Shenzhen Textile (Holdings) Co., Ltd.
Quarterly Report for the First Quarter of 2011 (Full text)
§1 Important notes
1.1 The Board of Directors of the Company hereby guarantees that there are no misstatement,
misleading representation or important omissions in this report and shall assume joint and
several liability for the authenticity, accuracy and completeness of the contents hereof.
1.2 The financial report of the Company in this quarterly Report period has not been audited.
1.3 Chairman of the Board of Directors Wang Bin, General Manager Zhu Jun and Manager of accounting Liu
Yi represent and warrant the financial and accounting report in the quarterly is true and complete.
2 Basic Information
2.1 Highlights of Accounting Data and Financial Indicators
Unit：RMB
At the period-end of last Increase /decrease
At the period-end of this
year （％）
Total assets（RMB） 1,655,458,092.40 1,655,422,298.41 0.00%
Owner’s equity attributable to the parent
1,364,139,759.40 1,345,969,224.97 1.35%
company(RMB)
Stock capital(Share ) 336,521,849.00 336,521,849.00 0.00%
Net assets per share attributable to the
4.05 4.00 1.25%
parent company(RMB/share)
Amount of current Amount of the same Increase /decrease
period period in last year （％）
Total turnover(RMB) 204,623,191.07 135,028,979.97 51.54%
Net profit attributable to owners of parent
14,191,877.34 11,388,831.98 24.61%
company(RMB)
Net cash flow arising from operating
-10,230,607.06 -4,470,633.95 -28.94%
activities(RMB)
Net cash flow per share arising from
-0.03 -0.02 -50.00%
operating activities(RMB/share)
Basic earnings per share(RMB/share) 0.04 0.05 -20.00%
Diluted earnings per share(RMB/share) 0.04 0.05 -20.00%
Weighted average return on equity（%） 1.05% 2.28% Decreased 1.23%
Weighted average return on equity after
0.78% 1.09% Decreased 0.31%
deducting non-recurring gains and losses（%）
Items of non-current gains and losses
√ applicable □ not applicable
Unit：RMB
Non-recurring gain and loss items Amount Notes（If applicable）
Mainly included the apportionment of special
subsidy for industrialization of new-type panel
display granted by National Development and
Governmental Subsidy accounted as current Reform Commission, R&D subsidy granted by
2,302,295.01
gain/loss. Shenzhen Municipal Government and the
14th Important projects of special
High-Tech R & D subsidies of Shenzhen
Finance Committee in 2010.
The income from the Company's sale of
The disposal available-for-sale financial assets gains
1,482,128.46 negotiable shares of Shenzhen Victor Onward
return on investment
Textile Industrial Co., Ltd
Net amount of non-operating income and expense
790,294.14
except the aforesaid items
Amount of influence of income tax -890,221.67
Total 3,684,495.94 -
2.2 Top 10 shareholders and top 10 holders of unconditional shares
Unit：Shares
Total number of shareholders at the end of
14,399
report period
Particulars about the shares held by the top ten tradable shareholders with unrestricted conditions
Amount of tradable shares with
Full name of shareholder unrestricted conditions held at the Type of shares
end of report period
Shenzhen Investment Management Co.,
144,977,052 RMB Common shares
Ltd.
Agricultural Bank of China－China post
Flexible configuration Mixed Securities 3,999,300 RMB Common shares
investment fund
Agricultural Bank of China－China post
Developmental Securities Investment 2,985,064 RMB Common shares
Fund
Foreign shares placed in domestic
CHINA OPPORTUNITIES H-B FUND 1,271,367
exchange
Foreign shares placed in domestic
Zheng BangN 1,078,800
exchange
Shenzhen Zhongnan Liankang
916,603 RMB Common shares
Technology Co., Ltd.
China Merchants Securities (HK) Co., Foreign shares placed in domestic
824,217
Ltd. exchange
Foreign shares placed in domestic
Xu Ruijiang 757,188
exchange
Foreign shares placed in domestic
Liu Hong 710,000
exchange
Beijing Fringstan Investment Consultation
700,000 RMB Common shares
Co., Ltd.
