2005 2005 8 20

2005... 1... 1... 2... 4... 4... 7 ( )... 10... 35 1

2005 1 2 3 4 1 SHANGHAI HAIXIN GROUP CO., LTD. HX GROUP 2 A A A 600851 B B B B 900917 3 666 18 200001 www.haixin.com.cn hxsecretary@haixin.com 4 5 021-63917000*1832 021-53513883 E-mail cml@haixin.com 666 18 6 www.sse.com.cn 666 18 1 : : % ( ) 2,224,031,171.90 1,913,646,725.43 16.22 ( ) 1,658,472,298.23 1,358,801,640.39 22.05 ( ) 4,138,070,681.98 3,817,358,657.94 8.40 2,094,570,225.84 2,101,594,513.91-0.33 ( ) ( ) 1.74 3.48-50 ( ) 1.72 3.46-50.29 1

2005 1 6 % 2005 6 ( ) 55,161,530.48 67,380,182.04-18.13 2004 55,493,372.43 65,620,371.02-15.43 ( ) ( ) 0.05 0.11-54.55 % 2.63 3.38 0.75-92,110,987.10-86,572,276.97 ( ) 2 : : 35,392.18 162,671.00-254,834.42-320,321.88 45,251.17-331,841.95 3 9 : : % 8.69 8.55 0.15 0.15 2.85 2.81 0.05 0.05 2.63 2.59 0.05 0.05 2.65 2.61 0.05 0.05 : 1 218,520,875 65,556,263 152,964,612 218,520,875 437,041,750 66,409,654 19,922,896 46,486,758 66,409,654 132,819,308 119,014,465 35,704,340 83,310,125 119,014,465 238,028,930 33,096,756 9,929,027 23,167,729 33,096,756 66,193,512 2 3 4 2

2005 218,520,875 65,556,263 152,964,612 218,520,875 437,041,750 1 183,678,936 55,103,681 128,575,255 183,678,936 367,357,872 2 201,328,535 60,398,560 140,929,975 201,328,535 402,657,070 3 4 385,007,471 115,502,241 269,505,230 385,007,471 770,014,942 603,528,346 181,058,504 422,469,842 603,528,346 1,207,056,692 1 29,770 2 : ( ) (%) 1. 75,081,998 150,163,996 12.44 28,416,756 56,833,512 2. 42,869,455 85,735,470 11.81 3. 43,364,856 86,729,712 7.19 4. 29,532,467 59,064,934 4.89 5. 23,044,798 46,089,596 3.82 6. 20,091,618 40,183,236 3.33 7. 14,400,000 28,800,000 2.39 8. 12,789,000 25,578,000 2.12 9. NAITO SECURITIES CO., LTD. 5,393,550 10,413,200 0.86 10. 4,680,000 9,360,000 0.78 10 3 A B H 1 85,735,470 B 2 40,183,236 A 3 25,578,000 A 4 NAITO SECURITIES CO., LTD. 10,413,200 B 5 TOYO SECURITIES ASIA LTD. A/C CLIENT 3,926,814 B 6 DEUTSCHE BANK LONDON 2,127,898 B 7 1,980,000 A 3

2005 8 WARBURG DILLON READ NOMINEES (HONG 1,894,860 B KONG) LTD-GENERAL A/C 9 1,791,880 A 10 1,527,934 B 10 10 4 : 18,000 36,000 18,000 136,217 272,434 136,217 46,800 93,600 46,800 9,000 18,000 9,000 53,561 107,122 53,561 134,381 268,762 134,381 81,338 162,676 81,338 2004 2004 2004 2004 2004 2004 2004 8.6195 2.34% 1.8210 7.02% 0.5516 18.13% 2.63% 0.75 4

2005 1 2 3 4 1 (1) 86195.4243 18209.95 (2) 10% ( 10%) : : (%) 702,220,896.26 575,927,870.93 17.98 14.52 15.25 0.52 160,511,068.06 117,742,331.72 26.65 22.99 16.25 4.25 446,558,927.48 363,717,048.51 18.55-0.21 2.20 1.9 102,799,740.56 71,944,764.82 30.01 1117.94 871.57 17.74 152,862,228.22 140,266,057.60 8.24-2.78 2.79 4.97 160,511,068.06 117,742,331.72 26.65 22.99 16.25 4.25 90,216,899.38 90,625,572.23 (3) 10% : : (%) 10,000,000 18.13 5

2005 4 : : 1500 497,916,763.67 13,752,709.90 1000 182,772,162.17 14,338,843.25 1200 222,650,772.49 6,724,620.26 850 258,680,143.25 6,019,395.93 100 62,907,102.14 2,566,623.30 800 254,465,836.04 11,253,625.20 180 68,386,690.64 996,573.90 180 69,311,734.56-284,268.15 500 22,018,724.02-550 157,447,063.13 2,000,242.44 350 57,099,108.14 85,655.01 1300 221,533,475.17-218,021.75 HG(USA)CORPORATION 2 192,762,077.21-9,352,445.00 6000 187,240,553.77 9,854,380.09 1500 156,822,431.56-4,393,855.03 8000 86,415,028.21-3,649,147.70 2000 140,806,263.73-960,989.46 9000 198,575,142.19-1,590,055.66 500 41,449,217.83-196,296.97 ( ) 1600 450,385,264.06-518,397.98 HG RESOURCES,INC 10 9,800,658.85 17,145.94 320 22,831,019.83-6

