SHENZHEN FIYTA HOLDINGS LTD. 2009 3rd Quarterly Report – Full Text
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SHENZHEN FIYTA HOLDINGS LTD.
2009 3rd Quarterly Report – Full Text
§1 Important
1.1 The Board of Directors, the Supervisory Committee, directors, supervisors and senior
executives of the Company hereby confirm that there are no important omissions, fictitious statements or
serious misleading information carried in this report, and shall take all responsibilities, individually and/or
jointly, for the authenticity, accuracy and completion of the whole contents.
1.2 The Company’s financial report of the third quarter has not been audited by the certified public
accountants.
1.3. Mr. Wu Guangquan, the Company leader, Mr. Li Dehua, chief financial officer, and Mr. Hu
Xinglong, the manager of the accounting department (accounting supervisor) hereby confirm the
authenticity and completeness of the financial report enclosed in this quarterly report.
§2 Company Information
2.1 Financial Highlights
In RMB
September 30, 2009 December 31, 2008 Increase/Decrease rate
(+/-%)
Total assets, in RMB 1,484,390,816.72 1,441,187,545.35 3.00%
Owner’s equity attributable to the
Company’s shareholders, in RMB
696,801,089.57 670,923,545.85 3.86%
Capital stock (share) 249,317,999.00 249,317,999.00 0.00%
Net asset per share attributable to the
Company’s shareholders (RMB/share) 2.79 2.69 3.86%
Jul – Sep, 2009
Year-on-year
increase/decrease
(%)
Jan – Sep, 2009
Year-on-year
increase/decrease
(%)
Gross income in RMB 313,123,034.10 20.61% 885,816,723.98 13.83%
Net profit attributable to the Company’s
shareholders, in RMB 20,651,393.66 27.21% 47,818,455.08 -12.51%
Net cash flows arising from operating
activities, in RMB - - 81,159,012.38
Net cash flows per share arising from
operating activities (RMB/share) - - 0.33
Basic earning per share (RMB/share) 0.083 27.69% 0.192 -12.51%
Diluted earning per share (RMB/share) 0.083 27.69% 0.192 -12.51%
Net assets-income ratio (%) 2.96% 20.82% 6.86% -16.94%
Net assets-income ratio after
deducting the non-recurring gains and
3.09% 29.40% 6.75% -17.22%SHENZHEN FIYTA HOLDINGS LTD. 2009 3rd Quarterly Report – Full Text
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loss (%)
In RMB
Non-recurring profit and loss items Amount from year beginning to
the end of the report period Notes
Net income and expense of the business other than the above
items 1,009,366.79
Amount influencing the income tax -201,873.36
Total 807,493.43 -
2.2 Total shares and shares held by the top ten shareholders of non-restricted shares at the end
of the report period
Shares
Total shareholders at the end of the report
period 28,787
Shares held by top 10 shareholders of non-restricted shares
Full names of shareholders
Quantity of the non-restricted
negotiable shares held at the end of
the period
Types
Industrial and Commercial Bank of China –
E-Fund Value Growth Mixed Securities
Investment Fund
5,851,877 A Shares
LEHMAN BROTHERS INTERNATIONAL
(EUROPE) 2,511,883 A Shares
UBS AG 2,108,280 A Shares
HANG SENG CONSUMER SECTOR
FLEXIPOWER FUND 1,472,200 B shares
SBCI FINANCE ASIA LTD A/C SBC HONG
KONG 926,580 B shares
LAU,WANG 685,600 B shares
Dai Wen 557,333 A Shares
PRO PERFORMANCE 518,000 B shares
Luo Kaifu 488,140 A Shares
Zeng Xiangrong 466,464 A Shares
§3 Important Events
3.1 Big Changes in Principal Accounting Statement Items and Financial Indexes and the Causes
√ applicable □ inapplicable
(1) In the report period, increase of the account payable by RMB 28.4854 million was mainly due to increase of loans for
opening new Harmony shops
(2) In the report period, increase of the liability of deferred income tax by RMB 0.7186 million was due to increase of the
market value of the shares held by the Company;
(3) In the report period, increase of the financial assets available for sale by RMB 3.553 million over the year beginning was
due to increase of the market value of the shares held by the Company.SHENZHEN FIYTA HOLDINGS LTD. 2009 3rd Quarterly Report – Full Text
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3.2 Progress of Significant Events, its Impacts and the Solutions
□ applicable √ inapplicable
3.3 Implementation of the Commitments of the Company, the Shareholders and the Eventual
Controller
√ applicable □ inapplicable
Commitments Description Implementation
Commitment for Equity Separation
Reform
(1) Shenzhen CATIC Group
committed that upon completion
of the equity separation reform
of FIYTA, the non-negotiable
shares held by Shenzhen
CATIC Group would not be
listed with Shenzhen Stock
Exchange for trading within 36
months after the day when such
shares got approved for listing.