§3 Significant Events
3.1 Particular about large-margin change of main accounting statement item and financial index and its reason.
√ applicable □ not applicable
1. The payment in advance was RMB 12,914,470.95, which increased by 175.88% over year-beginning balance
mainly due to the increase of export trade orders at the end of current period over the same period of the previous
year；
2. The interest receivable was RMB 1,381,767.88, which decreased by 37.28% over year-beginning balance mainly
due to receipt of interest of fixed deposit;
3. The construction in progress was RMB 272,536,881.03,which increased by 75.53% over year-beginning balance
mainly due to increase of expenditure for the first phase of the project of polarizer sheet for TFT-LCD；
4. The advance receipts was RMB 25,121,715.64 ,which increased by 80.44% over year-beginning balance mainly
due to the increase of export trade orders at the end of current period over the same period of the previous year.；
5. The taxes and levies payable were RMB -18,541,549.70, which decreased by 562.19% over year-beginning
balance mainly due to payment of value added tax for imported equipment and raw materials for phase-I project of
polarizer sheet for TFT-LCD;
6. The interest payable was RMB 1,205,273.56, which increased by 682.18% over year-beginning balance mainly
due to provision for interests of bank loans；
7. The total operating income was RMB 204,623,191.07, which increased by 51.54% year on year mainly due to
harp year-on-year increase of export trade business in the report period;
8. The operating cost was RMB 177,185,425.68, which increased by 55.77% year on year mainly due to sharp
year-on-year increase of export trade business in the report period;
9. The Sale expenses was RMB 1,642,378.13 ,which increased by 85.18% year on year mainly due to the increased
of Transport costs ；
10. The financial expenses were RMB -2,920,744.16, which decreased by 341.67% year on year mainly due to
year-on-year increase of fixed-term interests of unused raised proceeds;
11. The assets impairment loss was RMB 1,582,256.82, which increased by 193.56% year on year mainly due to
increase of provision for impairment loss of accounts receivable and inventory assets;
12. The investment income was RMB 2,372,308.14, which decreased by 70.95% year on year mainly due to sharp
year-on-year decrease of investment income from sales of financial assets available for sale;
13. The non-operating income was RMB 3,092,589.15, which increased by 666.82% year on year and mainly
included the apportionment of special subsidy for industrialization of new-type panel display granted by National
Development and Reform Commission, R&D subsidy granted by Shenzhen Municipal Government, the 14th
Important projects of special High-Tech R & D subsidies of Shenzhen Finance Committee in 2010.
and the compensation for metro construction;
14. The other cash received relating to operating activities was RMB 2,620,213.74, which increased by 164.95%
year on year mainly due to receipt of compensation for metro construction in the report period;
15. The taxes and levies paid were RMB 28,583,108.82, which increased by 389.43% year on year mainly due to
payment of value added tax for imported equipment and raw materials for phase-I project of polarizer sheet for
TFT-LCD;
16. Net Cash flow generated by business operation was RMB -10,230,607.06, which increased by 128.84% year on
year mainly due to payment of value added tax for imported equipment and raw materials for phase-I project of
polarizer sheet for TFT-LCD;
17. The Cash received from investment retrieving was RMB 1,707,406.46, which decreased by 80.70% year on
year mainly due to sharp year-on-year decrease of investment income from sales of financial assets available for
sale;
18. The cash received from returns on investment was RMB 4,087,140.67, which increased by 331.22% year on
year mainly due to receipt of fixed-term interests of unused raised proceeds in the report period;
19. Sub-total of cash inflow due to investment activities was RMB5,794,547.13, which decreased by 40.83% year
on year mainly due to sharp year-on-year decrease of investment income from sales of financial assets available for
sale;
20. The Cash paid for construction of fixed assets, intangible assets and other long-term assets were RMB
119,281,718.69 ,which increased by 1,237.01% year on year mainly due to increase of construction expenditure for
the first phase of the project of polarizer sheet for TFT-LCD；
21. Net cash flow generated by investment was RMB -113,487,171.56,which decreased by 13132.99% year on year
mainly due to increase of expenditure for the first phase of the project of polarizer sheet for TFT-LCD；
22. The cash paid for repayment of debts was RMB 5,000,000.00, which increased by 123.76% year on year mainly
due to repayment of non-current liabilities to mature within one year；
23. The cash payments for distribution of dividends and profits or interest expenses were RMB 337,831.38, which
decreased by 78.73% year on year mainly due to year-on-year decrease of bank loans and interest expenses;
24. Sub-total of cash inflow from financing activities was RMB 5,337,831.38, which increased by 39.62% year on
year mainly due to repayment of non-current liabilities to mature within one year;
25. Net increase of cash and cash equivalents was RMB-127,230,835.88，which decreased by 1,628.66% year on
year mainly due to increase of construction expenditure for the first phase of the project of polarizer sheet for
TFT-LCD.