2005 2 1 2 187.5,2005 2005 5 2005 12.5 200 6 200 2005 ECOPEL (HX) COMPANY 2005 6 2005 LIMITED 320 51% 75.84 2005 2000 2 600 30% 2,883.09 2004 "2004 " 2004 603,528,346 10 1 10 3 2004 603,528,346 10 7 A 2005 6 9 2005 6 14 B 2005 6 14 2005 6 17 1,207,056,992 7

2005 1 : : 8,125,537.51 1% 13,287,879.38 12.38% 7,798,770.53 35.02% 2 : : -35,000,000 3,500,000-35,000,000 3,500,000 0 0 1 2 3 4 8 : :

2005 2002-12-19 3000 2002-12-19 2006-06-27 3,000 3,000 78,910.56 78,910.56 81,910.56 39.11% 50 3,000 70 1,037.05 50-4,037.05 5 6 5% 5% 9

2005 ( ) 1 2005 6 30 2 2005 1-6 3 2005 1-6 2005 1. ( ) A B 1993 60,352.83 688, 2.5.1 1 10

2005 2.5.2 ( ) 2.7.1 2.7.2 2.8.1 1-1 2 10% 2 3 30% 3 100% 2.8.2 11

2005 2.9.1 2.9.2 2.10.1 20% 20% 20% ---- ---- 2.10.2 2.10.3 2.11.1 2,000 10% 20-30 3%-4.5% 10-15 6%-9% 5 18% 5 18% 12

2005 2.11.2 2.12.1 2.12.2 2.13.1 2.13.2 (1) (2) (3) 13

2005 2.17.1 2.17.2 2.17.3 2.19.1 2.19.2 2.19.3 17% 5% 14

2005 7% 24% 70% 12% ( ) ( ) % 1 USD1,500 USD1,500 100 2 USD1,300 USD754 58 3 USD180 USD60.084 33.38 4 USD550 USD357.5 65 5 USD350 USD350 100 6 USD500 USD500 100 7 USD50 USD50 100 8 USD40 USD20.4 51 9 RMB2,000 RMB2,000 100 10 USD1,500 USD825 55 11 RMB9,000 RMB9,000 100 12 USD1,200 USD1,200 100 13 ( ) HKD1,600 HKD1,600 100 14 HG RESOURCES,INC USD10 USD10 100 15 RMB2,000 RMB1,000 50 16 RMB8,000 RMB5,200 65 17 USD180 USD77.40 43 18 RMB6,000 RMB2,050 27.33 19 USD100 USD85 85 20 USD1,000 USD1,000 100 21 USD150 USD97.5 65 22 USD850 USD468 53 23 USD800 USD424 53 24 RMB300 RMB300 100 25 USD200 USD200 100 26 USD320 USD163.2 51 2005 (1) 26 2005 (2) 3 17 18 50% 15

2005 60% 55% 41% 73% HG(USA) CORPORATION 2 500 5. ( ) ( ) ( ) 3,577,989.28 2,230,051.97 11,157,857.23 92,348,005.36 16,739,357.00 138,718,591.61 5,780,273.16 6,155,412.89 12,040,611.83 12,807,671.21 18,024.74 179,544.44 2,873.00 32,357.74 333,904,406.68 401,742,850.11 432,587,369.37 553,301,470.67 219,138,393.84 17,890,446.59 655,303,752.49 573,421,969.23 5,500,000.00-5,500,000.00 5,500,000.00-5,500,000.00 1,217,551.79 34,883.20 1,182,668.59 1,217,551.79 34,883.20 1,182,668.59 6,717,551.79 34,883.20 6,682,668.59 6,717,551.79 34,883.20 6,682,668.59 10,022,239.19 9,935,262.94-988,251.76 10,022,239.19 10,923,514.70 5% 5% 16

