1.Date of occurrence of the event:2016/05/20
2.Counterparty to the contract or commitment:CTBC Leasing Co.,Ltd.
3.Relationship to the Company:None
4.Starting and ending dates (or rescission date) of the
contract or commitment:3 months from when the drawdown date.
5.Major content (not applicable where rescinded):
Enter into a sale and leaseback agreement with CTBC Leasing Co., Ltd
for video equipment. The lease is for a period of no more than 3 months
and at the end of the leasing period, the ownership of the equipment will be
transferred back to Beijing Gehua. The financing amount is expected to be
less than RMB $10mn.
6.Restrictive covenants (not applicable where rescinded):None
7.Effect on company finances and business (not applicable where rescinded):
8.Concrete purpose/objective (not applicable where rescinded):
Funds from the sale and lease back agreement will be used to repay
outstanding loans from Chinatrust Commercial Bank, Shanghai branch.
9.Any other matters that need to be specified:None