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As of December 31, 2014, Certain land use rights with internet guide value of RMB255,885,578 had been pledged as collateral for the Company’s borrowings . As of December 31, 2013 and 2014, all of the employee advances were business related, interest-free, not collateralized and might be repaid or settled inside one yr from the respective steadiness sheet date As of December 31, 2014, certain property, plant and tools with internet book worth amounting of RMB1,788,436,one hundred fifty five are pledged as collateral for the Group’s borrowings . In May 2012, the Group acquired a 9% stake in Heihe Hydropower Development Co., Ltd, a company in Gaisu province, China, for a consideration of RMB7,200,000.

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