2005 5.4.1 1 458,458,316.76 89.63% - 458,458,316.76 357,641,669.70 91.01% - 357,641,669.70 1-2 20,144,295.01 3.94% 1,319,146.56 18,825,148.45 12,858,020.62 3.27% 1,319,146.56 11,538,874.06 2-3 12,801,094.31 2.51% 1,994,385.36 10,806,708.95 6,647,951.20 1.69% 1,994,385.36 4,653,565.84 3 20,068,297.93 3.92% 15,803,382.40 4,264,915.53 15,803,382.40 4.03% 15,803,382.40-511,472,004.01 100% 19,116,914.32 492,355,089.69 392,951,023.92 100% 19,116,914.32 373,834,109.60 11.81% 7,483,331.55, 7.19% 120,412.07, 48,049,971.69 9.76% 5.4.2 1 88,454,175.86 95.97% - 88,454,175.86 69,598,777.84 95.26% - 69,598,777.84 1-2 1,258,690.95 1.37% 111,836.78 1,146,854.17 1,118,367.84 1.53% 111,836.78 1,006,531.06 2-3 838,277.60 0.91% 217,833.81 620,443.79 726,112.69 0.99% 217,833.81 508,278.88 3 1,619,025.61 1.75% 1,619,025.61-1,619,025.61 2.22% 1,619,025.61-92,170,170.02 100% 1,948,696.20 90,221,473.82 73,062,283.98 100% 1,948,696.20 71,113,587.78 5.5.1 1 123,585,209.99 78.26% - 123,585,209.99 152,927,569.52 95.48% - 152,927,569.52 1-2 27,658,678.57 17.51% 196,864.64 27,461,813.93 2,735,356.44 1.71% 196,864.64 2,538,491.80 2-3 4,897,385.14 3.11% 800,434,.34 4,096,950.80 2,697,913.97 1.68% 800,434.34 1,897,479.63 3 1,778,113.59 1.12% 256,128.39 1,521,985.20 1,802,239.33 1.13% 256,128.39 1,546,110.94 157,919,387.29 100% 1,253,427.37 156,665,959.92 160,163,079.26 100% 1,253,427.37 158,909,651.89 5%( 5%) 11,724,267.86 7.48% 5.5.2 17 1 100,321,827.61 99.84% - 100,321,827.61 148,849,318.05 99.90% - 148,849,318.05 1-2 47,730.47 0.05% 8,127.15 39,603.32 81,271.47 0.05% 8,127.15 73,144.32

2005 2-3 35,451.60 0.04% 12,432.30 23,019.30 41,441.00 0.03% 12,432.30 29,008.70 3 72,263.33 0.07% 34,772.33 37,491.00 34,772.33 0.02% 34,772.33-100,477,273.01 100% 55,331.78 100,421,941.23 149,006,802.85 100% 55,331.78 148,951,471.07 1 81,932,482.03 48.39% 127,148,981.71 86.65% 1-2 83,789,038.80 49.49% 6,847,681.51 4.66% 2-3 3,580,224.80 2.12% 12,750,000.00 8.69% 169,301,745.63 100% 146,746,663.22 100% 5%( 5%) 376,744,122.47 958,848.42 375,785,274.05 322,644,041.50 958,848.42 321,685,193.08 72,815,301.04-72,815,301.04 61,367,005.63-61,367,005.63 211,303,154.59 2,694,035.76 208,609,118.83 121,828,394.82 857,496.96 120,970,897.86 51,618,192.79-51,618,192.79 61,049,716.53-61,049,716.53 5,194,997.08-5,194,997.08 4,636,152.01-4,636,152.01 - - - 61,755,117.16-61,755,117.16 - - - 5,140,435.87-5,140,435.87 5,932,836.45-5,932,836.45 1,405,652.09-1,405,652.09 723,608,604.42 3,652,884.18 719,955,720.24 639,826,515.61 1,816,345.38 638,010,170.23 1,345,063.37 1,452,051.66 202,703.39 520,824.63 1,210,264.37 1,700,856.30-219,711.45 577,504.73 318,635.45 3,335,535.86 4,212,079.49 5.9.1 18

2005 1,680,644.16-1,680,644.16 1,680,644.16-1,680,644.16 - - - - - - 190,353,257.91-190,353,257.91 189,371,320.14-189,371,320.14 443,169,176.88-443,169,176.88 443,168,615.28-443,168,615.28 633,522,434.79-633,522,434.79 632,539,935.42-632,539,935.42 6,754,222.91-6,754,222.91 7,537,840.09-7,537,840.09 641,957,301.86-641,957,301.86 641,758,419.67-641,758,419.67 (1) 95,472 <5% 494,544.96-228,096 <5% 1,186,099.20-1,680,644.16 - (2) 20 42.09% 44,483,574.65 3,000,000.00-10 25% 28,643,286.91 - - 34.33% 21,615,065.07 - - 25 55% 37,279,128.84 - - 15 41% 9,552,160.37 (168,530.65) - 48% 18,357,893.69 9.998% 231,000,000.00 - - 8.8% 2,500,000.00 - - 30 40.24% 200,000,000.00 - - <5% 3,678,176.00 - - 15 60% 3,492,627.68 - - 10 49% 2,174,264.58 1,167,106.72 - <5% 2,000,000.00 - - 15 48% 22,247,883.80 - - 10 30% 6,000,000.00 - - HAIXIN GROUP CA (U.S.A),INC. 40% 498,373.20 - - 19

