China Growth Stocks

[Rames]

CSHEF holds about 26% of Hangzhou Zhongce Rubber Co. ( http://www.hzygxj.com/doce/gsjj.htm ), a Chinese tire company with annual revenue of more than $2 billion. Several other investments. They receive their share of Hangzhou's net profits:

The net income for the fiscal year 2009 consisted mainly of unrealized gain recognized on trading securities amounted to Rmb15.5 million, investment income of Rmb6 million, interest income of Rmb3.3 million, interest expenses of Rmb4.5 million, income tax expense of Rmb25.5 million and the Company’s share of net profit of Hangzhou in an amount of Rmb255.1 million.