In 2006, Xinmao Group implemented assets reorganization. It transferred 59.98% high-quality assets of Tianjin Xinmao Science Park Co., Ltd into its listed company-Tianjin Xinmao Technology Co., Ltd.

Tianjin Xinmao Science Park Co., Ltd developed and constructed industrial factory rooms, office buildings and apartments totally 234,000 square meters in 2006, all of which currently are available in the market. Up to now, it has sold industrial factory rooms 58,900 square meters and apartments 30,700 square meters.

Its prime operating revenue was RMB 422.75 million. Excluding industrial real estate and service industry, its revenue from hi-tech industry was about RMB 131.6888 million.

Structure of Main Operations of Xinmao Technology, 2004-2006

2. Analysis of Main Operations
2.1 Overview of Main Operations
2.1.1 Industrial Real Estate Development Greatly Promotes the Company's Performance
2.1.2 Hi-tech Industry Guarantees the Company's Stable Development
2.1.3 Service Industry
2.2 Influences of Non-public Issuance

3. Financial Analysis

4. Risk Analysis

5. Profits Forecast
5.1 Industrial Real Estate Development
5.2 Hi-tech Industry