2005 633,522,434.79 3,998,576.07 - (3) 7 (459,115.40) (240,489.03) - (32,793.96) (207,695.07) 7 5,810,357.67 2,490,153.27-415,025.55 2,075,127.72 10 526,397.06 289,518.37-26,319.86 263,198.51 10 (783,173.40) (528,642.08) - (39,158.67) (489,483.41) 10 523,574.86 458,128.00-26,178.75 431,949.25 10 923,560.30 738,848.24-46,178.02 692,670.22 10 6,837,352.69 4,330,323.32-341,867.63 3,988,455.69 13,378,953.78 7,537,840.09-783,617.18 6,754,222.91 5.9.2 1,215,222,770.44-1,215,222,770.44 1,230,581,121.70-1,230,581,121.70 9,940,004.01-9,940,004.01 10,131,524.46-10,131,524.46 164,355,555.87-164,355,555.87 162,862,280.12-162,862,280.12 440,670,803.68-440,670,803.68 440,670,803.68-440,670,803.68 1,830,189,134.00-1,830,189,134.00 1,844,245,729.96-1,844,245,729.96 (1) 75% 231,342,522.16 - - 33% 68,731,251.93 - - 33.38% 6,748,681.24 (207,695.07) - 65% 41,429,102.34 - - 72% 12,617,422.62 2,075,127.72-70% 40,884,995.87 - - 70% 3,786,794.37 - - 36% 1,577,333.29 - - 60% 15,595,138.03 - - 55% 52,232,389.68 263,198.51-90% 72,345,861.90 - - 65.64% 116,475,696.15 - - ( ) 100% 200,754,693.07 - - HG RESOURCES,INC 100% - - - 65% 44,995,177.38 - - 43% 8,839,394.95 (489,483.41) - 27.33% 44,092,641.94 - - 20

2005 60% 15,376,360.69 - - 75% 96,662,945.90 - - 45% 7,016,033.80 - - 53% 60,906,014.60 692,670.22-53% 50,235,506.74 - - 33.34% 461,047.54 - - 34.20% 5,561,808.00 75% 16,553,956.25 - - 50% 9,940,004.01 - - 42.09% 44,483,574.65 3,000,000.00-25% 35,019,630.44 - - 34.33% 21,615,065.07 - - 55% 37,279,128.84 - - 41% 9,552,160.37 (168,530.65) - 48% 16,405,996.50 - - 9.998% 231,000,000.00 - - 8.8% 2,500,000.00 - - 40.24% 200,000,000.00 - - <5% 3,678,176.00 - - 60% 3,492,627.68 - - 1,830,189,134.00 5,165,287.32 - ( ) HG USA CORPORATION 100% (2) 7 (459,115.40) (240,489.03) - (32,793.96) (207,695.07) 7 5,810,357.67 2,490,153.27-415,025.55 2,075,127.72 10 (481,516.12) (192,606.46) - (24,075.81) (168,530.65) 10 526,397.06 289,518.37-26,319.86 263,198.51 10 (783,173.40) (528,642.08) - (39,158.67) (489,483.41) 10 923,560.30 738,848.24-46,178.02 692,670.22 10 4,000,000.00 3,200,000.00-200,000.00 3,000,000.00 9,536,510.11 5,756,782.31-591,494.99 5,165,287.32 660,095,203.41 811,415,192.86 43,731,445.74 66,333,327.14 1,581,575,169.15 11,033,714.48 5,588,906.19 3,555,964.89 3,946,094.45 24,124,680.01 169,043.28 3,109,908.20 2,311,030.12 1,835,556.88 7,425,538.48 670,959,874.61 813,894,190.85 44,976,380.51 68,443,864.71 1,598,274,310.68 21

2005 117,542,418.09 297,851,407.02 27,135,713.70 32,583,151.82 475,112,690.63 36,228,084.88 3,695,847.37 2,043,289.46 1,664,498.85 43,631,720.56 65,391.75 1,662,816.05 1,701,364.40 1,225,066.71 4,654,638.91 153,705,111.22 299,884,438.34 27,477,638.76 33,022,583.96 514,089,772.28 542,552,785.32 513,563,785.84 16,595,732.04 33,750,175.32 1,106,462,478.52 517,254,763.39 514,009,752.51 17,498,741.75 35,421,280.75 1,084,184,538.40 /( ) - - - - - 542,552,785.32 513,563,785.84 16,595,732.04 33,750,175.32 1,106,462,478.52 517,254,763.39 514,009,752.51 17,498,741.75 35,421,280.75 1,084,184,538.40 16,075,521.45 7,581.23 1,139,177.46-1,139,177.46 - - - 26,645,521.27-26,645,521.27 28,657,425.16-28,657,425.16 GMP - - - 3,234,667.78-3,234,667.78 24,132,613.13-24,132,613.13 - - - 1,256,516.48-1,256,516.48 - - - 2,755,305.00-2,755,305.00 - - - 8.465,383.57-8.465,383.57 8,465,383.57-8,465,383.57 1,822,000.00-1,822,000.00 1,822,000.00-1,822,000.00 2,164,145.41-2,164,145.41 2,164,145.41-2,164,145.41 2,472,930.09-2,472,930.09 2,472,930.09-2,472,930.09 8,032,144.90-8,032,144.90 5,491,625.27-5,491,625.27 78,885,737.31-78,885,737.31 52,308,177.28-52,308,177.28 22

