Exhibit 99.2
English Summary of Key Terms in the
Equity Transfer Agreement dated April 22, 2005
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Transferor: | | Yuanhang Wang |
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| | Dong Li |
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Transferee: | | Mingji Guan |
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| | Shubing Zheng |
Yuanhang Wang and Dong Li each holds a 90% and 10% equity interest, respectively, in Shenzhen Yuanhang Science and Technology Co., Ltd. (“Company”), a limited liability company with a registered capital of RMB 1,000,000.
Transfer: Yuanhang Wang will transfer 50% of the equity interest he holds in the Company to Mingji Guan, and transfer 40% of the equity interest to Shubing Zheng; Dong Li will transfer 10% of the equity interest he holds in the Company to Shubing Zheng.
Transfer Price: RMB 3,406,010
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| | Transferor | | | Equity Interest | | | Transferred | | | Transfer Price | | | | Transferee | |
| | | | | | | | | | | (RMB) | | | | | |
| | Yuanhang Wang | | | 90% | | | 50% | | | | 1,703,005 | | | | Mingji Guan | |
| | | | | | | | 40% | | | | 1,362,404 | | | | Shubing Zheng | |
| | Dong Li | | | 10% | | | 10% | | | | 340,601 | | | | Shubing Zheng | |
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New Shareholders:
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| | Shareholders | | | Capital Contribution (RMB) | | | Equity Interest | |
| | Mingji Guan | | | 500,000 | | | 50% | |
| | Shubing Zheng | | | 500,000 | | | 50% | |
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Closing: Within one (1) working day upon completion or waiver of the conditions precedent to the Closing, each Transferee shall wire the Transfer Price in RMB cash to a bank account designated by the Transferor. Within three (3) working days after payment of the Transfer Price, the Company shall engage a qualified public accountant to conduct capital verification and issue a capital contribution certificate to each Transferee for the aggregate amount of RMB 1,000,000.
Tax: Each of the Transferees and Transferors shall be responsible for their respective tax and government charges arising from this Agreement and the transactions contemplated hereunder.
Non Competition: The Transferors shall not contact any third parties for discussion of the transfer or sale of any equity interest, assets or benefit of the Company.
Governing Law: This Agreement shall be governed by the laws of the People’s Republic of China. Any dispute in connection with this Agreement shall be decided by a competent court in Shanghai.