(2) Within 24 months after the
3-year sales restriction term
expires, in case Shenzhen
CATIC Group would sell the
non-negotiable FIYTA shares it
was holding through listing with
Shenzhen Stock Exchange, the
sales price must not be lower
than RMB 25.00 per share.
The commitment is in process of implementation.
Commencing from the date when the equity
separation reform was finished to the end of the
report period, Shenzhen CATIC Group has not
reduced or assigned any shares with sales
restriction held by Shenzhen CATIC Group.
Commitment for restricted shares
(1) Shenzhen CATIC Group
committed that upon completion
of the equity separation reform
of FIYTA, the non-negotiable
shares held by Shenzhen
CATIC Group would not be
listed with Shenzhen Stock
Exchange for trading within 36
months after the day when such
shares got approved for listing.
(2) Within 24 months after the
3-year sales restriction term
expires, in case Shenzhen
CATIC Group would sell the
non-negotiable FIYTA shares it
was holding through listing with
Shenzhen Stock Exchange, the
sales price must not be lower
than RMB 25.00 per share.
The commitment is in process of implementation.
Commencing from the date when the equity
separation reform was finished to the end of the
report period, Shenzhen CATIC Group has not
reduced or assigned any shares with sales
restriction held by Shenzhen CATIC Group.
Commitments in the acquisition report
or report on change of equity Nil Nil
Commitment at the time of important
assets reorganization Nil Nil
Commitment at the time of issuing Nil Nil
Other commitment (including
additional commitment) Nil Nil
3.4 Prediction of the possibility of the accumulated net profit from the year beginning to the end
of the next report period being of loss; or warning for big changes in the net profit in comparison
with the same period of the previous year and the reasons
□ applicable √ inapplicableSHENZHEN FIYTA HOLDINGS LTD. 2009 3rd Quarterly Report – Full Text
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3.5 Other Important Matters Necessary to be Clarified
(1) In the report period, the Company was never engaged in such activities as supply of fund to the controlling shareholders
or other related parties or offered guarantee against the specified procedures;
(2) In the report period, the Company neither proposed nor implemented the shareholding increase plan for the
shareholders holding over 30% of the Company’s shares;
(3) In the report period, the Company had no important contract necessary to be disclosed.
3.5.1 Statement of such activities as reception, research, communication, interview in the report
period
Reception Time Reception place Way of reception Visitor received Topics and information furnished
July 9, 2009 The Company On-the-spot survey Huili Fund
Management Co.
Development trend of the domestic
luxury goods sector, some measures
concerning the Company’s strategic
development, brand construction,
terminal management in the past
three years. Provision of the
Company’s public brochures
August 27, 2009 The Company On-the-spot survey Xingye Securities
Co., Ltd.
Development trend of the domestic
luxury goods sector, some measures
concerning the Company’s strategic
development, brand construction,
terminal management in the past
three years. Provision of the
Company’s public brochures
September 7,
2009 The Company On-the-spot survey
Shanghai Haotong
Investment
Consulting Co., Ltd.