2005 42,653,081.48 16,075,521.45 50.81% 74,665,076.18 14,700,000.00 5,684,810.50 33,423,861.33 2,505,060.00 130,978,808.01 49,637,961.73 10,535,000.00 3,658,938.90 23,903,819.31 1,760,311.73 89,496,031.66 - - - - - - 49,637,961.73 10,535,000.00 3,658,938.90 23,903,819.31 1,760,311.73 89,496,031.66 3,630,906.00 4,190,450.00 7,821,356.00 960,271.87 934,998.00 132,282.36 1,583,081.56 124,835.94 3,735,469.73 /( ) - - - - - - 960,271.87 934,998.00 132,282.36 1,583,081.56 124,835.94 3,735,469.73 52,308,595.86 9,600,002.00 3,526,656.54 26,511,187.75 1,635,475.79 93,581,917.94 - - - - - - 52,308,595.86 9,600,002.00 3,526,656.54 26,511,187.75 1,635,475.79 93,581,917.94 12,250,314.67 9,430,027.01 4,597,500.00 6,302,564.37 2,518,103.14 718,058.79 1,017,064.48 2,346,129.58 6,599,355.99 4,431,989.13 - - 1,958,955.82 6,390,944.95 - - - - - 3,518,103.14 161,650.74 209,475.00 727,866.24 4,617,095.12 3,431,989.13 556,408.05 807,589.48 3,577,219.16 8,373,205.82 23

2005 8,818,325.54 3,419,705.40 3,789,910.52 2,725,345.21 601,689,000.00 441,642,000.00 31,200,000.00 24,000,000.00 549,787,075.00 463,959,125.00 1,182,676,075.00 929,601,125.00 2,220 3,717.5 900 1,744.36 2,500 32,325.43 2 435 ( 52,478.71 ) 49,304,752.49 11,589,775.00-300,000.00 49,304,752.49 11,889,775.00 5% 5% 202,636,784.54 159,747,595.74 11.81% 4,158,290.72 18,802,738.04 24,469,521.51, 5% ( 5%) 24

2005 15,211,122.10 1,508,199.80 17,684.81 17,111.58 13,213,104.46 1,696,129.74 28,441,911.37 3,221,441.12 394,157.88 1,105,795.72 (13,882,850.33) (6,216,093.68) 52,355.81 155,439.24 7,700,259.02 17,267,303.87 64,860.04 71,576.36 12,726.94 12,726.94 138,490.09 88,284.51 (5,520,000.55) 12,485,032.96 90,857,886.69 103,164,272.38 5% 5% 1,685,783.68 1,829,084.47 508,455.94 678,476.56 459,366.65 143,950.33-518,513.10 1,408,952.07 1,104,512.68 - - - 719,160.99 1,772,180.81-826,808.06 720,521.86 6,661,547.21 5,714,219.99 25

2005 24,829,500.00 24,829,500.00-12,000,000.00 11,000,000.00 11,201,765.85 35,829,500.00 48,031,265.85 1,100 1,858.47 - - 36,833,527.80 12,000,000.00 1,343,174.10 1,343,174.10 38,176,701.90 13,343,174.10 3,683 126.27 ( 134.32 ) 245 437,041,750.00 218,520,875.00 : 132,819,308.00 66,409,654.00 238,028,930.00 119,014,465.00 66,193,512.00 33,096,756.00 437,041,750.00 218,520,875.00 367,357,872.00 183,678,936.00 402,657,070.00 201,328,535.00 770,014,942.00 385,007,471.00 1,207,056,692.00 603,528,346.00 1 26

2005 2005 3 16, 2004, 10 1 ( ), 10 3 2004 603,528,346, 422,469,842.00 10 7 2005 4 22 2005 6 412,836,395.02 835,306,237.02 17,733,559.45 17,733,559.45 23,809,331.82 23,809,331.82 454,379,286.29 876,849,128.29 2005 3 16, 2004, 2004 603,528,346, 422,469,842.00 10 7 2005 4 22 2005 6 171,874,152.32 171,874,152.32 113,126,190.39 113,126,190.39 76,876,029.90 76,876,029.90 361,876,372.61 361,876,372.61 241,704,158.53 175,919,183.60 55,161,530.48 162,233,293.57 296,865,689.01 338,152,477.17-18,348,490.43-9,174,245.21-317,796.45-8,254,951.95 296,865,689.01 302,056,993.13 - - 60,352,834.60 60,352,834.60 181,058,504.00-55,454,350.41 241,704,158.53 27

