows of investing activities
Cash paid for acquiring fixed assets, intangible assets and other long-term assets
Cash paid for acquiring investments
Net increase of pledge loans
Net cash paid for acquisition of subsidiaries and other operating units
Other cash paid relating to investing
12activities
Sub-total of cash outflows of investing activities
Net cash flow from investing activities
3. Cash flows of financing activities
Cash received from absorbing investments
Including: Cash received from minority shareholders of subsidiaries
Cash received from borrowings
Cash received from bonds issuing
Other cash received relating to financing activities
Sub-total of cash inflows of financing activities
Cash paid for settling debts
Cash paid for distribution of dividends or profits or reimbursing interest
Including: dividends or profits paid to minority shareholders by subsidiaries
Other cash paid relating to financing activities
Sub-total of cash outflows of financing activities
Net cash flows of financing activities
4. Effect of foreign exchange rate changes
5. Net increase of cash and cash equivalents
13,437.53
13,437.53
8,851.90
8,851.90
Add: cash and cash equivalents at the beginning of this period
30,064.13
30,064.13
2,188.68
2,188.68
6. Cash and cash equivalents at period-end
43,501.66
43,501.66
11,040.58
11,040.58
4.5 Auditor’s report
Audit opinion: Unaudited
Guangdong Sunrise Holdings Co., Ltd.
Chairman of the Board of Directors: Wang Jianyu
27 Oct. 2009
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