Subordination between us and Huabao
Huabao International Holdings Limited, the leader of flavors and fragrances industry in China, mainly focuses on R&D, manufacturing, sales of flavors and fragrances and reconstituted tobacco product.
In November 2010, Huabao International Holdings Limited, through its three wholly-owned subsidiaries, Huabao edible flavor and fragrance Co., Ltd., Wuxi Huahai flavor and fragrance Ltd., and Yunnan Tianhong flavor and fragrance Co., Ltd., invested 1.147 billion yuan and completed the 100% share acquisition of Guangdong Golden Leaf Technology Development Co., Ltd. GL has therefore formally become one of the wholly-owned subsidiaries of Huabao.