2005 2005 3 16 2004 2004 10 1.00 60,352,834.60, 10 3 181,058,504.00 2005 4 22 2005 6 1,739,772.77 1,461,542.65 278,230.12 5,070,823.08 578,471.55 4,492,351.53 1,217,487.17 1,510,633.01 (293,145.84) 853,551.28 277,742.59 575,808.69 4,691,312.87 60,984.50 4,630,328.37 1,400,966.17 210,833.37 1,190,132.80 2,074.00 14,012.61 (11,938.61) 2,895,202.71 145,175.40 2,750,027.31 3,439,114.45 299,130.30 3,139,984.15 6,711,325.50 193,644.12 6,517,681.38 487,032.41 112,489.59 374,542.82 1,677,942.02 146,455.55 1,531,486.47 11,576,793.67 3,458,792.66 8,118.001.01 18,609,810.76 1,552,322.58 17,057,488.18 52.41% 18,986,958.04 12,239,650.17 1,116,362.64 2,532,116.91 17,870,595.40 9,707,533.26 533,868.91 532,274.91 1,219,706.40 937,055.55 19,624,170.71 11,176,863.72 75.58% 5.30.1 (334,027.00) - 79,192.58 - / - - 10,281,182.00 12,250,313.85 28

2005 1,100,997.77 (1,321,146.87) (282,024.83) (1,036,825.21) - - 10,845,320.52 9,892,341.77 5.30.2 10,281,182.00 12,249,940.00 35,467,482.20 34,908,761.98 (591,494.99) (588,856.92) 45,157,169.21 46,569,845.06 - - - 2,215,292.00 162,671.00 41,740.00 162,671.00 2,257,032.00 365,708.26 64,552.38-1,510.00 4,281.60-93,266.34 42,304.20 463,256.20 108,366.58 330,316.08 250,317.71 381,741.87 9,120.72 500.00 47,857.85 35,627.95 58,317.05 748,185.90 365,613.33 29

2005-331,841.95-254,834.42 162,671 365,708.26 330,316.08 320,321.88-45,251.17 5.35.1 4,193.1 5.35.2 5,651.2 6.1.1 702,220,896.26 613,170,561.22 575,927,870.93 499,739,729.72 70,217,542.67 71,922,021.14 61,557,294.60 61,641,146.48 4,353,832.99 10,216,726.50 4,114,249.41 9,222,615.19 160,511,068.06 130,508,144.72 117,742,331.72 101,280,794.19 2,587,813.20 2,959,049.70 1,807,407.72 1,863,370.19 12,279,989.63 156,342,283.55 7,449,938.81 132,019,389.79 952,171,142.81 985,118,786.83 768,599,093.19 805,767,045.56 : 90,216,899.38 102,525,546.21 90,625,572.23 102,483,953.25 861,954,243.43 882,593,240.62 677,973,520.96 703,283,092.31 6.1.2 843,415,693.04 831,413,069.55 667,892,841.04 669,972,380.69 29,649,206.53 50,694,704.26 28,482,683.66 47,982,144.58 79,106,243.24 103,011,013.02 72,223,568.49 87,812,520.29 952,171,142.81 985,118,786.83 768,599,093.19 805,767,045.56 : 90,216,899.38 102,525,546.21 90,625,572.23 102,483,953.25 861,954,243.43 882,593,240.62 677,973,520.96 703,283,092.31, 59,111,349.72, 6.86% 30

2005 89,946,963.88 81,695,132.42 71,411,111.83 58,394,718.68 7.1.1 ( ) HG USA CORPORATION HG RESOURCES,INC 7.1.2 ( ) 31 /( ) USD1,500 - USD1,500 USD1,300 - USD1,300 USD180 - USD180 USD550 - USD550 USD350 - USD350

2005 USD500 - USD500 USD50 - USD50 USD40 - USD40 RMB2,000 - RMB2,000 USD1,500 - USD1,500 RMB9,000 - RMB9,000 USD1,200 - USD1,200 ( ) HKD1,600 - HKD1,600 HG USA CORPORATION USD0.0002 - USD0.0002 HG RESOURCES,INC USD10 - USD10 RMB2,000 - RMB2,000 RMB8,000 - RMB8,000 USD180 - USD180 RMB6,000 - RMB6,000 USD100 - USD100 USD1,000 - USD1,000 USD150 - USD150 USD850 - USD850 USD800 - USD800 RMB300 - RMB300 USD200 - USD200 - USD320 USD320 7.1.3 ( ) /( ) % % % USD1,500 100 - - USD1,500 100 USD754 58 - - USD754 58 USD60.084 33.38 - - USD60.084 33.38 USD357.5 65 - - USD357.5 65 USD350 100 - - USD350 100 USD500 100 - - USD500 100 USD50 100 - - USD50 100 USD20.4 51 - - USD20.4 51 RMB2,000 100 - - RMB2,000 100 USD825 55 - - USD825 55 RMB9,000 100 - - RMB9,000 100 USD1,200 100 - - USD1,200 100 ( ) HKD1,600 100 - - HKD1,600 100 32