3.2 The progress of significant events and influence, as well as the analysis and explanation on resolving proposal
reason.
3.2.1 Non-standard Opinion
□applicable √ not applicable
3.2.2 The Company provided funds to its controlling shareholder or related parties and provided guarantees in
violation of established procedures.
□applicable √ not applicable
3.2.3 Signing and performance of significant contracts for daily operation
□applicable √ not applicable
3.2.4 Other
√applicable □not applicable
In the report period, The particulars of the construction of the Company's internal control system are as follows:
1. The Company organized the directors, supervisors and senior executives to study Fundamental Norms of Internal
Control of Enterprises, Guidelines of Shenzhen Stock Exchange for Standardized Operation of Listed Companies in
Main Market and the Circular Concerning Experimental Work Related to Standardized Internal Control of Listed
Companies in Shenzhen issued by Shenzhen Securities Regulatory Bureau. The relevant personnel of the Company
in charge of internal control attended the training class for internal control of listed companies organized by
Shenzhen Securities Regulatory Bureau. Through study, relevant personnel got familiar with internal control
processes and better understood internal control.
2. According to its actual conditions, the Company formulated tender documents for engaging internal control
intermediaries and will determine internal control intermediaries through tender invitation to help itself further
improve internal control system.
3. The Company formulated Work Scheme for Implementation of Internal Control System, which passed
examination by the management, the board of directors and the supervisory committee of the Company.
4. According to its industrial characteristics and operating status, the Company defined the scope of internal control
of financial report and determined key business flow of internal control covering investment management (focusing
on management of investment project of polarizer sheet for TFT-LCD), overall budget management, fund activity
control (focusing on management of raised proceeds for the project of polarizer sheet for TFT-LCD), financial
control of subsidiaries and IT information system management.
3.3 The fulfillment of the commitment made by the Company , shareholders and the actual controller
Commitments made by the listed company and its directors, supervisors, senior executives, the shareholders with
holding above 5% shares and its actual controller in the report period, or lasting until the report period.
√applicable □not applicable
Items of commitments Promisee Content of commitments Implementation
Promise in share holding
N/A N/A N/A
structure reform
Commitments made in
Acquisition Report or
N/A N/A N/A
Reports on Change in
interests
Commitments made in
Material assets N/A N/A N/A
Reorganization
Shenzhen Investment Holdings Co., Ltd. and its
wholly owned subsidiary, subsidiaries under
control or any other companies that have actual
control of it shall not be involved in the business
the same as or similar to those Shenzhen Textile
currently or will run in the future, or any
businesses or activities that may constitute direct
or indirect competition with Shenzhen Textile; if
the operations of Shenzhen Investment Holdings
Co., Ltd. and its wholly owned subsidiaries,
Commitments made in Shenzhen Investment
subsidiaries under control or other companies Under fulfillment
issuing Management Co., Ld.
that have actual control of it compete with
Shenzhen Textile in the same industry or
contradict the interest of the issuer in the future,
Shenzhen Investment Holdings Co., Ltd. shall
urge such companies to sell the equity, assets or
business to Shenzhen Textile or a third party;
when the horizontal competition may occur due
to the business expansion concurrently
necessary for Shenzhen Investment Holdings
Co., Ltd. and its wholly owned subsidiaries,
subsidiaries under control or other companies
that have actual control of it and Shenzhen
Textile, Shenzhen Textile shall have priority.
The committed when the restricted-for-sale
shares from the shares restructuring were listed
for circulation in the market: i. if they plan to
sell the shares through the securities exchange
system in the future, and the decrease of the
shares they hold reaches 5% within 6 months
Other commitments
Shenzhen Investment after the first decrease, they will disclose an
（Including: supplementary Under fulfillment
Management Co., Ltd. announcement indicating the sale through the
commitments）
company within two trading days before the first
decrease; ii. They shall strictly observe the
“Guidelines on Transfer of Restricted-for-sale
Original Shares of Listed Companies” and the
provisions of the relevant business principles of
Shenzhen Stock Exchange.
3.4 Estimation of accumulative net profit from the beginning of the year to the end of next report period to be loss
probably or the warning of its material change compared with the corresponding period of the last year and
explanation of reason.
