We are one of the leading operators of hypermarkets and supermarkets in the People’s Republic of China (the “PRC” or “China”). According to the joint announcement made by the Ministry of Commerce and the China Chain Store & Franchise Association regarding the top 100 PRC retail chain enterprises in 2007, Jiangsu Times Supermarket Co., Ltd. (our wholly-owned subsidiary) was ranked 31st among the top 100 PRC retail chain enterprises and 24th among the top 100 fast moving consumer goods retail chain enterprises in China in 2006. Since our inception in 1997, we have directed our focus on building our business presence in the eastern China region, one of the most affluent and fastest-growing regions of China. We are an established and recognized retail operator in the provinces of Jiangsu, Zhejiang, Anhui and Shandong and the municipality of Shanghai. We currently operate a large regional network of 62 retail outlets (either in hypermarket or supermarket format) in 45 cities with a total gross floor area of 721,800 square meters, of which over 94% in terms of gross floor area is in the hypermarket format, one of the fastest growing modern retail formats in China. In addition, we have entered into agreements for the lease of 16 premises and have acquired several plots of land for the development of new retail outlets.

We are led by our directors who have proven track record in managing successful businesses in Hong Kong, the PRC and in other overseas markets. Supporting the board of directors is our senior management team, comprising (i) Taiwanese professionals with extensive overseas experience in managing and operating hypermarkets and supermarkets and (ii) high caliber Chinese nationals with wide ranging Chinese retail experience.

We have adopted a business model which aims to provide a comprehensive range of merchandise to our customers at competitive prices through hypermarket and supermarket retail formats to cater for the daily needs of a wide spectrum of consumers. As part of our business strategy to attract consumer traffic and to provide a convenient and one-stop shopping experience at our retail outlets, we lease or sub-lease out certain portions of our retail outlets to retail operators which together create a “Shopping Street”. We currently operate a network of 62 retail outlets located in the most affluent and fast growing cities in the eastern China region. The merchandise offered in our retail outlets include largely products sourced by our procurement team from over 3,100 suppliers (as at 31 December 2006) and products offered by a number of concessionaires at sales counters located in our retail outlets. Our revenues are generated from the sale of merchandise and commissions from concessionaire sales.