2005 HG USA CORPORATION USD500 100 - - USD500 100 HG RESOURCES,INC USD10 100 - - USD10 100 RMB1,000 50 - - RMB1,000 50 RMB5,200 65 - - RMB5,200 65 USD77.40 43 - - USD77.40 43 RMB2,050 27.33 - - RMB2,050 27.33 USD85 85 - - USD85 85 USD1,200 100 - - USD1,200 100 USD97.5 65 - - USD97.5 65 USD468 53 - - USD468 53 USD424 53 - - USD424 53 RMB300 100 - - RMB300 100 USD187.5 100 12.5 - USD200 100 - - 75.84 38.60 75.84 38.60 11.81% 7.19% 8,125,537.51 5,158,067.77-1,076,902.40 (35,000,000.00) - 13,287,879.38 7,008,452.66 7,798,770.53 13,452,229.08-12,751,131.26 16,446,306.15 7,483,331.55 7,864,705.15 120,412.07 551,715.96-33

2005 3,551,406.50 38,500,000.00 4,158,290.72 5,419,625.18 12,740,018.24 8,240,018.24 2005 6 30 3,000 9,630 80 30,636.84 2,637.99 2005 6 30 2,220 3,717.5 126.27 ( 134.32 ) 245 900 1,744.36 1,100 1,858.47 2005 8 17 34

2005 8 20 2005 1 2 35

01 : : 1 655,303,752.49 573,421,969.23 287,234,132.92 145,398,034.76 2 6,682,668.59 6,682,668.59 3 10,022,239.19 10,923,514.70 150,000.00 1,290,000.00 4 10,408,460.29 905,898.48 35,234,183.67 905,898.48 5-6 492,355,089.69 373,834,109.60 90,221,473.82 71,113,587.78 7 156,665,959.92 158,909,651.89 100,421,941.23 148,951,471.07 8 169,301,745.63 146,746,663.22 79,865,197.75 72,951,687.91 9 10 719,955,720.24 638,010,170.23 132,189,502.34 135,217,749.63 11 3,335,535.86 4,212,079.49 357,430.51 47,702.00 21 24 2005 6 30 30 2,224,031,171.90 1,913,646,725.43 725,673,862.24 575,876,131.63 31 641,957,301.86 641,758,419.67 1,830,189,134.00 1,844,245,729.96 32 33 641,957,301.86 641,758,419.67 1,830,189,134.00 1,844,245,729.96 ( - ) 34 6,754,222.91 7,537,840.09 ( - ) 35 6,754,222.91 7,537,840.09 39 1,598,274,310.68 1,581,575,169.15 205,667,765.66 206,740,395.75 40 514,089,772.28 475,112,690.63 101,811,089.84 98,204,791.66 41 1,084,184,538.40 1,106,462,478.52 103,856,675.82 108,535,604.09 42 43 1,084,184,538.40 1,106,462,478.52 103,856,675.82 108,535,604.09 44 45 78,885,737.31 52,308,177.28 7,771,628.46 3,184,225.27 46 50 1,163,070,275.71 1,158,770,655.80 111,628,304.28 111,719,829.36 51 93,581,917.94 89,496,031.66 52 8,373,205.82 6,599,355.99 67,766.32 93,178.84 53 54 101,955,123.76 96,095,387.65 67,766.32 93,178.84 55 7,056,808.75 7,087,469.39 60 4,138,070,681.98 3,817,358,657.94 2,667,559,066.84 2,531,934,869.79 61 1,182,676,075.00 929,601,125.00 431,189,000.00 306,742,000.00 62 49,304,752.49 11,889,775.00 63 202,636,784.54 159,747,595.74 52,175,435.77 62,054,836.97 64 18,802,738.04 24,469,521.51 2,528,860.59 5,348,350.51 65 11,807,052.13 20,410,256.06 1,985,659.89 4,161,265.58 66 36,898,560.01 39,774,033.84 8,004,762.00 8,279,658.84 67 28,441,911.37 3,221,441.12 15,228,806.91 1,525,311.38 68-5,520,000.55 12,485,032.96 1,217,351.74 7,346,512.48 69 75,491.30 274,648.44 70 90,857,886.69 103,164,272.38 42,385,743.64 20,533,435.97 71 6,661,547.21 5,714,219.99 2,838,000.36 338,075.14 72 78 35,829,500.00 48,031,265.85 24,829,500.00 24,829,500.00 79 18,452.50 80 1,658,472,298.23 1,358,801,640.39 582,383,120.90 441,158,946.87 81 38,176,701.80 13,343,174.10 82 83 8,104,223.96 10,185,354.10 1,000,000.00 1,000,000.00

2005 6 30 01 : : 84 625,701.27 221,701.27 85 87 46,906,627.03 23,750,229.47 1,000,000.00 1,000,000.00 88 89 90 1,705,378,925.26 1,382,551,869.86 583,383,120.90 442,158,946.87 ( ) 91 338,121,530.88 333,212,274.17 92 1,207,056,692.00 603,528,346.00 1,207,056,692.00 603,528,346.00 101 - - 102 1,207,056,692.00 603,528,346.00 1,207,056,692.00 603,528,346.00 93 454,379,286.29 876,849,128.29 454,379,286.29 876,849,128.29 94 361,876,372.61 361,876,372.61 307,413,530.79 307,413,530.79 95 113,126,190.39 113,126,190.39 110,973,084.68 110,973,081.68 ( ) 96 1,727,764.76 1,744,910.70 97 55,454,350.41 241,704,158.53 115,326,436.86 301,984,917.84 103 ( ) 98 17,531,289.29 19,381,419.18 99 2,094,570,225.84 2,101,594,513.91 2,084,175,945.94 2,089,775,922.92 100 4,138,070,681.98 3,817,358,657.94 2,667,559,066.84 2,531,934,869.79 : : :