□applicable √ not applicable
3.5 Other significant events need to be explained
3.5.1 Securities investment
□applicable √ not applicable
Reception Reception Discussion issue and offered
Reception plane Reception Mode
date Object information
Operating status and
development prospect of the
January 1, 2011 Company, the controlling
Individual
to March 31, The Company Telephone shareholder's support to the
investor
2011 Company's business
development, and Polarizer
sheet for LCD project etc.
3.6 Derivative Investment
□applicable √ not applicable
3.6.1 Particulars about derivatives investment held at the end of report period
□applicable √ not applicable
§4 Appendix
4.1 Balance sheet
Prepared by: Shenzhen Textile (Holdings) Co., Ltd. March 31, 2011 Unit：RMB
Year-end balance
Year-beginning balance
Items
Consolidated Parent company Consolidated Parent company
Current asset：
Monetary fund 703,005,201.42 492,622,448.45 830,236,037.30 483,902,800.37
Settlement provision
Outgoing call loan
Trading financial assets
Bill receivable 1,058,295.57
Account receivable 48,868,863.13 48,148,305.15
Prepayments 12,914,470.95 2,092,000.00 4,681,130.84 881,080.00
Insurance receivable
Reinsurance receivable
Provisions of Reinsurance
contracts receivable
Interest receivable 1,381,767.88 1,381,767.88 2,203,227.00 2,203,227.00
Dividend receivable
Other account receivable 30,198,634.00 25,618,920.18 30,015,024.72 25,218,113.04
Repurchasing of financial
assets
Inventories 61,716,305.50 60,986,770.44
Non-current asset due in 1
year
Other current asset
Total of current assets 859,143,538.45 521,715,136.51 976,270,495.45 512,205,220.41
Non-current assets：
Loans and payment on
other’s behalf disbursed
Disposable financial asset 80,546,245.36 80,546,245.36 75,481,853.50 75,481,853.50
Expired investment in
possess
Long-term receivable
Long term share equity
47,414,882.45 575,891,930.22 47,250,337.33 575,727,385.10
investment
Property investment 166,641,181.12 156,433,896.82 168,268,522.84 157,914,202.69
Fixed assets 162,976,183.56 34,099,324.18 166,482,617.12 34,758,106.27
Construction in progress 272,536,881.03 155,260,944.31
Engineering material
Fixed asset disposal
Production physical assets
Gas & petrol
Intangible assets 48,124,006.35 1,665,918.62 48,642,431.17 1,763,383.44
R & D petrol
Goodwill 9,614,758.55 9,614,758.55
Long-germ expenses to be
911,673.09 897,757.98
amortized
Differed income tax asset 7,548,742.44 4,349,486.16 7,252,580.16 4,339,038.67
Other non-current asset
Total of non-current assets 796,314,553.95 852,986,801.36 679,151,802.96 849,983,969.67
Total of assets 1,655,458,092.40 1,374,701,937.87 1,655,422,298.41 1,362,189,190.08
Current liabilities
Short-term loans 2,000,000.00 2,000,000.00
Loan from Central Bank
Deposit received and hold
for others
Call loan received
Trade off financial liabilities
Bill payable
Account payable 30,055,967.73 1,732,905.87 33,098,532.04 1,732,905.87
Advance payment 25,121,715.64 639,024.58 13,922,128.20 639,024.58
Selling of repurchased
financial assets
Fees and commissions
receivable
Employees’ wage payable 19,593,631.50 5,458,857.17 20,785,444.97 6,529,841.13
Tax payable -18,541,549.70 3,289,397.12 4,011,683.39 2,333,265.14
Interest payable 1,205,273.56 154,092.20
Dividend payable
Other account payable 48,144,279.01 63,256,963.78 47,759,095.14 63,396,499.56
Reinsurance fee payable 0.00
Insurance contract provision
Entrusted trading of
securities
Entrusted selling of
securities
Non-current liability due in
16,000,000.00 21,000,000.00
1 year
Other current liability
Total of current liability 123,579,317.74 74,377,148.52 142,730,975.94 74,631,536.28
Non-current liabilities：
Long-term loan 96,719,008.30 96,719,008.30
Bond payable
Long-term payable
