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                                                                                                                                                                                                                              Subsidiaries

                                                                                                                                                                                                                              Zhonghuan Asset Management Co., Ltd.

                                                                                                                                                                                                                              With the development of Zhonghuan industrial park and the expanding of the business of photovoltaic station of Zhonghuan to the Inner Mongolia autonomous, Inner Mongolia Zhonghuan Asset Management Co., Ltd. was established in February 2015 in order to bring cooperation of enterprises into full play, share resources (government, management, security, environmental protection, brand, human resources, etc.), prevent the expanding of the risks of single enterprise as well as maintain and enhance the brand influence of Zhonghuan industrial park.

                                                                                                                                                                                                                              The company aims at enhancing the management of the asset in Inner Mongolia invested by Zhonghuan.

                                                                                                                                                                                                                              Zhonghuan Asset Management Co., Ltd., under the government’s specification, builds a standard for the wholly-owned, holding and shares holding enterprises invested by Zhonghuan stock and involving in power station in Zhonghuan industrial park. It focuses on the environmental, fire-fighting, governmental problems in every company. Adopting advanced technology and scientific management methods, this company ensures that the assets in Inner Mongolia from Zhonghuan would be managed effectively.