Development trend of the domestic
luxury goods sector, some measures
concerning the Company’s strategic
development, brand construction,
terminal management in the past
three years. Provision of the
Company’s public brochures
September 10,
2009 The Company On-the-spot survey Guosen Securities
Development trend of the domestic
luxury goods sector, some measures
concerning the Company’s strategic
development, brand construction,
terminal management in the past
three years. Provision of the
Company’s public brochures
3.6 Investment in Derivatives
□ applicable √ inapplicable
3.6.1 Investment Based Derivatives Held at the End of the Report Period
□ applicable √ inapplicableSHENZHEN FIYTA HOLDINGS LTD. 2009 3rd Quarterly Report – Full Text
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§4 Appendix
4.1. Balance Sheet
Prepared by: SHENZHEN FIYTA HOLDINGS LTD. September 30, 2009 In RMB
Items
Ending balance Opening Balance
Consolidated Parent company Consolidated Parent company
Current assets:
Monetary funds 85,816,429.55 41,981,496.44 108,233,795.73 54,938,436.99
Settlement funds
Lendings
Transaction based financial
assets
Notes receivable
Accounts receivable 117,756,842.00 37,410,591.90 100,540,669.65 30,970,485.15
Advance to Suppliers 12,187,350.07 20,772,416.86
Receivable premium
Reinsurance accounts
receivable
Reserve for reinsurance
contract receivable
Interest receivable
Dividend receivable 45,838,566.24 45,838,566.24
Other receivables 23,813,828.82 293,456,832.44 19,547,646.16 328,199,004.65
Reverse repurchase
agreement
Provisions for price falling of
inventories 722,405,862.12 68,436,557.76 677,127,363.08 70,057,384.10
Non-current assets due
within a year
Other current assets 0.00 2,623,608.52
Total current assets 961,980,312.56 487,124,044.78 928,845,500.00 530,003,877.13
Non-current assets:
Provision of loans and
advance in cash
Available-for-sale financial
assets 8,096,000.00 8,096,000.00 4,543,000.00 4,543,000.00
Held- to-due investments
Long term accounts
receivable
Long-term equity investment 7,738,614.00 346,441,614.00 7,701,374.39 336,404,374.39
Investment Based Real
Estate 173,126,564.05 173,126,564.05 177,773,318.21 177,773,318.21
Fixed assets 256,784,414.35 243,546,186.33 262,829,687.92 249,121,975.84
Construction-in-progress
Engineering supplies
Disposal of fixed assets
Productive biological asset
Oil and gas asset
Intangible assets 12,957,806.64 12,844,606.64 12,896,865.80 12,783,665.80SHENZHEN FIYTA HOLDINGS LTD. 2009 3rd Quarterly Report – Full Text
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Development expenditures
Goodwill
Long-term expenses to be
apportioned 53,285,253.07 13,291,299.30 35,880,151.86 10,834,367.04
Deferred income tax asset 10,421,852.05 3,589,700.58 10,717,647.17 3,940,470.02
Other non-current assets
Total non-current assets 522,410,504.16 800,935,970.90 512,342,045.35 795,401,171.30
TOTAL ASSETS 1,484,390,816.72 1,288,060,015.68 1,441,187,545.35 1,325,405,048.43
Current liabilities:
Short-term Loan 515,000,000.00 495,000,000.00 575,000,000.00 575,000,000.00
Borrowings from the Central
Bank
Absorption of deposit and
inter-bank deposit and loan
Loan from bank
Transaction based financial
assets
Notes payable
Accounts payable 87,294,626.47 29,839,493.64 58,809,238.66 7,827,286.28
Advance from customers 1,411,285.70 1,216,587.00 2,092,162.76 318,790.01
Repurchase agreement
Service charge and
commission payable
Staff’s wages payable 7,898,183.35 1,895,914.53 11,845,608.17 3,946,072.82
Taxes payable 6,331,352.09 6,849,178.13 -10,317,406.43 7,421,939.59
Interest payable 519,407.17 519,407.17 987,587.50 987,587.50
Dividends payable 395,426.76 395,426.76
Other payables 32,646,027.89 29,718,027.33 36,863,962.80 31,429,069.07
Reinsurance accounts
payable
Reserve for insurance
contract
Income from securities
trading on commission
Income from securities
underwriting on commission
Non-current liabilities due
within a year
Total other current liabilities 0.00 1,546,453.73 800,000.00
Total current liabilities 651,496,309.43 565,038,607.80 677,223,033.95 627,730,745.27
