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## NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 

(RMB AND US$ AMOUNTS EXPRESSED IN THOUSANDS, EXCEPT PER SHARE DATA) 

## 4. Investments in subsidiaries 

Details of significant subsidiaries of the Group are as follows: 

<img src='content_image/270740.jpg'>

## Note: 

(i) During the year ended December 31, 2012, the Group converted 13,957,233 of Series A RCPS into ordinary shares in the capital of HLGE. As a result, the Group’s interest in HLGE increased to 50.1%, based on the total outstanding ordinary shares of HLGE, net of the ordinary shares held by the Trustee under the Trust (Note 1.4). 

The Group has the following subsidiaries that have non-controlling interests (“NCI”) that are material to the Group. 

<img src='content_image/270736.jpg'>