Special payable
Expected liabilities
Differed income tax
16,765,316.28 16,653,229.56 15,446,103.51 15,334,016.79
liability
Other non-current liabilities 54,254,690.68 54,556,985.69
Total of non-current
167,739,015.26 16,653,229.56 166,722,097.50 15,334,016.79
liabilities
Total of liability 291,318,333.00 91,030,378.08 309,453,073.44 89,965,553.07
Owners’ equity
Share capital 336,521,849.00 336,521,849.00 336,521,849.00 336,521,849.00
Capital reserves 843,775,772.22 835,192,790.43 839,797,115.13 831,214,133.34
Less：Shares in stock
Special Reserve
Surplus reserves 34,086,443.10 34,086,443.10 34,086,443.10 34,086,443.10
Common risk provision
Undistributed profit 149,755,695.08 77,870,477.26 135,563,817.74 70,401,211.57
Different of foreign currency
translation
Total of owner’s equity belong to
1,364,139,759.40 1,283,671,559.79 1,345,969,224.97 1,272,223,637.01
the parent company
Minor shareholders’ equity
Total of owners’ equity 1,364,139,759.40 1,283,671,559.79 1,345,969,224.97 1,272,223,637.01
Total of liabilities and owners’
1,655,458,092.40 1,374,701,937.87 1,655,422,298.41 1,362,189,190.08
equity
4.2 Profit statement
Prepared by: Shenzhen Textile (Holdings) Co., Ltd. January-March 2011 Unit：RMB
Report period Same period of the previous year
Items
Consolidated Parent company Consolidated Parent company
I. Total operating income 204,623,191.07 13,786,292.96 135,028,979.97 13,325,187.36
Including：Operating income 204,623,191.07 13,786,292.96 135,028,979.97 13,325,187.36
Interest income
Insurance gained
Commission charge and
commission income
II. Total operating cost 192,728,022.46 7,341,916.83 129,626,362.96 10,407,643.41
Including：operating cost 15,542,596.78 2,970,626.79 113,750,492.55 2,558,309.81
Interest expense
Commission charge and
commission expense
Cash surrender value
Net amount of expense of
compensation
Net amount of withdrawal of
insurance contract reserve
Bonus expense of guarantee slip
Reinsurance expense
Operating tax and extras 1,701,903.03 1,107,106.08 650,838.00
Sales expenses 1,642,378.13 886,896.99
Administration expenses 13,536,802.96 5,672,387.75 12,134,343.22 6,393,744.06
Financial expenses -2,920,744.16 -2,358,839.73 1,208,544.03 551,910.03
Losses of devaluation of assets 1,582,256.82 -43,531.20 538,980.09 252,841.51
Add：changing income of fair
value
Investment income 2,372,308.14 2,372,308.14 8,166,384.93 8,166,385.02
Including：Investment income on
affiliated company and joint 164,545.12 164,545.12 203,607.13 248,779.60
venture
Exchange income
III. Operating profit 14,267,476.75 8,816,684.27 13,569,001.94 11,083,928.97
Add：non-operating income 3,092,589.15 702,694.14 403,300.00
less：non-operating expense 607.68
Including：disposal loss of
non-current assets
IV. Total profit 17,360,065.90 9,519,378.41 13,971,694.26 11,083,928.97
Less：expense of income tax 3,168,188.56 2,050,112.72 2,582,862.28 2,070,459.50
V. Net profit 14,191,877.34 7,469,265.69 11,388,831.98 9,013,469.47
Net profit attributable to owner’s
14,191,877.34 7,469,265.69 11,388,831.98 9,013,469.47
equity of parent company
Minority shareholders’ gains
and losses
VI. Earnings per share
（i）basic earnings per share 0.04 0.02 0.05 0.04
（ii）Diluted earnings per share 0.04 0.02 0.05 0.04
VII. Other comprehensive income 3,978,657.09 3,978,657.09 1,197,121.59 1,197,121.59
VIII. Total comprehensive income 18,170,534.43 11,447,922.78 12,585,953.57 10,210,591.06
Total comprehensive income
attributable to the owner of the 18,170,534.43 11,447,922.78 12,585,953.57 10,210,591.06
parent company
Total comprehensive income
attributable minority shareholders
Enterprise combination under same controlling at the end of current period. the net profit for the enterprise to be
combined is 0.00.
