Exhibit 4
---------
EMMET, MARVIN & MARTIN, LLP 177 MADISON AVENUE
COUNSELLORS AT LAW MORRISTOWN, NEW JERSEY 07960
----- (973) 538-5600
120 Broadway FAX: (973) 538-6448
New York, New York 10271 -----
----- 1007 ORANGE STREET, SUITE 1460
Writer's Direct Dial (212) 238-3000 WILMINGTON, DELAWARE 19801
(212) 653-1760 (302) 472-7000
----- FAX: (302) 472-7120
Fax: (212) 238-3100 -----
Fax: (212) 653-1730 1351 WASHINGTON BOULEVARD
http://www.emmetmarvin.com STAMFORD, CONNECTICUT 06902-4543
(203) 425-1400
FAX: (203) 425-1410
December 30, 2005
The Bank of New York,
as Depositary
101 Barclay Street
New York, New York, 10286
Re: American Depositary Receipts for Ordinary Shares of Tingyi (Cayman
Islands) Holding Corp.
------------------------------------------------------------------
Ladies and Gentlemen:
We refer to the registration statement to be filed on Form F-6 under the
Securities Act of 1933 (the "Registration Statement") by the legal entity
created by the agreement (the "Deposit Agreement") for issuance of American
Depositary Shares ("ADSs") evidenced by American Depositary Receipts ("ADRs")
for ordinary shares of Tingyi (Cayman Islands) Holding Corp. for which you
propose to act as Depositary.
We are of the opinion that the ADSs covered by the Registration Statement,
when issued in accordance with the terms of the Deposit Agreement, will, when
sold, be legally issued and will entitle the holders thereof to the rights
specified in the Deposit Agreement and the ADRs.
This opinion may be used by you as an exhibit to the Registration
Statement.
Very truly yours,
/s/ Emmet, Marvin & Martin, LLP
-------------------------------
EMMET, MARVIN & MARTIN, LLP