Non-current liabilities:
Long-term Loan 110,000,000.00 110,000,000.00 70,000,000.00 70,000,000.00
Bonds payable
Long term accounts payable 10,000,000.00 10,050,000.00 50,000.00
Special accounts payable
Predicted liabilities
Deferred income tax liability 1,090,386.87 1,082,374.70 371,774.70 371,774.70
Other non-current liabilities 5,000,000.00 5,000,000.00 4,050,000.00 4,050,000.00
Total non-current liabilities 126,090,386.87 116,082,374.70 84,471,774.70 74,471,774.70SHENZHEN FIYTA HOLDINGS LTD. 2009 3rd Quarterly Report – Full Text
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Total Liabilities 777,586,696.30 681,120,982.50 761,694,808.65 702,202,519.97
Owners’/shareholders’ equity:
Paid-up capital (or capital
stock) 249,317,999.00 249,317,999.00 249,317,999.00 249,317,999.00
Capital Reserve 195,924,032.65 195,924,032.65 193,081,632.65 193,081,632.65
Less: shares in stock
Specialized reserve
Surplus Reserve 109,362,340.60 109,362,340.60 109,362,340.60 109,362,340.60
Provisions for general risks
Retained Earnings 142,912,052.93 52,334,660.93 120,025,397.75 71,440,556.21
Cumulative translation
adjustments -715,335.61 -863,824.15
Total owners’ equity
attributable to the parent
company
696,801,089.57 606,939,033.18 670,923,545.85 623,202,528.46
Minority shareholders’ interests 10,003,030.85 8,569,190.85
Total owner’s equity 706,804,120.42 606,939,033.18 679,492,736.70 623,202,528.46
Total liabilities and owners’
equity 1,484,390,816.72 1,288,060,015.68 1,441,187,545.35 1,325,405,048.43
4.2 Statement of Profit in the Report Period
Prepared by: SHENZHEN FIYTA HOLDINGS LTD. July to September, 2009 In RMB
Items
Report Period Same Period of the Previous Year
Consolidated Parent company Consolidated Parent company
I. Total operating income 313,123,034.10 62,361,775.25 259,625,877.22 65,457,925.29
Including: Operating income 313,123,034.10 62,361,775.25 259,625,877.22 65,457,925.29
Interest income
Earned premium
Service charge and
commission income
II. Total operating costs 287,195,944.14 56,863,091.73 242,347,322.79 63,316,394.29
Including: Operating costs 209,684,521.78 25,936,740.82 160,439,377.93 26,837,465.39
Interest expense
Service charge and
commission payment
Surrender Value
Net payment per claim
Net provision for
insurance contract
Expenditures
dividend policy
Reinsurance expense
Business Taxes and
Surcharges 1,852,627.90 1,083,979.48 1,818,151.91 898,258.71
Sales expenses 41,956,314.04 17,232,616.62 40,823,243.61 18,690,110.46
Overheads 24,804,207.11 9,524,549.37 26,587,237.18 9,552,302.02
Financial expenses 8,898,273.31 3,085,205.44 12,679,312.16 7,338,257.71
Loss from impairment of
assetsSHENZHEN FIYTA HOLDINGS LTD. 2009 3rd Quarterly Report – Full Text
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Plus: Income from change in
fair value (loss stated with “-“)
Investment return (loss
stated with “-“) 7,617.02 7,617.02 93,500.00 781,873.73
Including: Investment
income in associates and joint
ventures
7,617.02 7,617.02 -9,065.35 -9,065.35
Exchange income (loss
stated with “-“)
III. Profit from businesses (loss
stated with “-“) 25,934,706.98 5,506,300.54 17,372,054.43 2,923,404.73
Plus: Non-operating income 1,147,988.85 846,565.62 414,230.36 412,321.60
Less: Non-operating
expenses 2,271,270.50 2,105,240.00 15,708.13 9,391.24
Including: Loss from
disposal of non-current assets 0.00 0.00 5,973.78 773.64
IV. Total Profit (total loss stated
with “-“) 24,811,425.33 4,247,626.16 17,770,576.66 3,326,335.09
Less: Income tax expenses 4,181,173.02 4,396.90 1,373,091.43 705,019.67
V. Net Profit (loss stated with
“-“) 20,630,252.31 4,243,229.26 16,397,485.23 2,621,315.42
Net profit attributable to
the owner of the parent
company
20,651,393.66 4,243,229.26 16,233,677.65 2,621,315.42
Minority shareholders’
gain/loss -21,141.35 0.00 163,807.58
VI. Earnings per share*
(I) Basic earnings per
share 0.083 0.065
(II) Diluted earnings per
share 0.083 0.065
VII. Other comprehensive
income
VIII. Total comprehensive
income 20,630,252.31 4,243,229.26 16,397,485.23 2,621,315.42
Total comprehensive