4.3 Cash flow statement
Prepared by: Shenzhen Textile (Holdings) Co., Ltd. January-March 2011 Unit：RMB
Report period Same period of the previous year
Items
Consolidated Parent company Consolidated Parent company
I.Cash flows from operating
activities
Cash received from sales of 163,012,992.30 11,704,822.70 149,306,624.47 11,328,503.73
goods or rending of services
Net increase of
customer deposits and capital
kept for brother company
Net increase of loans
from central bank
Net increase of inter-bank
loans from other financial
bodies
Cash received against
original insurance contract
Net cash received from
reinsurance business
Net increase of client
deposit and investment
Net increase of trade
financial asset disposal
Cash received as interest,
processing fee and
commission
Net increase of inter-bank
fund received
Net increase of repurchasing
business
Tax returned 15,212,300.49 13,882,990.00
Other cash received from
2,620,213.74 1,790,920.75 988,951.16 1,662,905.59
business operation
Sub-total of cash inflow 180,845,506.53 13,495,743.45 164,178,565.63 12,991,409.32
Cash paid for purchasing
139,835,830.98 799,330.85 141,649,999.38 1,221,361.87
of merchandise and services
Net increase of client
trade and advance
Net increase of savings n
central bank and brother
company
Cash paid for original
contract claim
Cash paid for interest,
processing fee and
commission
Cash paid for policy
dividend
Cash paid to staffs or paid
15,724,589.79 3,930,114.87 12,779,008.21 2,964,758.90
for staffs
Taxes paid 28,583,108.82 1,596,282.54 5,840,030.08 863,042.29
Other cash paid for business
6,932,584.00 2,321,986.21 8,380,161.91 8,453,096.74
activities
Sub-total of cash outflow
191,076,113.59 8,647,714.47 168,649,199.58 13,502,259.80
from business activities
Cash flow generated by
-10,230,607.06 4,848,028.98 -4,470,633.95 -510,850.48
business operation, net
II.Cash flow generated by
investing
Cash received from
1,707,406.46 1,707,406.46 8,844,486.07 8,351,891.70
investment retrieving
Cash received as investment
4,087,140.67 3,848,483.15 947,808.93 947,808.93
gains
Net cash retrieved from
disposal of fixed assets,
intangible assets, and other
long-term assets
Net cash received from
disposal of subsidiaries or
other operational units
Other investment-related
cash received
Sub-total of cash inflow due
5,794,547.13 5,555,889.61 9,792,295.00 9,299,700.63
to investment activities
Cash paid for construction
of fixed assets, intangible
119,281,718.69 1,684,270.51 8,921,526.83 4,454,200.00
assets and other long-term
assets
Cash paid as investment
Net increase of loan
against pledge
Net cash received from
subsidiaries and other
operational units
Other cash paid for
investment activities
Sub-total of cash outflow
119,281,718.69 1,684,270.51 8,921,526.83 4,454,200.00
due to investment activities
Net cash flow generated by
-113,487,171.56 3,871,619.10 870,768.17 4,845,500.63
investment
III.Cash flow generated by
financing
Cash received as investment
Incl: Cash received as
investment from minor
shareholders
Cash received as loans
Cash received from bond
placing
Other financing –related
2,000,000.00
ash received
Sub-total of cash inflow
2,000,000.00
from financing activities
Cash to repay debts 5,000,000.00 2,234,495.00
Cash paid as dividend,
337,831.38 1,588,616.86 1,089,450.00
profit, or interests
Incl: Dividend and profit
paid by subsidiaries to minor
shareholders
Other cash paid for
financing activities
Sub-total of cash outflow
5,337,831.38 3,823,111.86 1,089,450.00
due to financing activities
Net cash flow generated by
-3,337,831.38 -3,823,111.86 -1,089,450.00
financing
IV.Influence of exchange rate
alternation on cash and cash -175,225.88 62,881.67
equivalents
V.Net increase of cash and
-127,230,835.88 8,719,648.08 -7,360,095.97 3,245,200.15
cash equivalents
Add: balance of cash and
cash equivalents at the 417,686,594.80 84,353,357.87 101,340,314.95 19,539,632.30
beginning of term
VI. Balance of cash and cash
290,455,758.92 93,073,005.95 93,980,218.98 22,784,832.45
equivalents at the end of term
4.4 Auditor’ report
Auditor’s opinions: Not audited
This Report has been prepared in both Chinese and English. In case of any discrepancy, the
Chinese version shall prevail.
The Board of Directors of Shenzhen Textile (Holdings) Co., Ltd.
April 23,2011
