We have consistently held a leading position in the PRC securities industry in terms of the amount of debt underwritten and underwriting fees. We underwrite primarily enterprise bonds and corporate bonds and also underwrite other debt securities such as subordinated bonds of commercial banks, debt investment plans and asset securitization products. The aggregate amount of enterprise bonds that we underwrote ranked first in the PRC securities industry in each year from 2009 to 2011, and ranked second for 2012. In November 2012, we obtained the qualification to act as a lead underwriter in offerings of debt financing instruments for non-financial companies on the interbank bond market. We plan to commence underwriting medium-term notes and short-term notes in the near future. Such qualification is conditioned upon our maintaining an “AA” regulatory rating from the CSRC.

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