around 82% but the cost of goods sold of Q4/2019 is down to 77.9% because of the reduction in raw material cost. • Although we have continually conducting cost down projects and minimize the internal

category of private fund management which is a financial institution established under other laws or also conducting other types of securities business. Clause 11 In engaging in proprietary trading through

category of private fund management which is a financial institution established under other laws or also conducting other types of securities business. Clause 11 In engaging in proprietary trading through

category of private fund management which is a financial institution established under other laws or also conducting other types of securities business. Clause 11 In engaging in proprietary trading through

/forwards/swaps etc.) …………………………………………………….. □ others……………………………………………… …………………………………………………….. 2.3 The applicant is under restriction and suspension in conducting derivatives business as a derivatives dealer

conducting derivatives business as a derivatives dealer imposed by the State or an authorized agency in supervising derivatives trading. O yes (please specify in detail) O no 2.4 Please summarize the rules

approved by high-level management. In this case, such system shall; (a) generate good control environment; (b) assess, administer and manage any risks which arise or may arisen from conducting business to be

may arisen from conducting business to be at a controllable level which have no impact on undertaking of fund management; (c) determine efficient control activities in order to prevent or minimise

, administer and manage any risks which arise or may arisen from conducting business to be at a controllable level which have no impact on undertaking of fund management; (c) determine efficient control

material decrease in sales from China. The Company has plans to expand further to other potential countries and is in the process of conducting market feasibility studies in those markets. Table 1: Sales