income attributable to the
parent company’s owner
20,651,393.66 4,243,229.26 16,233,677.65 2,621,315.42
Total comprehensive
income attributable to the
minority shareholders
-21,141.35 163,807.58
4.3 Statement of Profit from the Year Beginning to the End of the Report Period
Prepared by: SHENZHEN FIYTA HOLDINGS LTD. January to September, 2009 In RMB
Items
Amount in the report period Amount in the previous period
Consolidated Parent company Consolidated Parent company
I. Total operating income 885,816,723.98 190,850,853.60 778,175,229.41 178,425,167.44
Including: Operating income 885,816,723.98 190,850,853.60 778,175,229.41 178,425,167.44
Interest income
Earned premium
Service charge and
commission incomeSHENZHEN FIYTA HOLDINGS LTD. 2009 3rd Quarterly Report – Full Text
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II. Total operating costs 827,681,397.96 185,625,944.42 713,723,129.79 165,205,788.72
Including: Operating costs 592,630,189.22 83,371,936.76 502,456,593.14 71,074,749.89
Interest expense
Service charge and
commission payment
Surrender Value
Net payment per claim
Net provision for
insurance contract
Expenditures
dividend policy
Reinsurance expense
Business Taxes and
Surcharges 4,743,875.77 3,226,671.50 4,995,670.14 2,750,260.33
Sales expenses 127,384,669.43 55,105,975.29 108,867,906.60 49,005,575.15
Overheads 73,237,403.62 31,470,465.32 67,519,256.38 32,726,347.14
Financial expenses 29,675,659.92 12,441,295.55 29,883,703.53 9,648,856.21
Loss from impairment of
assets 9,600.00 9,600.00
Plus: Income from change in
fair value (loss stated with “-“)
Investment return (loss
stated with “-“) 187,239.61 187,239.61 84,434.65 772,808.38
Including: Investment
income in associates and joint
ventures
187,239.61 187,239.61 -9,065.35 -9,065.35
Exchange income (loss
stated with “-“)
III. Profit from businesses (loss
stated with “-“) 58,322,565.63 5,412,148.79 64,536,534.27 13,992,187.10
Plus: Non-operating income 3,309,874.86 2,896,996.48 881,805.37 577,459.98
Less: Non-operating
expenses 2,300,508.07 2,128,049.31 115,050.82 41,318.90
Including: Loss from
disposal of non-current assets 5,973.78 773.64
IV. Total Profit (total loss stated
with “-“) 59,331,932.42 6,181,095.96 65,303,288.82 14,528,328.18
Less: Income tax expenses 11,095,242.20 355,191.34 9,972,420.91 2,710,099.07
V. Net Profit (loss stated with
“-“) 48,236,690.22 5,825,904.62 55,330,867.91 11,818,229.11
Net profit attributable to
the owner of the parent
company
47,818,455.08 5,825,904.62 54,652,916.69 11,818,229.11
Minority shareholders’
gain/loss 418,235.14 677,951.22
VI. Earnings per share*
(I) Basic earnings per
share 0.192 0.219
(II) Diluted earnings per
share 0.192 0.219
VII. Other comprehensive
income
VIII. Total comprehensive 48,236,690.22 5,825,904.62 55,330,867.91 11,818,229.11SHENZHEN FIYTA HOLDINGS LTD. 2009 3rd Quarterly Report – Full Text
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income
Total comprehensive
income attributable to the
parent company’s owner
47,818,455.08 5,825,904.62 54,652,916.69 11,818,229.11
Total comprehensive
income attributable to minority
shareholders
418,235.14 677,951.22
4.4 Statement of Cash Flow from the Year Beginning to the End of the Report Period
Prepared by: SHENZHEN FIYTA HOLDINGS LTD. January to September, 2009 In RMB
Items
Amount in the report period Amount in the previous period
Consolidated Parent company Consolidated Parent company
I. Net cash flows arising from
operating activities
Cash received from sales
of goods and supply of labor 997,120,457.55 199,740,823.55 894,116,508.90 213,217,109.27
Net increase of the
customers’ deposit and amount
from banks
Net increase of borrowing
from the central bank
Net increase of borrowing
from other financial institutions
Cash received from the
premium of the original
insurance contract
Cash received from the
reinsurance business, net
Increase of the reserve
from policy holders and
investment, net
Increase from disposal of
transactional financial assets,
net
Cash from collection of
interest, service charge and
commission
