If there were no expectations on a potential revamp of telecommunication industry, China Unicom would be considered overvalued at current price although it reported doubled profits for 2007 full year result, however, considering the revaluation of two networks of China Unicom in the case of the restructuring, China Unicom is a good buy at current value. We will address these points below in detail:

The board of directors (the “Board”) and Supervisory Committee of Sinopec Shanghai Petrochemical Company Limited (the “Company” or “SPC”) as well as its directors, supervisors and senior management warrant that there are no false representations, or misleading statements contained in, or material omission from this report, and severally and jointly accept full responsibility for the truthfulness, accuracy and completeness of the information contained in this report.

On 30 January 2008, the Company has entered into the Agreement with Boeing Company regarding the purchase of the Aircraft in accordance with the terms and conditions thereof. Based on the information provided by Boeing Company, the total asset value of the Aircraft, as determined by reference to the relevant catalogue price supplied by Boeing Company, amounts in aggregate to approximately US$1.94 billion (approximately RMB13.98 billion). The Company has not conducted any independent valuation on the Aircraft.

China has become one of the biggest energy-consuming countries in the world. Currently, the oil price has reached its historical price. It is because the two largest developing countries, China and India, are hungry to energies and resources to feed their high speed growths. However, the negative impact of use of resources, that is pollution, has caused a series of social problems and is seen as one of critical issues which can restrict Chinese economic development. Therefore, an alternative clean-energy and renewable energy, such as solar PV, is highly recommended by Chinese government.

Despite a decline in net income from investments, the bank suffered no notable write-downs as a result of the subprime crisis and HSBC Trinkaus has no significant exposure to synthetic credit risk. Net income before tax grew by 9.7 per cent to €207.8 million. The Annual General Meeting on 17 June 2008 will propose the distribution of a dividend of €2.50 as was also the case last year. Consolidated assets increased 12.8 per cent in 2007 to €21.1 billion. Loans and advances to customers increased 34.7 per cent to €4.3 billion. This growth largely reflected expansion in the client base. At the end of the year the bank’s total and core capital ratios were 10.7 per cent and 6.4 per cent respectively.

Based on my research, I agree with the points that: CNPC and SINOPEC's growth might be dented this year because of 'the windfall taxes and widening refining losses', which however, is not saying that they pay rising windfall taxes on their refining arm. The tax or 'special gain charge'is assessed on the production arm. The loss of refining is because the price of crude oil is increaseing while China has a fixed retail oil price at home. CEO has no refinery exposure,so is not hurt by this fixed retail price. For more detail, read this post.

There is not much direction to find in market sentiment lately. While February turned to be a comeback for Chinese shares listed in the Hong Kong Stock Exchange, the same stocks nosedived in the U.S. the last trading day of the month tracking major U.S. indices lower. As the chart on the page demonstrates, February was somewhat an improvement over January for stocks in Hong Kong measured by the blue chip Hang Seng Index. Stocks posted their best monthly gain since October in Hong Kong. At the same time, the selloff on February 29 in the U.S., a day the DJIA fell 315.79 points, left the stock market stuck in a rut with no clear indication to get any better. As the saying goes, it will get worse before it gets better… The U.S. listed stock universe, measured by the China ADR Index (CAI) has not been able to recover January losses and fell heavily on Friday along overall market sentiment.

The Board announces that the Company and China Telecommunications Corporation have entered into the Supplemental Agreement on 31 March 2008 to amend certain terms of the Centralized Services Agreement to adjust the pricing basis for the use of international telecommunications facilities.

Reference is made to the announcements of China Southern Airlines Company Limited (the “Company”) dated 6 July 2006, 16 April 2007 and 28 June 2007. The Company had entered into a sale and purchase agreement with Airbus SNC dated 6 July 2006 pursuant to which the Company agreed to purchase 50 Airbus A320 series aircraft from Airbus SNC.

Early this year, a snowstorm with its scale and duration unprecedented in the last century occurred in China. The snowstorm caused grave disturbances to people’s daily lives, as well as serious challenges to our telecommunications services. During the Lunar New Year, in places where the snowstorm was most severe, I myself witnessed many of our people volunteered to sacrifice their precious family gathering opportunities to make emergency repairs on the telecommunications