2005 1-6 02 : : 1 861,954,243.43 882,593,240.62 89,946,963.88 81,695,132.42 2 677,973,520.96 703,283,092.31 71,411,111.83 58,394,718.68 3 1,881,219.84 9,156,658.68 - ( - ) 4 182,099,502.63 170,153,489.63 18,535,852.05 23,300,413.74 ( - ) 5 8,118,001.01 17,057,488.18 1,444,855.08 4,015,995.79 6 46,106,705.06 45,849,379.77 1,888,869.46 1,094,758.62 7 64,695,708.14 56,481,621.52 3,910,373.45 3,873,542.47 8 19,624,170.71 11,176,863.72 3,384,409.97 1,046,551.17 ( - ) 10 59,790,919.73 73,703,112.80 10,797,054.25 21,301,557.27 ( - ) 11 10,845,320.52 9,892,341.77 45,157,169.21 46,569,845.06 12 162,671.00 2,257,032.00 162,671.00 2,089,840.00 13 463,256.20 108,366.58 3,105.00 34,661.12 14 748,185.90 365,613.33 80,821.28 15,661.64 ( - ) 15 70,513,981.55 85,595,239.82 56,039,178.18 69,980,241.81 16 9,062,216.90 12,506,745.59 1,286,320.56 2,558,466.81 ( ) 17 6,273,088.23 5,871,653.85 ( ) 18-17,145.94 163,341.66 ( - ) 20 55,161,530.48 67,380,182.04 54,752,857.62 67,421,775.00 21 241,704,158.53 175,919,183.60 301,984,917.84 224,790,322.18 22 25 296,865,689.01 243,299,365.64 356,737,775.46 292,212,097.18 26 27 ( 28 29 30 31 35 296,865,689.01 243,299,365.64 356,737,775.46 292,212,097.18 36 37 38 60,352,834.60 60,352,834.60 60,352,834.60 60,352,834.00 39 181,058,504.00 181,058,504.00 ( - ) 40 55,454,350.41 182,946,531.04 115,326,436.86 231,859,263.18 1. 41 2. 42 3. ( ) 43 4. ( ) 44 5. 45 6. 46 : : :

2005 1-6 : 03 : 1 819,327,561.95 66,041,079.59 2 4,179,435.22 186,913.75 3 41,930,909.94 31,272,291.79 5 865,437,907.11 97,500,285.13 6 763,535,162.88 56,923,524.36 7 97,583,149.90 13,494,438.29 8 39,918,583.35 7,650,962.67 9 56,511,998.08 11,540,709.43 10 957,548,894.21 89,609,634.75 11-92,110,987.10 7,890,650.38 12 37,504,562.62 29,800,000.00 13 14 3,549,944.84 3,502,680.48 15 1,376,867.80 32,972.80 16 17 42,431,375.26 33,335,653.28 18 55,729,383.30 4,221,691.14 19 43,361,808.00 5,661,808.00 20 1,570,551.54 22 100,661,742.84 9,883,499.14 25-58,230,367.58 23,452,154.14 26 8,316,227.20 27 4,979,142.40 28 837,327,038.63 310,147,500.00 29 30 845,643,265.83 310,147,500.00 31 537,422,575.00 145,700,500.00 32 75,872,466.94 53,918,745.09 33 34 35 36 613,295,041.94 199,619,245.09 40 232,348,223.89 110,528,254.91 41-125,085.95-34,961.27 42 81,881,783.26 141,836,098.16

2005 1-6 : 03 : 1 ( - ) 43 55,161,530.48 54,752,857.62 ( - ) 44 6,273,088.23 45-17,145.94 46 1,836,538.80 47 38,977,081.65 4,545,133.83 48 3,735,469.73-49 916,509.37 25,412.52 ( : ) 50 876,543.63-309,728.51 ( : ) 51 947,327.22 2,499,925.22 ( : ) 52-35,392.18 70,512.91 53 54 20,740,533.35 3,891,633.21 ( : ) 55 10,845,320.52 45,157,169.21 ( : ) 56 ( : ) 57-81,945,550.01 3,028,247.29 ( : ) 58-179,236,054.29-52,042,791.76 ( : ) 59 28,778,920.46-53,727,721.16 60 65-92,110,987.10 7,890,650.38 2 66 67 68 3 69 655,303,752.49 287,234,132.92 70 573,421,969.23 145,398,034.76 71 72 73 81,881,783.26 141,836,098.16 : : :