Increase of loan from
other banks, net
Increase of fund from
repurchase business, net
Rebated taxes received
Other cash in connection
with operation activities as
received
6,166,502.94 57,793,203.76 3,714,389.05 27,564,631.08
Subtotal of cash flow in
from operating activities 1,003,286,960.49 257,534,027.31 897,830,897.95 240,781,740.35
Cash paid for purchase of
goods and reception of labor
services
663,059,526.95 53,020,791.51 803,249,547.83 72,811,495.65
Net increase of loans and
advances to the customers
Net increase of amounts
due from the central bank andSHENZHEN FIYTA HOLDINGS LTD. 2009 3rd Quarterly Report – Full Text
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other banks
Cash from payment for
settlement of the original
insurance contract
Cash for payment of
interest, service charge and
commission
Cash for payment of policy
dividend
Cash paid to and for staff 100,581,984.91 42,822,170.54 87,933,062.15 39,437,703.82
Taxes paid 56,061,859.54 18,296,306.89 38,223,774.12 13,129,096.02
Other operation related
cash payments 102,424,576.71 48,613,901.62 86,224,426.78 26,688,428.13
Subtotal of cash flow out
from operating activities 922,127,948.11 162,753,170.56 1,015,630,810.88 152,066,723.62
Net cash flow
generated from operating
activities
81,159,012.38 94,780,856.75 -117,799,912.93 88,715,016.73
II. Cash flows arising from
investment activities:
Cash received from
recovery of investment
Cash received from
investment income 93,500.00 93,500.00
Net amount of cash
received from disposal of fixed
assets, intangible assets and
other long term assets
182,656.00 180,956.00 348,840.00 316,000.00
Net cash received from
disposal of subsidiaries and
other operating units.
Other investment related
cash receipts
Subtotal of cash flow in
from investment activities 182,656.00 180,956.00 442,340.00 409,500.00
Cash paid for
construction/purchase of fixed
assets, intangible assets and
other long term assets
35,064,313.73 8,346,348.47 160,359,252.16 148,034,864.55
Cash paid for investment 10,000,000.00 176,200,000.00
Net increase of
hypothecated loans
Net cash paid by
subsidiaries and other
operating units
Other investment related
cash payments
Subtotal of cash flow out
from investment activities 35,064,313.73 18,346,348.47 160,359,252.16 324,234,864.55
Net cash flow arising
from investment activities -34,881,657.73 -18,165,392.47 -159,916,912.16 -323,825,364.55
III. Cash flows arising from
fund raising activities:
Cash received from
absorption of investment 1,340,184.00
Incl.: Cash received fromSHENZHEN FIYTA HOLDINGS LTD. 2009 3rd Quarterly Report – Full Text
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absorption of minority
shareholders’ investment
Cash received from
borrowings 445,000,000.00 425,000,000.00 550,000,000.00 550,000,000.00
Cash received from bond
issuing
Other fund raising related
cash receipts 34,119,083.43
Subtotal of cash flow in
from fund-raising activities 446,340,184.00 425,000,000.00 584,119,083.43 550,000,000.00
Cash paid for liabilities
repayment 465,000,000.00 465,000,000.00 250,000,000.00 250,000,000.00
Cash paid for
dividend/profit distribution or
repayment of interest
50,034,904.83 49,572,404.83 51,232,156.44 51,232,156.44
Incl.: Dividend and profit
paid by the subsidiaries to
minority shareholders
Other fund raising related
cash payments
Subtotal of cash flow out
from fund-raising activities 515,034,904.83 514,572,404.83 301,232,156.44 301,232,156.44
Net cash flow arising
from fund-raising activities -68,694,720.83 -89,572,404.83 282,886,926.99 248,767,843.56
IV. Amount involved in change
of exchange rate influencing
the cash and cash equivalent
V. Net increase of cash and
cash equivalents -22,417,366.18 -12,956,940.55 5,170,101.90 13,657,495.74
Plus: Opening balance of
cash and cash equivalents 108,233,795.73 54,938,436.99 84,043,521.74 46,746,295.03
VI. Ending balance of cash and
cash equivalents 85,816,429.55 41,981,496.44 89,213,623.64 60,403,790.77
4.5 Auditor’s Report
Auditor’s Opinion: Unaudited
Board of Directors of
SHENZHEN FIYTA HOLDINGS LTD.
OCT. 29, 2009
